Name of the Project
Eva copper mine project.

Location
Queensland, Australia.

Project Owner/s
Harmony Gold Mining Company acquired 100% of the project and 16 exploration tenements from Copper Mountain Mining Corporation in December 2022.

Project Description
The Eva mine has been declared a ‘prescribed project’, given its importance to the region.

The mine is an iron-oxide/copper/gold resource poised to become the biggest copper mine in north-west Queensland. The project has a current declared mineral resource of 366-million tonnes at 0.40% copper for 1.47-million tonnes of copper and 196-million tonnes at 0.07g/t gold for 440 000 oz of gold.

The project has the potential to be a long-life conventional openpit mine, with a copper concentrator producing a highly saleable copper concentrate.

Harmony expects average copper production of between 50 000 t/y and 60 000 t/y, and gold production of about 14 000 oz/y, subject to the finalisation of the feasibility study.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
No details available yet.

Capital Expenditure
The project has received conditional grant funding of A$20.7-million from the Queensland government.

Planned Start/End Date
First copper is targeted in the 2028 financial year.

Latest Developments
Harmony is in the final stages of the feasibility study update for the Eva copper project. Current study activities include finalising the mine design, informed by an extensive resource drilling programme, as well as the process plant flowsheet and technical design, informed by further metallurgical test work.

Harmony completed 23 000 m of drilling in the quarter ended September 30, 2024, for more than 106 000 m of drilling since it acquired the project in 2022. Exploration continues to expand the resource base, underpinning Harmony’s confidence in Eva as an important and sustainable source of copper for the long term.

Based on study work to date, a larger copper concentrator than considered in the previous study (prior to acquisition) is proposed, with milling throughput likely to be up to 18-million tonnes a year. Based on that throughput rate, Harmony anticipates the average production of copper to be about 50 000 t/y to 60 000 t/y, at an all-in sustaining cost in the middle of the global industry cost curve, subject to feasibility study outcomes.

Eva is expected to be a significant consumer of electricity, and Harmony continues to assess options for long‐term low‐emission power supply, including through the introduction of renewable-energy generation on site. Subject to timing and cost, the Queensland government’s CopperString 2032 transmission line project, connecting the North West Minerals Province, in Queensland, to the national electricity market, provides potential access to grid power for the project, Harmony has said.

Eva has been declared a ‘prescribed project’ because of its strategic, economic and social significance to the Queensland region. This declaration has supported timely decision‐making by relevant authorities on proposed amendments to the project’s environmental authority, with several amendments approved to date. Harmony is working closely with the Queensland government on preparations to secure the final amendment required, which will align the environmental authority with the feasibility study once it is finalised.

The Queensland government’s A$20.7-million grant – announced in July 2024, which is subject to several conditions, including Harmony’s reaching a positive final investment decision by January 2026, has helped to accelerate the development of the project. This has comprised specific preparatory works on site as part of a broader programme of activities, including upgrades to site access roads and highway intersection, pioneer camp pad preparation and the construction of laydown areas, all of which are progressing well.

Key Contracts, Suppliers and Consultants
Not disclosed.

Contact Details for Project Information
Harmony Gold Mining Company, tel +27 11 411 2000 or email corporate@harmony.co.za.