Harmony Gold Mining

HMY

Market cap $9.47B

H1 2026 turned out to be a bad one for gold mining stocks, despite a great start, because of the oil crisis that erupted in 2026. H2 2026 could be better than H1 2026 with no repeat of the big losses, but big gains will be difficult with the crisis still not fully resolved. Gold mining stocks are likely to go flattish in H2 2026, but their ability to go higher should get better longer term for multiple reasons.

Investors became cautious about gold amid the rising likelihood of Fed interest rate increases. Gold isn't an interest-bearing asset, so it's often sold off in times of rate rises.

Harmony Gold (HMY) has been upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.

Recent dip in gold prices and cost pressures weigh on the Zacks Mining - Gold industry. We suggest adding stocks like FNV, HMY, NG, DRD and IDR, which are poised for growth.

Sovereign debt loads keep climbing, the dollar index is wobbling, and central banks are still net buyers of bullion.

Harmony Gold is transitioning to a gold-copper hybrid model, with Eva Copper set to materially rebalance its revenue mix by 2028. HMY trades at a significant discount to peers, despite net cash, a 4.06% forward dividend yield, and robust macro tailwinds for both gold and copper. Recent operational improvements, regulatory milestones, and a conservative hedge book signal management's confidence in structurally higher metal prices and future upside.

Rick Rule has spent forty years telling investors to buy silver.

Gold mining stocks were reaching for new heights in Q1 2026, but their quest got derailed as uncertainty arose about the outlook. The war in the Middle East can cause all sorts of problems for gold and gold miners, something likely to continue in Q2 2026. While an oil crisis is a short-term headwind for gold and gold miners, the long-term impact could be more positive for both.

AU and HMY gain from surging gold prices, but differences in growth, costs, and performance shape the investment debate.

Harmony Gold Mining Company Limited (HMY) Q2 2026 Earnings Call Transcript