Ordinary cash dividend declaration

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')

ORDINARY CASH DIVIDEND DECLARATION

The Thungela board of directors approved the declaration of an interim gross ordinary
cash dividend of 1,000.00 cents per share (South African rand). The dividend has been
declared from retained earnings accrued during the six-month period ended 30 June
2023. The Company’s issued share capital at the declaration date is 140,492,585
ordinary shares.

The salient dates pertaining to the cash dividend are as follows:

JSE LSE
Declaration of ordinary cash dividend Monday, Monday,
and currency conversion rate 21 August 2023 21 August 2023
announced
Last day for trading to qualify and Tuesday, Wednesday,
participate in the dividend 19 September 2023 20 September 2023
Trading ex-dividend commences Wednesday, Thursday,
20 September 2023 21 September 2023
Record date Friday, Friday,
22 September 2023 22 September 2023
Payment date to shareholders Tuesday, Monday,
26 September 2023 9 October 2023

No transfers of shareholdings to and from South Africa or the United Kingdom will be
permitted between Tuesday, 19 September 2023 and Friday, 22 September 2023 (both
dates inclusive). Share certificates may not be dematerialised or rematerialised between
Wednesday, 20 September 2023 and Friday, 22 September 2023 (both dates inclusive).
Any changes to the dividend instructions and timetable will be announced on SENS
and RNS.

The salient dates have been set as above in order to allow non-South African resident
shareholders sufficient time to apply for a reduced rate of dividend withholding tax in the
event that they may qualify for this.

The dividend is payable in South African rand to shareholders recorded as such on the
register on the record date and whose shares are held through Central Securities
Participants and brokers traded on the JSE.

Shareholders on the United Kingdom register of members will be paid in Pound sterling.
The Pound sterling cash equivalent will be calculated using the following exchange rate:
GBP1:ZAR24.26300, being the five-day (business days) average GBP:ZAR exchange
rate (Bloomberg) up to Thursday, 17 August 2023.

Shareholders are encouraged to ensure that their bank mandates or international
payment instructions have been recorded by their service provider or registrars before
the last day to trade for this dividend. Electronic payments ensure more efficient and
timely payment. It should be noted that cheques are no longer permitted to be issued or
processed by South African banks; however, in the UK registrars will still issue and post
cheques in the absence of specific mandates or payment instructions.

TAX TREATMENT FOR SHAREHOLDERS ON THE SOUTH AFRICAN REGISTER

The dividend will have no tax consequences for Thungela but will be subject to 20%
withholding tax for shareholders who are not exempt from dividends tax, or who do not
qualify for a reduced rate of withholding tax in terms of any applicable agreement for the
avoidance of double taxation (DTA) concluded between South Africa and the country of
residence of the shareholder.

Should dividend withholding tax be withheld at a rate of 20%, the net dividend amount
due to shareholders is 800.00 cents per share (South African rand) – 1,000.00 cents
gross dividend per share less 200.00 cents dividend withholding tax per share.

TAX TREATMENT FOR SHAREHOLDERS ON THE UK REGISTER

Thungela has retained Computershare UK as intermediary to receive and process the
relevant prescribed declarations and forms as set out below. Any reference below to
documentation which is required to be submitted to Thungela, should therefore be
submitted to Computershare UK.

Non-South African tax resident shareholders will be paid the dividend subject to 20%
withholding tax for shareholders. Certain non-South African tax resident shareholders
may, however, be entitled to a reduced rate of dividends tax due to the provisions of an
applicable tax treaty.

Shareholders who qualify for an exemption from dividends tax in terms of section 64F of
the South African Income Tax Act 58 of 1962 must provide:
- A declaration that the dividend is exempt from dividends tax.
- A written undertaking to inform the regulated intermediary should the circumstances
affecting the exemption change or the beneficial owner cease to be the beneficial
owner, both in the form prescribed by the Commissioner for the South African
Revenue Service to the regulated intermediary prior to the required date in order to
benefit from the exemption. The prescribed form has been transposed onto the
Computershare UK format.

Shareholders on the UK register will be sent the required documentation for completion
and return to Computershare UK. Qualifying shareholders on the UK register are
advised to arrange for the above mentioned documents to be submitted to
Computershare UK by Friday, 15 September 2023.

Should dividend withholding tax be withheld at a rate of 20%, the net dividend amount
due to shareholders is 32.98 pence per share (Pound sterling) – 41.22 pence gross
dividend per share less 8.24 pence dividend withholding tax per share.

By order of the board.

Date of SENS release: 21 August 2023


DISCLAIMER

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the market abuse regulation (EU) no.
596/2014 as amended by the market abuse (amendment) (UK mar) regulations 2019.
Upon the publication of this announcement via the regulatory information service, this
inside information is now considered to be in the public domain.

Transfer Secretaries (UK)
Computershare Investor Services
Email: WebCorres@computershare.co.uk

Transfer Secretaries (South Africa)
Computershare Investor Services Proprietary Limited
Email: Web.Queries@computershare.co.za

Investor Relations
Ryan Africa
Email: ryan.africa@thungela.com

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

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

Date: 21-08-2023 08:01:00
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