J Studios Investment Thesis Harmony is one of the highest-cost gold miners globally, with significant earnings leverage to the gold price. Its production growth surprised the market in 2024, driven by improved recovered grades in its two young underground mines, which we view as sustainable. FY24 performance exceeded its production target and cost guidance and full year adjusted EPS was up over 100% from a year ago. Introduction Harmony Gold Mining Company Limited (NYSE:HMY) is a mid-sized gold miner based ...