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" and, together with its affiliates, the "Group")

DEALINGS IN SECURITIES BY EXECUTIVE DIRECTORS AND PRESCRIBED OFFICERS

In accordance with paragraph 3.63 to 3.74 of the Listings Requirements of the JSE Limited ("the
JSE Listings Requirements"), shareholders are advised of the following transactions related to
executive directors and prescribed officers of Thungela Resources in terms of the provisions of
the Company's 2021 Share Plan and Remuneration Policy, regarding the allocation of forfeitable
shares.

Chief Executive Officer: July Ndlovu
Grant Date: 17 March 2025
Date of transaction: 2 April 2025
Nature of transaction: Off market grant and acceptance of forfeitable shares in
terms of the Company's 2021 Share Plan
Class of securities: Ordinary shares
Number of securities: 33,060
(One third of the shares will vest each year over three
years provided that the executive director remains in the
employ of the Company)
Award price per share*: R113.96
Transaction value: R3,767,517.60
Nature of interest: Direct beneficial

Chief Financial Officer: Gideon Frederick Smith
Grant Date: 17 March 2025
Date of transaction: 2 April 2025
Nature of transaction: Off market grant and acceptance of forfeitable shares in
terms of the Company's 2021 Share Plan
Class of securities: Ordinary shares
Number of securities: 17,790
(One third of the shares will vest each year over 3 years
provided that the executive director remains in the employ
of the Company)
Award price per share*: R113.96
Deemed value of transaction: R2,027,348.40
Nature of interest: Direct beneficial


Chief Operations Officer: Johannes Petrus Daniel van Schalkwyk
Grant Date: 17 March 2025
Date of transaction: 2 April 2025
Nature of transaction: Off market grant and acceptance of forfeitable shares in
terms of the Company's 2021 Share Plan
Class of securities: Ordinary shares
Number of securities: 13,872
(One third of the shares will vest each year over three
years provided that the executive director remains in the
employ of the Company)
Award price per share*: R113.96
Transaction value: R1,580,853.12
Nature of interest: Direct beneficial


Executive Head of Technical: Leslie Martin

Grant Date: 17 March 2025
Date of transaction: 2 April 2025
Nature of transaction: Off market grant and acceptance of forfeitable shares in
terms of the Company's 2021 Share Plan
Class of securities: Ordinary shares
Number of securities: 12,048
(One third of the shares will vest each year over three
years provided that the prescribed officer remains in the
employ of the Company)
Award price per share*: R113.96
Transaction value: R1,372,990.08
Nature of interest: Direct beneficial


Executive Head of Human Resources: Lesego Elias Mataboge
Grant Date: 17 March 2025
Date of transaction: 2 April 2025
Nature of transaction: Off market grant and acceptance of forfeitable shares in
terms of the Company's 2021 Share Plan
Class of securities: Ordinary shares
Number of securities: 8,857
(One third of the shares will vest each year over three
years provided that the prescribed officer remains in the
employ of the Company)
Award price per share*: R113.96
Transaction value: R1,009,343.72
Nature of interest: Direct beneficial


Executive Head of Corporate Affairs: Nompumelelo Sithole
Grant Date: 17 March 2025
Date of transaction: 2 April 2025
Nature of transaction: Off market grant and acceptance of forfeitable shares in
terms of the Company's 2021 Share Plan
Class of securities: Ordinary shares
Number of securities: 8,857
(One third of the shares will vest each year over three
years provided that the prescribed officer remains in the
employ of the Company)
Award price per share*: R113.96
Transaction value: R1,009,343.72
Nature of interest: Direct beneficial


Executive Head of SHE: Carina Venter
Grant Date: 17 March 2025
Date of transaction: 2 April 2025
Nature of transaction: Off market grant and acceptance of forfeitable shares in
terms of the Company's 2021 Share Plan
Class of securities: Ordinary shares
Number of securities: 8,857
(One third of the shares will vest each year over three
years provided that the prescribed officer remains in the
employ of the Company)
Award price per share*: R113.96
Transaction value: R1,009,343.72
Nature of interest: Direct beneficial


Executive Head of Marketing: Bernard Michael Dalton
Grant Date: 17 March 2025
Date of transaction: 2 April 2025
Nature of transaction: Off market grant and acceptance of forfeitable shares in
terms of the Company's 2021 Share Plan
Class of securities: Ordinary shares
Number of securities: 10,515
(One third of the shares will vest each year over three
years provided that the prescribed officer remains in the
employ of the Company)
Award price per share*: R113.96
Transaction value: R1,198,289.40
Nature of interest: Direct beneficial

* Award price per share represents the volume weighted average price of a Thungela Resources
share on the JSE for the 3 days ended 19 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 March 2025 R117.00 R108.00
18 March 2025 R116.50 R113.24
19 March 2025 R114.96 R110.16

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

Johannesburg
4 April 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 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 Off market grant and acceptance of forfeitable
shares in terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R113.96 33,060
Aggregated information
d) - Aggregated volume 33,060
- Price R3,767,517.60
e) Date of the transaction 2 April 2025
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 Off market grant and acceptance of forfeitable
shares in terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R113.96 17,790
d) Aggregated information
- Aggregated volume 17,790
- Price R2,027,348.40
e) Date of the transaction 2 April 2025
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 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 grant and acceptance of forfeitable
shares in terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R113.96 13,872
d) Aggregated information
- Aggregated volume 13,872
- Price R1,580,853.12
e) Date of the transaction 2 April 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 Direct beneficial
c) Price(s) and volume(s)
Price(s) Volume(s)
R113.96 12,048
d) Aggregated information
- Aggregated volume 12,048
- Price R1,372,990.08
e) Date of the transaction 2 April 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 grant and acceptance of forfeitable
shares in terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R113.96 8,857
d) Aggregated information
- Aggregated volume 8,857
- Price R1,009,343.72
e) Date of the transaction 2 April 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 grant and acceptance of forfeitable
shares in terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R113.96 8,857
d) Aggregated information
- Aggregated volume 8,857
- Price R1,009,343.72
e) Date of the transaction 2 April 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 SHE
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 grant and acceptance of forfeitable
shares in terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R113.96 8,857
d) Aggregated information
- Aggregated volume 8,857
- Price R1,009,343.72
e) Date of the transaction 2 April 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 grant and acceptance of forfeitable
shares in terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R113.96 10,515
d) Aggregated information
- Aggregated volume 10,515
- Price R1,198,289.40
e) Date of the transaction 2 April 2025
f) Place of the transaction Off market

Date: 04-04-2025 11:00:00
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