Gold hit a fresh all-time high as investors flocked to safe-haven assets, with spot prices crossing $3,500 an ounce. According to CNBC, spot gold price reached $3,508.50/ounce early today, topping the previous peak reached in April. The earlier rally was fueled by U.S. President Donald Trump’s sweeping tariff plans, though prices later cooled somewhat when he softened some of his proposals.

Having said that, gold has been one of the standout commodities this year, with prices up more than 30% so far in 2025. The precious metal has notched gains for six straight sessions now. Increasing rate cut expectations, a weaker U.S. dollar, tensions surrounding the Federal Reserve’s independence and geopolitical risks are strengthening the case for the yellow metal as a reliable hedge amid uncertainty.

Investors can capitalize on the bullish momentum of gold by investing in stocks like Agnico Eagle Mines Limited AEM, Idaho Strategic Resources Inc. IDR, Harmony Gold Mining Company Limited HMY and Gold Fields Limited GFI.

Catalysts Powering Gold Higher

Expectations of Fed Rate Cuts: The biggest driver has been the market’s conviction that the Federal Reserve will trim interest rates soon. Traders are assigning a 90% probability to a 25-basis-point cut at the Sept. 17 meeting, per CME’s FedWatch tool. Lower rates reduce the attractiveness of yield-bearing assets, making non-yielding gold more attractive. Soft economic data and elevated global risks only add to the likelihood of a looser policy stance. All eyes are now on Friday’s U.S. jobs report, which could shape expectations for the Fed’s next rate move.

A Weaker Dollar: Gold prices typically move in the opposite direction of the U.S. dollar, and 2025 has been no exception. U.S. Dollar Index (DXY) has fallen roughly 10%, according to TradingView, giving international buyers more incentive to scoop up gold. As gold is priced in dollars, a weaker currency makes the metal cheaper for buyers overseas, pushing up global demand and prices.

Concerns Over Fed Independence: Investor nerves have been rattled by escalating political pressure on the Fed. Trump’s criticism of the central bank and its leadership has raised fresh doubts about its independence. Markets fear that political interference in monetary policy could weaken the dollar and destabilize financial markets, which, in turn, strengthens gold’s safe-haven appeal.

Lingering Geopolitical and Economic Uncertainty: Finally, trade tensions, tariffs and fragile growth remain in the backdrop. Even when gold briefly cooled after April’s spike, these risks never fully disappeared. Investors are finding it safer to adopt longer-term strategies that prioritize stability, and gold remains a top choice for that.

4 Stocks to Ride Gold’s Rally

Agnico Eagle: Based in Toronto, AEM is one of the world’s leading gold producers, with operations across Canada, Mexico, and Finland. The company has built a reputation for quality growth, strengthened further after its merger with Kirkland Lake Gold, which created a top-tier senior producer with an impressive project pipeline. Key developments like the Odyssey project at the Canadian Malartic Complex, Detour Lake and Hope Bay are expected to support strong production and cash flow for years ahead. Hope Bay alone holds 3.4 million ounces of reserves, making it a valuable long-term asset.

Financially, Agnico Eagle is in good shape. In the second quarter of 2025, operating cash flow nearly doubled year over year to $1.8 billion, while free cash flow rose to $1.3 billion. The company ended the quarter with $963 million in net cash, highlighting its balance sheet strength. With a five-year annualized dividend growth rate and a payout ratio of 27%, AEM offers investors both stability and reliable income.

The Zacks Consensus Estimate for AEM’s 2025 EPS estimates implies a 64% year-over-year growth. Over the past 30 days, the estimates have risen 26 cents per share. The stock sports a Zacks Rank #1 (Strong Buy).

You can see the complete list of today’s Zacks #1 Rank stocks here.

Idaho Strategic: Headquartered inCoeur d'Alene, Idaho Strategic is a unique player in the gold sector, combining active gold production with one of the largest rare earth element (REE) land packages in the United States. Its flagship Golden Chest Mine, located in the Murray Gold Belt, is already in production and supported by additional assets like the New Jersey Mill and Eastern Star exploration property. By consolidating historic gold mines in the belt, the company now controls more than 7,000 acres of claims, giving it a strong foothold in a proven gold district.

IDR is ramping up its largest exploration program yet at Golden Chest, while also advancing REE projects across its 19,090-acre land position. These include drilling, trenching and sampling to uncover long-term value in rare earths and thorium. With improving cash flows and a low debt profile, Idaho Strategic is well-positioned to fund both its gold operations and its ambitious exploration plans, offering investors exposure to two critical resources.

The Zacks Consensus Estimate for IDR’s 2025 EPS suggests 13.4% year-over-year growth. Over the past 30 days, estimates have risen by 15 cents per share. The stock carries a Zacks Rank #2 (Buy).

Harmony Gold: It is South Africa’s largest gold producer by volume. HMY is steadily building a stronger global presence with projects spanning South Africa, Papua New Guinea, and Australia. The company’s crown jewel is the Wafi-Golpu copper-gold project in PNG, which holds an estimated 13 million ounces of gold reserves and is expected to be a long-term growth driver. Adding to this, the Eva Copper project in Australia offers a lower-risk pathway to expand its copper-gold footprint, positioning Harmony as a diversified resource producer with exposure to both gold and copper markets.

Financially, the company is on solid footing. As of June 30, 2025, cash and cash equivalents totaled $738 million, up 186% year over year. Free cash flow in fiscal 2025 jumped 58% to $614 million, giving Harmony Gold ample flexibility to fund its ambitious growth projects. With a five-year annualized dividend growth rate of nearly 20%, the company combines strong development potential with attractive shareholder returns.

The Zacks Consensus Estimate for HMY’s fiscal 2026 EPS implies 128% year-over-year growth. Over the past seven days, the consensus estimate has risen 4 cents per share. The stock carries a Zacks Rank #2.

Gold Fields: It is one of the world’s largest unhedged gold producers, with operations across South Africa, Ghana, Australia, Peru and Chile. The company has been expanding aggressively through acquisitions and new projects to strengthen its long-term production profile. Its 2024 purchase of Osisko Mining gave it full ownership of the Windfall project in Quebec, which is expected to start producing gold by 2028. In the near term, the ramp-up of the Salares Norte mine in Chile is on track for steady-state production in the fourth quarter of 2025, while the planned consolidation of the Gruyere mine in Australia adds another layer of high-quality output.

Gold Fields’ financial performance is equally impressive. In the first half of 2025, it generated $952 million in adjusted free cash flow, a sharp turnaround from last year’s outflow, courtesy of higher volumes and strong gold prices. The company also boosted its interim dividend by 133% year over year. With 13.5% production growth expected this year, Gold Fields offers both growth and income potential.

The Zacks Consensus Estimate for GFI’s 2025 EPS implies 94% year-over-year growth. Over the past 90 days, the consensus estimate has risen by 22 cents per share. The stock carries a Zacks Rank #2.

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Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report

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Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

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This article originally published on Zacks Investment Research (zacks.com).

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Harmony Gold Mining Co. Ltd. HMY saw a roughly 20% surge in all-in-sustaining costs (AISC) to $1,806 per ounce (oz) in the fiscal 2025 (ended June 30, 2025). Total cash operating costs also climbed 19% year over year to $1,499 per oz in the fiscal year, hurt by lower production and higher labor and electricity costs. Increased cash operating costs and higher sustaining capital led to the uptick in AISC. Harmony remains exposed to higher costs, which are likely to weigh on its margins over the near term. Labor and electricity remain the largest components of its cost structure.  HMY experienced a 16% increase in electricity and water costs in fiscal 2025 due to higher annual tariffs charged by Eskom. While the company is implementing various energy-saving initiatives and launching a renewable energy program, the burden of higher electricity costs is unlikely to abate over the near term due to higher tariffs. The company’s AISC guidance for fiscal 2026 indicates a year-over-year increase, reflecting inflationary pressures and higher sustaining capital expenditures.  Among its peers, AngloGold Ashanti plc AU saw higher total operating costs in the second quarter, including increased royalty expenses and costs associated with the initial inclusion of Sukari, elevated costs related to legacy TSFs and higher costs resulting from mining contractor rate adjustments. AngloGold Ashanti’s total cash costs per ounce were up 8%, while AISC per ounce increased 7%. AngloGold expects consolidated AISC in the band of $1,580- $1,705 per ounce in 2025.Gold Fields Limited GFI reported a roughly 0.7% year-over-year decline in AISC to $1,739 per ounce in the second quarter. Gold Fields’ all-in cost rose around 2% year over year. Gold Fields sees AISC of $1,500-$1,650 per ounce and all-in cost between $1,780-$1,930 per ounce for full-year 2025.

HMY’s Price Performance, Valuation & Estimates

Shares of Harmony Gold have shot up 61.8% year to date against the Zacks Mining – Gold industry’s rise of 85.4%, thanks to a surge in gold prices.

Zacks Investment Research

Image Source: Zacks Investment Research

From a valuation standpoint, HMY is currently trading at a forward 12-month earnings multiple of 4.61, a roughly 67.9% discount to the industry average of 14.36X. It carries a Value Score of B.

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Image Source: Zacks Investment Research

The Zacks Consensus Estimate for HMY’s fiscal 2026 earnings implies a year-over-year rise of 127.6%. The EPS estimates for fiscal 2026 have been trending higher over the past 60 days.

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Image Source: Zacks Investment Research

HMY stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Gold Fields Limited (GFI) : Free Stock Analysis Report

Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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Harmony Gold Mining Company Limited HMY reported adjusted earnings of $1.29 per share in fiscal 2025 (ended June 30, 2025), up 30% from adjusted earnings of 99 cents recorded a year ago.

In fiscal 2025, revenues rose 24% year over year to $4,071 million. Average gold prices received for the fiscal year increased 31% year over year to $2,620 per ounce (oz).

Harmony Gold’s Production Dips and Costs Rise

Gold production was 1,479,671 oz for fiscal 2025, down 5% year over year.

Cash operating costs per oz increased 19% year over year to $1,499. All-in-sustaining costs rose 20% year over year to $1,806 per oz.

HMY’s Financial Overview

As of June 30, 2025, cash and cash equivalents rallied around 186% year over year to $738 million.

Total adjusted free cash flow surged 58% year over year to $614 million in fiscal 2025.

Long-term debt was $107 million at the end of fiscal 2025, up around 9% year over year.

HMY’s Outlook

Harmony Gold expects to produce 1.4-1.5 million oz of gold in fiscal 2026.

The company’s capital expenditure guidance reflects the higher spending required for both sustaining and major capital projects. Capital expenditures for fiscal 2026 are projected to increase to $699 million as a result of HMY’s investment in high-quality ounces and driving long-term growth across its portfolio.

HMY Stock’s Price Performance

Shares of Harmony Gold have surged 38.7% in the past year against the 59.3% growth in the industry.

Zacks Investment Research

Image Source: Zacks Investment Research

HMY’s Zacks Rank & Other Key Picks

HMY currently carries a Zacks Rank #2 (Buy).

Some other top-ranked stocks in the Basic Materials space are Agnico Eagle MinesLimited AEM, The Mosaic Company MOS and Carpenter Technology Corporation CRS. AEM and MOS currently sport a Zacks Rank #1 (Strong Buy) each, while CRS carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for AEM’s current-year earnings is pegged at $6.94 per share, implying a 64.07% year-over-year surge. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 10.03%. AEM’s shares have gained 79.1% in the past year.

The Zacks Consensus Estimate for MOS’ 2025 earnings is pegged at $3.17 per share, indicating a rise of 60.10% from year-ago levels. The company’s earnings beat the consensus estimate in one of the trailing four quarters, while missing it in the rest. Its shares have soared 20.6% in the past year.

The Zacks Consensus Estimate for CRS’ current fiscal-year earnings is pegged at $9.51 per share, indicating a 27.14% year-over-year increase.Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 8.38%. CRS’shares have gained 67% in the past year.

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Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report

The Mosaic Company (MOS) : Free Stock Analysis Report

Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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We recently published 10 Stocks Skyrocket While Wall Street Sinks; 5 Quietly Hit New Record Highs. Harmony Gold Mining Company Ltd. (NYSE:HMY) is one of the top performers on Friday.

Harmony Gold snapped a four-day losing streak on Friday, jumping 5.31 percent to end at $13.28 apiece as investors loaded positions following the surge in prices of gold.

As of writing, spot prices of gold were up by 0.97 percent to $3,450.29 per troy ounce, buoyed by a higher probability of an interest rate cut next month.

Harmony Gold (HMY) Climbs as Gold Prices Jump

Svetlana Lukienko/Shutterstock.com

Gold typically benefits from lower interest rates, as the latter makes yields from bonds and savings less attractive. Additionally, lower interest rates tend to weaken the US dollar, making gold more affordable and appealing to foreign investors.

In other news, Harmony Gold Mining Company Ltd. (NYSE:HMY) reported a stellar earnings performance in the full fiscal year of 2025, with net income jumping by 75 percent to $802 million from $459 million in the same period last year.

Revenues grew 24 percent to $4.07 billion from $3.28 billion year-on-year, primarily driven by a 27-percent increase in the average gold price of $2,620/oz from $1,999/oz year-on-year.

Following the results, Harmony Gold Mining Company Ltd. (NYSE:HMY) declared $8.88 worth of cash dividends to shareholders as of October 10 record. The dividends are payable on October 13, 2025.

While we acknowledge the potential of HMY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

Investors interested in stocks from the Mining – Gold sector have probably already heard of Harmony Gold (HMY) and Franco-Nevada (FNV). But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.

Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.

Harmony Gold and Franco-Nevada are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. This means that HMY's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. However, value investors will care about much more than just this.

Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.

Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.

HMY currently has a forward P/E ratio of 4.36, while FNV has a forward P/E of 37.93. We also note that HMY has a PEG ratio of 0.08. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. FNV currently has a PEG ratio of 2.42.

Another notable valuation metric for HMY is its P/B ratio of 3.12. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, FNV has a P/B of 5.38.

Based on these metrics and many more, HMY holds a Value grade of A, while FNV has a Value grade of F.

HMY has seen stronger estimate revision activity and sports more attractive valuation metrics than FNV, so it seems like value investors will conclude that HMY is the superior option right now.

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Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

Franco-Nevada Corporation (FNV) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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ST. HELIER, Jersey, August 29, 2025–(BUSINESS WIRE)–MAC Copper Limited ARBN 671 963 198 (NYSE:MTAL; ASX:MAC)

MAC Copper Limited (NYSE:MTAL, ASX:MAC) ("MAC" or the "Company") is pleased to announce that the requisite majorities of MAC shareholders today voted in favour of resolutions to approve the proposed acquisition of 100% of the issued share capital in MAC by Harmony Gold (Australia) Pty Ltd (a wholly owned subsidiary of Harmony Gold Mining Company Limited (JSE:HAR, NYSE:HMY)) ("Harmony") by way of a Jersey law scheme of arrangement pursuant to Article 125 of the Companies (Jersey) Law 1991 (as amended) ("Scheme"), to authorise the directors of MAC to implement the Scheme and deal with certain ancillary matters and to approve the alteration of MAC’s Articles of Association.

Capitalised terms used in this announcement have the meaning given to them in the Scheme Circular, a copy of which is attached to MAC’s announcement released on 31 July 2025.

Results of Court Meeting and General Meeting

A detailed report of the proxy position and votes cast at the Court Meeting and the General Meeting is attached to this announcement.

In summary:

• 98.43% of the votes cast by Scheme Shareholders at the Court Meeting were in favour of the resolution to approve the Scheme;

• 87.50% of Scheme Shareholders present and voting (whether in person, online or by proxy) at the Court Meeting voted in favour of the resolution to approve the Scheme; and

• 97.84% of the votes cast by MAC Shareholders at the General Meeting were in favour of the General Meeting Resolutions.

Court Sanction Hearing

MAC will apply to the Royal Court of Jersey for orders sanctioning the Scheme at the Court Sanction Hearing scheduled for 9 October 2025.

If the Court sanctions the Scheme at the Court Sanction Hearing, MAC intends to deliver a copy of the orders of the Court to the Registrar of Companies for registration on 10 October 2025, upon which the Scheme will become Effective. If this occurs:

• MAC Shares are expected to be suspended from trading on the NYSE on 10 October 2025 (with effect from the close of trading on the NYSE); and

• MAC CDIs are expected to be suspended from quotation on the ASX on 13 October 2025 (before trading opens on the ASX).

MAC will release a separate announcement providing further details in relation to the closing timetable for the Transaction in due course.

Further information

If, after reading the Scheme Circular, you have any questions about the Scheme or the Scheme Circular, please contact MAC’s proxy solicitation firm, Sodali & Co, at:

If you are a MAC Shareholder Call toll-free in US:+1 (800) 662-5200Outside of US:+1 (203) 658-9400

If you are a MAC CDI Holder Within Australia:1300 229 418Outside Australia:+61 2 9066 4059

This announcement has been authorised for release by Mick McMullen, CEO and Director.

About MAC Copper Limited

MAC Copper Limited (NYSE:MTAL; ASX:MAC) is a company focused on operating and acquiring metals and mining businesses in high quality, stable jurisdictions that are critical in the electrification and decarbonization of the global economy.

The following information is provided in accordance with ASX Listing Rule 3.13.2.

Court Meeting – Resolution 1 – Approval of Scheme of Arrangement

Proxy position as follows:

	Number of votes cast	% of votes cast	Number of shareholders	% of shareholders
FOR	67,231,673	98.31	14	82.35
AGAINST	1,069,142	1.56	2	11.76
OPEN1	0	0	0	0
TOTAL2	68,387,081	100%	17	99.99
ABSTAIN3	86,266	0.13	1	5.88
REQUSITE MAJORITIES	At least 75%		More than 50%

Resolution carried on a poll as follows:

	Number of votes cast	% of votes cast	Number of shareholders	% of shareholders
FOR	67,231,673	98.43	14	87.5
AGAINST	1,069,142	1.57	2	12.5
TOTAL	68,300,8150	100%	16	100
ABSTAIN	86,266	N/A	1	N/A

__________________________________
1		Open votes to be voted at the proxy’s direction.
2		Totals may exceed 100% due to rounding.
3		Votes relating to a shareholder abstaining from voting are not counted in determining the requisite majorities.

General Meeting

Resolution 1 – Authorise directors to carry the Scheme into effect

Proxy position as follows:

	Number of votes cast	% of votes cast	Number of shareholders	% of shareholders
FOR	67,038,244	97.72	14	82.35
AGAINST	1,476,502	2.15	2	11.76
OPEN4	0	0	0	0
TOTAL5	68,601,012	100%	16	99.99%
ABSTAIN6	86,266	0.13	1	5.88
REQUSITE MAJORITIES	At least two thirds		–

Resolution carried on a poll as follows:

	Number of votes cast	% of votes cast	Number of shareholders	% of shareholders
FOR	67,038,244	97.84	14	87.5
AGAINST	1,476,502	2.16	2	12.5
TOTAL	68,514,746	100%	16	100
ABSTAIN	86,266	N/A	1	N/A

__________________________________
4		Open votes to be voted at the proxy’s direction.
5		Totals may exceed 100% due to rounding.
6		Votes relating to a shareholder abstaining from voting are not counted in determining the requisite majorities.

Resolution 2 – Amendment to Articles of Association

Proxy position as follows:

	Number of votes cast	% of votes cast	Number of shareholders	% of shareholders
FOR	67,035,978	97.72	14	82.35
AGAINST	1,476,389	2.15	2	11.76
OPEN7	0	0	0	0
TOTAL8	68,601,012	100%	16	99.99%
ABSTAIN9	86,645	0.13	1	5.88
REQUSITE MAJORITIES	At least two thirds		–

Resolution carried on a poll as follows:

	Number of votes cast	% of votes cast	Number of shareholders	% of shareholders
FOR	67,035,978	97.84	14	87.5
AGAINST	1,476,389	2.16	2	12.5
TOTAL	68,514,746	100%	16	100
ABSTAIN	88,645	N/A	1	N/A

__________________________________
7		Open votes to be voted at the proxy’s direction.
8		Totals may exceed 100% due to rounding.
9		Votes relating to a shareholder abstaining from voting are not counted in determining the requisite majorities.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250829513937/en/

Contacts

Mick McMullenChief Executive Officer & DirectorMAC Copper Limitedinvestors@metalsacqcorp.com Morné EngelbrechtChief Financial OfficerMAC Copper Limited

Harmony Gold (HMY) has been on a downward spiral lately with significant selling pressure. After declining 6.3% over the past four weeks, the stock looks well positioned for a trend reversal as it is now in oversold territory and there is strong agreement among Wall Street analysts that the company will report better earnings than they predicted earlier.

We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that measures the speed and change of price movements.

RSI oscillates between zero and 100. Usually, a stock is considered oversold when its RSI reading falls below 30.

Technically, every stock oscillates between being overbought and oversold irrespective of the quality of their fundamentals. And the beauty of RSI is that it helps you quickly and easily check if a stock's price is reaching a point of reversal.

So, by this measure, if a stock has gotten too far below its fair value just because of unwarranted selling pressure, investors may start looking for entry opportunities in the stock for benefiting from the inevitable rebound.

However, like every investing tool, RSI has its limitations, and should not be used alone for making an investment decision.

Why a Trend Reversal is Due for HMY

The heavy selling of HMY shares appears to be in the process of exhausting itself, as indicated by its RSI reading of 28.72. So, the trend for the stock could reverse soon for reaching the old equilibrium of supply and demand.

3-month RSI Chart for HMY

This technical indicator is not the only factor that calls for a potential rebound for the stock. There is a fundamental indicator as well. A strong agreement among sell-side analysts covering HMY in raising earnings estimates for the current year has led to an increase in the consensus EPS estimate by 1.4% over the last 30 days. And an upward trend in earnings estimate revisions usually translates into price appreciation in the near term.

Moreover, HMY currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. This is a more conclusive indication of the stock's potential turnaround in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

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Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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This article first appeared on GuruFocus.

• Adjusted Free Cash Flow: ZAR11 billion at a 16% margin, a 54% growth from the previous year.

• Headline Earnings Per Share: Increased by 25% to ZAR23.37 per share.

• Final Dividend: ZAR2.4 billion.

• Gold Production: 46 tonnes or approximately 1.48 million ounces.

• All-in Sustaining Costs: ZAR1.05 million per kilogram or about $1,800 per ounce.

• Underground Recovered Grade: 6.27 grams per tonne.

• Revenue: Grew by 20% to ZAR74 billion.

• Net Profit: Increased by 67% to ZAR14.6 billion.

• EBITDA: Increased by 37% to ZAR26 billion.

• Net Cash on Balance Sheet: Surged by 285% to ZAR11.1 billion.

• Market Capitalization: Approximately ZAR180 billion or USD 10 billion.

• Total Dividend Per Share: ZAR382 or $0.21 per share.

• Warning! GuruFocus has detected 3 Warning Signs with SWONF.

• Is HMY fairly valued? Test your thesis with our free DCF calculator.

Release Date: August 28, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Harmony Gold Mining Co Ltd (NYSE:HMY) achieved its 10th consecutive year of meeting production guidance, enhancing investor confidence.

• The company reported record high cash flows with adjusted free cash flow reaching over ZAR11 billion at a 16% margin.

• Headline earnings per share rose by 25% to ZAR23.37 per share, and a record final dividend of ZAR2.4 billion will be paid.

• Underground recovered grades increased to 6.27 grams per tonne, exceeding upward revised grade guidance.

• Harmony Gold Mining Co Ltd (NYSE:HMY) maintained a strong balance sheet with net cash surging by 285% to ZAR11.1 billion.

Negative Points

• The second half of the financial year saw unacceptable safety performance, despite improvements in LTIFR.

• All-in sustaining costs increased by 17% to ZAR1.05 million a kilogram, reflecting lower planned production and mine inflation.

• The company faced challenges in securing contractors for projects at Moab Khotsong and Mponeng, causing delays.

• Production decreased by 5% to 46 tonnes or 1.48 million ounces due to safety stoppages and inclement weather.

• The optimized assets quadrant operates at a higher cost, impacting margins despite efforts to maintain flexibility.

Q & A Highlights

Q: Bruce Williamson from Integral Asset Management asked about the sustainability of high grades at Mponeng and whether Harmony is high grading due to high gold prices. A: Beyers Nel, CEO, clarified that Harmony is not high grading but following a sequential grid mining method to ensure safety and stability. The current high grades are a result of overperformance on planned reserve grades, and the focus remains on maintaining reserve grades as a hedge against cost inflation.

Q: An unidentified participant inquired about the opportunity cost of delays in the Wafi-Golpu project. A: Beyers Nel acknowledged the significant opportunity cost due to delays but emphasized the project's value as a Tier 1 copper-gold mine. He expressed confidence that the wait is worthwhile, given the global demand for large-scale copper mines.

Q: Arnold Van Graan from Nedbank asked about operational and CapEx changes for MAC Copper and the flexibility to maintain margins in optimized assets. A: Beyers Nel stated that Harmony will conduct a detailed technical analysis of MAC Copper post-acquisition to align it with their operational standards. He also mentioned that optimized assets are managed with flexibility and sustaining CapEx to maintain production and margins.

Q: Rene Hofreiter from Noah Capital questioned the production gap between 2030 and 2035 and the sustainable grade at Mponeng. A: Beyers Nel explained that the gap is due to the tapering of optimized assets and not related to MAC Copper. He noted that the current high grades at Mponeng are due to mining in high-grade areas, but future grades should align with reserve grades.

Q: A participant asked about the impact of high gold prices on cutoff grades and grade management. A: Beyers Nel emphasized that Harmony maintains constant cutoff grades regardless of gold price fluctuations to avoid mining lower-grade areas that could be less profitable in the future.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Goliath Resources Limited

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Infographic 6

• 100% of the drill holes completed to date on Surebet have intersected substantial quartz-sulphide mineralization and 95% of drill holes completed thus far in 2025 contain gold visible to the naked eye (“VG-NE”). This clearly demonstrates the continuity and predictability of this expansive gold-rich system.

• Drilling at the Surebet Discovery has hit VG-NE in three distinct rock packages (quartz-sulphide breccias/stock work, RIRG Eocene-aged dykes and calc-silicate altered breccia) showing the untapped discovery potential at this remarkable high-grade gold system that remains open.

• 65 drill holes have been completed for a total of 45,000 meters in 2025, with only 50 holes remaining totaling 15,000 meters. With roughly 1 month remaining, Goliath is on target to complete its planned up to 60,000 meter drill program with 9 rigs actively turning. Assays are pending for 55 drill holes completed to date.

  • An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/98983adb-da84-4aea-a363-f039c3384dba

• Since drilling started in 2021, many holes have returned impressive metal factors with 9 holes delivering greater than 200 grams*meters (“g*m”) and up to 1346 g*m, 11 holes greater than 150 g*m, 25 holes greater than 100 g*m, 31 holes greater than 75 g*m and 61 holes greater than 50 g*m have been drilled on the Surebet Discovery that remains wide open

• The Surebet Discovery has widespread drill holes over an area of 1.8 km2 or greater than half the size of Central Park, New York City returning high metal factors showing it has the potential to be one of the most important high-grade gold discoveries in the Golden Triangle since the Eskay Creek discovery.

• Drill hole GD-25-337 intersected 10.60 g/t Au over 22.82 meters (a 242 grams*meters hole), including 15.19 g/t Au over 15.71 meters, including two separate intervals consisting of 37.28 g/t Au or 1.20 oz/t Au over 3.36 meters and 36.11 or 1.16 oz/t Au over 3.08 meters. From the andesite unit below the Bonanza Zone which contains multiple occurrences of widespread VG-NE between 113.00 meters and 135.82 meters, hosted within a zone of dense calc-silicate veins with moderate amounts of sphalerite, pyrrhotite and pyrite. The intercept is approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).

  • An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/f13b5470-28c1-41e4-b00f-05e94052869f

• Drill hole GD-24-277 intersected 12.16 g/t Au over 6 meters, including 18.22 g/t Au over 4.00 meters hosted in a strongly calc-silicate altered andesite unit from 114.00 meters to 120.00 meters containing substantial quartz-sulphide veining as well as multiple occurrences of VG-NE part of the Bonanza Zone. This hole was part of the re-logging program. The intercept is approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).

  • An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/f9d91fe5-bd8e-4ad7-b584-8865ae75075c

• Drill hole GD-25-318 intersected 11.03 g/t Au over 5.7 meters within a zone of substantial quartz-sulphide mineralization from 341.00 meters to 346.70 meters with multiple occurrences of VG-NE. The mineralized interval consists of strongly altered sandstone with quartz-sulphide stockwork and breccia, containing moderate amounts of sphalerite and pyrrhotite, part of the Bonanza Zone located at the contact between sedimentary and volcanic units and remains open. The intercept is approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).

  • An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/b270c76a-992a-4e7f-b5e2-cd261f520ab2

• Drill hole GD-25-343 intersected 10.08 g/t Au over 5.00 meters consisting of strongly calc-silicate altered, sheared andesite with quartz-sulphide veins containing moderate amounts of pyrrhotite and chalcopyrite as well as bismuth minerals and VG-NE from the Bonanza Zone located at the contact between sedimentary and volcanic units. The intercept is approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).

  • An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/07516323-9702-4143-8edd-f2ce9aae5ceb

• Drill hole GD-25-334 intersected 6.85 g/t Au over 6.00 meters from a zone of quartz-sulphide veins containing multiple occurrences of VG-NE and mineralized with substantial amounts of sphalerite, chalcopyrite and galena hosted within the sandstone unit believed to be part of the Surebet Zone. The intercept is approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).

  • An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/c323ef3f-3a28-40c6-b0a7-607635865f64

• High-grade gold has been identified in three distinct rock packages discovered to date on Surebet. This includes the gently dipping gold-rich stacked quartz-sulphide breccias/stock work veins, the gold-rich intermediate to felsic Eocene-aged Reduced Intrusive Related Gold (RIRG) dykes, and the recently discovered broad gold-rich zones of calc-silicate altered breccia, all of which contain substantial amounts of VG-NE and remain wide open for expansion. This confirms the presence of a Motherlode magmatic source at depth, a causative intrusion responsible for the extensive 1.8 km2 high-grade gold system at Surebet.

• The 2025 planned campaign is under way and consists of up to 60,000 meters of systematic drilling with 9 drill rigs. The campaign aims at expanding the full geometry of the Surebet Discovery laterally and to depth. 100% of the drilling will be focused on the Surebet Discovery, where the Company has designed a detailed drill plan that will consist of:

  • Testing for the Motherlode Magmatic intrusive gold source;

  • Testing an additional 13 Eocene-aged dykes observed on the surface that have never been drill tested for RIRG mineralization;

  • Infill drilling with the goal of increasing pierce points density in all known stacked veins with a particular focus on the highest-grade areas from the Bonanza Zone and Surebet Zone intersection domain;

  • Testing zones where the RIRG dykes and gently dipping veins crosscut which are being called Goldilocks Zones as they are key locations where there are two styles of gold mineralization enriching the zones; and

  • Expanding the known mineralized veins laterally and to depth where they currently remain open.

TORONTO, Aug. 26, 2025 (GLOBE NEWSWIRE) —  Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is excited to announce assay results from drill hole GD-25-337 which intersected 10.60 g/t Au over 22.82 meters, including 15.19 g/t Au over 15.71 meters, including two separate intervals consisting of 37.28 g/t Au or 1.20 oz/t Au over 3.36 meters and 36.11 or 1.16 oz/t Au over 3.08 meters at Surebet on the 100 % controlled Golddigger Property (the “Property”), Golden Triangle, British Columbia. 100% of the drill holes completed to date on Surebet have intersected substantial quartz-sulphide mineralization as well as 95% of the 2025 drill holes contain VG-NE, clearly demonstrating the exceptional discovery potential remaining on the property. Drilling has been completed for 65 holes (45,000 meters) during the 2025 drill season, with 50 holes remaining (15,000 meters). With roughly 1 month remaining, the Company is on target to complete the planned up to 60,000 meter program with 9 rigs actively drilling. The intercepts reported are approximately true width, and reflect gold only assays (AuEq values will be adjusted accordingly once Ag, Cu, Pb and Zn are received).

Dr. Quinton Hennigh, Geologic & Technical Advisor to Crescat Capital, a strategic investor in Goliath, states: “Goliath’s exploration team, having synthesized a detailed model of the Surebet high-grade mineralizing system after the 2024 season, was thoroughly prepared to undertake an aggressive, highly focused drill program this season. The success rate of mineralized intercepts encountered thus far is remarkable, and now we see the fruits of this work in the form of exceptional assays coming back from early holes. Surebet is now continually delivering strong results, a trend I expect to continue given this update.”

Mr. Roger Rosmus, Founder & CEO of Goliath states: “The more we drill at the Surebet the better it gets with pleasant surprises along the way, which is a good rule of thumb about how new discoveries can become future mines. Most notably, the Surebet Discovery has widespread drill holes with gold visible to the naked eye and several containing high gram x meter assays. It is becoming abundantly clear to our team that Surebet is emerging as the most important grassroots high-grade gold discoveries in the Golden Triangle of British Columbia since the Eskay Creek discovery. We still have many holes with assays pending and are progressing toward completing our up to 60,000 meter drill program in 2025. This year's drilling campaign is shaping up to be our most impressive yet at the Surebet high-grade gold discovery. At this point we have only reported 7 holes of the 115 planned holes for 2025. We look forward to substantial assay news flow from this years aggressive drilling program.”

Recent results have returned exceptional high-grade gold from drill hole GD-25-337, which intersected 10.60 g/t Au over 22.82 meters (242 gram*meter hole), including 15.19 g/t Au over 15.71 meters, including two separate intervals consisting of 37.28 g/t Au or 1.20 oz/t Au over 3.36 meters and 36.11 or 1.16 oz/t Au over 3.08 meters from the andesite unit. Which is below the Bonanza Zone containing multiple occurrences of widespread VG-NE between 113.00 meters and 135.82 meters hosted within a zone of dense calc-silicate veins with moderate amounts of sphalerite, pyrrhotite and pyrite. Additional drill results have expanded the high-grade gold mineralization within the Bonanza Zone and associated structures, with several drill holes returning significant intercepts. Notably, drill hole GD-24-277 intersected 12.16 g/t Au over 6.0 meters, including a high-grade core of 18.22 g/t Au over 4.00 meters, hosted in a strongly altered andesite unit. This mineralization at the contact between sedimentary and volcanic rocks corresponding to the Bonanza Zone was further confirmed by hole GD-25-318, which intersected 11.03 g/t Au over 5.7 meters, hole GD-25-343, which returned 10.08 g/t Au over 5.0 meters, as well as hole GD-25-334 which intersected 6.85 g/t Au over 6.00 meters. The exceptional grades coupled with VG-NE within substantial quartz-sulphide veins, stockworks, and breccias, which are mineralized with sphalerite, pyrrhotite, and chalcopyrite, highlight the excellent potential for further resource expansion.

Table 1: Assay highlights from 2025 drill holes reported in this news release.

Hole ID		From (m)	To (m)	Interval (m)	Au (g/t)
	Interval	113.00	135.82	22.82	10.60
GD-25-337	including	120.11	135.82	15.71	15.19
	including	120.11	123.47	3.36	37.28
	and	132.74	135.82	3.08	36.11
GD-25-318	Interval	341.00	346.70	5.70	11.03
GD-25-343	Interval	612.00	617.00	5.00	10.08
GD-25-334	Interval	413.00	419.00	6.00	6.85
GD-24-277	Interval	114.00	120.00	6.00	12.16
	Including	115.00	119.00	4.00	18.22

High-grade gold mineralization has been confirmed in three distinct rock packages at the Surebet Discovery, which include: gently-dipping gold-rich mineralized stacked quartz-sulphide breccias/stock work veins; gold-rich intermediate to felsic Eocene-aged RIRG dykes that crosscut the veins; and the broad zones of calc-silicate altered breccia. All three rock packages contain substantial amounts of VG-NE and remain wide open, which strongly indicates the presence of a Motherlode magmatic causative source at depth responsible for the widespread high-grade gold mineralization at the Surebet Discovery.

Table 2: Collar information for drill holes reported in this news release.

Hole ID	CRS	Northing (m)	Easting (m)	Elevation (m)	Azimuth (deg)	Dip (deg)	Length (m)
GD-25-343	NAD83 / UTM zone 9N	6162734	457228	1481	138	50	660
GD-25-337	NAD83 / UTM zone 9N	6162509	457818	1141	244	62	370
GD-25-334	NAD83 / UTM zone 9N	6162734	457228	1481	128	66	696
GD-25-318	NAD83 / UTM zone 9N	6162964	456710	1635	105	77	662
GD-24-277	NAD83 / UTM zone 9N	6162440	457701	1133	0	80	990

The 2025 planned campaign is under way and consists of up to 60,000 meters of systematic drilling with 9 drill rigs. The campaign aims at expanding the full geometry of the Surebet discovery laterally and to depth. 100% of the drilling will be focused on the Surebet Discovery, where the Company has designed a detailed drill plan that will consist of: testing for the Motherlode Magmatic intrusive gold source; testing an additional 13 Eocene-aged dykes observed on the surface that have never been drill tested for RIRG mineralization; infill drilling with the goal of increasing pierce points density in all known stacked veins with a particular focus on the highest-grade areas from the Bonanza Zone and Surebet Zone intersection domain; testing zones where the RIRG dykes and gently dipping veins crosscut which are being called Goldilocks Zones as they are key locations where there are two styles of gold mineralization enriching the zones; and expanding the known mineralized veins laterally and to depth where they currently remain open.

Surebet Discovery Highlights

• 62 out of 65 holes (or 95%) drilled thus far in 2025 contain VG-NE and a 100% hit rate of drill holes have intersected substantial quartz-sulphide mineralization.

• 60 out of 64 holes (or 94%) drilled in 2024 contain VG-NE up to 11.5 mm (7/16 inches) in size, all of which returned high-grade gold.

• The best hole drilled to date is GD-24-260 previously reported from the Bonanza Zone assayed 34.52 g/t AuEq (34.47 Au and 3.96 Ag) over 39.00 meters, including 132.93 g/t AuEq (132.78 Au and 12.98 Ag) over 10.00 meters, and 166.04 g/t AuEq (165.84 Au and 16.07 Ag) over 8.00 meters delivering a 1346 gram*meter hole (see news release dated January 13, 2025).

• The best hole drilled to date from the RIRG Eocene-aged dykes is GD-22-58 that assayed 12.03 g/t AuEq (11.84 g/t Au and 15.61 g/t Ag) over 10.00 meters including 19.91 g/t AuEq (19.62 g/t Au and 25.61 g/t Ag) over 6.00 meters, including 23.82 g/t AuEq (23.47 g/t Au and 30.54 g/t Ag) over 5.00 meters, plus a second separate interval down hole of 8.59 g/t AuEq (8.35 g/t Au and 20.74 g/t Ag) over 5.00 meters (see news release dated March 13, 2025).

• The best hole drilled to date from the third distinct rock package consisting of calc-silicate altered breccia is drill hole GD-25-337, which intersected 10.60 g/t Au over 22.82 meters, including 15.19 g/t Au over 15.71 meters, including two separate intervals consisting of 37.28 g/t Au or 1.20 oz/t Au over 3.36 meters and 36.11 or 1.16 oz/t Au over 3.08 meters. The intercept is approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).

• Multiple gently-dipping gold-mineralized stacked veins have been identified every year on the Surebet high-grade gold discovery. Recent discoveries include RIRG Eocene-aged dykes, Goldilocks Zones where the veins and vertical RIRG dykes crosscut (which are characterized by having high-grade gold in two temperature regimes) and recently discovered high-grade gold in a third distinct rock package. Which continuously increase the potential tonnage and gold content of the high-grade gold system at the Surebet discovery.

• A total of 12 stacked gently dipping high-grade gold veins extend for 1.2 kilometers at the Surebet discovery, have been enhanced by four high-grade RIRG Eocene-aged dykes that are up to 25 meters wide and exposed along strike at surface for up to 1,500 meters have been discovered and modelled to date (see news release dated June 23, 2025).

• The footprint of the mineralization discovered to date at Surebet is 1.8 km2, greater then half the size of Central Park in New York City and remains open in all directions.

• Thanks to the mountainous topography, mineralization in the veins is exposed on the surface for 2.1 km of strike (1.0 km on the south slope and 1.1 km on the north slope) with a vertical relief of 700 meters.

• A study completed by the Colorado School of Mines confirms a new interpretation of the ore forming process of high-grade gold mineralization at Surebet and outlines a common magmatic source for the high-grade gold system, now in three distinct rock packages. Which gives the Surebet discovery tremendous untapped discovery potential to increase tonnage and gold content in the various known rock package. Until this study, researchers and explorers in the Golden Triangle had not recognized the high-grade gold discovery potential in the Eocene- aged RIRG dykes (see news release March 13, 2025), which is showing the potential that these discoveries could be a geological breakthrough in the Golden Triangle of British Columbia.

• Goliath has drilled a total of 92,000 meters with over 400 pierce points on the Golddigger property between 2021 and 2024, which culminated in the updated geologic model used for this year’s drill planning.

• The Surebet Discovery has predictable continuity and very good metallurgy with gold recoveries of 92.2% from gravity and flotation at a 327-micrometer crush including 48.8% free gold recovery from gravity alone (no cyanide required to recover the gold). The metallurgy completed to date shows a benign rock composition without deleterious elements (see news release March 1, 2023).

• Based on positive grassroots exploration and drill results in recent years, Goliath significantly increased its land package from 66,608 hectares to 91,518 hectares (226,146 acres) and now controls 56 kilometers of key terrain of the Red Line geologic trend providing for additional upside discovery potential.

• The Golddigger Property is located on tidewater with a barge route to Prince Rupert (190 km south) and close to infrastructure including the town of Kitsault adjacent to a permitted mine site on private property.

About Golddigger Property

The Golddigger Property is 100% controlled and covers an area of 91,518 hectares in a highly prospective geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area, in close proximity to the Red Line, has hosted some of Canada’s greatest gold mines including Eskay Creek, Premier and Snip. Other significant and well-known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization.

The Surebet discovery has predictable continuity and excellent metallurgy with gold recoveries from gravity and flotation at a 327-micrometer crush of 92.2% including 48.8% free gold from gravity alone (no cyanide required to recover the gold). The metallurgy completed to date shows no deleterious elements are present (see news release dated March 1, 2023).

The Property is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is a permitted mill site on private property. It is situated on tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers from Prince Rupert) and has a barge landing, dock, and infrastructure capable of housing at least 300 people, including high-tension power.

Additional infrastructure in the area includes the Dolly Varden Silver Mine Road (only 7 kilometers to the East of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometers to the south of the Surebet discovery) and high-tension power (25 kilometers to the east of Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways, and airport with supplies (food, fuel, lumber, etc.), while the town of Prince Rupert (population 12,000) is located on the West Coast of British Columbia and houses an international container seaport also with direct access to railway and an airport.

About CASERM (Center to Advance the Science of Exploration to Reclamation in Mining)

Goliath Resources is a paying member and active supporter of the Center to Advance the Science of Exploration to Reclamation in Mining (CASERM), which is one of the world’s largest research centers in the mining sector. CASERM is a collaborative research venture between Colorado School of Mines and Virginia Tech that is supported by a consortium of mining and exploration companies, analytical instrumentation and software companies, and federal agencies aiming to transform the way geoscience data is acquired and used across the mining value chain. The center forms part of the I-UCRC program of the National Science Foundation. Research focuses on the integration of diverse geoscience data to improve decision making across the mine life cycle, beginning with the exploration for subsurface resources continuing through mine operation as well as closure and environmental remediation. Over the past three years, Goliath Resources’ membership in CASERM has allowed a high level of research to be performed on the Surebet Discovery.

Qualified Person

Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resource Limited projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release. Mr. Turna is an Independent Director of the Company.

About Goliath Resources Limited

Goliath Resources is an explorer of precious metals projects in the highly prospective Golden Triangle of Northwestern British Columbia. All of its projects are in high quality geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath’s key strategic cornerstone shareholders include Crescat Capital, a Global Commodity Group (Singapore), McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), Waratah Capital Advisors, Mr. Rob McEwen, Mr. Eric Sprott and Mr. Larry Childress.

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

Disclaimer

The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.

Oriented HQ-diameter or NQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX DepositTM. Drill holes were planned using Leapfrog GeoTM and QGISTM software and data from the 2017-2024 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration is sampled in lengths of 0.5 to 1.5 meters. Core samples are cut lengthwise in half: one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. The bagged samples are then weighed and secured with a zip tie. Certified reference materials (CRMs), blanks and duplicates are added in the sample stream at a rate of 10%. To ensure analytical anonymity, CRM identification labels are removed prior to submission to the laboratory. Additional out-of-sequence blanks are introduced immediately following core samples that contain VG-NE or high-grade sulphide mineralization.

Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples are then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, certified reference materials, and duplicate samples are inserted regularly into the sample sequence at a rate of 10%.

All samples are transported in rice bags sealed with numbered security tags. The rice bags are transported from the core shacks to the MSALABS facilities in Terrace, BC. MSALABS is certified with both AC89-IAS and ISO/IEC Standard 17025:2017. The core samples undergo preparation via drying, crushing to ~70% of the material passing a 2 mm sieve and riffle splitting. The sample splits are weighed and transferred into three plastic jars, each containing between 300 g and 500 g of crushed sample material. A 250 g split is pulverized to ensure at least 85% of the material passes through a 75 µm sieve. The crushed samples are transported to the MSALABS PhotonAssayTM facility in Prince George, where gold concentrations are quantified via photon assay analysis (method CPA-Au1). Samples that result in gold concentrations ≥5 ppm are analyzed to extinction. Photon assay uses high-energy X-rays (photons) to excite atomic nuclei within the jarred samples, inducing the emission of secondary gamma rays, which are measured to quantify gold concentrations. The assays from all jars are combined on a weight-averaged basis. Multielement analyses are carried at the MSALABS facilities in Surrey, BC, where 250 g of pulverized splits are analyzed via ICF6xx and IMS-230 methods. The IMS-230 method uses 4-acid digestion (a combination of hydrochloric, nitric, perchloric and hydrofluoric acids) followed by inductively coupled plasma emission spectrometry to quantify concentrations of 48 elements. Samples with over-limit results for Ag, Cu, Pb and Zn undergo ore-grade analysis via the ICF-6xx method (where ‘xx’ denotes the target metal). This method employs 4-acid digestion followed by inductively coupled plasma emission spectrometry.

Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and Gold Equivalent (AuEq) metal values are calculated using: Au 2797.16 USD/oz, Ag 31.28 USD/oz, Cu 4.25 USD/lbs, Pb 1955.58 USD/ton and Zn 2750.50 USD/ton on January 31st, 2025. There is potential for economic recovery of gold, silver, copper, lead, and zinc from these occurrences based on other mining and exploration projects in the same Golden Triangle Mining Camp where Goliath’s project is located such as the Homestake Ridge Gold Project (Auryn Resources Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, prepared by Minefill Services Inc. Bothell, Washington, dated May 29, 2020). Here, AuEq values were calculated using 3-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs, and transportation. Recoveries for Gold were 85.5%, Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be assumed that Zinc can be recovered with the Copper at the same recovery rate of 74.6%. The quoted reference of metallurgical recoveries is not from Goliath’s Golddigger Project, Surebet Zone mineralization, and there is no guarantee that such recoveries will ever be achieved, unless detailed metallurgical work such as in a Feasibility Study can be eventually completed on the Golddigger Project.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of the Company to complete financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management's reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.

The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment.  In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.

The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Harmony Gold Mining Co. Ltd. HMY is slated to report fiscal 2025 results before the opening bell on Aug. 28. The Zacks Consensus Estimate for fiscal 2025 earnings has been stable in the past 60 days. The consensus estimate for earnings is pegged at $2.85 per share, suggesting a 190.8% year-over-year rise.

Zacks Investment Research

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The benefits of higher gold prices and strong production in the final quarter of fiscal 2025 are expected to reflect on HMY’s performance amid headwinds from higher costs.

FY25 Earnings Whispers for HMY Stock

Our proven model does not conclusively predict an earnings beat for HMY. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. But that’s not the case here. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.HMY has an Earnings ESP of 0.00% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.

Factors Shaping HMY’s FY25 Results

Higher gold prices are likely to have supported the company’s performance. Gold prices have racked up strong gains this year as worries over the global trade war have boosted safe-haven demand. Prices hit new highs driven by a surge in safe-haven demand amid the intense trade tussle, geopolitical tensions, a weak dollar and increased purchases by central banks. Prices of the yellow metal rocketed to a record high of $3,500 per ounce on April 22. While gold prices retreated from their April 2025 highs, they closed the second quarter above the $3,300 per ounce level. The company is also likely to have achieved its full-year fiscal 2025 production guidance of 1.4-1.5 million ounces, even though gold output declined year over year in the first nine months. The company produced roughly 1.11 million ounces during this period, down 6% from 1.18 million ounces a year ago, largely due to interruptions from unprecedented rainfall in South Africa, which impacted electricity supply to its West Wits operations. This impacted production from Mponeng, Doornkop and Kusasalethu operations.   Nevertheless, Harmony is expected to have met the annual production target, banking on a stronger final quarter and improved performance at its high-grade Mponeng and Moab Khotsong assets. It raised its underground recovered grade guidance to 6.00g/t from 5.80g/t, driven by strong performances from Mponeng and Moab Khotsong. Harmony, like most miners, is exposed to higher costs, which is likely to have been a drag on its performance. Labor and electricity remain the largest components of its cost structure. It saw a roughly 24% surge in all-in-sustaining costs (in dollars) in the third quarter of fiscal 2025. Total cash costs also climbed 22% year over year in the quarter. While the company is implementing various energy-saving initiatives and launching a renewable energy program, the burden of higher electricity costs is unlikely to have abated due to higher tariffs.

HMY Stock’s Price Performance and Valuation

HMY’s shares have popped 53.4% in a year, topping the Zacks Mining – Gold industry’s 49.4% rise and the S&P 500’s increase of 15.8%. With respect to its major peers, Gold Fields Limited GFI and DRDGOLD Limited DRD have surged 125.4% and 109.8%, respectively, over the same period.

HMY’s One-year Price PerformanceZacks Investment Research

Image Source: Zacks Investment Research

From a valuation standpoint, Harmony Gold is currently trading at a forward 12-month earnings multiple of 5.52, a roughly 60.5% discount to the peer group average of 13.97X. HMY is also trading at a discount to Gold Fields and DRDGOLD. Harmony Gold has a Value Score of B, while both Gold Fields and DRDGOLD have a Value Score of C.

HMY’s P/E F12M Vs. Industry, GFI and DRDZacks Investment Research

Image Source: Zacks Investment Research

Investment Thesis for HMY Stock

Harmony, South Africa's biggest gold producer by volume, has a diverse portfolio of gold development projects spread across South Africa and Papua New Guinea (PNG).  The company’s development projects currently in progress include the development of the Wafi-Golpu copper-gold project in PNG and the Eva Copper project in Australia. The Wafi-Golpu project is believed to be a game-changer for the company, with an estimated gold reserve of 13 million ounces. The low-risk Eva Copper project in Australia offers additional upside, giving HMY a significant global copper-gold footprint. HMY also boasts a strong balance sheet and generates substantial cash flows, which allows it to finance its development projects and drive shareholder value. Higher gold prices are expected to boost HMY’s profitability and drive cash flow generation. However, elevated energy and labor costs are likely to weigh on its margins.

Final Thoughts: Hold Onto HMY Shares

Harmony is advancing several key development projects, which are expected to enhance production and expand its international footprint. The acquisition of Eva Copper aligns with the company’s goal of transitioning into a low-cost gold and copper producer. The favorable gold price environment is also expected to aid HMY’s performance. However, its high electricity and labor costs warrant caution. Therefore, holding onto HMY stock will be prudent ahead of its earnings announcement.

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Gold Fields Limited (GFI) : Free Stock Analysis Report

Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

DRDGOLD Limited (DRD) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

Harmony Gold (HMY) closed at $15.91 in the latest trading session, marking a +2.71% move from the prior day. This move outpaced the S&P 500's daily loss of 0.4%. Meanwhile, the Dow experienced a drop of 0.34%, and the technology-dominated Nasdaq saw a decrease of 0.34%.

The stock of gold miner has risen by 4.45% in the past month, leading the Basic Materials sector's gain of 2.44% and the S&P 500's gain of 1.67%.

The investment community will be paying close attention to the earnings performance of Harmony Gold in its upcoming release. The company is slated to reveal its earnings on August 28, 2025.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $2.85 per share and a revenue of $0 million, indicating changes of +190.82% and 0%, respectively, from the former year.

Investors should also pay attention to any latest changes in analyst estimates for Harmony Gold. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. As of now, Harmony Gold holds a Zacks Rank of #2 (Buy).

Digging into valuation, Harmony Gold currently has a Forward P/E ratio of 5.44. This valuation marks a discount compared to its industry average Forward P/E of 12.96.

It's also important to note that HMY currently trades at a PEG ratio of 0.09. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Mining – Gold industry had an average PEG ratio of 0.58 as trading concluded yesterday.

The Mining – Gold industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 75, placing it within the top 31% of over 250 industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

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Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

Here are three stocks with buy ranks and strong growth characteristics for investors to consider today August 19th:

Harmony Gold HMY: This company which conducts underground and surface gold mining, carries a Zacks Rank #1 (Strong Buy), and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 17.8% over the last 60 days.

Harmony Gold Mining Company Limited Price and ConsensusHarmony Gold Mining Company Limited Price and Consensus

Harmony Gold Mining Company Limited price-consensus-chart | Harmony Gold Mining Company Limited Quote

Harmony Gold has a PEG ratio of 0.09 compared with 0.13 for the industry. The company possesses a Growth Score of A.

Harmony Gold Mining Company Limited PEG Ratio (TTM)Harmony Gold Mining Company Limited PEG Ratio (TTM)

Harmony Gold Mining Company Limited peg-ratio-ttm | Harmony Gold Mining Company Limited Quote

Western Digital WDC: This company which is a leading developer and manufacturer of data storage devices and solutions based on NAND flash and hard disk drive technologies, carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 13.4% over the last 60 days.

Western Digital Corporation Price and ConsensusWestern Digital Corporation Price and Consensus

Western Digital Corporation price-consensus-chart | Western Digital Corporation Quote

Western Digital has a PEG ratio of 0.85 compared with 1.76 for the industry. The company possesses a Growth Score of B.

Western Digital Corporation PEG Ratio (TTM)Western Digital Corporation PEG Ratio (TTM)

Western Digital Corporation peg-ratio-ttm | Western Digital Corporation Quote

Nutrien NTR: This company which is a leading integrated provider of crop inputs and services, carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 12.9% over the last 60 days.

Nutrien Ltd. Price and ConsensusNutrien Ltd. Price and Consensus

Nutrien Ltd. price-consensus-chart | Nutrien Ltd. Quote

Nutrien has a PEG ratio of 0.91 compared with 1.23 for the industry. The company possesses a Growth Score of B.

Nutrien Ltd. PEG Ratio (TTM)Nutrien Ltd. PEG Ratio (TTM)

Nutrien Ltd. peg-ratio-ttm | Nutrien Ltd. Quote

 

See the full list of top ranked stocks here.

 

Learn more about the Growth score and how it is calculated here.

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Western Digital Corporation (WDC) : Free Stock Analysis Report

Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

Nutrien Ltd. (NTR) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

ST. HELIER, Jersey, August 18, 2025–(BUSINESS WIRE)–MAC Copper Limited ARBN 671 963 198 (NYSE:MTAL; ASX:MAC)

MAC Copper Limited (NYSE:MTAL, ASX:MAC) ("MAC" or the "Company") is pleased to provide the following update on the proposed acquisition of 100% of the issued share capital in MAC by Harmony Gold (Australia) Pty Ltd (a wholly owned subsidiary of Harmony Gold Mining Company Limited (JSE:HAR, NYSE:HMY)) ("Harmony") by way of a Jersey law scheme of arrangement pursuant to Article 125 of the Companies (Jersey) Law 1991 (as amended) ("Scheme").

Capitalised terms used in this announcement have the meaning given to them in the Scheme Circular, a copy of which is attached to MAC’s announcement released on 31 July 2025.

Update on regulatory conditions precedent

MAC has been notified by Harmony that Harmony has received written notice under section 74(2) of the Foreign Acquisitions and Takeovers Act 1975 (Cth) on behalf of the Australian Federal Treasurer stating that the Commonwealth Government does not object to the Scheme.

Accordingly, the regulatory condition precedent in clause 3.1(c) of the Implementation Deed has now been satisfied and that all regulatory conditions to the Scheme have now been satisfied.

MAC CEO, Mick McMullen, commented:

"The receipt of regulatory approval from FIRB following the previously announced approval from SARB is another significant step towards implementation of the Transaction as all requisite regulatory approvals have now been obtained. We strongly encourage all shareholders to vote well ahead of the 26 August 2025 (for MAC CDI Holders) and 27 August 2025 cut-off (for MAC Shareholders and Scheme Shareholders). The MAC Directors remain unanimous in recommending that Scheme Shareholders vote in favour of the Scheme at the Court Meeting and that MAC Shareholders vote in favour of the General Meeting Resolution, in the absence of a Superior Proposal."

The Scheme remains subject to the Scheme and the General Meeting Resolution being approved by the requisite majorities of Scheme Shareholders and MAC Shareholders (as applicable) at the Meetings, certain specified conditions precedent to the Streams Restructure Deed being satisfied or waived, the Court sanctioning the Scheme at the Court Sanction Hearing and other customary Conditions set out in the Scheme Circular. As previously announced, the Restructuring Documents have been fully executed and the remaining deliverables to satisfy the Consents Condition are well underway.

Court Meeting and General Meeting

The Court Meeting and General Meeting will be held at 44 Esplanade, St Helier, Jersey JE4 PWG and online via the Virtual Meeting Platform at 12:30 pm (Jersey time) / 7:30 am (New York time) / 9:30 pm (Sydney time) on Friday, 29 August 2025 (for the Court Meeting) and at 1:00 pm (Jersey time) / 8:00 am (New York time) / 10:00 pm (Sydney time) on Friday, 29 August 2025 (for the General Meeting) (or as soon thereafter as the Court Meeting has concluded or been adjourned).

Each MAC Shareholder whose name appears on the Share Register at 4:00 pm (New York time) on Tuesday, 29 July 2025 will be entitled to attend and vote on all resolutions to be put to the Court Meeting and the General Meeting.

Further information

If, after reading the Scheme Circular, you have any questions about the Scheme or the Scheme Circular, please contact MAC’s proxy solicitation firm, Sodali & Co, at:

If you are a MAC Shareholder Call toll-free in US:+1 (800) 662-5200Outside of US:+1 (203) 658-9400

If you are a MAC CDI Holder Within Australia:1300 229 418Outside Australia:+61 2 9066 4059

This announcement has been authorised for release by Mick McMullen, CEO and Director.

About MAC Copper Limited

MAC Copper Limited (NYSE:MTAL; ASX:MAC) is a company focused on operating and acquiring metals and mining businesses in high quality, stable jurisdictions that are critical in the electrification and decarbonization of the global economy.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250818660821/en/

Contacts

Mick McMullenChief Executive Officer & DirectorMAC Copper Limitedinvestors@metalsacqcorp.com

Morné EngelbrechtChief Financial OfficerMAC Copper Limited

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:

Melco Resorts & Entertainment Limited MLCO: This company which develops, owns and operates casino gaming and entertainment casino resort facilities primarily in Asia, has seen the Zacks Consensus Estimate for its current year earnings increasing 96% over the last 60 days.

Melco Resorts & Entertainment Limited Price and ConsensusMelco Resorts & Entertainment Limited Price and Consensus

Melco Resorts & Entertainment Limited price-consensus-chart | Melco Resorts & Entertainment Limited Quote

China Yuchai International CYD: This company which primarily manufactures and sells diesel engines for medium-duty trucks in China, has seen the Zacks Consensus Estimate for its current year earnings increasing 37.2% over the last 60 days.

China Yuchai International Limited Price and ConsensusChina Yuchai International Limited Price and Consensus

China Yuchai International Limited price-consensus-chart | China Yuchai International Limited Quote

Harmony Gold HMY: This company which conducts underground and surface gold mining with operations principally concentrated in South Africa, has seen the Zacks Consensus Estimate for its current year earnings increasing 17.8% over the last 60 days.

Harmony Gold Mining Company Limited Price and ConsensusHarmony Gold Mining Company Limited Price and Consensus

Harmony Gold Mining Company Limited price-consensus-chart | Harmony Gold Mining Company Limited Quote

Eni E: This company which is among the leading integrated energy players in the world, has seen the Zacks Consensus Estimate for its current year earnings increasing 8.4% over the last 60 day.

Eni SpA Price and ConsensusEni SpA Price and Consensus

Eni SpA price-consensus-chart | Eni SpA Quote

Kimball Electronics KE: This company which operates as a contract manufacturer of durable electronics for the medical, automotive, industrial and public safety markets, has seen the Zacks Consensus Estimate for its current year earnings increasing 5.8% over the last 60 days.

Kimball Electronics, Inc. Price and ConsensusKimball Electronics, Inc. Price and Consensus

Kimball Electronics, Inc. price-consensus-chart | Kimball Electronics, Inc. Quote

 

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Eni SpA (E) : Free Stock Analysis Report

Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

Kimball Electronics, Inc. (KE) : Free Stock Analysis Report

Melco Resorts & Entertainment Limited (MLCO) : Free Stock Analysis Report

China Yuchai International Limited (CYD) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

ST. HELIER, Jersey, July 31, 2025–(BUSINESS WIRE)–MAC Copper Limited ARBN 671 963 198 (NYSE:MTAL; ASX:MAC)

MAC Copper Limited (NYSE:MTAL, ASX:MAC) ("MAC" or the "Company") is pleased to announce that the Royal Court of Jersey ("Court") today ordered that meetings of MAC shareholders be held to consider the proposed acquisition of 100% of the issued share capital in MAC by Harmony Gold (Australia) Pty Ltd ("Harmony Australia") (a wholly owned subsidiary of Harmony Gold Mining Company Limited (JSE:HAR, NYSE:HMY) ("Harmony")) by way of a Jersey law scheme of arrangement pursuant to Article 125 of the Companies (Jersey) Law 1991 ("Scheme") (the "Transaction").

Unless otherwise defined, capitalised terms used in this announcement have the meaning given to them in the Scheme Circular (as defined below).

Court orders

The Court has today made orders, among other things, that MAC:

• convene a meeting of Scheme Shareholders to consider and vote on a resolution to approve the Scheme ("Court Meeting"); and

• convene a meeting of MAC Shareholders immediately after the Court Meeting to approve certain other matters in connection with the implementation of the Transaction ("General Meeting").

The MAC Directors:

• continue to unanimously recommend that Scheme Shareholders vote in favour of the Scheme at the Court Meeting and MAC Shareholders vote in favour of the General Meeting Resolution at the General Meeting; and

• intend to vote, or cause to be voted, all MAC Shares or MAC CDIs held or controlled by them (totalling 2.44% of the MAC Shares in aggregate) in favour of the Scheme at the Court Meeting and in favour of the General Meeting Resolution at the General Meeting, in each case, in the absence of a Superior Proposal.

Scheme Circular

The Court approved the dispatch of a scheme circular, which, among other things, contains full details of the Scheme (the "Scheme Circular"). Dispatch of the Scheme Circular to MAC Shareholders and MAC CDI Holders at the Scheme Voting Record Time is expected to be completed on or about 4 August 2025 as follows:

• MAC Shareholders will receive a hard copy of the Scheme Circular and Proxy Forms by mail unless they have made an election to receive communications through electronic means, in which case they will receive an electronic copy;

• MAC CDI Holders will receive a hard copy of the Scheme Circular and CDI Voting Instruction Forms by mail unless they have made an election to receive communications through electronic means, in which case they will receive an electronic copy; and

• other beneficial holders will receive a hard copy of the Scheme Circular and any other voting instruction forms by mail or an electronic copy based on the elections made with the Intermediary that holds MAC Shares on their behalf.

A copy of the Scheme Circular is attached to this announcement and is also available for viewing on MAC’s website at www.maccopperlimited.com.

MAC Securityholders should read the Scheme Circular carefully, and in its entirety, including the materials accompanying it, before deciding how to vote at the Court Meeting and the General Meeting.

If, after reading the Scheme Circular, you have any questions about the Scheme or the Scheme Circular, please contact MAC’s proxy solicitation firm, Sodali & Co, at:

If you are a MAC Shareholder Call toll-free in US:+1 (800) 662-5200Outside of US:+1 (203) 658-9400

If you are a MAC CDI Holder Within Australia:1300 229 418Outside Australia:+61 2 9066 4059

Court Meeting and General Meeting

The Court Meeting and General Meeting will be held at 44 Esplanade, St Helier, Jersey JE4 PWG and online via the Virtual Meeting Platform at 12:30 pm (Jersey time) / 7:30 am (New York time) / 9:30 pm (Sydney time) on Friday, 29 August 2025 (for the Court Meeting) and at 1:00 pm (Jersey time) / 8:00 am (New York time) / 10:00 pm (Sydney time) on Friday, 29 August 2025 (for the General Meeting) (or as soon thereafter as the Court Meeting has concluded or been adjourned).

Each MAC Shareholder whose name appears on the Share Register at 4:00 pm (New York time) on Tuesday, 29 July 2025 will be entitled to attend and vote on all resolutions to be put to the Court Meeting and the General Meeting.

Indicative timetable

An indicative timetable for the next steps of the Transaction is as follows:

Event	Date and Time (Jersey time)1
Scheme Voting Record Time for Court Meeting and General Meeting2	4:00 pm (New York time) on Tuesday, 29 July for Scheme Shareholders and MAC Shareholders (as applicable) 7:00 pm (Sydney time) on Tuesday, 29 July for MAC CDI Holders
Dispatch of Scheme Circular	Monday, 4 August 2025
Latest time for lodging CDI Voting Instruction Forms for Court Meeting and General Meeting	12:30 pm (Jersey time) / 7:30 am (New York time) / 9:30 pm (Sydney time) on Tuesday, 26 August 2025
Latest time for lodging Proxy Forms for Court Meeting and General Meeting	12:30 pm (Jersey time) / 7:30 am (New York time) / 9:30 pm (Sydney time) on Wednesday, 27 August 2025
Court Meeting	12:30 pm (Jersey time) / 7:30 am (New York time) / 9:30 pm (Sydney time) on Friday, 29 August 2025
General Meeting	1:00 pm (Jersey time) / 8:00 am (New York time) / 10:00 pm (Sydney time) on Friday, 29 August 2025 (or as soon thereafter as the Court Meeting has concluded or been adjourned)

Notes:

All dates and times are based on MAC and Harmony’s current expectations and are subject to change. If any of the dates and/or times in this expected timetable change materially, the revised dates and/or times will be published by a public announcement filed with, or furnished to, the SEC and released to the ASX and by making such announcement available on MAC’s website at www.maccopperlimited.com.

Individuals that become MAC Shareholders (or MAC CDI Holders) after this date will not be entitled to vote (or in the case of MAC CDI Holders, will not be entitled to instruct CHESS Depositary Nominees Pty Limited how to vote) at the Court Meeting and General Meeting.

Annual General Meeting

MAC has determined to postpone the Annual General Meeting (the "AGM") that was proposed to be held at 1:30 pm (Jersey time) / 8:30 am (New York time) / 10:30 pm (Sydney time) on Friday, 29 August 2025 (or as soon thereafter as the General Meeting has concluded or been adjourned) to allow MAC Shareholders to focus on the business of the Court Meeting and the General Meeting.

MAC will provide a further update in relation to the AGM in due course.

This announcement has been authorised for release by the board of directors of MAC.

About MAC Copper Limited

MAC Copper Limited (NYSE:MTAL; ASX:MAC) is a company focused on operating and acquiring metals and mining businesses in high quality, stable jurisdictions that are critical in the electrification and decarbonization of the global economy.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250730628270/en/

Contacts

Mick McMullenChief Executive Officer & DirectorMAC Copper Limitedinvestors@metalsacqcorp.com

Morné EngelbrechtChief Financial OfficerMAC Copper Limited

Harmony Gold Mining Co. Ltd. HMY and Gold Fields Limited GFI are prominent South Africa-based gold mining companies. They are benefiting from the surge in gold prices this year, driven by investor demand for safe-haven assets amid global economic uncertainties. While gold prices have fallen from their April 2025 highs, they remain favorable, aided by economic uncertainties, and are currently hovering above the $3,300 per ounce level. Against this backdrop, comparing these two gold producers is particularly relevant for investors seeking exposure to the precious metals sector.Despite the recent pullback, gold prices have gained roughly 27% this year. The aggressive trade policies, including sweeping new import tariffs announced by President Donald Trump, intensified global trade tensions and heightened investor anxiety, prompting the price rally. Also, central banks worldwide have been accumulating gold reserves, led by risks arising from Trump’s policies. Prices of the yellow metal catapulted to a record high of $3,500 per ounce on April 22. Increased purchases by central banks, hopes of interest rate cuts, and geopolitical tensions are expected to support gold prices. Let’s dive deep and closely compare the fundamentals of these two gold miners to determine which one is a better investment now.

The Case for Harmony

Harmony is South Africa's biggest gold producer by volume, with production of roughly 1.56 million ounces in fiscal 2024.  It has a diverse portfolio of gold development projects spread across South Africa and Papua New Guinea (PNG).  The company’s development projects currently in progress include the development of the Wafi-Golpu copper-gold project in PNG and the Eva Copper project in Australia. The Wafi-Golpu project is believed to be a game-changer for the company, with an estimated gold reserve of 13 million ounces. HMY is currently in negotiations with its joint venture partner, Newmont Corporation (NEM) and the PNG Government regarding the terms of a Mining Development Contract, which is required for a Special Mining Lease.The low-risk Eva Copper project in Australia offers additional upside, giving HMY a significant global copper-gold footprint. HMY acquired Eva Copper in 2022, adding a tier-one mining jurisdiction to its portfolio. The acquisition is in line with HMY’s objective of transitioning into a low-cost gold and copper mining company. The feasibility study update for the project is currently underway. HMY has received a conditional grant funding from the Queensland government, which will help accelerate the development of this project. It is subject to several conditions, including HMY reaching a positive final investment decision by January 2026. Eva Copper is expected to produce 55,000-60,000 tons of copper per annum. Harmony boasts a strong balance sheet and generates substantial cash flows, which allows it to finance its development projects and drive shareholder value. Its net cash climbed roughly 53% to $592 million at the end of the third quarter of fiscal 2025 (ended March 31, 2025), from $386 million at the end of first-half fiscal 2025 (ended Dec. 31, 2024).   HMY also has a dividend policy to pay 20% of net free cash generated to its shareholders at its board’s discretion. HMY offers a dividend yield of 1.4% at the current stock price. It has a five-year annualized dividend growth rate of about 19.4%.

The Case for Gold Fields

Gold Fields continues to progress its strategic priorities that align with its three strategic pillars of the business, which include reliable and cost-effective delivery and improving the quality of its asset portfolio. GFI had a strong start to 2025 with attributable equivalent gold production climbing roughly 19% year over year to 551,000 ounces in the first quarter. Gold Fields remains on track to meet its production guidance for 2025. It expects gold equivalent production of 2.25-2.45 million ounces, which indicates year-over-year growth of 13% at the mid-point. In October 2024, Gold Fields completed the acquisition of Osisko Mining. This move is in sync with GFI’s goal to strengthen its portfolio through investments in high-quality and long-life assets. The acquisition enables GFI to expand its presence in Quebec, a Tier 1 mining jurisdiction. It will allow the company to use its expertise in greenfields exploration, project development and underground mining.GFI is advancing its high-grade Windfall project in Quebec, targeting 300,000 ounces of gold annually. It acquired 100% ownership of the Windfall project through the completion of its Osisko Mining buyout. Gold Fields is focused on obtaining the required environmental approvals for full-scale construction and mining.Production ramp-up also continues at Salares Norte in Chile, with commercial levels of production expected in the third quarter of 2025, followed by steady state throughput during the fourth quarter. Gold equivalent production from the mine is expected to be between 325,000 ounces and 375,000 ounces for 2025. GFI is conducting extensive exploration drilling to identify life extension opportunities at the mine.The proposed acquisition of Gold Road offers additional upside. Gold Fields, in May 2025, agreed to acquire 100% of the issued and outstanding share capital of Gold Road Resources Limited. The acquisition, expected to be completed by October 2025, provides an opportunity to enhance GFI’s portfolio through the consolidation of the Gruyere mine in Western Australia, which Gold Fields already operates. Gold Road holds a 50% interest in the Gruyere gold mine in addition to a portfolio of 100%-owned exploration projects. The full ownership of Gruyere will offer GFI more flexibility regarding operation and future development opportunities, besides enhancing its cash-flow profile. Gold Fields remains committed to driving shareholder returns and reducing debt, leveraging healthy cash flow, aided by higher gold prices. It reduced net debt to $1,981 million at the end of the first quarter from $2,086 million at the end of the prior quarter. GFI offers a dividend yield of 2.5% at the current stock price. Its five-year annualized dividend growth rate is roughly 17.3%.

Price Performance and Valuation of HMY & GFI

Year to date, HMY stock has shot up 71%, while GFI stock has rallied 91.8% compared with the Zacks Mining – Gold industry’s increase of 55.4%.

Zacks Investment Research

Image Source: Zacks Investment Research

Harmony is currently trading at a forward 12-month earnings multiple of 4.93. This represents a roughly 60% discount when stacked up with the industry average of 12.4X.

Zacks Investment Research

Image Source: Zacks Investment Research

Gold Fields is trading at a premium to Harmony. The GFI stock is currently trading at a forward 12-month earnings multiple of 8.74, below the industry.

Zacks Investment Research

Image Source: Zacks Investment Research

How Does Zacks Consensus Estimate Compare for HMY & GFI?

The Zacks Consensus Estimate for HMY’s 2025 EPS implies a year-over-year rise of 190.8%. The EPS estimates for 2025 have been going up over the past 60 days.

Zacks Investment Research

Image Source: Zacks Investment Research

The consensus estimate for GFI’s 2025 EPS implies year-over-year growth of 93.9%. The EPS estimates for 2025 have been trending northward over the past 60 days.

Zacks Investment Research

Image Source: Zacks Investment Research

HMY or GFI: Which Stock Should You Bet on Now?

Both HMY and GFI currently have a Zacks Rank #1 (Strong Buy) each, so picking one stock is not easy. You can see the complete list of today’s Zacks #1 Rank stocks here.Both Harmony Gold and Gold Fields are well-positioned to capitalize on the current gold price environment. HMY appears to have an edge over GFI due to its more attractive valuation. In addition, Harmony Gold’s stronger growth projections suggest that it may offer better investment prospects in the current market environment. Investors seeking exposure to the gold space might consider HMY as the more favorable option at this time.

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Gold Fields Limited (GFI) : Free Stock Analysis Report

Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

Harmony Gold Mining Company Limited (NYSE:HMY) is one of the most profitable gold stocks to buy right now. On July 17, BMO Capital analyst Raj Ray initiated coverage of Harmony Gold Mining Company Limited (NYSE:HMY) with a Market Perform rating and a $16 price target.

An open pit mine with heavy excavation machinery toiling away against the backdrop of a hidden valley.

The analyst told investors in a research note that Harmony Gold Mining Company Limited (NYSE:HMY) is a South African senior gold producer experiencing geographical diversification and increasing copper exposure.

While the firm stated that it likes Harmony Gold Mining Company Limited’s (NYSE:HMY) operational setup, it also believes that the stock’s valuation is now broadly in line with the peer average.

Harmony Gold Mining Company Limited (NYSE:HMY) mines and explores gold and is involved in sales and financial management, building mines, open-pit operations, land rehabilitation, and mine closure.

The company’s operations are divided into the following segments: Tshepong Operations, Moab Khotsong, Bambanani, Joel, Doornkop, Target 1, Kusasalethu, Masimong, Unisel, Mponeng, Mine Waste Solutions, and Hidden Valley.

While we acknowledge the potential of HMY as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.

Harmony Gold Mining Co. Ltd. HMY remains confident in achieving its full-year fiscal 2025 production guidance, even though gold output declined year over year in the first nine months. The company produced roughly 1.11 million ounces during this period, down 6% from 1.18 million ounces a year ago, largely due to interruptions from unprecedented rainfall in South Africa, which impacted electricity supply to its West Wits operations. This impacted production from Mponeng, Doornkop and Kusasalethu operations. Nevertheless, Harmony expects to meet its production guidance of 1.4-1.5 million ounces of gold for fiscal 2025, banking on a stronger final quarter and improved performance at its high-grade Mponeng and Moab Khotsong assets. It raised its underground recovered grade guidance to 6.00g/t from 5.80g/t, driven by strong performances from Mponeng and Moab Khotsong, and now expects to attain above that revised target. The company’s continued investment in mine-life extension and asset optimization underscores its push for a strong finish to fiscal 2025. Among its peers, AngloGold Ashanti plc AU saw a 22% year-over-year surge in gold production to 720,000 ounces in first-quarter 2025. This was its strongest first-quarter production since the first quarter of 2020. The upside was driven by a strong performance from AngloGold Ashanti’s managed operations with solid gains at Siguiri, Cerro Vanguardia and the Australian operations. AngloGold Ashanti expects consolidated gold production between 2.900 million ounces and 3.225 million ounces for 2025.Gold Fields Limited GFI had a strong start to 2025 with attributable equivalent gold production climbing roughly 19% year over year to 551,000 ounces in the first quarter. Gold Fields remains on track to meet its production guidance for 2025. Gold Fields sees attributable gold equivalent production of between 2.25-2.45 million ounces for the full year.

HMY’s Price Performance, Valuation & Estimates

Shares of Harmony Gold have rallied 68.9% year to date against the Zacks Mining – Gold industry’s rise of 58.7%, thanks to a surge in gold prices.

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From a valuation standpoint, HMY is currently trading at a forward 12-month earnings multiple of 4.87, a roughly 61.7% discount to the industry average of 12.72X. It carries a Value Score of B.

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The Zacks Consensus Estimate for HMY’s fiscal 2025 earnings implies a year-over-year rise of 190.8%. The EPS estimates for fiscal 2025 have been trending higher over the past 60 days.

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HMY stock currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

AngloGold Ashanti PLC (AU) : Free Stock Analysis Report

Gold Fields Limited (GFI) : Free Stock Analysis Report

Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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Harmony Gold Mining Company Limited (NYSE:HMY) is included in our list of the 10 Best Junior Gold Mining Stocks to Buy According to Billionaires.

A man, dressed in protective gear, holding a golden nugget freshly extracted from an underground mining shaft.

On June 23, 2025, ahead of its financial year-end on June 30, 2025, Harmony Gold Mining Company Limited (NYSE:HMY) reported a pre-year-end update. The company reaffirmed its 1.4 to 1.5 million ounces of total production guidance, while expecting its all-in sustaining costs to remain in the $0.057-$0.062 per kg range. Meanwhile, underground recovered grades have surpassed expectations, and capital expenditure is expected to be below the guided $0.61 billion.

The company’s capital allocation strategy allowed it to meet or exceed guidance for a 10th consecutive year. Furthermore, Harmony Gold Mining Company Limited (NYSE:HMY) reported a record interim dividend payment of $0.08 billion. Its share price on the domestic exchange also hit a record high in April.

Looking ahead, the company’s potential acquisition of MAC Copper Australia is expected to increase annual copper output by 40,000 tons, boosting free cash flow. Harmony Gold Mining Company Limited (NYSE:HMY) aims to focus its investment strategy on high-grade, low-risk assets like Hidden Valley and Mponeng. Harmony Gold Mining Company Limited (NYSE:HMY) also aims to advance feasibility studies at Eva Copper and permitting for the Tier 1 Wafi-Golpu project, strengthening its copper-gold growth trajectory.

With mineral properties located in South Africa, Papua New Guinea, and Australasia, Harmony Gold Mining Company Limited (NYSE:HMY) is focused on the exploration, extraction, and processing of gold, uranium, silver, and copper deposits. It is included in our list of the best gold stocks.

While we acknowledge the potential of HMY as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 11 Most Undervalued Cloud Stocks Under $10 According to Hedge Funds and 11 Best Mineral Stocks to Buy According to Hedge Funds.

Disclosure: None.

Goliath Resources Limited

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• 2025 drilling has more than doubled the known extent of the Bonanza Zone from 550 meters to over 1.1 km across and remains wide open with 100% of the drill holes intersecting substantial quartz-sulphide mineralization as well as 94% of drill holes containing gold visible to the naked eye (“VG”), assays pending.

• Drilling has been completed in 34 holes (~25,000 meters) within the first month of drilling with 81 holes remaining (~35,000 meters) on Surebet. With 2 months remaining, the Company is on target to complete the planned and fully funded ~60,000 meter program with 9 rigs actively drilling.

• Drill hole GD-25-317 intersected excellent gold mineralization in two separate intervals from the Bonanza Zone and the Surebet Zone that remain open, where 8 occurrences of gold visible to the naked eye were identified in quartz-stockwork and breccia zones containing moderate amounts of sphalerite, galena and pyrrhotite:

  • The Bonanza Zone interval consists of 3.17 g/t Au over 18.73 meters, including 5.10 g/t Au over 11 meters, including 11 g/t Au over 4.85 meters.

  • The Surebet Zone interval consists of 3.64 g/t Au over 9.40 meters, including 6.02 g/t Au over 5.50 meters.

  • The reported assays reflect gold only (AuEq value in intervals will be adjusted accordingly once Ag, Cu, Pb and Zn are received).

    • Accompanying infographics are available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/54cbbc6a-4e52-46d7-8ef8-bae27c4e69f1

• Drill hole GD-25-302 intersected substantial gold mineralization in two separate intervals within a 96.50 meter interval where 6 occurrences of gold visible to the naked eye were identified in an altered andesite unit with high density quartz-sulphide veining corresponding to the Bonanza Zone that remains open:

  • The first interval consists of 2.26 g/t Au over 19.00 meters, including 6.28 g/t Au over 6.00 meters, including 8.88 g/t Au over 4.00 meters.

  • The second interval consists of 1.59 g/t Au over 16.00 meters, including 3.44 g/t Au over 6.00 meters.

  • These new intervals extend the footprint of high-grade gold mineralization of the Bonanza Zone to the south by 150 meters increasing the resource potential of this zone that remains wide open.

  • The reported assays reflect gold only (AuEq value in intervals will be adjusted accordingly once Ag, Cu, Pb and Zn are received).

    • Accompanying infographics are available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/6d522349-1f53-4b0d-8463-7c79aa699d7a

• Drill hole GD-25-314 intersected 2.25 g/t Au over 4 meters, including 2.82 g/t Au over 3.15 meters part of the Bonanza Zone.

• Drill hole GD-25-317 is located 180 meters to the northeast and GD-25-302 is located 420 meters to the east of drill hole GD-24-260, the highest grade gold interval drilled on Surebet to date (see news January 13, 2025), which assayed 34.52 g/t AuEq or 1.11 oz/T AuEq (34.47 g/t Au and 3.96 g/t Ag) over 39.00 meters including 132.93 g/t AuEq or 4.27 oz/T AuEq (132.78 g/t Au and 12.98 g/t Ag) over 10.00 meters, and 166.04 g/t AuEq or 5.34 oz/T AuEq (165.84 g/t Au and 16.07 g/t Ag) over 8.00 meters within an interval composed of altered andesite with substantial quartz-sulphide veining confirming the additional discovery potential for high-grade gold mineralization at the Surebet Discovery that remains wide open.

  • Accompanying infographics are available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/6bfb0934-85ea-4347-82c7-2d3b9cb7a2ec

• High-grade gold has now been recovered in three distinct rock packages discovered to date on Surebet. This includes the gently dipping gold-rich stacked veins, the gold-rich intermediate to felsic Eocene-aged Reduced Intrusive Related Gold (RIRG) near vertical dykes, and the newly discovered broad gold-rich zones of calc-silicate altered breccia, all of which contain substantial amounts of gold visible to the naked eye and remain wide open for expansion, confirming the presence of the Motherlode magmatic source at depth, a causative intrusion responsible for the extensive 1.8 km2 high-grade gold system at Surebet.

• The 2025 planned campaign is under way and consists of 60,000 meters (recently increased from 40,000 meters) of systematic drilling with 9 drill rigs. The campaign aims at expanding the full geometry of the Surebet discovery laterally and to depth. 100% of the drilling will be focused on the Surebet Discovery, where the Company has designed a detailed drill plan that will consist of:

  • Testing for the Motherlode Magmatic intrusive gold source;

  • Testing an additional 13 Eocene-aged dykes observed on the surface that have never been drill tested for RIRG mineralization;

  • Infill drilling with the goal of increasing pierce points density in all known stacked veins with a particular focus on the highest-grade areas from the Bonanza Zone and Surebet Zone intersection domain;

  • Testing zones where the RIRG Eocene-aged dykes and gently dipping veins crosscut which are being called Goldilocks Zones as they are key locations where there are two styles of gold mineralization enriching the zones; and

  • Expanding the known mineralized veins laterally and to depth where they currently remain open.

TORONTO, July 28, 2025 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is very pleased to announce positive assay results from drill hole GD-25-317 which assayed 3.17 g/t Au over 18.73 meters, including 5.10 g/t Au over 11 meters, including 11 g/t Au over 4.85 meters within the Bonanza Zone that remains wide open at Surebet on the 100 % controlled Golddigger Property (the “Property”), Golden Triangle, British Columbia. An additional gold-rich interval in the same hole consists of 3.64 g/t Au over 9.40 meters, including 6.02 g/t Au over 5.50 meters part of the Surebet Zone.

Two intervals of high-grade gold mineralization were also intersected in drill hole GD-25-302 that assayed 2.26 g/t Au over 19.00 meters, including 6.28 g/t Au over 6.00 meters, including 8.88 g/t Au over 4.00 meters, and 1.59 g/t Au over 16.00 meters, including 3.44 g/t Au over 6.00 meters. These new intervals extend the footprint of high-grade gold mineralization of the Bonanza Zone to the south by 150 meters increasing the resource potential of this zone that remains wide open, confirming the additional discovery potential for high-grade gold mineralization at the Surebet Discovery.

The Company has completed 25,000 meters of drilling (out of 60,000 meters planned and fully funded for 2025), with 100% of the drill holes intersecting substantial quartz-sulphide mineralization as well as 94 % of the holes contain gold visible to the naked eye. The reported assays reflect gold only (AuEq value in interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).

Mr. Roger Rosmus, Founder & CEO of Goliath states: "Receiving exceptional gold only assays of 3.17 g/t Au over 18.73 meters, including 5.10 g/t Au over 11 meters, including 11 g/t Au over 4.85 meters from the first new holes completed in 2025 is a testament to the strong high-grade gold potential at Surebet. With 100% of drill holes completed this year intersecting mineralization, as well as 94% of the holes containing gold visible to the naked eye, we are on track to complete the most ambitious drill program on Surebet to date with 25,000 meters completed and 35,000 meters to go for a total of 60,000 meters that is fully funded. We are looking forward to releasing additional assay results and updating the gold-equivalent (AuEq) hole results as they become available.”

Drill hole GD-25-317 intersected 5 occurrences of gold visible to the naked eye (“VG”) hosted in veins that are part of a quartz-stockwork in sandstone units containing moderate amounts of sulphides such as sphalerite, galena and pyrrhotite. A 27.68 meter interval with high-density of quartz-sulphide veining from 332.88 meters to 360.56 meters contains 2 occurrences of visible gold at 355.90 meters and 359.47 meters from the Surebet Zone. Another 19.83 meter interval from 441.90 meters to 461.73 meters contains multiple quartz-sulphide veins up to 50 cm wide with 2 occurrences of visible gold at 457.02 meters and 459.66 meters from the Bonanza Zone. Additional VG was identified at 256.90 m. The new intercept is located 180 meters to the northeast of drill hole GD-24-260, the highest grade gold interval drilled on Surebet to date, which assayed 34.52 g/t AuEq or 1.11 oz/T AuEq (34.47 g/t Au and 3.96 g/t Ag) over 39.00 meters including 132.93 g/t AuEq or 4.27 oz/T AuEq (132.78 g/t Au and 12.98 g/t Ag) over 10.00 meters, and 166.04 g/t AuEq or 5.34 oz/T AuEq (165.84 g/t Au and 16.07 g/t Ag) over 8.00 meters within an interval composed of altered andesite with substantial quartz-sulphide veining (see news January 13, 2025). Drill hole GD-25-302 intersected 6 occurrences of VG over a 96.50 meter interval from 89.50 meters to 186.00 meters within an altered andesite unit with high density quartz-sulphide veining corresponding to the Bonanza Zone that remains open. The new intercept is located 420 meters to the east of drill hole GD-24-260.

Table 1: Assay highlights from 2025 drill holes reported in this news release.

Hole ID		From (m)	To (m)	Interval (m)	Au (g/t)
GD-25-317	Interval	352.00	361.40	9.40	3.64
	including	355.90	361.40	5.50	6.02
	Interval	443.00	461.73	18.73	3.17
	including	449.85	460.85	11.00	5.10
	including	456.00	460.85	4.85	11.00
GD-25-302	Interval	99.00	115.00	16.00	1.59
	Including	103.00	109.00	6.00	3.44
	Interval	121.00	140.00	19.00	2.26
	Including	128.00	134.00	6.00	6.28
	Including	128.00	132.00	4.00	8.88
GD-25-314	Interval	315.00	319.00	4.00	2.25
	including	315.00	318.15	3.15	2.82

High-grade gold mineralization has been confirmed in three distinct rock packages at the Surebet Discovery, which include: gently-dipping gold-rich mineralized stacked veins; gold-rich intermediate to felsic Eocene-aged RIRG dykes that crosscut the veins; and the broad zones of calc-silicate altered breccia. All three rock packages contain substantial amounts of VG and remain wide open, which strongly indicates the presence of a Motherlode magmatic causative source at depth responsible for the widespread high-grade gold mineralization at the Surebet Discovery.

Table 2: Collar information for drill hole GD-25-302 reported in this news release.

Hole ID	CRS	Northing (m)	Easting (m)	Elevation (m)	Azimuth (deg)	Dip (deg)	Length (m)
GD-25-317	NAD83 / UTM zone 9N	6162777	457445	1511	130	67	717
GD-25-314	NAD83 / UTM zone 9N	6162588	457018	1382	80	70	593
GD-25-302	NAD83 / UTM zone 9N	6162509	457818	1141	195	69	1635

The 2025 planned campaign is under way and consists of 60,000 meters (recently increased from 40,000 meters) of systematic drilling with 9 drill rigs. The campaign aims at expanding the full geometry of the Surebet discovery laterally and to depth. 100% of the drilling will be focused on the Surebet Discovery, where the Company has designed a detailed drill plan that will consist of: testing for the Motherlode Magmatic intrusive gold source; testing an additional 13 Eocene-aged dykes observed on the surface that have never been drill tested for RIRG mineralization; infill drilling with the goal of increasing pierce points density in all known stacked veins with a particular focus on the highest-grade areas from the Bonanza Zone and Surebet Zone intersection domain; testing zones where the RIRG dykes and gently dipping veins crosscut which are being called Goldilocks Zones as they are key locations where there are two styles of gold mineralization enriching the zones; and expanding the known mineralized veins laterally and to depth where they currently remain open.

2025 re-logging initiative

Recently released results from the re-logging of holes drilled between 2021 – 2024 include a new interval from drill hole GD-22-64 (see news June 23, 2025) comprising a Reduced Intrusion Related Gold dyke believed to be directly related to the Motherlode feeder source that contained gold visible to the naked eye and assayed 6.31 g/t AuEq over 14.35 meters including 11.36 g/t AuEq over 7.85 meters, as well as drill hole GD-24-280 (see news July 7, 2025), which assayed 8.31 g/t Au over 23.00 meters, including 15.69 g/t Au over 11 meters, including 37.45 g/t Au or 1.20 oz/T over 4 meters hosted in the calc-silicate altered breccia within the high-grade gold Bonanza Zone.

From the early season re-logging initiative, assays are pending for an additional 6 drill holes containing VG associated with RIRG dykes, calc-silicate altered breccias and known stacked veins, including:

• GD-24-277 (1 occurrence of VG, hosted in calc-silicate altered andesite breccia);

• GD-22-102 (5 occurrences of VG, hosted in altered andesite);

• GD-24-254 (2 occurrences of VG, hosted in andesite);

• GD-24-267 (1 occurrence of VG hosted in sandstone); and

• GD-24-244 (1 occurrence of VG hosted in an Eocene-aged dyke).

Table 3: Assay highlights from the 2025 re-logging program.

Hole ID		From (m)	To (m)	Interval (m)	Au (g/t)	Ag (g/t)	Cu (ppm)	Pb (ppm)	Zn (ppm)	AuEq (g/t)
GD-24-249	Interval	89.00	91.95	2.95	1.71	0.73	0.01	0.00	0.01	1.72
GD-24-283	Interval	527.50	530.15	2.65	0.35	0.52	0.00	0.00	0.01	0.37
GD-24-283	Interval	534.00	536.00	2.00	0.93	1.05	0.01	0.00	0.12	0.98
GD-21-09	Interval	136.50	139.21	2.71	0.29	1.37	0.00	0.01	0.02	0.32

Table 4: Collar information for drill holes from the 2025 re-logging program reported in this news release.

Hole ID	CRS	Northing (m)	Easting (m)	Elevation (m)	Azimuth (deg)	Dip (deg)	Length (m)
GD-21-09	NAD83 / UTM zone 9N	6163076	457510	1657	140	62	388
GD-24-283	NAD83 / UTM zone 9N	6162756	457363	1506	135	55	650
GD-24-249	NAD83 / UTM zone 9N	6162560	457938	1138	10	80	396

Surebet Discovery Highlights

• 32 out of 34 holes (or 94%) drilled thus far in 2025 contain gold visible to the naked eye and a 100% hit rate of drill holes have intersected substantial quartz-sulphide mineralization.

• 60 out of 64 holes (or 94%) drilled in 2024 contained gold visible to the naked eye up to 11.5 mm (7/16 inches) in size, all of which returned high-grade gold.

• The best hole drilled to date is GD-24-260 previously reported from the Bonanza Zone assayed 34.52 g/t AuEq (34.47 Au and 3.96 Ag) over 39.00 meters, including 132.93 g/t AuEq (132.78 Au and 12.98 Ag) over 10.00 meters, and 166.04 g/t AuEq (165.84 Au and 16.07 Ag) over 8.00 meters (see news release dated January 13, 2025).

• The best hole drilled to date from the RIRG Eocene-aged dykes is GD-22-58 that assayed 12.03 g/t AuEq (11.84 g/t Au and 15.61 g/t Ag) over 10.00 meters including 19.91 g/t AuEq (19.62 g/t Au and 25.61 g/t Ag) over 6.00 meters, including 23.82 g/t AuEq (23.47 g/t Au and 30.54 g/t Ag) over 5.00 meters, plus a second separate interval down hole of 8.59 g/t AuEq (8.35 g/t Au and 20.74 g/t Ag) over 5.00 meters (see news release dated March 13, 2025).

• The best hole drilled to date from the third distinct rock package consisting of calc-silicate altered breccia is GD-24-280 that assayed 8.31 g/t Au over 23.00 meters, including 15.69 g/t Au over 11 meters, including 37.45 g/t Au or 1.20 oz/T over 4 meters within the Bonanza Zone (see news July 7, 2025).

• Multiple gently-dipping gold-mineralized stacked veins have been identified every year on the Surebet high-grade gold discovery. Recent discoveries include RIRG Eocene-aged dykes, Goldilocks Zones where the veins and vertical RIRG dykes crosscut (which are characterized by having high-grade gold in two temperature regimes) and recently discovered high-grade gold in a third distinct rock package. Which continuously increase the potential tonnage and gold content of the high-grade gold system at the Surebet discovery.

• A total of 12 stacked gently dipping high-grade gold veins extend for 1.2 kilometers at the Surebet discovery, have been enhanced by four high-grade RIRG Eocene-aged dykes that are up to 25 meters wide and exposed along strike at surface for up to 1,500 meters have been discovered and modelled to date (see news release dated June 23, 2025).

• The footprint of the mineralization discovered to date at Surebet is 1.8 km2, the equivalent in size to >336 NFL football fields and remains open in all directions.

• Thanks to the mountainous topography, mineralization in the veins is exposed on the surface for 2.1 km of strike (1.0 km on the south slope and 1.1 km on the north slope) with a vertical relief of 700 meters.

• A study completed by the Colorado School of Mines confirms a new interpretation of the ore forming process of high-grade gold mineralization at Surebet and outlines a common magmatic source for the high-grade gold system, now in three distinct rock packages. Which gives the Surebet discovery tremendous untapped discovery potential to increase tonnage and gold content in the various known rock package. Until this study, researchers and explorers in the Golden Triangle had not recognized the high-grade gold discovery potential in the Eocene-aged RIRG dykes (see news release March 13, 2025), which is showing the potential that these discoveries could be a geological breakthrough in the Golden Triangle of British Columbia.

• Goliath has drilled a total of 92,000 meters with over 400 pierce points on the Golddigger property between 2021 and 2024, which culminated in the updated geologic model used for this year’s drill planning.

• The Surebet Discovery has predictable continuity and very good metallurgy with gold recoveries of 92.2% from gravity and flotation at a 327-micrometer crush including 48.8% free gold recovery from gravity alone (no cyanide required to recover the gold). The metallurgy completed to date shows a benign rock composition without deleterious elements (see news release March 1, 2023).

• Based on positive grassroots exploration and drill results in recent years, Goliath significantly increased its land package from 66,608 hectares to 91,518 hectares (226,146 acres) and now controls 56 kilometers of key terrain of the Red Line geologic trend providing for additional upside discovery potential.

• The Golddigger Property is located on tidewater with a barge route to Prince Rupert (190 km south) and close to infrastructure including the town of Kitsault adjacent to a permitted mine site on private property.

About Golddigger Property

The Golddigger Property is 100% controlled and covers an area of 91,518 hectares in a highly prospective geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area, in close proximity to the Red Line, has hosted some of Canada’s greatest gold mines including Eskay Creek, Premier and Snip. Other significant and well-known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization.

The Surebet discovery has predictable continuity and excellent metallurgy with gold recoveries from gravity and flotation at a 327-micrometer crush of 92.2% including 48.8% free gold from gravity alone (no cyanide required to recover the gold). The metallurgy completed to date shows no deleterious elements are present (see news release dated March 1, 2023).

The Property is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is a permitted mill site on private property. It is situated on tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers from Prince Rupert) and has a barge landing, dock, and infrastructure capable of housing at least 300 people, including high-tension power.

Additional infrastructure in the area includes the Dolly Varden Silver Mine Road (only 7 kilometers to the East of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometers to the south of the Surebet discovery) and high-tension power (25 kilometers to the east of Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways, and airport with supplies (food, fuel, lumber, etc.), while the town of Prince Rupert (population 12,000) is located on the West Coast of British Columbia and houses an international container seaport also with direct access to railway and an airport.

About CASERM (Center to Advance the Science of Exploration to Reclamation in Mining)

Goliath Resources is a paying member and active supporter of the Center to Advance the Science of Exploration to Reclamation in Mining (CASERM), which is one of the world’s largest research centers in the mining sector. CASERM is a collaborative research venture between Colorado School of Mines and Virginia Tech that is supported by a consortium of mining and exploration companies, analytical instrumentation and software companies, and federal agencies aiming to transform the way geoscience data is acquired and used across the mining value chain. The center forms part of the I-UCRC program of the National Science Foundation. Research focuses on the integration of diverse geoscience data to improve decision making across the mine life cycle, beginning with the exploration for subsurface resources continuing through mine operation as well as closure and environmental remediation. Over the past three years, Goliath Resources’ membership in CASERM has allowed a high level of research to be performed on the Surebet Discovery.

Qualified Person

Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resource Limited projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release. Mr. Turna is an Independent Director of the Company.

About Goliath Resources Limited

Goliath Resources is an explorer of precious metals projects in the highly prospective Golden Triangle of Northwestern British Columbia. All of its projects are in high quality geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath has embarked on its largest drill campaign to date that is fully funded for up to 60,000 meters in total during 2025. The Company’s key strategic cornerstone shareholders include Crescat Capital, a Global Commodity Group (Singapore), McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), Waratah Capital Advisors, Mr. Rob McEwen, Mr. Eric Sprott and Mr. Larry Childress.

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

Disclaimer

The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.

Oriented HQ-diameter or NQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX DepositTM. Drill holes were planned using Leapfrog GeoTM and QGISTM software and data from the 2017-2024 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration is sampled in lengths of 0.5 to 1.5 meters. Core samples are cut lengthwise in half: one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. The bagged samples are then weighed and secured with a zip tie. Certified reference materials (CRMs), blanks and duplicates are added in the sample stream at a rate of 10%. To ensure analytical anonymity, CRM identification labels are removed prior to submission to the laboratory. Additional out-of-sequence blanks are introduced immediately following core samples that contain visible gold or high-grade sulphide mineralization.

Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples are then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, certified reference materials, and duplicate samples are inserted regularly into the sample sequence at a rate of 10%.

All samples are transported in rice bags sealed with numbered security tags. The rice bags are transported from the core shacks to the MSALABS facilities in Terrace, BC. MSALABS is certified with both AC89-IAS and ISO/IEC Standard 17025:2017. The core samples undergo preparation via drying, crushing to ~70% of the material passing a 2 mm sieve and riffle splitting. The sample splits are weighed and transferred into three plastic jars, each containing between 300 g and 500 g of crushed sample material. A 250 g split is pulverized to ensure at least 85% of the material passes through a 75 µm sieve. The crushed samples are transported to the MSALABS PhotonAssayTM facility in Prince George, where gold concentrations are quantified via photon assay analysis (method CPA-Au1). Samples that result in gold concentrations ≥5 ppm are analyzed to extinction. Photon assay uses high-energy X-rays (photons) to excite atomic nuclei within the jarred samples, inducing the emission of secondary gamma rays, which are measured to quantify gold concentrations. The assays from all jars are combined on a weight-averaged basis. Multielement analyses are carried at the MSALABS facilities in Surrey, BC, where 250 g of pulverized splits are analyzed via ICF6xx and IMS-230 methods. The IMS-230 method uses 4-acid digestion (a combination of hydrochloric, nitric, perchloric and hydrofluoric acids) followed by inductively coupled plasma emission spectrometry to quantify concentrations of 48 elements. Samples with over-limit results for Ag, Cu, Pb and Zn undergo ore-grade analysis via the ICF-6xx method (where ‘xx’ denotes the target metal). This method employs 4-acid digestion followed by inductively coupled plasma emission spectrometry.

Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and Gold Equivalent (AuEq) metal values are calculated using: Au 2797.16 USD/oz, Ag 31.28 USD/oz, Cu 4.25 USD/lbs, Pb 1955.58 USD/ton and Zn 2750.50 USD/ton on January 31st, 2025. There is potential for economic recovery of gold, silver, copper, lead, and zinc from these occurrences based on other mining and exploration projects in the same Golden Triangle Mining Camp where Goliath’s project is located such as the Homestake Ridge Gold Project (Auryn Resources Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, prepared by Minefill Services Inc. Bothell, Washington, dated May 29, 2020). Here, AuEq values were calculated using 3-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs, and transportation. Recoveries for Gold were 85.5%, Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be assumed that Zinc can be recovered with the Copper at the same recovery rate of 74.6%. The quoted reference of metallurgical recoveries is not from Goliath’s Golddigger Project, Surebet Zone mineralization, and there is no guarantee that such recoveries will ever be achieved, unless detailed metallurgical work such as in a Feasibility Study can be eventually completed on the Golddigger Project.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of the Company to complete financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management's reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.

The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.

The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Harmony Gold (HMY) ended the recent trading session at $14.03, demonstrating a -1.34% change from the preceding day's closing price. The stock's performance was behind the S&P 500's daily gain of 0.4%. Meanwhile, the Dow experienced a rise of 0.47%, and the technology-dominated Nasdaq saw an increase of 0.24%.

The stock of gold miner has risen by 2.23% in the past month, lagging the Basic Materials sector's gain of 3.4% and the S&P 500's gain of 4.61%.

The upcoming earnings release of Harmony Gold will be of great interest to investors.

For the full year, the Zacks Consensus Estimates are projecting earnings of $2.85 per share and revenue of $0 million, which would represent changes of +190.82% and 0%, respectively, from the prior year.

Investors should also note any recent changes to analyst estimates for Harmony Gold. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Currently, Harmony Gold is carrying a Zacks Rank of #1 (Strong Buy).

Digging into valuation, Harmony Gold currently has a Forward P/E ratio of 4.99. Its industry sports an average Forward P/E of 11.66, so one might conclude that Harmony Gold is trading at a discount comparatively.

We can also see that HMY currently has a PEG ratio of 0.09. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Mining – Gold industry currently had an average PEG ratio of 0.55 as of yesterday's close.

The Mining – Gold industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 31, placing it within the top 13% of over 250 industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

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Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

How much a stock's price changes over time is a significant driver for most investors. Not only can price performance impact your portfolio, but it can help you compare investment results across sectors and industries as well.

Another factor that can influence investors is FOMO, or the fear of missing out, especially with tech giants and popular consumer-facing stocks.

What if you'd invested in Harmony Gold (HMY) ten years ago? It may not have been easy to hold on to HMY for all that time, but if you did, how much would your investment be worth today?

Harmony Gold's Business In-Depth

With that in mind, let's take a look at Harmony Gold's main business drivers.

Harmony Gold Mining Company Limited is based in Randfontein, South Africa. The company conducts underground and surface gold mining. It is also engaged in related activities such as exploration, processing, smelting and refining. Harmony is South Africa's biggest gold producer by volume with production of 1.47 million ounces in fiscal 2023.The company’s mining operations are principally concentrated in South Africa. The company has nine underground operations located in the Witwatersrand Basin. Additionally, Harmony has an open-pit mine on the Kraaipan Greenstone Belt along with several surface sources treatment operations. The Hidden Valley, which is located in Papua New Guinea, is an open-pit silver and gold mine.Also, many of these mines are located in the Free State Province such as Welcom, Virginia, Tshepong and Bambanani, along with the Evander gold mine in Mpumalanga province, the Elandskraal mine at the West Rand goldfields in Gauteng province, and Kalgold operations in the North West province.The company has discontinued its mining operations at Mt. Magnet and South Kalgoorlie in Western Australia as a strategic move. Harmony recorded sales of $2,774 million for fiscal 2023 (ended Jun 30, 2023).

Exploration Projects

Domestic Projects: In South Africa, Harmony operates a total of nine underground operations, one open pit operation and several surface operations including an open cast mine, and nine processing plants, which are located in all of the currently known goldfields in the Witwatersrand basin of South Africa as well as the Kraaipan Greenstone Belt.

International Projects: In Papua New Guinea (PNG), Harmony has full ownership of Hidden Valley, an open-cast gold and silver project that began production in June 2009, and 50% ownership of the Wafi-Golpu project. Harmony’s exploration portfolio focuses principally on highly prospective areas in PNG and the Wafi-Golpu project in particular. Harmony expects that if Wafi-Golpu is developed, it will shift the company’s geographical mix from more than 90% South African production to 75% domestic output and 25% offshore. Harmony, in December 2022, also acquired the Eva Copper project and surrounding exploration tenements from Copper Mountain Mining Corporation.

Bottom Line

Putting together a successful investment portfolio takes a combination of research, patience, and a little bit of risk. For Harmony Gold, if you bought shares a decade ago, you're likely feeling really good about your investment today.

A $1000 investment made in July 2015 would be worth $14,314.29, or a gain of 1,331.43%, as of July 23, 2025, according to our calculations. This return excludes dividends but includes price appreciation.

Compare this to the S&P 500's rally of 198.45% and gold's return of 202.98% over the same time frame.

Analysts are forecasting more upside for HMY too.

Harmony Gold is advancing several key development projects, including the Wafi-Golpu copper-gold deposit in Papua New Guinea and the Eva Copper project in Australia, which are expected to enhance production and expand its international footprint significantly. The Golpu project is believed to be a game-changer for the company. The acquisition of Eva Copper aligns with the company's goal of transitioning into a low-cost gold and copper producer. Rallying gold prices are also expected to drive the company's performance. The rally has been driven by strong demand from central banks, a dovish Fed interest rate outlook, global uncertainties and a surge in safe-haven demand thanks to heightened geopolitical tensions. Harmony is also making progress in reducing its debt levels and improving cash flow.

Shares have gained 6.67% over the past four weeks and there have been 1 higher earnings estimate revisions for fiscal 2025 compared to none lower. The consensus estimate has moved up as well.

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Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Is Harmony Gold (HMY) one of those stocks right now? A quick glance at the company's year-to-date performance in comparison to the rest of the Basic Materials sector should help us answer this question.

Harmony Gold is one of 238 individual stocks in the Basic Materials sector. Collectively, these companies sit at #10 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.

The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Harmony Gold is currently sporting a Zacks Rank of #1 (Strong Buy).

The Zacks Consensus Estimate for HMY's full-year earnings has moved 43.9% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.

Based on the latest available data, HMY has gained about 83.1% so far this year. Meanwhile, the Basic Materials sector has returned an average of 15.8% on a year-to-date basis. This means that Harmony Gold is performing better than its sector in terms of year-to-date returns.

Another stock in the Basic Materials sector, Novozymes A/S (NVZMY), has outperformed the sector so far this year. The stock's year-to-date return is 22.7%.

The consensus estimate for Novozymes A/S' current year EPS has increased 9.5% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).

To break things down more, Harmony Gold belongs to the Mining – Gold industry, a group that includes 39 individual companies and currently sits at #12 in the Zacks Industry Rank. On average, stocks in this group have gained 58.7% this year, meaning that HMY is performing better in terms of year-to-date returns.

On the other hand, Novozymes A/S belongs to the Chemical – Specialty industry. This 37-stock industry is currently ranked #89. The industry has moved +5.5% year to date.

Investors interested in the Basic Materials sector may want to keep a close eye on Harmony Gold and Novozymes A/S as they attempt to continue their solid performance.

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Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

Novozymes A/S (NVZMY) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

Harmony Gold (HMY) closed at $14.83 in the latest trading session, marking a -1.33% move from the prior day. The stock's performance was behind the S&P 500's daily gain of 0.78%. Elsewhere, the Dow saw an upswing of 1.14%, while the tech-heavy Nasdaq appreciated by 0.61%.

Shares of the gold miner have appreciated by 6.67% over the course of the past month, outperforming the Basic Materials sector's gain of 6.63%, and the S&P 500's gain of 5.88%.

The investment community will be closely monitoring the performance of Harmony Gold in its forthcoming earnings report.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $2.85 per share and a revenue of $0 million, indicating changes of +190.82% and 0%, respectively, from the former year.

It is also important to note the recent changes to analyst estimates for Harmony Gold. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.71% upward. Harmony Gold presently features a Zacks Rank of #1 (Strong Buy).

Valuation is also important, so investors should note that Harmony Gold has a Forward P/E ratio of 5.27 right now. For comparison, its industry has an average Forward P/E of 12.14, which means Harmony Gold is trading at a discount to the group.

It is also worth noting that HMY currently has a PEG ratio of 0.09. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. By the end of yesterday's trading, the Mining – Gold industry had an average PEG ratio of 0.57.

The Mining – Gold industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 12, finds itself in the top 5% echelons of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

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Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

Harmony Gold Mining Co. Ltd. HMY is positioning itself for long-term growth through disciplined execution of two transformative development projects — the Wafi-Golpu copper-gold project in Papua New Guinea (PNG) and the Eva Copper project in Australia.The Wafi-Golpu project is believed to be a game-changer for the company, with an estimated gold reserve of 13 million ounces. This Tier 1 asset, which is core to HMY’s long-term strategy, is among the world’s largest copper-gold block cave projects. HMY is currently in negotiations with its joint venture partner, Newmont Corporation NEM, and the PNG Government regarding the terms of a Mining Development Contract, which is required for a Special Mining Lease. The permitting of the project is on track.The low-risk Eva Copper project in Australia offers additional upside, giving HMY a significant global copper-gold footprint. HMY acquired Eva Copper in 2022, adding a tier-one mining jurisdiction to its portfolio. The acquisition is in line with HMY’s objective of transitioning into a low-cost gold and copper mining company. The feasibility study update for the project is currently underway. Eva Copper is expected to produce 55,000-60,000 tons of copper per annum.These copper-gold assets are central to HMY’s strategy of diversification beyond South African gold operations. Harmony’s paired focus on Wafi-Golpu and Eva Copper, if executed on schedule, uniquely positions it to deliver transformative growth. Among its peers, AngloGold Ashanti plc AU is executing a clear strategy of organic and inorganic growth. Obuasi remains a significant pillar of AngloGold Ashanti’s long-term strategy. AngloGold Ashanti’s focus this year is to continue the implementation of the underhand drift and fill mining method and make stoping improvements. At Siguiri, efforts are underway to improve mining volumes through ongoing improvements to fleet availability and utilization. Gold Fields Limited GFI is advancing its high-grade Windfall project in Quebec, targeting 300,000 ounces of gold annually. Gold Fields acquired 100% ownership of the Windfall project through the completion of its acquisition of Osisko Mining in October 2024. Gold Fields is focused on obtaining the required environmental approvals for full-scale construction and mining.

HMY’s Price Performance, Valuation & Estimates

Shares of Harmony Gold have rallied 64.9% over a year against the Zacks Mining – Gold industry’s rise of 33.4%, thanks to a surge in gold prices.

Zacks Investment Research

Image Source: Zacks Investment Research

From a valuation standpoint, HMY is currently trading at a forward 12-month earnings multiple of 5.26, a roughly 56.3% discount to the industry average of 12.04X. It carries a Value Score of B.

Zacks Investment Research

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for HMY’s fiscal 2025 earnings implies a year-over-year rise of 190.8%. The EPS estimates for fiscal 2025 have been trending higher over the past 60 days.

Zacks Investment Research

Image Source: Zacks Investment Research

HMY stock currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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Newmont Corporation (NEM) : Free Stock Analysis Report

AngloGold Ashanti PLC (AU) : Free Stock Analysis Report

Gold Fields Limited (GFI) : Free Stock Analysis Report

Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

We recently published 10 Resilient Stocks Defying Market Sentiment. Harmony Gold Mining Company Limited (NYSE:HMY) is one of Monday’s biggest gainers.

Harmony Gold snapped a four-day losing streak on Monday, adding 7.53 percent to close at $14.99 apiece as investors took heart from an investment firm’s positive initial coverage and higher price target.

In a market note late last week, BMO Capital gave Harmony Gold Mining Company Limited’s (NYSE:HMY) a “market perform” rating and a price target of $16 apiece, or a 6.7-percent upside from its latest closing price.

According to BMO Capital, its coverage reflected the company’s leadership position in the gold mining industry, adding that it was one of the best performers in the sector.

Harmony Gold (HMY) Gets Price Target Upgrade, Jumps 7.5%

An open pit mine with heavy excavation machinery toiling away against the backdrop of a hidden valley.

Additionally, the coverage factored in Harmony Gold Mining Company Limited’s (NYSE:HMY) steady operational results and favorable gold prices.

The investment firm said it would continue to monitor the gold miner’s stock and performance for more visibility on its fiscal 2026 outlook and future capital allocation strategy before assigning a more positive stance on its stock.

While we acknowledge the potential of HMY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

Investors interested in Mining – Gold stocks are likely familiar with Harmony Gold (HMY) and Franco-Nevada (FNV). But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.

There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.

Both Harmony Gold and Franco-Nevada have a Zacks Rank of # 2 (Buy) right now. This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that these stocks have improving earnings outlooks. But this is just one piece of the puzzle for value investors.

Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.

Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.

HMY currently has a forward P/E ratio of 14.73, while FNV has a forward P/E of 42.55. We also note that HMY has a PEG ratio of 0.31. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. FNV currently has a PEG ratio of 4.41.

Another notable valuation metric for HMY is its P/B ratio of 3.93. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, FNV has a P/B of 5.52.

These metrics, and several others, help HMY earn a Value grade of B, while FNV has been given a Value grade of F.

Both HMY and FNV are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that HMY is the superior value option right now.

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Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

Franco-Nevada Corporation (FNV) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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Goliath Resources Limited

Highlights Of The Geological Study Completed By The Colorado School Of Mines:

• A detailed geological study was recently completed by the Colorado School of Mines utilizing a compilation of drill holes and geological data. Conclusions of the geological study confirms a new interpretation of the ore forming process of high-grade gold mineralization at Surebet and confirms common causative Reduced Intrusion Related Gold (RIRG) source with tremendous untapped discovery potential.

• High-grade gold mineralization at Surebet occurs in two different settings, both containing visible gold in remarkably high percentages of the drill hole intersections. Of particular note is that the visible gold is fine to coarse grained, and includes up to abundant visible gold, with an increase of coarseness and abundance in vertical distribution. Which is consistent with the assessment that the system is getting richer as it is drilled deeper, and both styles of high-grade gold mineralization are open in all directions:

  • Shear hosted veins up to 39 meters wide where gold occurs as native or alloys with bismuth and tellurium within quartz-sulphide veins hosted in sedimentary and volcanic rock units.

  • Multiple millimeter to centimeter wide quartz veinlets where gold occurs with bismuth, tellurium, and molybdenite within felsic to intermediate dykes.

• 12 vertically stacked gold mineralized shear-hosted veins within the sedimentary and volcanic rock units have been confirmed through drilling and modelling at Surebet with grades up to 34.52 g/t AuEq (34.47 Au and 3.96 Ag) over 39.00 meters. These stacked layers are up to 39 meters wide within a 1.8 km2 area that remains open showing the excellent additional blue-sky potential.

• Multiple high-grade gold intervals from reduced intrusion related porphyritic felsic to intermediate feeder dykes assayed up to 12.03 g/t AuEq (11.84 g/t Au and 15.61 g/t Ag) over 10.00 meters. The gold mineralized feeder dykes are up to 25 meters wide and exposed along strike at surface for up to 1,500 meters and remain open, strongly indicating close proximity to a gold-rich Motherlode RIRG source (previously announced March 13, 2025).

• Dating of volcanic-hosted gold mineralization related to the shear hosted veins resulted in an age of 50.7 ± 1.0 Ma. This result overlaps with the U-Pb zircon age of 52.0 ± 1.5 Ma obtained for the mineralized felsic to intermediate dykes. The overlap in mineralization age for both shear-hosted gold-rich veins and gold-bearing dykes suggests a common causative intrusion as the source of mineralization.

• Eocene age (56 to 34 Ma) mineralization has been neglected in the southern part of the Golden Triangle, where most of the known deposits are thought to be Jurassic age (201 to 145 Ma). The discovery of abundant Eocene age mineralization at Surebet shows the tremendous untapped discovery potential that is left on the Golddigger property.

• Recent research by the Colorado School of Mines has indicated the presence of two stages of gold mineralization in the gold-rich veins at Surebet within the shear hosted veins and the felsic to intermediate dykes:

  • The first stage of gold mineralization resulted in the deposition of native bismuth, bismuth tellurides, and the gold-bismuth mineral maldonite and is associated with calc-silicate alteration including actinolite. This early mineralization occurs primarily in quartz veins crosscutting gold-bearing dykes and the volcanic rocks.

  • The later assemblage of gold mineralization crosscuts the early stage and is associated with chlorite alteration. This late stage of gold makes up most gold observed in the shear-hosted veins.

• The paragenetic relationships of minerals are consistent with alteration occurring from a cooling hydrothermal system in both the shear and dyke hosted veins. This provides further evidence that the dykes and shear-hosted gold veins at Surebet may be related to a causative intrusion at depth that may have acted as the heat source for the hydrothermal system and likely contributed significant free gold.

• At Surebet, multiple gold-bismuth-tellurium grains have textural characteristics which indicate that they were entrapped as melt droplets within the host quartz. Fluid inclusions associated with these melt droplets provide evidence for the contemporaneous occurrence of phase separation of the CO2-rich magmatic-hydrothermal fluids, a process not previously described in the scientific literature.

Microphotographs of gold assemblages and associated alteration found at Surebet. a. Transmitted light image of the gold bearing actinolite veinlet with clinozoisite halo associated with early gold mineralization. b. Reflected light image of actinolite veinlet from frame a. showing the association between the gold-bismuth-tellurium grains, actinolite, and clinozoisite. c. Reflected light image of early-stage gold-bismuth-tellurium grains which were entrapped as a melt and healed along a microfracture in quartz. d. Reflected light image of late gold and associated chlorite cutting pyroxene.

Microphotographs of gold assemblages and associated alteration found at Surebet. a. Transmitted light image of the gold bearing actinolite veinlet with clinozoisite halo associated with early gold mineralization. b. Reflected light image of actinolite veinlet from frame a. showing the association between the gold-bismuth-tellurium grains, actinolite, and clinozoisite. c. Reflected light image of early-stage gold-bismuth-tellurium grains which were entrapped as a melt and healed along a microfracture in quartz. d. Reflected light image of late gold and associated chlorite cutting pyroxene.

An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/319220d6-7595-41c1-a20e-7fa434b92050

• Confirmation of high gold grades over broad intervals in the recently discovered RIRG system characterized by considerable amounts of visible gold, bismuth, bismuth tellurides and molybdenum mineralization in the felsic to intermediate porphyritic dykes on Surebet materially increases the size potential of the various gold zones at the Surebet discovery.

• During only 15 months of boots on the ground, strong gold mineralization has been confirmed in 100% of 243 widespread drill holes containing >300 intercepts to date within a 1.8 km2 area. The multiple stacked gold veins and widespread gold-rich reduced intrusion feeder dykes, confirms the continuity of the widths and grades at Surebet demonstrating this world-class gold-rich system has tremendous additional untapped expansion potential remaining.

TORONTO, April 24, 2025 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report the results of the geological study completed by the Colorado School of Mines which confirms new ore forming process of high-grade gold mineralization and common causative Reduced Intrusion Related Gold (RIRG) source with tremendous untapped discovery potential at Surebet on its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C. Two stages of gold mineralization clearly associated with a RIRG system as well as overlap in mineralization and alteration ages for shear hosted veins and dykes, and paragenetic relationships of minerals consistent with alteration occurring from a cooling hydrothermal system, strongly indicate a common RIRG feeder source at Surebet.

Roger Rosmus, Founder and CEO of Goliath Resources, states: “Since our initial discovery at Surebet of an extensive outcropping zone of gold mineralization, followed by drilling below to make a discovery of a series of stacked gently dipping high-grade gold veins, and then a series of vertical dykes through the stacked veins, our understanding of the overall system has been aided by the great work by the team at the Colorado School of Mines. The 2024 drilling season was our best ever, highlighted by visible gold in 92% of the holes drilled, including fine-grained to coarse-grained and abundant visible gold that got better as we drilled deeper into the discovery. Another important milestone in 2024 was our success drilling into a series of near vertical dykes, also with visible gold and high-grade gold assays, that come up through the gently dipping stacked veins. All of our drilling and geological work enabled us to provide a remarkable amount of material and data for the team at the Colorado School of Mines to enhance the modeling, interpretation and thesis of what has caused the high-grade gold mineralization we have drilled into with great success so far. In a general sense, we have determined that we have a series of gently dipping high-grade veins with vertical RIRG zones (also with high-grade gold) through the veins. Which have enriched the veins, and there is a likelihood that they are all coming from a common source. When you consider how widespread the high-grade gold mineralization is in the veins and RIRG zones, the source is potentially extremely large. The more drilling and scientific studies we do at the Surebet discovery, the better it gets, and we are still high in the system that is open in all directions, and we are delighted with the prospect with what can be found as we continue to laterally and drill deeper for the source of the high-grade gold system.”

Gold mineralization at Surebet occurs in two different setting: 1) shear hosted veins up to 39 meters wide where gold occurs as native or alloys with bismuth and tellurium within quartz-sulphide veins hosted in sedimentary and volcanic rock units and 2) multiple millimeter to centimeter wide quartz veinlets where gold occurs with bismuth, tellurium, and molybdenite within felsic to intermediate dykes. Direct dating of volcanic-hosted sulphide mineralization related to the shear hosted veins resulted in an age of 50.7 ± 1.0 Ma. This result overlaps with the U-Pb zircon age of 52.0 ± 1.5 Ma obtained for the mineralized felsic to intermediate dykes. The overlap in mineralization age for both shear-hosted veins and gold-bearing dykes suggests a common causative intrusion as the source of mineralization observed at Surebet. Petrographic and fluid inclusion analysis carried out on samples from the mineralized shear-hosted veins in an earlier phase of the project indicated that the fluid responsible for the gold mineralization at Surebet is of magmatic origin (previously announced February 2, 2023) further corroborating the hypothesis of a common magmatic source for the mineralization. Eocene age (56 to 34 Ma) mineralization has been neglected in the southern part of the Golden Triangle, where most of the known deposits are thought to be Jurassic age (201 to 145 Ma). The discovery of abundant Eocene age mineralization at Surebet shows the tremendous untapped discovery potential that is left on the Golddigger property and surrounding areas. Structures and lithologies younger than Jurassic which have been historically overlooked now provide excellent targets for styles of gold mineralization which may have been overlooked.

New research has indicated the presence of two stages of gold mineralization in the gold-bearing veins at Surebet within the shear-hosted veins and the felsic to intermediate dykes. The first stage of gold mineralization resulted in the deposition of native bismuth, bismuth tellurides, and the gold-bismuth mineral maldonite. This stage of gold mineralization is associated with calc-silicate alteration including actinolite. This early mineralization occurs primarily in quartz veins crosscutting gold-bearing dykes and the volcanic rocks. Gold-bismuth-tellurium grains from this stage are commonly observed as inclusions along healed microfractures in quartz. The later assemblage of gold mineralization crosscuts the early stage and is associated with chlorite alteration. This late stage of gold makes up most gold observed in the shear-hosted veins at Surebet. Samples taken from an interval in hole GD-24-260 that assayed 34.52 g/t AuEq (34.47 Au and 3.96 Ag) over 39.00 meters (previously announced January 13, 2025) are found to have significant quantities of both the early and late gold stages, possibly explaining the high-grade observed. This overlap between dyke-typical and shear-hosted vein-typical mineralization further suggests both styles of gold are expressions of the same system.

The paragenetic relationships of minerals determined through petrographic work are consistent with alteration occurring from a cooling hydrothermal system in both the shear and dyke-hosted veins. This finding provides further evidence that the dykes at Surebet may be related to a causative intrusion at depth that may have acted as the heat source for the hydrothermal system and likely contributed significant metals. Additionally, the gold-bismuth-tellurium grains have textural characteristics which indicate that they were entrapped as melt droplets within the host quartz. Fluid inclusions associated with these melt droplets provide evidence for the contemporaneous occurrence of phase separation of the CO2-rich magmatic-hydrothermal fluids, a process not previously described in the scientific literature. Further research at the Colorado School of Mines will be focused on understanding this new mechanism for ore formation and its role in the formation of high-grade gold mineralization at Surebet.

During only 15 months of boots on the ground, strong gold mineralization has been confirmed with assays in 100% of 243 widespread drill holes containing >300 intercepts to date within a 1.8 km2 area with 20 holes contain intervals over 100 gram*meter Au (> 3 ounces*meter Au). Confirmation of multiple stacked gold veins and widespread gold-rich reduced intrusion feeder dykes, confirms the continuity of the widths and grades at Surebet demonstrating this world-class gold system has tremendous additional untapped expansion potential remaining.

Golddigger Property

The Golddigger Property is 100% controlled and covers an area of 91,518 hectares in the world class geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area has hosted some of Canada’s greatest mines including Eskay Creek, Premier and Snip. Other significant and well-known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization.

The Surebet discovery has exceptional continuity and excellent metallurgy with gold recoveries of 92.2% with 48.8% of it as free gold from gravity alone at a 327-micrometer crush (no cyanide required to recover the gold). The metallurgy completed to date shows no deleterious elements are present such as mercury or arsenic.

The Property is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is a permitted mill site on private property. It is situated on tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers from Prince Rupert) and has a barge landing, dock, and infrastructure capable of housing at least 300 people, including high-tension power.

Additional infrastructure in the area includes the Dolly Varden Silver Mine Road (only 7 kilometers to the East of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometers to the south of the Surebet discovery) and high-tension power (25 kilometers to the east of Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways, and airport with supplies (food, fuel, lumber, etc.), while the town of Prince Rupert (population 12,000) is located on the west coast and houses an international container seaport also with direct access to railway and an airport.

About CASERM (Center to Advance the Science of Exploration to Reclamation in Mining)

Goliath Resources is a paying member and active supporter of the Center to Advance the Science of Exploration to Reclamation in Mining (CASERM), which is one of the world’s largest research centers in the mining sector. CASERM is a collaborative research venture between Colorado School of Mines and Virginia Tech that is supported by a consortium of mining and exploration companies, analytical instrumentation and software companies, and federal agencies aiming to transform the way geoscience data is acquired and used across the mining value chain. The center forms part of the I-UCRC program of the National Science Foundation. Research focuses on the integration of diverse geoscience data to improve decision making across the mine life cycle, beginning with the exploration for subsurface resources continuing through mine operation as well as closure and environmental remediation. Over the past three years, Goliath Resources’ membership in CASERM has allowed world-class research to be performed on the Surebet project part of the Golddigger Property in British Columbia, Canada.

Qualified Person

Quinton Hennigh (Ph.D., P.Geo.) is the qualified person pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is a technical advisor to Goliath Resources and has verified the data herein disclosed.

Approval of Shareholder Rights Plan

At Goliath’s annual and special meeting of shareholders held on March 17, 2025 (the “Meeting”), the Company’s shareholders (“Shareholders”) approved all of the resolutions put before the meeting including a resolution adopting a shareholder rights plan (the “Rights Plan”) which was initially adopted by the board of directors (“Board”) on February 7, 2025. In connection with the Rights Plan, the Company also entered into a rights plan agreement with Computershare Investor Services Inc. as rights agent dated February 7, 2025. The Rights Plan was adopted to ensure Shareholders are treated fairly and equally in connection with any unsolicited take-over bid or other acquisition of control of, or a significant interest in, the Company while providing the Board adequate time to consider and evaluate such a take-over bid or other acquisition and, if appropriate, identify, develop and negotiate any value-enhancing alternatives. The Rights Plan is substantially similar to the Company’s prior shareholder rights plan first adopted on December 11, 2020 and announced via press release on January 6, 2021. The Rights Plan has not been adopted in response to any specific take-over bid or other proposal to acquire control the Company, and the Company is not aware of any such pending or contemplated proposals.

Under the terms of the Rights Plan, one right (a “Right”) will be issued and attached to each common share in the capital of the Company (“Common Share”) outstanding as of the Effective Date, and a Right will also attach to each Common Share issued thereafter. The issuance of the Rights will not change the manner in which the Shareholders trade their Common Shares, and the Rights will automatically attach to Common Shares with no further action required by Shareholders.

Subject to its terms, the Rights issued under the Rights Plan become exercisable only if a person (an “Acquiring Person”), together with certain parties related to such Acquiring Person, acquires or announces its intention to acquire beneficial ownership of 20% or more of the outstanding Common Shares without complying with the “Permitted Bid” provisions of the Rights Plan or in circumstances where application of the Rights Plan is not waived in accordance with its terms. Following a transaction that results in a person becoming an Acquiring Person, the Rights entitle the holders thereof (other than the Acquiring Person and certain related parties) to purchase Common Shares for a nominal amount.

The description of the Rights Plan in this news release is qualified in its entirety by the full text of the Rights Plan, a copy of which is available on the Company’s SEDAR+ profile at www.sedarplus.ca. The Company’s management information circular, dated February 7, 2025, prepared in connection with the annual general and special meeting held on March 17, 2025, contains a summary of the Rights Plan.

Option Grant

The Company has granted a total of 300,000 stock options for a five year period to advisors and consultants priced at 1.61 per share which will vest immediately. The grant of the options are subject to the Company's omnibus equity incentive plan.

About Goliath Resources Limited

Goliath Resources is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia. All of its projects are in high quality geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath’s key strategic cornerstone shareholders include Crescat Capital, McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), Mr. Rob McEwen, a Global Commodity Group based in Singapore, Mr. Eric Sprott and Mr. Larry Childress.

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

Other

The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.

Oriented HQ-diameter or NQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX Deposit™. Drill holes were planned using Leapfrog Geo™ and QGIS™ software and data from the 2017-2022 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration are sampled in lengths of 0.5 to 1.5 meters. Core samples are cut lengthwise in half, one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. Standards, blanks and duplicates were added in the sample stream at a rate of 10%.

Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples were then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into the sample sequence at a rate of 10%.

All samples are transported in rice bags sealed with numbered security tags. A transport company takes them from the core shack to the Paragon Geochemical labs facilities in Surrey, BC or ALS labs facilities in North Vancouver, BC. Paragon Geochemical is certified with both AC89-IAS and ISO/IEC Standard 17025:2017. Samples submitted to Paragon received gold and silver analysis by photon assay whereby the entire sample is crushed to approximately 70% passing 2 mm mesh. The entire crushed sample is riffle split and weighed into multiple (300-500g) jars that are submitted for photon assay. Photon assay uses high-energy X-rays (photons) to excite atomic nuclei within the jarred samples, causing them to emit secondary gamma rays, which are measured to identify and quantify the metals present. The assays from all jars are combined on a weight-averaged basis. ALS is either certified to ISO 9001:2008 or accredited to ISO 17025:2005 in all of its locations. At ALS samples were processed, dried, crushed, and pulverized before analysis using the ME-MS61 and Au-SCR21 methods. For the ME-MS61 method, a prepared sample is digested with perchloric, nitric, hydrofluoric, and hydrochloric acids. The residue is topped up with dilute hydrochloric acid and analyzed by inductively coupled plasma atomic emission spectrometry. Overlimits were re-analyzed using the ME-OG62 and Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume of sample is needed (typically 1-3kg). The sample is crushed and screened (usually to -106 micron) to separate coarse gold particles from fine material. After screening, two aliquots of the fine fraction are analysed using the traditional fire assay method. The fine fraction is expected to be reasonably homogenous and well represented by the duplicate analyses. The entire coarse fraction is assayed to determine the contribution of the coarse gold.

Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and AuEq metal values are calculated using: Au 2797.16 USD/oz, Ag 31.28 USD/oz, Cu 4.25 USD/lbs, Pb 1955.58 USD/ton and Zn 2750.50 USD/ton on January 31st, 2025. There is potential for economic recovery of gold, silver, copper, lead, and zinc from these occurrences based on other mining and exploration projects in the same Golden Triangle Mining Camp where Goliath’s project is located such as the Homestake Ridge Gold Project (Auryn Resources Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, prepared by Minefill Services Inc. Bothell, Washington, dated May 29, 2020). Here, AuEq values were calculated using 3-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs, and transportation. Recoveries for Gold were 85.5%, Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be assumed that Zinc can be recovered with the Copper at the same recovery rate of 74.6%. The quoted reference of metallurgical recoveries is not from Goliath’s Golddigger Project, Surebet Zone mineralization, and there is no guarantee that such recoveries will ever be achieved, unless detailed metallurgical work such as in a Feasibility Study can be eventually completed on the Golddigger Project.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of the Company to complete financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management's reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.

The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment.  In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal. The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

We recently published an article titled These 10 Firms Led Lagged Performance on Wednesday. In this article, we are going to take a look at where Harmony Gold Mining Company Limited (NYSE:HMY) stands against the other stocks.

Wall Street’s major indices finished in the green territory anew on Wednesday as worries about tariff policies and the Federal Reserve’s independence tapered off following President Donald Trump’s assurance that he had no intentions of ousting Jerome Powell.

The Nasdaq surged by 2.5 percent, the S&P 500 rose by 1.67 percent, while the Dow Jones increased by 1.07 percent.

Ten companies, on the other hand, led the highest declines, booking modest losses during the trading session.

In this article, we have identified Wednesday’s 10 worst-performing stocks and detailed the reasons behind their lagging performance.

To come up with the list, we considered only the stocks with more than $2 billion in market capitalization and $5 million in trading volume.

Why Harmony Gold Mining Company Ltd. (HMY) Soared Last Week?

An open pit mine with heavy excavation machinery toiling away against the backdrop of a hidden valley.

Harmony Gold Mining Company Limited (NYSE:HMY)

Harmony Gold Mining Company Limited (NYSE:HMY) dropped its share prices for a second day, shedding 5.76 percent to finish at $16.03 apiece as investors continued to sell off positions amid the drop in spot prices of gold.

As of 4:46 PM EDT on Wednesday, gold spot prices were down by 2.73 percent at $3,288.44 per ounce.

In recent news, Harmony Gold Mining Company Limited (NYSE:HMY) earned a higher price target of ZAR 295 from ZAR 205 previously, while keeping a hold rating on the shares.

Earlier this year, the company said that its net income in the first semester grew by 33 percent to R7.9 billion from R5.96 billion in the same period a year earlier, as revenues rose by 18 percent to R37.1 billion from R31.4 billion, with gold revenues contributing to total revenue growth, increasing 19 percent to R35.4 million from R29.7 million.

Overall HMY ranks 9th on our list of the worst performing stocks on Wednesday. While we acknowledge the potential of HMY as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than HMY but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.

 

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

 

Disclosure: None. This article is originally published at Insider Monkey.

We recently published an article titled Gold Miners Dominate Tuesday's Worst-Performing Stocks. In this article, we are going to take a look at where Harmony Gold Mining Company Limited (NYSE:HMY) stands against the other stocks.

Wall Street’s main indices bounced back from a bloodbath on Tuesday as investors gobbled up shares on hopes that the US-China trade tensions can subside.

The Dow Jones rallied by 2.66 percent, the S&P 500 rose by 2.51 percent, and the Nasdaq surged by 2.71 percent.

Despite a broader market optimism, 10 companies, predominantly gold miners, were heavily sold down amid lower gold prices.

To come up with the list, we considered only the stocks with more than $1 billion in market capitalization and $5 million in trading volume.

Why Harmony Gold Mining Company Ltd. (HMY) Soared Last Week?

An open pit mine with heavy excavation machinery toiling away against the backdrop of a hidden valley.

Harmony Gold Mining Company Limited (NYSE:HMY)

Harmony Gold Mining Company Limited (NYSE:HMY) dropped its share prices by 3.9 percent on Tuesday to end at $17.01 apiece as investor funds flocked to higher-yielding assets such as Bitcoin amid the drop in spot prices of gold.

As of this writing, spot prices of gold were at $3,340.94 per ounce, marking a drop from the $3,500 territory in the previous trading session.

In recent news, Harmony Gold Mining Company Limited (NYSE:HMY) earned a higher price target of ZAR 295 from ZAR 205 previously, while keeping a hold rating on the shares.

Earlier this year, the company said that its net income in the first semester grew by 33 percent to R7.9 billion from R5.96 billion in the same period a year earlier, as revenues rose by 18 percent to R37.1 billion from R31.4 billion, with gold revenues contributing to total revenue growth, increasing 19 percent to R35.4 million from R29.7 million.

Overall HMY ranks 9th on our list of Tuesday's worst-performing stocks. While we acknowledge the potential of HMY as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than HMY but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.

 

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

 

Disclosure: None. This article is originally published at Insider Monkey.