General Repurchase Announcement

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")

GENERAL REPURCHASE ANNOUNCEMENT

1. INTRODUCTION

The Thungela board of directors ("Board") hereby, in line with paragraph 11.27 of the Listings
Requirements of the JSE Limited ("JSE"), advises shareholders that the Company, in accordance with
the general authority granted by shareholders at the Company's annual general meeting held on 4 June
2024 ("General Authority"), has cumulatively repurchased from shareholders 4,320,127 ordinary shares
("Shares"), in aggregate, representing 3.1% of the Company's issued share capital at the time of the
General Authority (excluding treasury shares) ("Repurchase").

The Repurchase was effected through the order book operated by the JSE and in a series of unrelated
transactions, without any prior understanding or arrangement between the Company and these
shareholders. Accordingly, the Company has complied with paragraph 5.72 of the JSE Limited Listings
Requirements.

The Company reached the 3% repurchase threshold, provided for in the JSE Listings Requirements, on
24 April 2025, requiring the publication of this announcement.

2. DETAILS OF THE REPURCHASE

Details of the Repurchase are as follows:

7 November 2024 to
Dates of Repurchase 24 April 2025
Total number of Shares repurchased 4,320,127
Total value of Shares repurchased R475,595,813
Highest price paid per Share repurchased R140.00
Lowest price paid per Share repurchased R91.04
The number of Shares which may still be repurchased by the Company in terms
of the General Authority 9,729,131
The percentage of Shares which may still be repurchased by the Company in
terms of the General Authority 6.9%
Shares in issue at the date the General Authority was granted 140,492,585
Shares in issue currently 140,492,585
Number of Shares held in treasury after the Repurchase 10,037,876

As all the Shares have been repurchased by a wholly-owned subsidiary of the Company, such Shares
will not be cancelled and will remain listed, as they will be held in treasury.

3. STATEMENT BY THE BOARD

The Board has considered the impact of the Repurchase and is of the opinion that, for a period of twelve
months following the date of this announcement:

3.1 the Company and its subsidiaries ("the Group") will be able, in the ordinary course of business,
to pay their debts;

3.2 the assets of the Company and the Group will be in excess of the liabilities of the Company and
the Group, measured in accordance with the accounting policies used in the latest audited
Group annual financial statements;

3.3 the share capital and reserves of the Company and the Group will be adequate for ordinary
business purposes; and

3.4 the working capital of the Company and the Group will be adequate for ordinary business
purposes.

4. SOURCE OF FUNDS

The Repurchase was funded from available cash resources.

5. IMPACT ON FINANCIAL INFORMATION

The Repurchase and related transaction costs have had no material impact on Thungela's financial
information and resulted in a decrease in the Group's cash balances by R475,595,813.

29 April 2025
Johannesburg, South Africa

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

UK Financial adviser and corporate broker
Panmure Liberum Limited

Investor Relations
Hugo Nunes
Email: hugo.nunes@thungela.com

Shreshini Singh
Email: shreshini.singh@thungela.com

Media
Hulisani Rasivhaga
Email: hulisani.rasivhaga@thungela.com

Date: 29-04-2025 08:30:00
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