Dealings in securities to settle tax obligations due to vesting of conditional shares for 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 TO SETTLE TAX OBLIGATIONS DUE TO VESTING OF
CONDITIONAL SHARES FOR PRESCRIBED OFFICERS

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 on behalf of
prescribed officers, pursuant to the vesting of conditional shares granted under the 2021
Company Share Plan and Remuneration Policy.

Chief Operations Officer: Johannes Petrus Daniel van Schalkwyk
Nature of transaction: On market sale of vested conditional shares to settle
tax obligations arising from the vesting
Class of securities: Ordinary shares
Number of vested shares sold: 45,586

Date of transaction 19 November 2024
Number of vested of shares sold: 10,055
Volume weighted average price per share: R137.65
Highest price per share: R140.36
Lowest price per share: R135.46
Transaction value: R1,384,070.75

Date of transaction 20 November 2024
Number of vested of shares sold: 34,765
Volume weighted average price per share: R135.06
Highest price per share: R138.30
Lowest price per share: R133.30
Transaction value: R4,695,360.90

Date of transaction 21 November 2024
Number of vested of shares sold: 766
Volume weighted average price per share: R136.71
Highest price per share: R138.36
Lowest price per share: R134.50
Transaction value: R104,719.86

Nature of interest: Direct beneficial

Executive Head of Technical: Leslie Martin
Nature of transaction: On market sale of vested conditional shares to settle
tax obligations arising from the vesting
Class of securities: Ordinary shares
Number of vested shares sold: 42,642

Date of transaction 19 November 2024
Number of vested of shares sold: 9,406
Volume weighted average price per share: R137.65
Highest price per share: R140.36
Lowest price per share: R135.46
Transaction value: R1,294,735.90

Date of transaction 20 November 2024
Number of vested of shares sold: 32,520
Volume weighted average price per share: R135.06
Highest price per share: R138.30
Lowest price per share: R133.30
Transaction value: R4,392,151.20

Date of transaction 21 November 2024
Number of vested of shares sold: 716
Volume weighted average price per share: R136.71
Highest price per share: R138.36
Lowest price per share: R134.50
Transaction value: R97,884.36

Nature of interest: Direct beneficial
Executive Head of Marketing: Bernard Michael Dalton
Nature of transaction: On market sale of vested conditional shares to settle
tax obligations arising from the vesting
Class of securities: Ordinary shares
Number of vested shares sold: 40,562

Date of transaction 19 November 2024
Number of vested of shares sold: 8,947
Volume weighted average price per share: R137.65
Highest price per share: R140.36
Lowest price per share: R135.46
Transaction value: R1,231,554.55

Date of transaction 20 November 2024
Number of vested of shares sold: 30,933
Volume weighted average price per share: R135.06
Highest price per share: R138.30
Lowest price per share: R133.30
Transaction value: R4,177,810.98

Date of transaction 21 November 2024
Number of vested of shares sold: 682
Volume weighted average price per share: R136.71
Highest price per share: R138.36
Lowest price per share: R134.50
Transaction value: R93,236.22

Nature of interest: Direct beneficial

Executive Head of Human Resources: Lesego Elias Mataboge
Nature of transaction: On market sale of vested conditional shares to settle
tax obligations arising from the vesting
Class of securities: Ordinary shares
Number of vested shares sold: 31,997
Date of transaction 19 November 2024
Number of vested of shares sold: 7,058
Volume weighted average price per share: R137.65
Highest price per share: R140.36
Lowest price per share: R135.46
Transaction value: R971,533.70

Date of transaction 20 November 2024
Number of vested of shares sold: 24,401
Volume weighted average price per share: R135.06
Highest price per share: R138.30
Lowest price per share: R133.30
Transaction value: R3,295,599.06

Date of transaction 21 November 2024
Number of vested of shares sold: 538
Volume weighted average price per share: R136.71
Highest price per share: R138.36
Lowest price per share: R134.50
Transaction value: R73,549.98

Nature of interest: Direct beneficial

Executive Head of Corporate Affairs: Nompumelelo Sithole
Nature of transaction: On market sale of vested conditional shares to settle
tax obligations arising from the vesting
Class of securities: Ordinary shares
Number of vested shares sold: 31,602

Date of transaction 19 November 2024
Number of vested of shares sold: 6,971
Volume weighted average price per share: R137.65
Highest price per share: R140.36
Lowest price per share: R135.46
Transaction value: R959,558.15

Date of transaction 20 November 2024
Number of vested of shares sold: 24,100
Volume weighted average price per share: R135.06
Highest price per share: R138.30
Lowest price per share: R133.30
Transaction value: R3,254,946.00

Date of transaction 21 November 2024
Number of vested of shares sold: 531
Volume weighted average price per share: R136.71
Highest price per share: R138.36
Lowest price per share: R134.50
Transaction value: R72,593.01

Nature of interest: Direct beneficial

Executive Head of Safety, Health and Carina Venter
Environment:
Nature of transaction: On market sale of vested conditional shares to settle
tax obligations arising from the vesting
Class of securities: Ordinary shares
Number of vested shares sold: 30,413

Date of transaction 19 November 2024
Number of vested of shares sold: 6,708
Volume weighted average price per share: R137.65
Highest price per share: R140.36
Lowest price per share: R135.46
Transaction value: R923 356.20

Date of transaction 20 November 2024
Number of vested of shares sold: 23,194
Volume weighted average price per share: R135.06
Highest price per share: R138.30
Lowest price per share: R133.30
Transaction value: R3,132,581.64

Date of transaction 21 November 2024
Number of vested of shares sold: 511
Volume weighted average price per share: R136.71
Highest price per share: R138.36
Lowest price per share: R134.50
Transaction value: R69 858.81

Nature of interest: Direct beneficial

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

Rosebank
25 November 2024

UK Financial adviser and corporate broker
Panmure Liberum Capital 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 On market sale of shares that have vested in
respect of the 2021 Conditional Share Award to
settle tax obligations arising from the vesting.
c) Price(s) and volume(s)
Price(s) Volume(s)
R137.65 10,055
R135.06 34,765
R136.71 766
d) Aggregated information
- Aggregated volume 45,586
- Price R6,184,151.51
e) Date of the transaction 19 – 21 November 2024
f) Place of the transaction On 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 On market sale of shares that have vested in
respect of the 2021 Conditional Share Award to
settle tax obligations arising from the vesting.
c) Price(s) and volume(s)
Price(s) Volume(s)
R137.65 9,406
R135.06 32,520
R136.71 716
d) Aggregated information
- Aggregated volume 42,642
- Price R5,784,771.46
e) Date of the transaction 19 – 21 November 2024
f) Place of the transaction On 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 On market sale of shares that have vested in
respect of the 2021 Conditional Share Award to
settle tax obligations arising from the vesting.
c) Price(s) and volume(s)
Price(s) Volume(s)
R137.65 8,947
R135.06 30,933
R136.71 682
d) Aggregated information
- Aggregated volume 40,562
- Price R5,502,601.75
e) Date of the transaction 19 – 21 November 2024
f) Place of the transaction On 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 On market sale of shares that have vested in
respect of the 2021 Conditional Share Award to
settle tax obligations arising from the vesting.
c) Price(s) and volume(s)
Price(s) Volume(s)
R137.65 7,058
R135.06 24,401
R136.71 538
d) Aggregated information
- Aggregated volume 31,997
- Price R4,340,682.74
e) Date of the transaction 19 – 21 November 2024
f) Place of the transaction On 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 On market sale of shares that have vested in
respect of the 2021 Conditional Share Award to
settle tax obligations arising from the vesting.
Price(s) and volume(s)
Price(s) Volume(s)
c) R137.65 6,971
R135.06 24,100
R136.71 531
d) Aggregated information
- Aggregated volume 31,602
- Price R4,287,097.16
e) Date of the transaction 19 – 21 November 2024
f) Place of the transaction On 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 and
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 On market sale of shares that have vested in
respect of the 2021 Conditional Share Award to
settle tax obligations arising from the vesting.
c) Price(s) and volume(s)
Price(s) Volume(s)
R137.65 6,708
R135.06 23,194
R136.71 511
d) Aggregated information
- Aggregated volume 30,413
- Price R4,125,796.65
e) Date of the transaction 19 – 21 November 2024
f) Place of the transaction On market

Date: 25-11-2024 02:00:00
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