Harmony Gold Mining's stock experienced a significant pre-market plunge of 5.01% on Wednesday, as investors reacted negatively to the company's latest operational update despite positive headline financial results.

The miner announced it would pay a record interim dividend of 32 cents per share, more than double the 12 cents paid in the prior year period, driven by a 36% rise in average gold prices that boosted revenue by 20% to $2.56 billion. However, underlying operational challenges emerged, with gold production falling 9% and all-in sustaining costs surging 21% to $2,115 per ounce.

While higher gold prices helped offset the production decline and basic earnings per share jumped nearly a quarter to 90 cents, the market appeared to focus on the deteriorating operational metrics. The company maintained its full-year production and cost guidance unchanged for fiscal year 2026.