Harmony Gold Mining NYSE: HMY said its fiscal 2026 performance reflected continued operational consistency, higher gold prices and progress in expanding its copper portfolio, while outlining fiscal 2027 as a year of increased investment in sustaining operations, reserve conversion and the Eva Copper project.
Harmony Gold just posted its best fiscal year ever, yet the CEO is telling investors the real payoff does not arrive until after 2030. Here is what that bet looks like when you strip out the gold price tailwind.
Harmony Gold Mining Company Limited (HMY) Q4 2026 Earnings Call Transcript
Harmony Gold Mining NYSE: HMY reported record financial results for fiscal 2026, supported by gold production that met guidance for an 11th consecutive year, the contribution from its acquired CSA copper mine and higher operating free cash flow.
Harmony Gold continues to maintain value appeal with FY26 expected EPS guidance of ~$2.65, implying an ~8.8x P/E and ~11% earnings yield at ~$23.50. HMY's copper expansion is a structural earnings catalyst, targeting ~40% of future production, diversifying away from gold dependency while capitalizing on copper demand tailwinds. HMY's upside is closely linked to ongoing commodity tailwinds; continued reinvestment of free cash flow increases both the upside if the commodity cycle continues and drawdowns if the cycle reverses.
Harmony Gold Mining Company Limited (HMY) is transitioning from a pure gold miner to a diversified gold-copper producer, enhancing long-term value. HMY's copper segment is ramping up, with Q3 FY2026 copper profit at $42M and management targeting a doubling of copper production in Q4 FY2026. The Eva copper project is fully permitted, on schedule for 2028 production, and positions HMY as a realized dual-basket miner upon completion.
Harmony Gold (HMY) has been upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
Harmony Gold is transitioning to a gold-copper hybrid model, with Eva Copper set to materially rebalance its revenue mix by 2028. HMY trades at a significant discount to peers, despite net cash, a 4.06% forward dividend yield, and robust macro tailwinds for both gold and copper. Recent operational improvements, regulatory milestones, and a conservative hedge book signal management's confidence in structurally higher metal prices and future upside.
Harmony Gold Mining Company Limited (HMY) Q2 2026 Earnings Call Transcript
Harmony Gold Mining Company Limited (HMY) Q2 2026 Earnings Call Transcript
Harmony Gold Mining Company Limited (HMY) Q2 2026 Earnings Call Transcript
The miner booked a 36% rise in its average gold price which helped drive group revenue 20% higher to $2.56 billion.