Harmony Gold Mining Company Limited

Harmony Gold Mining Company Limited (NYSE: HMY) is a mining enterprise engaged in the acquisition, exploration, development, and operation of gold and uranium assets. The company operates a portfolio of underground and open-pit mines across South Africa, along with the Hidden Valley open-pit mine in Papua New Guinea. Its primary outputs include gold bullion and uranium concentrate, produced through both deep-level and surface mining activities. The business is structured across three key segments: South Africa Underground, Surface operations, and International operations.

As per Kalkine’s Global Tariff Report published on ‘HMY’ on Mar 30, 2026, Kalkine provided an ‘Buy’ stance on the stock at USD 14.35 based on fundamental analysis and the stock price has now moved up by ~ 15.89% since then.

Noted below are the details of support and resistance levels provided in our previous report:

Rationale:

Despite strong revenue and earnings growth supported by elevated gold prices, the company faces increasing cost pressures, declining production and grades, and rising capital intensity, which collectively constrain margin expansion and cash flow efficiency. Additionally, hedging losses, higher taxation, and acquisition-related expenses continue to weigh on earnings quality, while operational disruptions and execution risks from large-scale projects add uncertainty to near-term performance.

Valuation (Using Price/Earnings Per Share Multiple)

Share Price Chart

Conclusion

Given strong price-led performance alongside rising costs, declining grades, and increasing capital intensity, a "Sell" is recommendation on Harmony Gold Mining Company Limited (NYSE: HMY) has been given at the current market price of USD 16.63 as on 01 April 2026 at 9:04 am PDT.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is 01 April 2026. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

Note 6: Dividend Yield may vary as per the stock price movement.