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")

DEALINGS IN SECURITIES BY EXECUTIVE DIRECTORS AND PRESCRIBED OFFICERS

In compliance with paragraphs 6.77 to 6.89 of the Listings Requirements of the JSE Limited ("the
JSE Listings Requirements"), shareholders are advised of the following transactions. The
transactions relate to the off-market award of dividend equivalent shares following the
reinvestment of dividends on previously awarded conditional share awards held by executive
directors and prescribed officers. The award was made in terms of the Company's 2021 Share
Plan and as contemplated in the Remuneration Policy.


Chief Executive Officer: Moses Madondo
Nature of transaction: Off market award of dividend equivalent shares
Date of award: 23 April 2026
Class of securities: Ordinary shares
Nature of interest: Direct beneficial


Award Number of shares Award Price Award Value
LTIP 2025 2,484 R161.35 R400,793.40


Chief Financial Officer: Deon Smith
Nature of transaction: Off market award of dividend equivalent shares
Date of award: 23 April 2026
Class of securities: Ordinary shares
Nature of interest: Direct beneficial


Award Number of shares Award Price Award Value
LTIP 2023 428 R161.35 R69,057.80
LTIP 2024 533 R161.35 R85,999.55
LTIP 2025 1,164 R161.35 R187,811.40


Chief Operations Officer: Johan van Schalkwyk
Nature of transaction: Off market award of dividend equivalent shares
Date of award: 23 April 2026
Class of securities: Ordinary shares
Nature of interest: Direct beneficial


Award Number of shares Award Price Award Value
LTIP 2023 334 R161.35 R53,890.90
LTIP 2024 415 R161.35 R66,960.25
LTIP 2025 732 R161.35 R118,108.20


Executive Head of Technical: Leslie Martin
Nature of transaction: Off market award of dividend equivalent shares
Date of award: 23 April 2026
Class of securities: Ordinary shares
Nature of interest: Direct beneficial


Award Number of shares Award Price Award Value
LTIP 2023 290 R161.35 R46,791.50
LTIP 2024 361 R161.35 R58,247.35
LTIP 2025 636 R161.35 R102,618.60


Executive Head of Human Resources: Lesego Mataboge
Nature of transaction: Off market award of dividend equivalent shares
Date of award: 23 April 2026
Class of securities: Ordinary shares
Nature of interest: Direct beneficial


Award Number of shares Award Price Award Value
LTIP 2023 206 R161.35 R33,238.10
LTIP 2024 265 R161.35 R42,757.75
LTIP 2025 483 R161.35 R77,932.05


Executive Head of Corporate Affairs: Mpumi Sithole
Nature of transaction: Off market award of dividend equivalent shares
Date of award: 23 April 2026
Class of securities: Ordinary shares
Nature of interest: Direct beneficial


Award Number of shares Award Price Award Value
LTIP 2023 206 R161.35 R33,238.10
LTIP 2024 265 R161.35 R42,757.75
LTIP 2025 483 R161.35 R77,932.05


Executive Head of Marketing: Bernard Dalton
Nature of transaction: Off market award of dividend equivalent shares
Date of award: 23 April 2026
Class of securities: Ordinary shares
Nature of interest: Direct beneficial


Award Number of shares Award Price Award Value
LTIP 2023 247 R161.35 R39,853.45
LTIP 2024 315 R161.35 R50,825.25
LTIP 2025 590 R161.35 R95,196.50


Vesting of the awards is conditional on pre-determined performance and employment conditions
as per the original conditional shares. The LTIP 2023 is vesting on 26 April 2026, the LTIP 2024
on 24 May 2027 and the LTIP 2025 on 15 April 2028.

Award price represents the dividend-adjusted volume weighted average price of a Thungela share
on the JSE for the 20 business days ended 17 April 2026. This equates to R161.35 per share.

Clearance for these transactions has been obtained in accordance with paragraph 6.83 of the
JSE Listings Requirements.

Johannesburg
29 April 2026

UK Financial adviser and corporate broker
Panmure Liberum Limited

JSE 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 Moses Madondo
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 Ordinary shares of no par value
financial instrument,
type of instrument
Identification code ISIN: ZAE000296554
b) Nature of the Off market reinvestment of dividends accruing to ordinary
transaction shares previously awarded as conditional share awards
c) Price(s) and
volume(s)
Price(s) Volume(s)
R161.35 2,484
d) Aggregated
information
- Aggregated volume 2,484
- Price R400,793.40
e) Date of the 23 April 2026
transaction
f) Place of the Off market
transaction

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 Off market reinvestment of dividends accruing to ordinary
transaction shares previously awarded as conditional share awards
c) Price(s) and
volume(s)
Price(s) Volume(s)
R161.35 428
R161.35 533
R161.35 1,164
d) Aggregated
information
- Aggregated volume 2,125
- Price R342,868.75
e) Date of the 23 April 2026
transaction
f) Place of the Off market
transaction

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 Off market reinvestment of dividends accruing to ordinary
transaction shares previously awarded as conditional share awards
c) Price(s) and
volume(s)
Price(s) Volume(s)
R161.35 334
R161.35 415
R161.35 732
d) Aggregated
information
- Aggregated volume 1,481
- Price R238,959.35
e) Date of the 23 April 2026
transaction
f) Place of the Off market
transaction

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 Off market reinvestment of dividends accruing to ordinary
transaction shares previously awarded as conditional share awards
c) Price(s) and
volume(s)
Price(s) Volume(s)
R161.35 290
R161.35 361
R161.35 636
d) Aggregated
information
- Aggregated volume 1,287
- Price R207,657.45
e) Date of the 23 April 2026
transaction
f) Place of the Off market
transaction

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 Off market reinvestment of dividends accruing to ordinary
transaction shares previously awarded as conditional share awards
c) Price(s) and
volume(s)
Price(s) Volume(s)
R161.35 206
R161.35 265
R161.35 483
d) Aggregated
information
- Aggregated volume 954
- Price R153,927.90
e) Date of the 23 April 2026
transaction
f) Place of the Off market
transaction
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 Off market reinvestment of dividends accruing to ordinary
transaction shares previously awarded as conditional share awards
c) Price(s) and
volume(s)
Price(s) Volume(s)
R161.35 206
R161.35 265
R161.35 483
d) Aggregated
information
- Aggregated volume 954
- Price R153,927.90
e) Date of the 23 April 2026
transaction
f) Place of the Off market
transaction

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 Off market reinvestment of dividends accruing to ordinary
transaction shares previously awarded as conditional share awards
c) Price(s) and
volume(s)
Price(s) Volume(s)
R161.35 247
R161.35 315
R161.35 590
d) Aggregated
information
- Aggregated volume 1,152
- Price R185,875.20
e) Date of the 23 April 2026
transaction
f) Place of the Off market
transaction

Date: 29-04-2026 10:00:00
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