Harmony Gold Mining (HMY) reported robust FY2025 financial performance, driven by a 31.1% increase in the average realized gold price to $2,620/oz. Revenue surged 20.4% to R73.9 billion, and Net Profit jumped 67.6% to R14.55 billion (Basic EPS 2,313 cents). Operating Cash Flow reached R26.3 billion, leading to a Net Cash position of R11.1 billion and record dividends declared (R2.4 billion). However, production decreased 5.3% and cash costs rose 15.3%, with AISC up 16.9%. Attributable gold reserves fell to 36.8 Moz due to depletion.
Critical Risk: The external auditor, EY, issued an **AD
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