Dealings in securities by executive directors and prescribed officersThungela Resources Limited(Incorporated in the Republic of South Africa)Registration number: 2021/303811/06JSE share code: TGALSE share code: TGAISIN: ZAE000296554Tax number: 9111917259("Thungela" or the "Company")DEALINGS IN SECURITIES BY EXECUTIVE DIRECTORS AND PRESCRIBED OFFICERSIn compliance with paragraphs 6.77 to 6.89 of the Listings Requirements of the JSE Limited ("theJSE Listings Requirements"), shareholders are advised of the following transactions. Thetransactions relate to the vesting of forfeitable share awards and the subsequent on market saleof shares by executive directors and prescribed officers to settle tax obligations arising from suchvesting. The vesting occurred in terms of the Company's 2021 Share Plan and as contemplatedin the Remuneration Policy. Chief Financial Officer Deon Smith Nature of transaction: On market sale of vested forfeitable shares to settle tax obligations arising from the vesting Class of securities: Ordinary shares Number of shares: 4,743 Transaction value: R754,265.69 Trading period: 24 – 25 March 2026 Nature of interest: Direct beneficial Date: Number of VWAP: Highest Lowest Transaction Shares: Price: Price: Value: 24 March 2026 2,669 R163.19 R168.24 R152.02 R435,554.11 25 March 2026 2,074 R153.67 R162.12 R150.11 R318,711.58 Chief Operations Officer Johan van Schalkwyk Nature of transaction: On market sale of vested forfeitable shares to settle tax obligations arising from the vesting Class of securities: Ordinary shares Number of shares: 3,698 Transaction value: R588,082.78 Trading period: 24 – 25 March 2026 Nature of interest: Direct beneficial Date: Number of VWAP: Highest Lowest Transaction Shares: Price: Price: Value: 24 March 2026 2,081 R163.19 R168.24 R152.02 R339,598.39 25 March 2026 1,617 R153.67 R162.12 R150.11 R248,484.39 Executive Head of Technical Leslie Martin Nature of transaction: On market sale of vested forfeitable shares to settle tax obligations arising from the vesting Class of securities: Ordinary shares Number of shares: 3,212 Transaction value: R510,800.20 Trading period: 24 – 25 March 2026 Nature of interest: Direct beneficial Date: Number of VWAP: Highest Lowest Transaction Shares: Price: Price: Value: 24 March 2026 1,808 R163.19 R168.24 R152.02 R295,047.52 25 March 2026 1,404 R153.67 R162.12 R150.11 R215,752.68 Executive Head of Human Resources Lesego Mataboge Nature of transaction: On market sale of vested forfeitable shares to settle tax obligations arising from the vesting Class of securities: Ordinary shares Number of shares: 2,249 Transaction value: R358,255.91 Trading period: 24 – 25 March 2026 Nature of interest: Direct beneficial Date: Number of VWAP: Highest Lowest Transaction Shares: Price: Price: Value: 24 March 2026 1,329 R163.19 R168.24 R152.02 R216,879.51 25 March 2026 920 R153.67 R162.12 R150.11 R141,376.4 Executive Head of Corporate Affairs Mpumi Sithole Nature of transaction: On market sale of vested forfeitable shares to settle tax obligations arising from the vesting Class of securities: Ordinary shares Number of shares: 2,249 Transaction value: R358,255.91 Trading period: 24 – 25 March 2026 Nature of interest: Direct beneficial Date: Number of VWAP: Highest Lowest Transaction Shares: Price: Price: Value: 24 March 2026 1,329 R163.19 R168.24 R152.02 R216,879.51 25 March 2026 920 R153.67 R162.12 R150.11 R141,376.4 Executive Head of Marketing Bernard Dalton Nature of transaction: On market sale of vested forfeitable shares to settle tax obligations arising from the vesting Class of securities: Ordinary shares Number of shares: 2,774 Transaction value: R441,303.14 Trading period: 24 – 25 March 2026 Nature of interest: Direct beneficial Date: Number of VWAP: Highest Lowest Transaction Shares: Price: Price: Value: 24 March 2026 1,578 R163.19 R168.24 R152.02 R257,513.82 25 March 2026 1,196 R153.67 R162.12 R150.11 R183,789.32 The remaining ordinary shares underlying the unvested forfeitable share awards will be held inescrow until they vest subject to the employment conditions being met.Clearance for these transactions has been obtained in accordance with paragraph 6.83 of theJSE Listings Requirements.Johannesburg27 March 2026UK Financial adviser and corporate brokerPanmure Liberum LimitedJSE SponsorRand 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 Deon 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 Ordinary shares of no par value financial instrument, type of instrument Identification code ISIN: ZAE000296554 b) Nature of the transaction On market sale of vested forfeitable shares to settle tax obligations arising from the vesting. c) Price(s) and volume(s) Price(s) Volume(s) R163.19 2,669 R153.67 2,074 d) Aggregated information - Aggregated volume 4,743 - Price R754,265.69 e) Date of the transaction 24 – 25 March 2026 f) Place of the transaction On market 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Johan 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 Ordinary shares of no par value financial instrument, type of instrument Identification code ISIN: ZAE000296554 b) Nature of the transaction On market sale of vested forfeitable shares to settle tax obligations arising from the vesting. c) Price(s) and volume(s) Price(s) Volume(s) R163.19 2,081 R153.67 1,617 d) Aggregated information - Aggregated volume 3,698 - Price R588,082.78 e) Date of the transaction 24 – 25 March 2026 f) Place of the transaction On 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 Ordinary shares of no par value financial instrument, type of instrument Identification code ISIN: ZAE000296554 b) Nature of the transaction On market sale of vested forfeitable shares to settle tax obligations arising from the vesting. c) Price(s) and volume(s) Price(s) Volume(s) R163.19 1,808 R153.67 1,404 d) Aggregated information - Aggregated volume 3,212 - Price R510,800.20 e) Date of the transaction 24 – 25 March 2026 f) Place of the transaction On market 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Lesego 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 Ordinary shares of no par value financial instrument, type of instrument Identification code ISIN: ZAE000296554 b) Nature of the transaction On market sale of vested forfeitable shares to settle tax obligations arising from the vesting. c) Price(s) and volume(s) Price(s) Volume(s) R163.19 1,329 R153.67 920 d) Aggregated information - Aggregated volume 2,249 - Price R358,255.91 e) Date of the transaction 24 – 25 March 2026 f) Place of the transaction On market 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Mpumi 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 Ordinary shares of no par value financial instrument, type of instrument Identification code ISIN: ZAE000296554 b) Nature of the transaction On market sale of vested forfeitable shares to settle tax obligations arising from the vesting. c) Price(s) and volume(s) Price(s) Volume(s) R163.19 1,329 R153.67 920 d) Aggregated information - Aggregated volume 2,249 - Price R358,255.91 e) Date of the transaction 24 – 25 March 2026 f) Place of the transaction On 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 Ordinary shares of no par value financial instrument, type of instrument Identification code ISIN: ZAE000296554 b) Nature of the transaction On market sale of vested forfeitable shares to settle tax obligations arising from the vesting. c) Price(s) and volume(s) Price(s) Volume(s) R163.19 1,578 R153.67 1,196 d) Aggregated information - Aggregated volume 2,774 - Price R441,303.14 e) Date of the transaction 24 – 25 March 2026 f) Place of the transaction On marketDate: 27-03-2026 04:00:00Produced by the JSE SENS Department. 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ABOUT US
OverviewThungela is a leading pure-play producer and exporter of high-quality, cost competitive thermal coal with operations in South Africa and Australia.
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