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 grant and acceptance of conditional share awards 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 grant and acceptance of conditional shares
Date of acceptance: 11 May 2026
Class of securities: Ordinary shares
Number of shares: 123,459
Vesting date: 22 April 2029
Award price: R157.17
Award value: R19,404,051.03
Nature of interest: Direct beneficial


Chief Financial Officer: Deon Smith

Nature of transaction: Off market grant and acceptance of conditional shares
Date of acceptance: 11 May 2026
Class of securities: Ordinary shares
Number of shares: 61,174
Vesting date: 22 April 2029
Award price: R157.17
Award value: R9,614,717.58
Nature of interest: Direct beneficial


Chief Operations Officer: Johan van Schalkwyk

Nature of transaction: Off market grant and acceptance of conditional shares
Date of acceptance: 11 May 2026
Class of securities: Ordinary shares
Number of shares: 36,379
Vesting date: 22 April 2029
Award price: R157.17
Award value: R5,717,687.43
Nature of interest: Direct beneficial


Executive Head of Technical: Leslie Martin

Nature of transaction: Off market grant and acceptance of conditional shares
Date of acceptance: 11 May 2026
Class of securities: Ordinary shares
Number of shares: 31,600
Vesting date: 22 April 2029
Award price: R157.17
Award value: R4,966,572.00
Nature of interest: Direct beneficial


Executive Head of Human Resources: Lesego Mataboge

Nature of transaction: Off market grant and acceptance of conditional shares
Date of acceptance: 11 May 2026
Class of securities: Ordinary shares
Number of shares: 25,322
Vesting date: 22 April 2029
Award price: R157.17
Award value: R3,979,858.74
Nature of interest: Direct beneficial


Executive Head of Corporate Affairs: Mpumi Sithole

Nature of transaction: Off market grant and acceptance of conditional shares
Date of acceptance: 11 May 2026
Class of securities: Ordinary shares
Number of shares: 25,043
Vesting date: 22 April 2029
Award price: R157.17
Award value: R3,936,008.31
Nature of interest: Direct beneficial


Executive Head of Marketing: Bernard Dalton

Nature of transaction: Off market grant and acceptance of conditional shares
Date of acceptance: 11 May 2026
Class of securities: Ordinary shares
Number of shares: 29,313
Vesting date: 22 April 2029
Award price: R157.17
Award value: R4,607,124.21
Nature of interest: Direct beneficial


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

The award price represents the dividend-adjusted volume weighted average price of a Thungela
share on the JSE for the 20 business days ended 21 April 2026. This equates to R157.17 per
share.

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

Johannesburg
14 May 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 transaction Off market grant and acceptance of conditional shares
c) Price(s) and volume(s)
Price(s) Volume(s)
R157.17 123,459
d) Aggregated information
- Aggregated volume 123,459
- Price R19,404,051.03
e) Date of the transaction 11 May 2026
f) Place of the transaction Off market

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 Off market grant and acceptance of conditional shares
c) Price(s) and volume(s)
Price(s) Volume(s)
R157.17 61,174
d) Aggregated information
- Aggregated volume 61,174
- Price R9,614,717.58
e) Date of the transaction 11 May 2026
f) Place of the transaction Off 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 Off market grant and acceptance of conditional shares
c) Price(s) and volume(s)
Price(s) Volume(s)
R157.17 36,379
d) Aggregated information
- Aggregated volume 36,379
- Price R5,717,687.43
e) Date of the transaction 11 May 2026
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 Ordinary shares of no par value
financial instrument, type
of instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Off market grant and acceptance of conditional shares
c) Price(s) and volume(s)
Price(s) Volume(s)
R157.17 31,600
d) Aggregated information
- Aggregated volume 31,600
- Price R4,966,572.00
e) Date of the transaction 11 May 2026
f) Place of the transaction Off 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 Off market grant and acceptance of conditional shares
c) Price(s) and volume(s)
Price(s) Volume(s)
R157.17 25,322
d) Aggregated information
- Aggregated volume 25,322
- Price R3,979,858.74
e) Date of the transaction 11 May 2026
f) Place of the transaction Off 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 Off market grant and acceptance of conditional shares
c) Price(s) and volume(s)
Price(s) Volume(s)
R157.17 25,043
d) Aggregated information
- Aggregated volume 25,043
- Price R3,936,008.31
e) Date of the transaction 11 May 2026
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 Ordinary shares of no par value
financial instrument, type
of instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Off market grant and acceptance of conditional shares
c) Price(s) and volume(s)
Price(s) Volume(s)
R157.17 29,313
d) Aggregated information
- Aggregated volume 29,313
- Price R4,607,124.21
e) Date of the transaction 11 May 2026
f) Place of the transaction Off market

Date: 14-05-2026 10:00:00
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.