Dealings in securities by executive directors and prescribed officers

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 EXECUTIVE DIRECTORS AND PRESCRIBED OFFICERS

In compliance with paragraphs 3.63 to 3.74 of the Listings Requirements of the JSE Limited ("the
JSE Listings Requirements"), shareholders are provided with the following information related to
executive directors and prescribed officers of Thungela in terms of the provisions of the
Company's 2021 Share Plan and Remuneration Policy, regarding the award and acceptance of
conditional shares.


Chief Executive Officer: July Ndlovu
Nature of transaction: Off market award and acceptance of conditional
shares
Class of securities: Ordinary shares
Date of acceptance: 5 May 2025
Vesting date: 15 April 2028
Number of conditional shares: 191,165
Award price per share*: R94.26
Award value: R18,019,212.90
Nature of interest: Direct beneficial


Chief Financial Officer: Gideon Frederick Smith
Nature of transaction: Off market award and acceptance of conditional
shares
Class of securities: Ordinary shares
Date of acceptance: 5 May 2025
Vesting date: 15 April 2028
Number of conditional shares: 91,834
Award price per share*: R94.26
Award value: R8,656,272.84
Nature of interest: Direct beneficial


Chief Operations Officer: Johannes Petrus Daniel van Schalkwyk
Nature of transaction: Off market award and acceptance of conditional
shares
Class of securities: Ordinary shares
Date of acceptance: 5 May 2025
Vesting date: 15 April 2028
Number of conditional shares: 57,770
Award price per share*: R94.26
Award value: R5,445,400.20
Nature of interest: Direct beneficial


Executive Head of Technical: Leslie Martin
Nature of transaction: Off market award and acceptance of conditional
shares
Class of securities: Ordinary shares
Date of acceptance: 5 May 2025
Vesting date: 15 April 2028
Number of conditional shares: 50,181
Award price per share*: R94.26
Award value: R4,730,061.06
Nature of interest: Direct beneficial


Executive Head of Human Resources: Lesego Elias Mataboge

Nature of transaction: Off market award and acceptance of conditional
shares
Class of securities: Ordinary shares
Date of acceptance: 5 May 2025
Vesting date: 15 April 2028
Number of conditional shares: 38,151
Award price per share*: R94.26
Award value: R3,596,113.26
Nature of interest: Direct beneficial


Executive Head of Corporate Affairs: Nompumelelo Sithole
Nature of transaction: Off market award and acceptance of conditional
shares
Class of securities: Ordinary shares
Date of acceptance: 5 May 2025
Vesting date: 15 April 2028
Number of conditional shares: 38,120
Award price per share*: R94.26
Award value: R3,593,191.20
Nature of interest: Direct beneficial


Executive Head of Safety, Health and Carina Venter
Environment:
Nature of transaction: Off market award and acceptance of conditional
shares
Class of securities: Ordinary shares
Date of acceptance: 5 May 2025
Vesting date: 15 April 2028
Number of conditional shares: 38,093
Award price per share*: R94.26
Award value: R3,590,646.18
Nature of interest: Direct beneficial


Executive Head of Marketing: Bernard Michael Dalton
Nature of transaction: Off market award and acceptance of conditional
shares
Class of securities: Ordinary shares
Date of acceptance: 5 May 2025
Vesting date: 15 April 2028
Number of conditional shares: 46,549
Award price per share*: R94.26
Award value: R4,387,708.74
Nature of interest: Direct beneficial

Vesting of the awards is conditional on pre-determined performance and employment conditions.


* Award price per share represents the dividend-adjusted volume weighted average price of a
Thungela share on the JSE for the 20 business days ended 14 April 2025. The highest and
lowest prices traded prices for Thungela shares over each day were as follows:


Date Highest price per share Lowest price per share
17 March 2025 117.00 108.00
18 March 2025 116.50 113.24
19 March 2025 114.96 110.16
20 March 2025 117.19 111.16
24 March 2025 110.93 105.25
25 March 2025 110.71 106.36
26 March 2025 110.32 107.50
27 March 2025 109.63 105.71
28 March 2025 108.14 105.10
31 March 2025 107.96 100.92
1 April 2025 104.07 99.01
2 April 2025 107.03 101.53
3 April 2025 102.71 98.70
4 April 2025 100.48 95.00
7 April 2025 97.19 90.63
8 April 2025 100.18 94.71
9 April 2025 100.80 91.04
10 April 2025 98.44 93.21
11 April 2025 97.28 94.26
14 April 2025 96.69 93.79

Clearance for these transactions has been obtained.

Rosebank
8 May 2025

UK Financial adviser and corporate broker
Panmure Liberum Limited


Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)

Notification of Dealing Forms

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
shares in terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R94.26 191,165
d) Aggregated information
- Aggregated volume 191,165
- Price R18,019,212.90
e) Date of the transaction 5 May 2025
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) 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
shares in terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R94.26 91,834
d) Aggregated information
- Aggregated volume 91,834
- Price R8,656,272.84
e) Date of the transaction 5 May 2025
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
shares in terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R94.26 57,770
d) Aggregated information
- Aggregated volume 57,770
- Price R5,445,400.20
e) Date of the transaction 5 May 2025
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
shares in terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R94.26 50,181
d) Aggregated information
- Aggregated volume 50,181
- Price R4,730,061.06
e) Date of the transaction 5 May 2025
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
shares in terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R94.26 38,151
d) Aggregated information
- Aggregated volume 38,151
- Price R3,596,113.26
e) Date of the transaction 5 May 2025
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
shares in terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R94.26 38,120
d) Aggregated information
- Aggregated volume 38,120
- Price R3,593,191.20
e) Date of the transaction 5 May 2025
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 and
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
shares in terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R94.26 38,093
d) Aggregated information
- Aggregated volume 38,093
- Price R3,590,646.18
e) Date of the transaction 5 May 2025
f) Place of the transaction Off market

1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Bernard Michael 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
shares in terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R94.26 46,549
d) Aggregated information
- Aggregated volume 46,549
- Price R4,387,708.74
e) Date of the transaction 5 May 2025
f) Place of the transaction Off market

Date: 08-05-2025 01:30:00
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