Thungela Resources Limited Trading Statement for the year ended 31 December 2023

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')

Thungela Resources Limited Trading Statement for the year ended 31 December 2023

Shareholders are advised that Thungela and its directors have a reasonable degree of
certainty related to the expected financial results of the Group for the year ended
31 December 2023 in line with paragraph 3.4(b) of the JSE Listings Requirements.

Expected earnings per share and headline earnings per share

Shareholders are advised that earnings per share ('EPS') for the year ended
31 December 2023 (the 'current period') is expected to be between R34 and R39, a
decrease of between R88.08 and R93.08 per share compared to EPS of R127.08 for
the year ended 31 December 2022 (the 'prior period'). Earnings attributable to the
shareholders of the Group for the current period is expected to be between R4.6 billion
and R5.3 billion.

Headline earnings per share1 ('HEPS') for the current period is expected to be between
R31 and R36, a decrease of between R94.82 and R99.82 per share compared to HEPS
of R130.82 for the prior period. Headline earnings attributable to the shareholders of the
Group for the current period is likely to be between R4.3 billion and R4.9 billion
(compared to R17.5 billion in the prior period).

These earnings numbers include various once-off, non-cash adjustments related to the
acquisition of the Ensham Business, and the related accounting treatment thereof. The
Group has consolidated 85% of the results of the Ensham Business from the acquisition
date of 31 August 2023.

These EPS and HEPS figures are calculated using a weighted average number of
shares of 137,056,628 for the current period and 133,684,828 for the prior period.

The expected EPS and HEPS ranges for the current period are summarised in the table
below:

Expected EPS/HEPS Expected decrease from Expected decrease from
range (Rand per share) prior period prior period
(Rand per share) (%)
EPS 34.00 - 39.00 88.08 - 93.08 69 - 73
HEPS 31.00 - 36.00 94.82 - 99.82 72 - 76

Key areas of judgement which may impact the expected EPS and HEPS figures above
are in the process of being finalised, and any changes to these ranges, if necessary, will
be communicated to shareholders.

Thungela expects to release its financial results for the year ended 31 December 2023
on 18 March 2024. The financial results will be released on the Stock Exchange News
Service of the JSE and the Regulatory News Service of the London Stock Exchange,
and will be accompanied by an investor webinar and conference call on the same date.

The live webinar and conference call will start at 12:00 SAST (10:00 GMT). Details to
register for the webinar and conference call are available below:

Webinar registration:
https://78449.themediaframe.com/links/thungela240318_1200.html

Conference call registration:
https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNum
ber=1552324&linkSecurityString=48259d3f0

Deon Smith
Chief financial officer

Footnote
1. HEPS is determined in reference to Circular 1/2023 – Headline earnings
('Circular 1/2023') as issued by the South African Institute of Chartered
Accountants. In order to calculate headline earnings, earnings attributable to the
equity shareholders of the Group is adjusted for separately identifiable
remeasurements, as defined in Circular 1/2021, net of related tax and non-
controlling interests.


Rosebank
23 February 2024

Review of Trading Statement
The information contained in this Trading Statement is the responsibility of the directors
of Thungela and has not been reviewed or reported on by the Group's independent
external auditor.

Disclaimer
This document includes forward-looking statements. All statements other than
statements of historical facts included in this document, including, without limitation,
those regarding Thungela's financial position, business, acquisition and divestment
strategy, dividend policy, plans and objectives of management for future operations
(including development plans and objectives relating to Thungela's products, production
forecasts and reserve and resource positions), are forward-looking statements. By their
nature, such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance or
achievements of Thungela, or industry results, to be materially different from any future
results, performance or achievements expressed or implied by such forward-looking
statements. The Group assumes no responsibility to update forward-looking statements
in this announcement except as required by law.

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.


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

Shreshini Singh
Email: shreshini.singh@thungela.com

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

UK Financial adviser and corporate broker
Liberum Capital Limited

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

Date: 23-02-2024 09:00:00
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