Dealings In Securities By Executive Directors And Prescribed Officers For Acceptance Of Conditional Share Awards

Dealings in securities by executive directors and prescribed officers for acceptance of conditional share awards

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
("Thungela" or "the Company")

DEALINGS IN SECURITIES BY EXECUTIVE DIRECTORS AND PRESCRIBED OFFICERS FOR ACCEPTANCE OF CONDITIONAL SHARE AWARDS

In compliance with paragraphs 3.63 to 3.66 of the Listings Requirements of the JSE Limited, we hereby provide
the following information related to the award and acceptance of conditional shares pertaining to the 2023
financial year concluded in May 2024. The award is made and accepted by the undermentioned Executive
Directors and Prescribed Officers of Thungela in terms of the Company's Share Plan and Remuneration
Policy:

Nature of transactions Acceptance of conditional shares in terms of the Company's
2021 Share Plan and Remuneration Policy
Class of securities Ordinary shares
Nature and extent of interest Direct beneficial
Transactions completed on or off market Off market
Date of acceptance 31 May 2024
Vesting date 24 May 2027

Name Designation Number of Value of Award* (R)
Conditional Shares
J Ndlovu Chief Executive Officer 71,110 8,577,999
GF Smith Chief Financial Officer 36,736 4,431,464
JPD van Schalkwyk Chief Operating Officer 28,645 3,455,446
L Martin Executive Head of Technical 24,879 3,001,154
BM Dalton Executive Head of Marketing 21,713 2,619,239
LE Mataboge Executive Head of Human Resources 18,289 2,206,202
N Sithole Executive Head of Corporate Affairs 18,289 2,206,202
C Venter Executive Head of Safety, Health & 18,289 2,206,202
Environment

The vesting of the conditional shares is conditional on pre-determined performance conditions and continued
employment by Thungela up until the noted vesting date and where applicable, the reasons for the cessation
of such employment.

* The value of the award is based on a dividend-adjusted volume weighted average price of R120.63 for a
Thungela share for the 20 days ended 19 April 2024. The highest and lowest prices traded for Thungela shares
over each day were as follows:

Date Highest price per share Lowest price per share
18 March 2024 116,49 106,22
19 March 2024 121,00 113,95
20 March 2024 127,31 120,29
22 March 2024 125,05 119,25
25 March 2024 121,83 119,00
26 March 2024 124,91 118,00
27 March 2024 124,32 119,31
28 March 2024 124,89 120,47
2 April 2024 128,38 121,05
3 April 2024 130,86 126,50
4 April 2024 134,00 130,00
5 April 2024 133,34 127,04
8 April 2024 132,86 129,02
9 April 2024 136,53 130,55
10 April 2024 143,61 134,00
11 April 2024 145,00 137,17
12 April 2024 149,61 144,53
15 April 2024 149,67 145,69
16 April 2024 148,94 141,82
17 April 2024 139,00 134,40

Clearances and approvals for these transactions, which are all of an off-market nature, were obtained.

Johannesburg
3 June 2024

UK Financial adviser and corporate broker
Liberum Capital Limited

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 and acceptance of conditional share 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 Off market award and acceptance of conditional share awards
c) Price(s) and volume(s)
Price(s) Volume(s)
R120.63 71,110
d) Aggregated information
- Aggregated volume 71,110
- Price R8,577,999
e) Date of the transaction 31 May 2024
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) Name Gideon Frederick Smith
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 award and acceptance of conditional share awards
c) Price(s) and volume(s)
Price(s) Volume(s)
R120.63 36,736
d) Aggregated information
- Aggregated volume 36,736
- Price R4,431,464
e) Date of the transaction 31 May 2024
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 award and acceptance of conditional share awards
c) Price(s) and volume(s)
Price(s) Volume(s)
R120.63 28,645
d) Aggregated information
- Aggregated volume 28,645
- Price R3,455,446
e) Date of the transaction 31 May 2024
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 award and acceptance of conditional share awards
c) Price(s) and volume(s)
Price(s) Volume(s)
R120.63 24,879
d) Aggregated information
- Aggregated volume 24,879
- Price R3,001,154
e) Date of the transaction 31 May 2024
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 Off market award and acceptance of conditional share awards
c) Price(s) and volume(s)
Price(s) Volume(s)
R120.63 18,289
d) Aggregated information
- Aggregated volume 18,289
- Price R2,206,202
e) Date of the transaction 31 May 2024
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 award and acceptance of conditional share awards
c) Price(s) and volume(s)
Price(s) Volume(s)
R120.63 18,289
d) Aggregated information
- Aggregated volume 18,289
- Price R2,206,202
e) Date of the transaction 31 May 2024
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 award and acceptance of conditional share awards
c) Price(s) and volume(s)
Price(s) Volume(s)
R120.63 18,289
d) Aggregated information
- Aggregated volume 18,289
- Price R2,206,202
e) Date of the transaction 31 May 2024
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 financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Off market award and acceptance of conditional share awards
c) Price(s) and volume(s)
Price(s) Volume(s)
R120.63 21,713
d) Aggregated information
- Aggregated volume 21,713
- Price R2,619,239
e) Date of the transaction 31 May 2024
f) Place of the transaction Off market

Date: 03-06-2024 09:00:00
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