For our latest Event Impact Assessment, our team of skilled analysts reviewed British American Tobacco. Based on their analysis, they have issued a hold recommendation for this share. Click here to find out more.

The opinions expressed in these podcasts are the opinions of the series and not necessarily those of PSG. The information in these podcasts is provided as general information. It does not constitute financial, tax, legal or investment advice and PSG Financial Services does not guarantee its suitability or potential value. Since individual needs and risk profiles differ, we suggest you consult your qualified financial adviser, if needed. PSG Wealth Financial Planning (Pty) Ltd is an authorised financial services provider. FSP 728.

PSG Wealth has a team of skilled analysts who produce regular research on the companies in our universe. In this recording they outline the reasons for their sell recommendation for Renergen.

The opinions expressed in these podcasts are the opinions of the series and not necessarily those of PSG. The information in these podcasts is provided as general information. It does not constitute financial, tax, legal or investment advice and PSG Financial Services does not guarantee its suitability or potential value. Since individual needs and risk profiles differ, we suggest you consult your qualified financial adviser, if needed. PSG Wealth Financial Planning (Pty) Ltd is an authorised financial services provider. FSP 728.

Dr Frans Cronje: Director of DNA Economics

Facilitated by Alishia Seckam: Broadcast and financial journalist.

Dr Frans Cronje is an analyst with 20 years of experience advising corporations and government agencies on South African and global strategic risks. He runs an advisory firm, chairs South Africa’s Social Research Foundation, sits on the advisory board of the BRE-DE-RE think-tank in Germany, and chairs the US based Yorktown Foundation for Freedom.

The series is a collection of dialogues with high-value speakers hosted by broadcast and financial journalist Alishia Seckam. Each topic addresses burning issues that are concerning South Africans in these uncertain times. The Think Big series aims to empower you with factual evidence and manage expectations on various aspects of how the current situation could unfold.

https://www.psg.co.za/news-and-publications/events-and-webinars

The opinions expressed in these podcasts are the opinions of the series and not necessarily those of PSG. The information in these podcasts is provided as general information. It does not constitute financial, tax, legal or investment advice and PSG Financial Services does not guarantee its suitability or potential value. Since individual needs and risk profiles differ, we suggest you consult your qualified financial adviser, if needed. PSG Wealth Financial Planning (Pty) Ltd is an authorised financial services provider. FSP 728.

In this report, we review Harmony Gold’s interim results for the period ended 31 December 2024, released in March 2025, alongside the current global macroeconomic environment.

Financial:

• Gold revenue increased from R29 705 million to R35 447 million, an increase of 19% over the period.

• Headline earnings per share increased by 33% to 1 270 cents in 1H25, up from 956 cents in 1H24.

• An interim dividend of 227 cents was reported for 1H25.

• AISC increased by 20% from $1 403/oz (R843 043/kg) to $1 686/oz (R972 261/kg) mainly due to inflationary cost increases in operations and lower production numbers. The AISC remains well within the guidance provided by management, as outlined below.

• The average gold price received improved by 28% to $2 437/oz during the period.

Our team of skilled analysts recently reviewed their Redefine recommendation. Listen to this recording to find out which factors they considered to reach their buy recommendation.

The opinions expressed in these podcasts are the opinions of the series and not necessarily those of PSG. The information in these podcasts is provided as general information. It does not constitute financial, tax, legal or investment advice and PSG Financial Services does not guarantee its suitability or potential value. Since individual needs and risk profiles differ, we suggest you consult your qualified financial adviser, if needed. PSG Wealth Financial Planning (Pty) Ltd is an authorised financial services provider. FSP 728.

Our team of skilled analysts recently reviewed their Nedbank recommendation. Listen to this recording to find out which factors they considered to reach their buy recommendation.

The opinions expressed in these podcasts are the opinions of the series and not necessarily those of PSG. The information in these podcasts is provided as general information. It does not constitute financial, tax, legal or investment advice and PSG Financial Services does not guarantee its suitability or potential value. Since individual needs and risk profiles differ, we suggest you consult your qualified financial adviser, if needed. PSG Wealth Financial Planning (Pty) Ltd is an authorised financial services provider. FSP 728.

Matthew Stern: Director of DNA Economics

Facilitated by Alishia Seckam: Broadcast and financial journalist.

Matthew Stern is the founder of DNA Economics and is currently the head of the company’s Trade and Investment Practice. He has previously worked for First National Bank, the South African Department of Trade and Industry, the National Treasury of South Africa and the World Bank. He has led multiple projects for the SADC, SACU and AfCFTA Secretariats and the African Union Commission, and has undertaken assessments for business and government departments in South Africa on the impact of trade agreements, tariff adjustments and industrial incentives.

The series is a collection of dialogues with high-value speakers hosted by broadcast and financial journalist Alishia Seckam. Each topic addresses burning issues that are concerning South Africans in these uncertain times. The Think Big series aims to empower you with factual evidence and manage expectations on various aspects of how the current situation could unfold.

https://www.psg.co.za/news-and-publications/events-and-webinars

The opinions expressed in these podcasts are the opinions of the series and not necessarily those of PSG. The information in these podcasts is provided as general information. It does not constitute financial, tax, legal or investment advice and PSG Financial Services does not guarantee its suitability or potential value. Since individual needs and risk profiles differ, we suggest you consult your qualified financial adviser, if needed. PSG Wealth Financial Planning (Pty) Ltd is an authorised financial services provider. FSP 728.

For our latest Event Impact Assessment, our team of skilled analysts reviewed PPC. Based on their analysis, they have issued a hold recommendation for this share. Click here to find out more.

The opinions expressed in these podcasts are the opinions of the series and not necessarily those of PSG. The information in these podcasts is provided as general information. It does not constitute financial, tax, legal or investment advice and PSG Financial Services does not guarantee its suitability or potential value. Since individual needs and risk profiles differ, we suggest you consult your qualified financial adviser, if needed. PSG Wealth Financial Planning (Pty) Ltd is an authorised financial services provider. FSP 728.

Our team of skilled analysts recently reviewed their Standard Bank recommendation. Listen to this recording to find out which factors they considered to reach their buy recommendation.

The opinions expressed in these podcasts are the opinions of the series and not necessarily those of PSG. The information in these podcasts is provided as general information. It does not constitute financial, tax, legal or investment advice and PSG Financial Services does not guarantee its suitability or potential value. Since individual needs and risk profiles differ, we suggest you consult your qualified financial adviser, if needed. PSG Wealth Financial Planning (Pty) Ltd is an authorised financial services provider. FSP 728.

Our team of skilled analysts recently reviewed their Old Mutual recommendation. Listen to this recording to find out which factors they considered to reach their buy recommendation.

The opinions expressed in these podcasts are the opinions of the series and not necessarily those of PSG. The information in these podcasts is provided as general information. It does not constitute financial, tax, legal or investment advice and PSG Financial Services does not guarantee its suitability or potential value. Since individual needs and risk profiles differ, we suggest you consult your qualified financial adviser, if needed. PSG Wealth Financial Planning (Pty) Ltd is an authorised financial services provider. FSP 728.