Investor Relations Contacts
Hugo NunesEmail: hugo.nunes@thungela.com
Shreshini Singh Email: shreshini.singh@thungela.com
SENS & Regulatory Announcements
Stock exchange news service (SENS) and other regulatory announcements.
Dealings in securities by Thungela Share Plan for the allocation of sign-on shares in terms of the Share Plan
Thungela Resources Limited
(Incorporated in the Republic of South Africa)
Registration number: 2021/303811/06
JSE share code: TGA
LSE share code: TGA
ISIN: ZAE000296554
Tax number: 9111917259
("Thungela" or the "Company" and, together with its affiliates, the 'Group')
DEALINGS IN SECURITIES BY THUNGELA SHARE PLAN FOR THE ALLOCATION OF SIGN-
ON SHARES IN TERMS OF THE SHARE PLAN
In terms of paragraph 3.96 of the Listings Requirements of the JSE Limited ("the JSE Listings
Requirements"), we hereby provide the following information regarding the purchase of shares
to be used for the future settlement of rights issued under the Sign-on Award component of the
2021 Thungela Company Share Plan. The repurchased shares are held in Treasury until such
time that the shares have vested under the rules of 2021 Thungela Company Share Plan.
Date of transaction: 1 March 2024
Nature of transaction: On-market acquisition of securities
Class of securities: Ordinary shares
Number of securities: 12,110
Volume weighted average purchase 109,98
price per security:
Highest purchase price per security: 111.38
Lowest purchase price per security: 104.52
Transaction value: R1,331,906.24
Nature of interest: Direct beneficial
Clearance obtained: No
Rosebank, South Africa
26 July 2024
UK Financial adviser and corporate broker
Panmure Liberum Capital Limited
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Date: 26-07-2024 04:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Confirmation of treasury shares held
THUNGELA RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2021/303811/06
JSE Share Code: TGA
LSE Share Code: TGA
ISIN: ZAE000296554
Tax number: 9111917259
('Thungela' or the 'Company' and, together with its affiliates, the 'Group')
CONFIRMATION OF TREASURY SHARES HELD
The following notification is made in accordance with the UK Financial Conduct
Authority's Disclosure Guidance and Transparency Rule 5.6.
At 30 June 2024, the Group holds a total of 7,474,844 shares in treasury. This includes
6,210,579 shares held directly by subsidiaries and 1,264,265 shares held in separate
broker accounts for employees. The shares held in employee broker accounts relate to
share awards in terms of the Thungela share plan which have not yet vested. These
shares are considered treasury shares for Thungela until the awards have vested, in
line with the rules of the Thungela share plan.
The 6,210,579 treasury shares held directly by subsidiaries do not carry voting rights.
The total number of ordinary shares in issue which carry voting rights amounts to
134,282,006.
This information may be used by shareholders (and others with notification obligations)
as the denominator for the calculations by which they will determine whether they are
required to notify their interest in, or a change to their interest in the Company.
2 July 2024
Rosebank
UK Financial adviser and corporate broker
Panmure Liberum Limited
Tel: +44 20 3100 2000
Sponsor
Rand Merchant Bank
(A division of FirstRand Bank Limited)
Tel: +27 11 282 8000
Date: 02-07-2024 04:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Chief Financial Officer’s Pre-Close and Trading Statement for the six months ending 30 June 2024
Thungela Resources Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2021/303811/06)
JSE share code: TGA
LSE share code: TGA
ISIN: ZAE000296554
('Thungela' or the 'Company' and together with its affiliates, the 'Group')
Chief Financial Officer's Pre-Close and Trading Statement for
the six months ending 30 June 2024
Dear Stakeholder
Thungela continues to deliver on the successful execution of our strategic priorities as
we build a sustainable, long-life business across multiple geographies. This allows us to
deliver on our purpose - to responsibly create value together for a shared future. We
remain focused on operating a fatality-free business and have seen an improvement in
safety performance across our operations during the period under review.
Our diversification journey into Australia is proving successful and we are pleased to
report that Ensham is performing better than our initial expectations, particularly in
terms of year to date(1) production.
The establishment of Thungela Marketing International in Dubai is progressing well and
we expect to fully transition the marketing activities for our South African coal from
Anglo American Marketing Limited on 1 July 2024. The marketing team has been
successfully marketing Ensham coal since the acquisition date of 1 September 2023.
The underlying operating environment remains uncertain as macroeconomic and
geopolitical headwinds persist, alongside continued rail performance challenges in South
Africa. European and Asian winter energy demand did not meet expectations and thus
coal and gas stock levels remained elevated at key import hubs. This resulted in reduced
demand and softer benchmark coal prices for most of the first half of the year.
Thermal coal markets remain responsive to price movements within both the oil and gas
markets, with a stronger correlation with the gas market. The ongoing war in Ukraine,
coupled with recent tensions in the Middle East, has led to increased concerns around
gas supply. This has led to a higher risk premium being factored into gas prices, which,
in turn, has recently lent support to the Richards Bay Benchmark coal price(2). Furthermore,
the lack of availability of high quality coal and the expected restocking in South East Asia
following the monsoon season is expected to support the Richards Bay Benchmark coal
price, which remains range bound, while any further geopolitical escalation may result in
the strengthening of coal prices.
The following are key insights into our performance for the year to date and our
expectations for the six-months ending 30 June 2024 (H1 2024):
- Benchmark coal prices have weakened with the Richards Bay Benchmark coal
price 18% lower compared to FY 2023. The Richards Bay Benchmark coal price
averaged USD99.71 per tonne for the year to date, compared to USD121.00 per
tonne for FY 20231. The Newcastle Benchmark coal price(3) was 25% lower than
FY 2023 and has averaged USD129.99 per tonne for the year to date, compared
to USD172.79 per tonne for FY 2023.
- Discount to the Richards Bay Benchmark coal price is approximately 15% for
the year to date, compared to 14% for FY 2023. The widening of the discount is
mainly related to the increase of lower quality export coal in our sales mix
(resulting in the draw down of inventory), offset to a degree by the narrowing of
discounts between higher and lower quality coal as benchmark coal prices
softened. The average realised export price for product sold ex-Richards Bay
Coal Terminal for the year to date is USD84.66 per tonne, compared to
USD103.67 per tonne for FY 2023.
- Discount to the Newcastle Benchmark coal price has been approximately
6.8% for the year to date, compared to a premium of 11% achieved for the period
1 September 2023 to 31 December 2023, and the discount is expected to be in
the high single-digit range for the remainder of the year. The average realised
price for product from Ensham is USD121.15 per tonne for the year to date,
compared to USD155.85 per tonne for the period 1 September 2023 to
31 December 2023.
Approximately 20% of Ensham's sales for the year to date is referenced against
the Japanese Reference Price which has not yet been settled in the market. The
majority of tonnes sold against the Japanese Reference Price has been invoiced
and paid for at the prevailing price for 2023 (USD199.95 per tonne). Revenue
pertaining to these sales was however, recognised at the average 2024 year to
date realised price for the balance of the portfolio in order to reflect a more
conservative view of the earnings to be realised. Settlement of the 2024 price will
accordingly trigger an adjustment for tonnes already sold, which will impact both
earnings and cash flow.
- Export saleable production for H1 2024 relating to our South African
operations is expected to be 6.2Mt, which, on an annualised basis, remains
within the guidance range of 11.5Mt to 12.5Mt.
- Export saleable production at Ensham(4) for H1 2024 is expected to be 1.9Mt
(on a 100% basis). The increase in production is mainly as a result of an
additional mining section implemented from January 2024, alongside our
continued focus on improving productivity. The attributable export saleable
production from Ensham for the Group in H1 2024 is expected to be 1.6Mt - this
represents 85% of the total production.
- FOB cost per export tonne excluding royalties for the South African
operations for H1 2024 is expected to be at the lower end of the guidance range
of R1,170 to R1,290 per tonne. This is in line with the production forecast being
at the upper end of the guidance range. Including royalties, the FOB cost per
export tonne is also expected to be at the lower end of the guidance range of
R1,180 to R1,300 per tonne.
- FOB cost per export tonne excluding royalties at Ensham is expected to be
at the lower end of the guidance range of AUD130 to AUD140 per tonne issued
in March 2024, in line with the higher end of the production forecast. Including
royalties, the FOB cost per export tonne is expected to be at the lower end of the
guidance range of AUD150 to AUD160 per tonne.
- Export equity sales for H1 2024 from the South African operations are
expected to be 6.0Mt compared to 6.3Mt in H1 2023, a decrease of 4.8%. This is
mainly as a result of the lower rail performance in H1 2024 compared to the prior
period.
- Export equity sales at Ensham(4) are expected to be 2.0Mt for H1 2024 (on a
100% basis).
- Capital expenditure (capex) for the South African operations for H1 2024 is
expected to be R1.3 billion. This consists of approximately R500 million relating
to sustaining capital and approximately R800 million relating to expansionary
capital for the Elders and Zibulo North Shaft projects.
- Capex at Ensham for H1 2024 is expected to be approximately AUD23 million
(on a 100% basis) - this relates to sustaining capex only. Similar to the capital
spend profile in South Africa, we expect higher capital spend in H2 2024.
- Earnings per share (EPS)(5) for H1 2024 is expected to be between R7.00
and R10.00, thus between R12.45 and R15.45 lower than the H1 2023 EPS of
R22.45 per share - a decrease of between 55% and 69%. The decrease in our
earnings is mainly attributable to the decrease in the benchmark coal prices
compared to the prior period compounded by a drawdown on stockpiles from
December 2023 as well as an increase in lower quality export coal in the export
sales mix.
- Headline earnings per share (HEPS)(5) for H1 2024 is expected to be between
R7.00 and R10.00, thus between R12.46 and R15.46 lower than the H1 2023
HEPS of R22.46 per share - a decrease of between 55% and 69%.
The forecast EPS and HEPS ranges are calculated at an average exchange rate of
USD:ZAR18.60 for the month of June 2024. The current post-election developments in
South Africa may impact the exchange rate, resulting in an impact on reportable
earnings.
The key constraint on our business remains rail performance
Transnet Freight Rail (TFR) is expected to rail 46Mt on an annualised industry basis
based on the first half of the year. Rail performance was negatively impacted for the
year to date by two derailments which resulted in the Group losing approximately 650kt
of export equity sales. Should TFR performance remain at the current run rates, we
expect on-mine inventory to increase approximately by 1.1Mt to the end of the year.
The South African coal industry, including Thungela, continues to support TFR in the
procurement of critical locomotive spares and TFR has made good progress installing
the compressors and batteries that have been delivered. We expect to see
improvements related to the installation of these spares and other initiatives from 2025.
Disciplined capital allocation framework remains a cornerstone of Thungela's
strategy
The Elders and Zibulo North Shaft life extension projects remain on-track and on
budget. We expect to spend a further R800 million on these projects in H2 2024, in line
with our initial estimates. These investments secure the future of our South African
operations, and the remaining forecast spend of R1.8 billion through to completion of
these projects remains in line with our previously communicated capital allocation
commitment.
Several transactions in June 2024 are expected to impact our 30 June 2024 net cash
position. These include the finalisation of the Ensham rehabilitation surety bond (which
will require partial cash collateralisation), provisional tax payments in Australia and
South Africa, as well as the potential impact of the settlement of the Japanese
Reference Price. As a result, net cash at 30 June 2024 is expected to range between
R7.1 billion and R7.4 billion, including the cash reserved to complete the capital projects
of R1.8 billion.
The board remains committed to prioritising shareholder returns, through dividends and
share buybacks, while maintaining balance sheet flexibility. Our dividend policy, which is
to distribute a minimum of 30% of adjusted operating free cash flow(6) to shareholders,
continues to guide our capital allocation decisions.
The Group expects to release its interim results on or about 19 August 2024.
Deon Smith
Chief Financial Officer
Annexure A: Operational performance
Table 1: Export saleable production by operation
Export saleable H1 2023 H1 2024 % change
production Actual Forecast(7)
Mt Mt
(a) (b) (b-a)/a
South Africa
Underground 4.4 4.5 2.3
Zibulo 2.0 2.3 15
Greenside 1.0 1.1 10
Goedehoop(8) 1.4 1.1 (21)
Opencast 1.7 1.7 —
Khwezela 1.0 0.9 (10)
Mafube 0.7 0.8 14
Australia
Ensham (85%)(4) 0.0 1.6 -
TOTAL 6.1 7.8 28
Table 2: Export sales by segment
Export sales H1 2023 H1 2024 % change
Actual Forecast(7)
Mt Mt
South Africa 6.3 6.0 (4.8)
Underground 4.8 4.7 (2.1)
Opencast 1.5 1.3 (13)
Australia
Ensham (100%)(4) 0.0 2.0 -
Underground 0.0 2.0 -
TOTAL 6.3 8.0 27
Annexure B: Ensham accounting treatment
As a result of the Ensham acquisition, Thungela, through its subsidiary Sungela
Holdings, obtained an 85% interest in the Ensham Business, with the remaining 15%
owned by LX International, through its subsidiary Bowen Investment (Australia).
Thungela holds a 73.5% interest in Sungela Holdings, with the remaining 26.5% held by
Audley Energy and Mayfair Corporations Group (the co-investors). The co-investors'
purchase of equity in Sungela Holdings was funded through a mezzanine loan provided
by Thungela, which is repayable in February 2025. The co-investors are required to
apply 90% of any distributions from Sungela Holdings towards repayment of the loan.
The results of the Ensham Business have been included in the Thungela Group results
from the date the Group obtained operational control, being 1 September 2023. The
contractual agreements governing the Ensham Business result in Thungela recognising
85% of the results of the mine on a line-by-line basis, including saleable production.
Thungela is responsible for marketing all coal produced by the Ensham Business and
thus sales volumes are recognised at 100%. Attributable metrics from Ensham
represent the Group's 85% interest therein, other than sales metrics which are at 100%.
The incremental costs relating to the 15% of sales volumes are recognised as coal
purchased from our joint venture partner within operating costs.
For full details relating to the accounting treatment applied to the Ensham Business,
refer to note 2A of the Annual Financial Statements for the year ended 31 December
2023.
Footnotes
1. All references to "year to date" refer to the period from 1 January 2024 to 31 May
2024. FY 2023 refers to the period from 1 January 2023 to 31 December 2023.
2. Richards Bay Benchmark coal price reference for 6,000kcal/kg thermal coal
exported from the Richards Bay Coal Terminal.
3. Newcastle Benchmark coal price reference for 6,000kcal/kg coal exported from
Newcastle, Australia. The NEWC Index is the main price reference for physical
coal contracts in Asia and is the settlement price for a significant volume of index-
linked contracts.
4. Production at Ensham is crushed and screened before being sold into either the
export or Australian domestic market. Sales into the Australian domestic market
are at export parity prices and, as a result, all production at Ensham is
considered to be export saleable production.
5. Expected EPS and HEPS for H1 2024 is based on a WANOS of approximately
135.4 million shares. EPS and HEPS for H1 2023 is based on WANOS of
approximately 137.2 million shares.
6. Adjusted operating free cash flow is net cash flow from operating activities less
sustaining capex.
7. Based on the latest available management forecast. Final figures may differ by
approximately 5%.
8. Export saleable production for Goedehoop includes approximately 300kt (H1
2023: 300kt) attributable to the Nasonti operation.
Review of Pre-Close and Trading Statement
The information in this Pre-Close and Trading Statement is the responsibility of the
directors of Thungela and has not been reviewed or reported on by the Group's
independent external auditor.
Investor call details
A conference call and audio webinar relating to the details of this announcement will be
held at 12:00 SAST on Tuesday, 18 June 2024. A recording of the audio webinar will be
made available on the Thungela website from 17:00 SAST on the same date –
www.thungela.com/investors.
Conference Call registration:
https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNum
ber=2121727&linkSecurityString=7384866e9
Audio webinar registration:
https://themediaframe.com/mediaframe/webcast.html?webcastid=gpbc9pvD
Disclaimer
This announcement includes forward-looking statements. All statements other than
statements of historical facts contained in this announcement, including, without
limitation, those regarding Thungela's financial position, business, acquisition and
divestment strategy, dividend policy, plans and objectives of management for future
operations (including development plans and objectives relating to Thungela's products,
production forecasts and Reserve and Resource positions), are, or may be deemed to
be, forward-looking statements. By their nature, such forward-looking statements
involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of Thungela or industry results to be
materially different from any future results, performance or achievements expressed or
implied by such forward-looking statements. The Group assumes no responsibility to
update forward-looking statements in this announcement except as may be required by
law.
The information contained in this announcement is deemed by the Company to
constitute inside information as stipulated under the market abuse regulation (EU) no.
596/2014 as amended by the market abuse (amendment) (UK mar) regulations 2019.
Upon the publication of this announcement via the regulatory information service, this
inside information is now considered to be in the public domain.
Investor relations
Hugo Nunes
Email: hugo.nunes@thungela.com
Shreshini Singh
Email: shreshini.singh@thungela.com
Media
Hulisani Rasivhaga
Email: hulisani.rasivhaga@thungela.com
UK Financial adviser and corporate broker
Liberum Capital Limited
Sponsor
Rand Merchant Bank
(a division of FirstRand Bank Limited)
Rosebank
18 June 2024
Date: 18-06-2024 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Appointment of interim audit committee member, interim social, ethics and transformation committee chair and member
THUNGELA RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2021/303811/06)
JSE Share Code: TGA
LSE Share Code: TGA
ISIN: ZAE000296554
Tax number: 9111917259
('group')
APPOINTMENT OF INTERIM AUDIT COMMITTEE MEMBER, INTERIM SOCIAL, ETHICS AND
TRANSFORMATION COMMITTEE CHAIR AND MEMBER
Shareholders are advised that independent non-executive director Yoza Jekwa (Yoza) has been
appointed to the group's audit committee with effect from 10 June 2024. Yoza will also act as the
chairperson for the group's social, ethics and transformation committee, with Sango Ntsaluba
(Sango), the board chairman, appointed as a member to the social, ethics and transformation
committee effective the same date.
These appointments follow the vacancies created on the committees following the untimely
passing of non-executive director Thero Setiloane on 1 May 2024.
Both Yoza and Sango will serve on the committees on an interim basis until an additional non-
executive director is appointed to the board.
The directors believe that Yoza is suitably qualified and experienced to serve on the audit
committee and to chair the social, ethics and transformation committee in an interim capacity owing
to her extensive experience on other committees and boards.
11 June 2024
Rosebank
Investor Relations
Hugo Nunes
Email: hugo.nunes@thungela.com
Shreshini Singh
Email: shreshini.singh@thungela.com
Media
Hulisani Rasivhaga
Email: hulisani.rasivhaga@thungela.com
UK Financial adviser and corporate broker
Liberum Capital Limited
Tel: +44 20 3100 2000
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Date: 11-06-2024 12:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Report on proceedings at the annual general meeting
THUNGELA RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2021/303811/06)
JSE Share Code: TGA
LSE Share Code: TGA
ISIN: ZAE000296554
Tax number: 9111917259
('Company' or 'Thungela Resources')
REPORT ON PROCEEDINGS AT THE ANNUAL GENERAL MEETING
At the annual general meeting ("AGM") of the shareholders of Thungela Resources held on Tuesday, 4 June 2024, all the ordinary and special
resolutions proposed at the AGM were approved by the requisite majority of votes, save for ordinary resolution number 3.2, relating to the
proposed re-election of TML Setiloane as Audit Committee member, which was withdrawn, and ordinary resolution number 5 relating to the
general authority for directors to allot and issue shares. The board acknowledges that ordinary resolution 5 was not passed and thank shareholders
for their participation. We will carefully review this feedback and consider when proposing resolutions of a similar nature in future.
In this regard, the Company confirms the voting statistics from the AGM as follows:
Resolutions Votes cast disclosed as a percentage Number of Shares voted Shares abstained
in relation to the total number of shares voted disclosed as a disclosed as a
shares voted at the meeting percentage in percentage in
relation to the total relation to the total
For Against issued shares* issued shares*
Ordinary resolutions:
1. Re-appointment of the independent 98.27% 1.73% 75,816,591 53.96% 0.07%
external auditor
2.1 Re-election of retiring director: SS 93.24% 6.76% 75,814,665 53.96% 0.08%
Ntsaluba
2.2 Re-election of retiring director: BM 99.09% 0.91% 75,814,665 53.96% 0.08%
Kodisang
3.1 Election of audit committee 99.70% 0.30% 75,790,123 53.95% 0.09%
member: KW Mzondeki
3.2 Election of audit committee N/A N/A N/A N/A N/A
member: TML Setiloane WITHDRAWN
3.3 Election of audit committee 99.15% 0.85% 75,790,138 53.95% 0.09%
member: BM Kodisang
4.1 Non-binding advisory vote on the 96.30% 3.70% 75,813,467 53.96% 0.08%
remuneration policy
4.2 Non-binding advisory vote on the 94.38% 5.62% 75,808,240 53.96% 0.08%
implementation report
5. General authority for directors to 48.33% 51.67% 75,816,392 53.96% 0.07%
allot and issue ordinary shares
6. Authorisation to sign documents to 100.00% 0.00% 75,818,204 53.97% 0.07%
give effect to resolutions
Special Resolutions:
1. General authority to acquire the 100.00% 0.00% 75,733,165 53.91% 0.13%
Company's own ordinary shares
2. Remuneration payable to non- 97.18% 2.82% 75,815,602 53.96% 0.07%
executive directors
3. Granting of financial assistance in 97.68% 2.32% 75,785,418 53.94% 0.10%
terms of sections 44 and 45 of the
Companies Act of South Africa
*Total issued shares are 140 492 585 .
The special resolutions will, where necessary, be lodged for registration with the Companies and Intellectual Property Commission in due course.
5 June 2024
Rosebank
Company Secretary
Francois Klem
Email: Francois.klem@thungela.com
Investor Relations
Hugo Nunes
Email: hugo.nunes@thungela.com
Shreshini Singh
Email: shreshini.singh@thungela.com
Media
Hulisani Rasivhaga
Email: hulisani.rasivhaga@thungela.com
UK Financial adviser and corporate broker
Liberum Capital Limited
Tel: +44 20 3100 2000
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Date: 05-06-2024 03:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Dealing in securities by a director
Thungela Resources Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2021/303811/06)
ISIN: ZAE000296554
JSE share code: TGA
LSE share code: TGA
("Thungela Resources" or "Company")
Dealing in securities by a director
In compliance with paragraphs 3.63 to 3.74 of the Listings Requirements of the JSE Limited, the following
information is disclosed:
Director : July Ndlovu
Company : Thungela Resources
Date of transaction : 3 June 2024
Class of securities : Thungela Resources ordinary shares
Nature of transaction : Off-market collar hedge over 500 000 ordinary
shares of the Company with a put strike price of
R134,72, call strike price of R183,43 and expiry
on 3 June 2026
Number of securities : 500 000
Total value of transaction : R 67,360,000
Nature of interest : Direct, beneficial
Clearance obtained : Yes
UK Financial adviser and corporate broker
Liberum Capital Limited
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Rosebank
5 June 2024
Notification and public disclosure of transactions by persons discharging managerial
responsibility and persons closely associated with them.
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1 Details of the person discharging managerial responsibilities/person closely associated
a. Name July Ndlovu
2 Reason for notification
a. Position/Status PDMR
b. Initial notification/Amendment Initial
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or
auction monitor
a. Name Thungela Resources Limited
b. LEI 213800EGYK3BN3SRIF27
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
4 type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a. Description of the Ordinary shares of no par value
financial instrument,
type of instrument ISIN: ZAE000296554
Identification Code SEDOL: BMV3M27
b. Nature of the Off-market collar hedge over shares of the Company
transaction
c. Price(s) and 500 000 ordinary shares of the Company with a put strike price of
volume(s) R134,72, call strike price of R183,43 and expiry on 3 June 2026
d. Aggregated
information
- Aggregated Volume Volume: 500 000
- Price R 67,360,000
e. Date of the 3 June 2024
transaction
f. Place of the XJSE
transaction
Date: 05-06-2024 12:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Thungela confirmation of treasury shares held and share repurchase update
Thungela Resources Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2021/303811/06)
JSE share code: TGA
LSE share code: TGA
ISIN: ZAE000296554
('Thungela' or the 'Company' and together with its affiliates, the 'Group')
THUNGELA CONFIRMATION OF TREASURY SHARES HELD AND SHARE
REPURCHASE UPDATE
Confirmation of treasury shares held
The following notification is made in accordance with the UK Financial Conduct Authority's
Disclosure Guidance and Transparency Rule 5.6.
At 31 May 2024, the Group holds a total of 7,446,294 shares in treasury. This includes
6,194,139 shares held directly by subsidiaries and 1,252,155 shares held in separate
broker accounts for employees. The shares held in employee broker accounts relate to
share awards in terms of the Thungela share plan which have not yet vested. These
shares are considered treasury shares for Thungela until the awards have vested, in line
with the rules of the Thungela share plan.
The 6,194,139 treasury shares held directly by subsidiaries do not carry voting rights.
The total number of ordinary shares in issue which carry voting rights amounts to
134,298,446.
This information may be used by shareholders (and others with notification obligations)
as the denominator for the calculations by which they will determine whether they are
required to notify their interest in, or a change to their interest in the Company.
Share repurchase update
On 18 March 2024, the Company announced a share repurchase which commenced on
19 March 2024 and was completed on 3 June 2024. The share repurchase was effected
in accordance with the general authority received by way of a shareholder special
resolution passed at the Thungela Annual General Meeting (AGM) held on 31 May 2023.
This allowed Thungela Operations Proprietary Limited, a subsidiary of the Group, to
repurchase up to 10% of the issued share capital of the Company, subject to certain
limitations.
The Company's ordinary shares were repurchased on the Johannesburg Stock Exchange
during the period 19 March 2024 to 3 June 2024, for a total consideration of
R441,615,378, equivalent to 3,307,667 ordinary shares or 2.35% of issued share capital
at an average price of R133.21 per share. Subject to the resolution put forward to the
shareholders as part of the AGM to be held on 4 June 2024, the Thungela board will
continue to evaluate further share repurchases as part of its capital allocation review.
Rosebank
3 June 2024
Investor Relations
Hugo Nunes
Email: hugo.nunes@thungela.com
Shreshini Singh
Email: shreshini.singh@thungela.com
Media
Hulisani Rasivhaga
Email: hulisani.rasivhaga@thungela.com
UK Financial adviser and corporate broker
Liberum Capital Limited
Sponsor
Rand Merchant Bank
(a division of FirstRand Bank Limited)
Date: 03-06-2024 05:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Dealings in securities by executive directors and prescribed officers for acceptance of conditional share awards
Thungela Resources Limited
Incorporated in the Republic of South Africa
(Registration number: 2021/303811/06)
JSE share code: TGA
LSE share code: TGA
ISIN: ZAE000296554
("Thungela" or "the Company")
DEALINGS IN SECURITIES BY EXECUTIVE DIRECTORS AND PRESCRIBED OFFICERS FOR ACCEPTANCE OF CONDITIONAL SHARE AWARDS
In compliance with paragraphs 3.63 to 3.66 of the Listings Requirements of the JSE Limited, we hereby provide
the following information related to the award and acceptance of conditional shares pertaining to the 2023
financial year concluded in May 2024. The award is made and accepted by the undermentioned Executive
Directors and Prescribed Officers of Thungela in terms of the Company's Share Plan and Remuneration
Policy:
Nature of transactions Acceptance of conditional shares in terms of the Company's
2021 Share Plan and Remuneration Policy
Class of securities Ordinary shares
Nature and extent of interest Direct beneficial
Transactions completed on or off market Off market
Date of acceptance 31 May 2024
Vesting date 24 May 2027
Name Designation Number of Value of Award* (R)
Conditional Shares
J Ndlovu Chief Executive Officer 71,110 8,577,999
GF Smith Chief Financial Officer 36,736 4,431,464
JPD van Schalkwyk Chief Operating Officer 28,645 3,455,446
L Martin Executive Head of Technical 24,879 3,001,154
BM Dalton Executive Head of Marketing 21,713 2,619,239
LE Mataboge Executive Head of Human Resources 18,289 2,206,202
N Sithole Executive Head of Corporate Affairs 18,289 2,206,202
C Venter Executive Head of Safety, Health & 18,289 2,206,202
Environment
The vesting of the conditional shares is conditional on pre-determined performance conditions and continued
employment by Thungela up until the noted vesting date and where applicable, the reasons for the cessation
of such employment.
* The value of the award is based on a dividend-adjusted volume weighted average price of R120.63 for a
Thungela share for the 20 days ended 19 April 2024. The highest and lowest prices traded for Thungela shares
over each day were as follows:
Date Highest price per share Lowest price per share
18 March 2024 116,49 106,22
19 March 2024 121,00 113,95
20 March 2024 127,31 120,29
22 March 2024 125,05 119,25
25 March 2024 121,83 119,00
26 March 2024 124,91 118,00
27 March 2024 124,32 119,31
28 March 2024 124,89 120,47
2 April 2024 128,38 121,05
3 April 2024 130,86 126,50
4 April 2024 134,00 130,00
5 April 2024 133,34 127,04
8 April 2024 132,86 129,02
9 April 2024 136,53 130,55
10 April 2024 143,61 134,00
11 April 2024 145,00 137,17
12 April 2024 149,61 144,53
15 April 2024 149,67 145,69
16 April 2024 148,94 141,82
17 April 2024 139,00 134,40
Clearances and approvals for these transactions, which are all of an off-market nature, were obtained.
Johannesburg
3 June 2024
UK Financial adviser and corporate broker
Liberum Capital Limited
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
In compliance with the UK Listings Requirements, we hereby provide the following information regarding
the award and acceptance of conditional share awards.
1 Details of the person discharging managerial responsibilities / person closely associated
a) Name July Ndlovu
2 Reason for the notification
a) Position/status PDMR – Chief Executive Officer
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or
auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Off market award and acceptance of conditional share awards
c) Price(s) and volume(s)
Price(s) Volume(s)
R120.63 71,110
d) Aggregated information
- Aggregated volume 71,110
- Price R8,577,999
e) Date of the transaction 31 May 2024
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities / person closely associated
a) Name Gideon Frederick Smith
2 Reason for the notification
a) Position/status PDMR – Chief Financial Officer
b) Name Gideon Frederick Smith
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or
auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Off market award and acceptance of conditional share awards
c) Price(s) and volume(s)
Price(s) Volume(s)
R120.63 36,736
d) Aggregated information
- Aggregated volume 36,736
- Price R4,431,464
e) Date of the transaction 31 May 2024
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities / person closely associated
a) Name Johannes Petrus Daniel van Schalkwyk
2 Reason for the notification
a) Position/status PDMR – Chief Operations Officer
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or
auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Off market award and acceptance of conditional share awards
c) Price(s) and volume(s)
Price(s) Volume(s)
R120.63 28,645
d) Aggregated information
- Aggregated volume 28,645
- Price R3,455,446
e) Date of the transaction 31 May 2024
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities / person closely associated
a) Name Leslie Martin
2 Reason for the notification
a) Position/status PDMR – Executive Head of Technical
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or
auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Off market award and acceptance of conditional share awards
c) Price(s) and volume(s)
Price(s) Volume(s)
R120.63 24,879
d) Aggregated information
- Aggregated volume 24,879
- Price R3,001,154
e) Date of the transaction 31 May 2024
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities / person closely associated
a) Name Lesego Elias Mataboge
2 Reason for the notification
a) Position/status PDMR – Executive Head of Human Resources
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or
auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Off market award and acceptance of conditional share awards
c) Price(s) and volume(s)
Price(s) Volume(s)
R120.63 18,289
d) Aggregated information
- Aggregated volume 18,289
- Price R2,206,202
e) Date of the transaction 31 May 2024
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities / person closely associated
a) Name Nompumelelo Sithole
2 Reason for the notification
a) Position/status PDMR – Executive Head of Corporate Affairs
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or
auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Off market award and acceptance of conditional share awards
c) Price(s) and volume(s)
Price(s) Volume(s)
R120.63 18,289
d) Aggregated information
- Aggregated volume 18,289
- Price R2,206,202
e) Date of the transaction 31 May 2024
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities / person closely associated
a) Name Carina Venter
2 Reason for the notification
a) Position/status PDMR – Executive Head of Safety, Health & Environment
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or
auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Off market award and acceptance of conditional share awards
c) Price(s) and volume(s)
Price(s) Volume(s)
R120.63 18,289
d) Aggregated information
- Aggregated volume 18,289
- Price R2,206,202
e) Date of the transaction 31 May 2024
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities / person closely associated
a) Name Bernard Dalton
2 Reason for the notification
a) Position/status PDMR – Executive Head of Marketing
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or
auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Off market award and acceptance of conditional share awards
c) Price(s) and volume(s)
Price(s) Volume(s)
R120.63 21,713
d) Aggregated information
- Aggregated volume 21,713
- Price R2,619,239
e) Date of the transaction 31 May 2024
f) Place of the transaction Off market
Date: 03-06-2024 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Dealings in securities by executive directors and prescribed officers for allocation of dividend equivalent shares
Thungela Resources Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2021/303811/06)
JSE share code: TGA
LSE share code: TGA
ISIN: ZAE000296554
("Thungela Resources" or "the Company")
DEALINGS IN SECURITIES BY EXECUTIVE DIRECTORS AND PRESCRIBED OFFICERS FOR
ALLOCATION OF DIVIDEND EQUIVALENT SHARES
In compliance with paragraphs 3.63 to 3.66 of the Listings Requirements of the JSE Limited, shareholders are
advised of the following transactions relating to the reinvestment of dividends ("Dividend Equivalent Shares")
on previously allocated conditional share awards to executive directors and prescribed officers in terms of
clause 16.2.1 of the Company's Share Plan. The Dividend Equivalent Shares are subject to the same vesting
and performance conditions applicable to the conditional shares, as disclosed in the announcement released
on the JSE Stock Exchange News Service and LSE Regulatory News Services on 1 December 2021, 29
March 2022 and 9 May 2023.
Name Designation Award Number of Value of award Nature of interest
Dividend (R) *
Equivalent Shares
J Ndlovu Chief Executive Officer LTIP 2021 28,120 3,474,226 Direct beneficial
LTIP 2022 7,880 973,574
LTIP 2023 4,280 528,794
GF Smith Chief Financial Officer LTIP 2021 11,789 1,456,531 Direct beneficial
LTIP 2022 4,071 502,972
LTIP 2023 2,211 273,169
JPD van Schalkwyk Chief Operating Officer LTIP 2021 9,415 1,163,223 Direct beneficial
LTIP 2022 3,175 392,271
LTIP 2023 1,724 213,000
L Martin Executive Head of LTIP 2021 8,807 1,088,105 Direct beneficial
Technical
LTIP 2022 2,757 340,627
LTIP 2023 1,498 185,078
BM Dalton Executive Head of LTIP 2021 8,377 1,034,978 Direct beneficial
Marketing
LTIP 2022 2,348 290,095
LTIP 2023 1,275 157,526
LE Mataboge Executive Head of LTIP 2021 6,609 816,542 Direct beneficial
Human Resources
LTIP 2022 1,958 241,911
LTIP 2023 1,064 131,457
N Sithole Executive Head of LTIP 2021 6,527 806,411 Direct beneficial
Corporate Affairs
LTIP 2022 1,958 241,911
LTIP 2023 1,064 131,457
C Venter Executive Head of LTIP 2021 6,281 776,018 Direct beneficial
Safety, Health &
Environment LTIP 2022 1,958 241,911
LTIP 2023 1,064 131,457
* The award price per share of R123.55 represents the dividend-adjusted volume weighted average price of a
Thungela Resources share for the 20 trading days ended 19 April 2024. The highest and lowest prices of
Thungela Resources shares traded over each day were as follows:
Date Highest price per share Lowest price per share
20 March 2024 127,31 120,29
22 March 2024 125,05 119,25
25 March 2024 121,83 119,00
26 March 2024 124,91 118,00
27 March 2024 124,32 119,31
28 March 2024 124,89 120,47
2 April 2024 128,38 121,05
3 April 2024 130,86 126,50
4 April 2024 134,00 130,00
5 April 2024 133,34 127,04
8 April 2024 132,86 129,02
9 April 2024 136,53 130,55
10 April 2024 143,61 134,00
11 April 2024 145,00 137,17
12 April 2024 149,61 144,53
15 April 2024 149,67 145,69
16 April 2024 148,94 141,82
17 April 2024 139,00 134,40
18 April 2024 137,69 130,48
19 April 2024 138,69 132,19
Clearance was obtained for these transactions, which were all effected off-market.
Johannesburg
10 May 2024
UK Financial adviser and corporate broker
Liberum Capital Limited
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
In compliance with the UK Listings Requirements, we hereby provide the following information regarding
the allocation of dividend-equivalent shares on previously granted conditional long term incentive awards.
1 Details of the person discharging managerial responsibilities / person closely associated
a) Name July Ndlovu
2 Reason for the notification
a) Position/status PDMR – Chief Executive Officer
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or
auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Reinvestment of dividends accruing to ordinary shares previously
awarded under conditional long term incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R123.55 28,120
R123.55 7,880
R123.55 4,280
d) Aggregated information
- Aggregated volume 40,280
- Price R4,976,594
e) Date of the transaction 9 May 2024
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities / person closely associated
a) Name Gideon Frederick Smith
2 Reason for the notification
a) Position/status PDMR – Chief Financial Officer
b) Name Gideon Frederick Smith
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or
auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Reinvestment of dividends accruing to ordinary shares previously
awarded under conditional long term incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R123.55 11,789
R123.55 4,071
R123.55 2,211
d) Aggregated information
- Aggregated volume 18,071
- Price R2,232,672
e) Date of the transaction 9 May 2024
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities / person closely associated
a) Name Johannes Petrus Daniel van Schalkwyk
2 Reason for the notification
a) Position/status PDMR – Chief Operations Officer
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or
auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Reinvestment of dividends accruing to ordinary shares previously
awarded under conditional long term incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R123.55 9,415
R123.55 3,175
R123.55 1,724
d) Aggregated information
- Aggregated volume 14,314
- Price R1,768,495
e) Date of the transaction 9 May 2024
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities / person closely associated
a) Name Leslie Martin
2 Reason for the notification
a) Position/status PDMR – Executive Head of Technical
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or
auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Reinvestment of dividends accruing to ordinary shares previously
awarded under conditional long term incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R123.55 8,807
R123.55 2,757
R123.55 1,498
d) Aggregated information
- Aggregated volume 13,062
- Price R1,613,810
e) Date of the transaction 9 May 2024
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities / person closely associated
a) Name Lesego Elias Mataboge
2 Reason for the notification
a) Position/status PDMR – Executive Head of Human Resources
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or
auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Reinvestment of dividends accruing to ordinary shares previously
awarded under conditional long term incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R123.55 6,609
R123.55 1,958
R123.55 1,064
d) Aggregated information
- Aggregated volume 9,631
- Price R1,189,910
e) Date of the transaction 9 May 2024
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities / person closely associated
a) Name Nompumelelo Sithole
2 Reason for the notification
a) Position/status PDMR – Executive Head of Corporate Affairs
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or
auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Reinvestment of dividends accruing to ordinary shares previously
awarded under conditional long term incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R123.55 6,527
R123.55 1,958
R123.55 1,064
d) Aggregated information
- Aggregated volume 9,549
- Price R1,179,779
e) Date of the transaction 9 May 2024
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities / person closely associated
a) Name Carina Venter
2 Reason for the notification
a) Position/status PDMR – Executive Head of Safety, Health & Environment
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or
auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Reinvestment of dividends accruing to ordinary shares previously
awarded under conditional long term incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R123.55 6,281
R123.55 1,958
R123.55 1,064
Aggregated information
d) - Aggregated volume 9,303
- Price R1,149,386
e) Date of the transaction 9 May 2024
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities / person closely associated
a) Name Bernard Dalton
2 Reason for the notification
a) Position/status PDMR – Executive Head of Marketing
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or
auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Reinvestment of dividends accruing to ordinary shares previously
awarded under conditional long term incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R123.55 8,377
R123.55 2,348
R123.55 1,275
d) Aggregated information
- Aggregated volume 12,000
- Price R1,482,600
e) Date of the transaction 9 May 2024
f) Place of the transaction Off market
Date: 10-05-2024 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Confirmation of treasury shares held
THUNGELA RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2021/303811/06)
JSE Share Code: TGA
LSE Share Code: TGA
ISIN: ZAE000296554
Tax number: 9111917259
('Thungela' or the 'Company' and, together with its affiliates, the 'Group')
CONFIRMATION OF TREASURY SHARES HELD
The following notification is made in accordance with the UK Financial Conduct Authority's
Disclosure Guidance and Transparency Rule 5.6.
At 30 April 2024, the Group held a total of 6,311,545 shares in treasury. This includes
5,055,359 shares held directly by subsidiaries and 1,256,186 shares held in separate
broker accounts for employees. The shares held in employee broker accounts relate to
share awards in terms of the Thungela share plan which have not yet vested. These
shares are considered treasury shares for Thungela until the awards have vested, in line
with the rules of the Thungela share plan.
The 5,055,359 treasury shares held directly by subsidiaries do not carry voting rights.
The total number of ordinary shares in issue which carry voting rights amounts to
135,437,226.
This information may be used by shareholders (and others with notification obligations)
as the denominator for the calculations by which they will determine whether they are
required to notify their interest in, or a change to their interest in, the Company.
3 May 2024
Rosebank
UK Financial adviser and corporate broker
Liberum Capital Limited
Tel: +44 20 3100 2000
Sponsor
Rand Merchant Bank
(A division of FirstRand Bank Limited)
Tel: +27 11 282 8000
Date: 03-05-2024 01:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Email: hugo.nunes@thungela.com
Shreshini Singh Email: shreshini.singh@thungela.com
