RESEARCH DISCLOSURE

Purpose: DUQUANT ANALYTICS (PTY) LTD provides research notes and newsletters for market insights, analysis, informational, educational, and research purposes only and without guarantee. We strive to maintain a high degree of ethics which includes maintaining the highest standards of integrity, transparency and professionalism in all research activities. We strive to ensure that our investment analysis and actions remain unbiased and focused on delivering accurate information based on available knowledge at the time of release. We follow industry accepted methodologies for conducting due diligence and conduct our analysis on a reasonable basis.

Investor Responsibility and Limitation of Liability: This content does not constitute a recommendation to buy or sell any securities. It is essential to understand the nature of our research, which is based on assumptions that will differ in reality, thus the research is for educational and informative purposes only. It is imperative to conduct your own due diligence and research prior to making any investment. DUQUANT ANALYTICS (PTY) LTD is not liable for any losses incurred from using our research. Information released is believed to be reliable, but not guaranteed for accuracy or completeness. It is also important to note that past performance is not reflective of future performance.

Potential Conflict of Interest: Personal Investments: Members of DUQUANT ANALYTICS (PTY) LTD may hold positions in some of the assets or securities mentioned in our research notes and newsletters. This includes equities, bonds, commodities and other financial instruments. Despite any personal investments, our research is conducted with the highest level of integrity, independence and objectivity. We strive to ensure that our analysis remains unbiased by focusing on accurate, public and provable information and secondary data as it is released or becomes public. This report on Harmony Gold was not sponsored and DUQUANT ANALYTICS has not been paid to produce this content by any company.

Conclusion: DUQUANT ANALYTICS (PTY) LTD is committed to providing high-quality research and insights to our readers. However, it is essential for investors to take responsibility for their own investment decisions and to understand the inherent risks involve, especially in mining which carries more risk than traditional assets. We encourage you to consult with a qualified financial advisor and to perform thorough research before making any investments.

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