Exploration overview

Harmony's exploration strategy to target key prospective geological terranes to create shareholder value through the discovery of large long-life gold ore bodies, has proven successful.

The strategic focus that underpins Harmony's exploration investment includes:

• Brownfields exploration work to maximise value from existing infrastructure around current operations.
• Greenfields exploration in highly prospective, under-explored mineral provinces and emerging gold districts to build a balanced pipeline of projects across all stages of the exploration process (ie project generation, advanced projects, resource definition, and projects moving into prefeasibility).

The approach to exploration investment is also integrated with new business activities and Harmony remains flexible in accessing quality projects through joint venture partnerships, acquisition, or through in-house development. New growth projects are subject to the rigorous application of filter criteria based on project and country related risks and the ability to meet minimum size requirements