Dealings in securities by the company secretary

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 THE COMPANY SECRETARY

In compliance with paragraph 3.63 of the Listings Requirements of the JSE Limited ("the JSE
Listings Requirements"), shareholders are advised that the company secretary of Thungela
Resources was awarded forfeitable shares in terms of the rules of the Company's 2021 Share
Plan and Remuneration Policy. The award was accepted and the details are set below:

Company Secretary: Altovise Alaxa Ellis
Grant Date: 1 November 2024
Date of transaction: 1 November 2024
Nature of transaction: Off market grant and acceptance of forfeitable shares
Class of securities: Ordinary shares
Number of securities: 7,010
(33,33% of shares will vest in equal tranches over 3 years
provided that the company secretary remains in the
employ of the Company)
Award price per share*: R122.48
Transaction value: R858 584.80
Nature of interest: Direct beneficial

*The value of the award is based on a dividend-adjusted volume weighted average price of a
Thungela Resources share for the 20 days ended 31 October 2024. 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
4 October 2024 122.67 114.57
7 October 2024 122.85 117.41
8 October 2024 122.29 116.75
9 October 2024 123.64 119.66
10 October 2024 124.74 120.85
11 October 2024 124.03 118.26
14 October 2024 121.18 118.02
15 October 2024 123.82 119.12
16 October 2024 123.52 116.00
17 October 2024 121.95 116.00
18 October 2024 125.80 120.50
21 October 2024 126.89 121.92
22 October 2024 126.48 122.90
23 October 2024 128.50 125.46
24 October 2024 127.41 125.33
25 October 2024 131.95 123.94
28 October 2024 131.40 128.02
29 October 2024 132.50 127.80
30 October 2024 128.31 124.67
31 October 2024 128.89 125.00

The clearance for this transaction, which are of an off-market nature, was obtained.

Johannesburg
4 November 2024

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 Altovise Alaxa Ellis
2 Reason for the notification
a) Position/status Company Secretary
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 Direct beneficial
c) Price(s) and volume(s)
Price(s) Volume(s)
R122.48 7,010
d) Aggregated information
- Aggregated volume 7,010
- Price R858 584.80
e) Date of the transaction 1 November 2024
f) Place of the transaction Off market

Date: 04-11-2024 03:00:00
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