Dealings in securities by prescribed officers for vesting of conditional 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
Tax number: 9111917259
("Thungela" or the "Company" and, together with its affiliates, the "Group")

DEALINGS IN SECURITIES BY PRESCRIBED OFFICERS FOR VESTING OF CONDITIONAL SHARES

In compliance with paragraphs 3.63 to 3.74 of the Listings Requirements of the JSE Limited ("the
JSE Listings Requirements"), shareholders are advised of the following transactions by
prescribed officers in terms of the vesting of conditional shares awarded in terms of the
Company's 2021 Share Plan and Remuneration Policy.

Chief Operations Officer: Johannes Petrus Daniel van Schalkwyk
Date of award: 7 March 2022
Nature of transaction: Off market vesting of conditional shares awarded in
terms of the Company's 2021 Share Plan
Class of securities: Ordinary shares
Number of securities that vested: 42,921
Vesting price per share*: R113.94
Transaction value: R4,890,418.74
Date of transaction 17 March 2025
Nature of interest: Direct beneficial

Executive Head of Technical: Leslie Martin
Date of award: 7 March 2022
Nature of transaction: Off market vesting of conditional shares awarded in
terms of the Company's 2021 Share Plan
Class of securities: Ordinary shares
Number of securities that vested: 37,276
Vesting price per share*: R113.94
Transaction value: R4,247,227.44
Date of transaction 17 March 2025
Nature of interest: Direct beneficial

Executive Head of Human Resources: Lesego Elias Mataboge
Date of award: 7 March 2022
Nature of transaction: Off market vesting of conditional shares awarded in
terms of the Company's 2021 Share Plan
Class of securities: Ordinary shares
Number of securities that vested: 26,478
Vesting price per share*: R113.94
Transaction value: R3,016,903.32
Date of transaction 17 March 2025
Nature of interest: Direct beneficial

Executive Head of Corporate Affairs: Nompumelelo Sithole
Date of award: 7 March 2022
Nature of transaction: Off market vesting of conditional shares awarded in
terms of the Company's 2021 Share Plan
Class of securities: Ordinary shares
Number of securities that vested: 26,478
Vesting price per share*: R113.94
Transaction value: R3,016,903.32
Date of transaction 17 March 2025
Nature of interest: Direct beneficial

Executive Head of Safety, Health & Carina Venter
Environment:
Date of award: 7 March 2022
Nature of transaction: Off market vesting of conditional shares awarded in
terms of the Company's 2021 Share Plan
Class of securities: Ordinary shares
Number of securities that vested: 26,478
Vesting price per share*: R113.94
Transaction value: R3,016,903.32
Date of transaction 17 March 2025
Nature of interest: Direct beneficial

Executive Head of Marketing: Bernard Michael Dalton
Date of award: 7 March 2022
Nature of transaction: Off market vesting of conditional shares awarded in
terms of the Company's 2021 Share Plan
Class of securities: Ordinary shares
Number of securities that vested: 31,740
Vesting price per share*: R113.94
Transaction value: R3,616,455.60
Date of transaction 17 March 2025
Nature of interest: Direct beneficial

* Vesting price per share represents the volume weighted average price of a Thungela Resources
share for the 20 days ended 14 March 2025. The highest and lowest prices traded for Thungela
Resources shares over each day were as follows:

Date Highest price per share Lowest price per share
17 February 2025 R123.00 R119.84
18 February 2025 R121.91 R118.00
19 February 2025 R119.50 R116.36
20 February 2025 R118.31 R116.08
21 February 2025 R117.00 R113.49
24 February 2025 R115.81 R113.22
25 February 2025 R117.61 R113.19
26 February 2025 R117.84 R110.27
27 February 2025 R113.36 R109.00
28 February 2025 R112.90 R107.47
3 March 2025 R113.44 R107.11
4 March 2025 R117.08 R111.50
5 March 2025 R118.64 R113.51
6 March 2025 R117.45 R113.14
7 March 2025 R113.40 R110.40
10 March 2025 R114.70 R110.91
11 March 2025 R116.53 R110.91
12 March 2025 R114.80 R111.83
13 March 2025 R112.89 R109.66
14 March 2025 R110.50 R107.28

Clearance to deal in terms of the JSE Listings Requirements was obtained.

Johannesburg
19 March 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 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 vesting of conditional shares awarded in
terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R113.94 42,921
d) Aggregated information
- Aggregated volume 42,921
- Price R4,890,418.74
e) Date of the transaction 17 March 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 vesting of conditional shares awarded in
terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R113.94 37,276
d) Aggregated information
- Aggregated volume 37,276
- Price R4,247,227.44
e) Date of the transaction 17 March 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 HR
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 vesting of conditional shares awarded in
terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R113.94 26,478
d) Aggregated information
- Aggregated volume 26,478
- Price R3,016,903.32
e) Date of the transaction 17 March 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 vesting of conditional shares awarded in
terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R113.94 26,478
d) Aggregated information
- Aggregated volume 26,478
- Price R3,016,903.32
e) Date of the transaction 17 March 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 &
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 vesting of conditional shares awarded in
terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R113.94 26,478
d) Aggregated information
- Aggregated volume 26,478
- Price R3,016,903.32
e) Date of the transaction 17 March 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 vesting of conditional shares awarded in
terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R113.94 31,740
d) Aggregated information
- Aggregated volume 31,740
- Price R3,616,455.60
e) Date of the transaction 17 March 2025
f) Place of the transaction Off market

Date: 19-03-2025 02:00:00
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