Harmony Gold Mining Company Limited

Harmony Gold Mining is a South Africa-headquartered gold producer with mines in South Africa, Papua New Guinea, and Australia — a mid-tier operator with growing copper exposure (the Wafi-Golpu project with Newmont). It's up 27% over twelve months as the gold cycle has aligned with operational execution.

Where it stands:

• The Q2 print was strong — H1 fiscal-2026 revenue grew 48% year-over-year to R46.6B (South African rand), operating margin came in at 42%, EPS at R14.90 — the fully-diluted operating cadence is compounding as gold prices at record levels flow directly to the P&L for a low-cost producer.
• The valuation is undemanding relative to the cycle — 12x trailing earnings and 5.5x EV/EBITDA on 21% return on invested capital and 33% ROE is a discount to peer North American gold miners (Newmont, Barrick, Agnico Eagle) that typically trade at 15-25x, and 5.6% FCF yield gives real return-of-capital optionality.
• The tape confirms the setup — position 20% above the 50-day moving average and 8% above the 200-day tells you the accumulation is fresh, and the recent gap-up on Aug 9 says positioning is turning constructive around Aug 27 earnings.

Aug 27 next earnings is the immediate event — a fiscal-year-end print holding operating-margin expansion plus specific commentary on Wafi-Golpu copper-project timeline extends the trend; a print showing operating-cost inflation eating the gold-price tailwind and the 51%-of-52w-range setup rolls back. Gold-price direction and South African rand FX are the two swing factors either way.