Harmony Gold stock weighs USD 500 million bond issue

Harmony Gold stock (HMY) stood at USD 18.73 on the NYSE ADR market on September 23, 2026 at 4:02 p.m. ET, down 5.50 percent from the prior close of USD 19.82. The latest corporate financing adds a USD 500 million convertible bond issue to the investor picture, according to StockTitan on September 22, 2026.

USD 500 million changes the mix

The guaranteed senior unsecured convertible bonds are due in 2031 and were priced at 100 percent of principal. The issue date is scheduled for September 29, 2026, giving Harmony a defined funding event while adding future dilution risk if the notes convert, according to StockTitan.

The financing arrives after a record fiscal year. In the company release dated August 27, 2026, Harmony Gold reported FY26 revenue of ZAR 99.238 billion, up 34 percent from ZAR 73.896 billion in FY25. Headline earnings per share rose 87 percent to ZAR 43.63 from ZAR 23.37.

FY27 output guidance points lower

Gold production reached 1,429,551 ounces in FY26, down 3 percent from 1,479,671 ounces but still within guidance for the 11th consecutive year. The company guided FY27 production to 1.3 million to 1.4 million ounces, a lower range than the FY26 result, while gold all-in sustaining costs are forecast at ZAR 1.3 million to ZAR 1.395 million per kilogram, above FY26's ZAR 1.191 million.

The comparison matters because revenue expanded even as gold output declined. Higher realized pricing supported the record result, while the FY27 guidance places more weight on cost control and capital discipline. Harmony also guided copper production of 28,000 to 30,000 tons for FY27, alongside capital guidance of ZAR 14.4 billion for gold assets and ZAR 2.1 billion for CSA copper, according to Harmony Gold.

ADR trades 28.13 percent below high

At USD 18.73, the HMY ADR was 28.13 percent below its 52-week high of USD 26.06 and above its 52-week low of USD 13.03 on September 23, 2026. The daily decline of 5.50 percent gives the bond financing and the lower production range greater importance than the record FY26 headline figures alone.