Harmony Gold Mining Company has lifted the mineral resource estimate for the Eva Copper project to 2.01 million tonnes of contained copper and 591,000 ounces of gold.

The result outlined in its FY26 results report compares to 1.93Mt of contained copper and 492,000oz of gold reported for the year ended June 30, 2025.

It comes after the company’s exploration and resource definition drilling in FY26, with 155 holes drilled for 29,560m along the Blackard-Legend trend.

Results confirmed a large, continuous mineralised system extending about 4.5km, strengthening Harmony’s confidence in the scale and quality of the orebody.

“Since Harmony acquired the project in December 2022, we have completed 831 holes, drilled over 183,500m, and added approximately 733,000 copper-equivalent tonnes to the resource base,” a company spokeswoman said.

Harmony is targeting first production in 2028 from the $2.3 billion-plus Eva mine development, about 75km north-east of Cloncurry.

Its annual results report noted key milestones achieved in project construction in the past year across the process plant and supporting infrastructure.

These include the completion of the main site access road; completion and handover of major construction pads; mobilisation of key construction and mining contractors; commencement of process plant concrete foundations; and substantial completion of the permanent accommodation village.

Pre-mining activities also commenced within the approved Little Eva mining area to ensure efficient access to the ore body in time to commission the process plant.

Construction spending wound back in recent months following the discovery of a protected species,

This saw clearing and construction activities constrained while federal environmental approvals were progressed.

The company said construction was continuing in approved areas, with current activity focused on the process plant and other available work fronts.

‘Over the next 12 months, the project will focus on advancing process plant and thermal power station construction, completing available infrastructure works and progressing federal environmental approvals,’ it reported.

‘Subject to receipt of these approvals, broader mine development, tailings storage facilities and associated infrastructure works will progressively recommence.

‘Eva Copper remains targeted to deliver first production in the second half of calendar year 2028, and the original project capital guidance is unchanged, subject to the timely receipt of the required federal environmental approvals.’

Harmony describes Eva Copper as a cornerstone in its strategy to build a meaningful copper business alongside its gold portfolio.

‘Eva Copper provides long-life production in a Tier 1 mining jurisdiction and is expected to make a significant contribution to cash flow, portfolio diversification and long-term value creation,’ the company stated.

Harmony demonstrated its commitment to copper with its $US1.01 billion acquisition of MAC Copper and the high-grade CSA copper mine in New South Wales late last year.

“Gold is the foundation of our company, generating the cash flows that have supported our growth for close to eight decades,” Harmony Gold Mining Company chief executive officer Beyers Nel said.

“Copper is now adding an important new dimension to that foundation, providing greater diversification, increased resilience and exposure to long-term structural demand. Together, these metals create a more balanced portfolio, with greater flexibility, durability and long-term growth potential.”

Harmony produced 1,429,551oz of gold across its South African operations last financial year and 18,207 tonnes of copper from the CSA mine. Group revenue increased by 34 per cent to R99 238 million ($US5.876 billion).