Dealings in securities by 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
(‘Company’ or ‘Thungela Resources’)

DEALINGS IN SECURITIES BY DIRECTORS AND PRESCRIBED OFFICERS – ALLOCATION OF DIVIDEND EQUIVALENT SHARES

In compliance with paragraphs 3.63 to 3.66 of the Listings Requirements of the JSE Limited (“the
Listings Requirements”), we hereby provide the following information regarding the reinvestment of dividends
accruing to ordinary shares (“Dividend Equivalent Shares”) awarded on 29 September 2023 to the
undermentioned Executive Directors and Prescribed Officers of Thungela Resources in terms of clause 16.2.1
of the 2021 Thungela Share Plan. The Dividend Equivalent Shares will be subject to the same vesting and
other conditions applicable to the conditional shares as disclosed in the SENS announcements dated 1
December 2021, 29 March 2022 and 9 May 2023.

Name Designation Award Number of Value of award** Nature of interest
Dividend R
Equivalent
Shares*

J Ndlovu Chief Executive Officer LTIP 2021 21,734 3,256 840 Direct, Beneficial
LTIP 2022 6,090 912,587
LTIP 2023 3,307 495,554

GF Smith Chief Financial Officer LTIP 2021 9,111 1,365,283 Direct, Beneficial
LTIP 2022 3,147 471,578
LTIP 2023 1,709 256,094

JPD van Schalkwyk Chief Operating Officer LTIP 2021 7,277 1,090,458 Direct, Beneficial
LTIP 2022 2,453 367,582
LTIP 2023 1,332 199,600

L Martin Executive Head of LTIP 2021 6,805 1,019,729 Direct, Beneficial
Technical
LTIP 2022 2,130 319,181
LTIP 2023 1,157 173,376

BM Dalton Executive Head of LTIP 2021 6,475 970,279 Direct, Beneficial
Marketing
LTIP 2022 1,814 271,828
LTIP 2023 985 147,602

LE Mataboge Executive Head of HR LTIP 2021 5,106 765,134 Direct, Beneficial
LTIP 2022 1,513 226,723
LTIP 2023 822 123,177

N Sithole Executive Head of Corporate LTIP 2021 5,043 755,694 Direct, Beneficial
Affairs
LTIP 2022 1,513 226,723
LTIP 2023 822 123,177

C Venter Executive Head of SHE LTIP 2021 4,855 727,522 Direct, Beneficial
LTIP 2022 1,513 226,723
LTIP 2023 822 123,177

* The vesting of the Dividend Equivalent Shares is conditional on pre-determined performance conditions and continued employment
by Thungela up until the end of the employment period for the 2021 LTIP – 16 November 2024; the 2022 LTIP – 7 March 2025; and
the 2023 LTIP - in line with the 2021 Thungela Share Plan.

** The calculation of the value of these awards is based on a dividend adjusted volume weighted average price for the 20 trading
days prior to 26 August 2023, which equates to R149.85 per share.

Clearances and approvals for these transactions, which are all of an off-market nature, have been obtained in compliance with the
Securities Dealing Policies and Procedures of Thungela.

5 October 2023
Rosebank

UK Financial adviser and corporate broker
Liberum Capital Limited
Tel: +44 20 3100 2000

Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)

In compliance with the UK Listings Requirements, we hereby provide the following information regarding
the award to and acceptance of the conditional long term incentive awards:

1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name July Ndlovu
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 financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Reinvestment of dividends accruing to ordinary
shares previously awarded under conditional long
term incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R149,85 21,734
R149,85 6,090
R149,85 3,307
d) Aggregated information
- Aggregated volume 31,131
- Price R4,664,980
e) Date of the transaction 29 September 2023
f) Place of the transaction Off market

1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Gideon Frederick 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 financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Reinvestment of dividends accruing to ordinary
shares previously awarded under conditional long
term incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R149,85 9,111
R149,85 3,147
R149,85 1,709
d) Aggregated information
- Aggregated volume 13,967
- Price R2,092,955
e) Date of the transaction 29 September 2023
f) Place of the transaction Off market

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 Operating 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 Reinvestment of dividends accruing to ordinary
shares previously awarded under conditional long
term incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R149,85 7,277
R149,85 2,453
R149,85 1,332
d) Aggregated information
- Aggregated volume 11,062
- Price R1,657,641
e) Date of the transaction 29 September 2023
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 Reinvestment of dividends accruing to ordinary
shares previously awarded under conditional long
term incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R149,85 6,805
R149,85 2,130
R149,85 1,157
d) Aggregated information
- Aggregated volume 10,092
- Price R1,512,286
e) Date of the transaction 29 September 2023
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 Reinvestment of dividends accruing to ordinary
shares previously awarded under conditional long
term incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R149,85 6,475
R149,85 1,814
R149,85 985
d) Aggregated information
- Aggregated volume 9,274
- Price R1,389,709
e) Date of the transaction 29 September 2023
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 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 financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Reinvestment of dividends accruing to ordinary
shares previously awarded under conditional long
term incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R149,85 5,106
R149,85 1,513
R149,85 822
d) Aggregated information
- Aggregated volume 7,441
- Price R1,115,034
e) Date of the transaction 29 September 2023
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 Reinvestment of dividends accruing to ordinary
shares awarded under conditional long term
incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R149,85 5,043
R149,85 1,513
R149,85 822

d) Aggregated information
- Aggregated volume 7,378
- Price R1,105,593
e) Date of the transaction 29 September 2023
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 (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 Reinvestment of dividends accruing to ordinary
shares previously awarded under conditional long
term incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R149,85 4,855
R149,85 1,513
R149,85 822
d) Aggregated information
- Aggregated volume 7,190
- Price R1,077,422
e) Date of the transaction 29 September 2023
f) Place of the transaction Off market

Date: 05-10-2023 09:00:00
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