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South African gold producers are focusing on shallower, high-margin projects to boost output despite record gold prices. Exploration spending has dropped nearly 90% since the 1990s, and production has plummeted to 90 metric tons annually from a 1970 peak of 1,000 tons. Diversified miner Sibanye Stillwater is prioritizing shallow projects, and Harmony Gold is looking to recover 5.7 million ounces through waste retreatment. However, underground mining expansion remains unlikely for Harmony, and the lack of new mine development means that output is unlikely to significantly lift any time soon.