Key Highlights

● Harmony Gold Mining (HMY) traded roughly 6% lower on Monday, September 28, though a closing price could not be confirmed.

● A market snapshot at 2:11 p.m. Eastern showed $17.81, down $1.16 from Friday's $18.97 close.

● On September 22, Harmony priced $500 million of convertible bonds due 2031, with a coupon of 1.5% a year.

● Harmony made 1.43 million ounces of gold in fiscal 2026; fiscal 2027 guidance is 1.3 million to 1.4 million ounces.

Harmony Gold Mining (NYSE:HMY) came under pressure on Monday, September 28, as gold's steep slide hit producers. According to a market data snapshot taken at 2:11 p.m. Eastern, the stock was at $17.81, down $1.16, or about 6.1%, from Friday's close of $18.97. A final closing price for the day could not be confirmed, so the figures here are approximate.

Gold Slumps

December gold futures fell $152.80 to $4,168.40, the metal's worst session since June, and spot gold touched a seven-week low near $4,148.69 according to market data. The 10-year Treasury Yield reached its highest level since 2007, oil rose after President Trump rejected Iran's Hormuz proposal, and futures priced a majority chance of another Federal Reserve hike in October. Gold pays no interest, so climbing yields make it less appealing.

A Convertible Bond in the Background

On September 22 Harmony priced $500 million of guaranteed senior unsecured convertible bonds due September 2031, with a coupon of 1.5% a year. A convertible bond is Debt that can be swapped for shares at a set price. Harmony's conversion price is about $25.75, a 40% premium to the price of a concurrent Placement of about 4.1 million existing shares, according to the company's announcement.

At the initial conversion price the bonds would convert into about 19.4 million shares, roughly 3% of the issued share capital, though the company may choose to settle in cash or a mix. Proceeds are for general corporate purposes, and the bonds were due to be issued on or around September 29. That timing comes from the company's announcement, and no link to Monday's drop has been established.

What the Latest Results Showed

For the year to June 30, 2026, Harmony produced 1.43 million ounces of gold, meeting guidance for an eleventh straight year, at an All-In Sustaining Cost of about R1.19 million per kilogram. Adjusted free Cash Flow rose 54% to R17.1 billion, and the company moved to a small net debt position after buying MAC Copper, whose CSA mine added 18,207 tonnes of copper. Guidance for fiscal 2027 is 1.3 million to 1.4 million ounces of gold.

The Wider Market

Stocks finished the day lower: the S&P 500 sank 59.72 points to 7,683.69, the Dow slid 347.11 points to 51,481.51, and the Nasdaq Composite lost 248.34 points to 26,820.38.

What to Watch for Harmony Gold

Investors will watch settlement of the convertible bonds and gold's reaction to yields and the dollar. Companies based outside the United States typically disclose current events on Form 6-K and file annual reports on Form 20-F, which makes those documents and the company's press releases the place to check.

JOLTS Job Openings and consumer confidence arrive on Tuesday, the PCE Inflation gauge on Wednesday, the ISM Manufacturing survey on Thursday and the September jobs report on Friday. A hot reading could pressure gold again, while a soft one could help the group recover.