Dealings In Securities By Executive Directors And Prescribed Officers For Allocation Of Dividend Equivalent Shares

Dealings in securities by executive directors and prescribed officers for allocation of dividend equivalent shares

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 Resources" or "the Company")

DEALINGS IN SECURITIES BY EXECUTIVE DIRECTORS AND PRESCRIBED OFFICERS FOR
ALLOCATION OF DIVIDEND EQUIVALENT SHARES

In compliance with paragraphs 3.63 to 3.66 of the Listings Requirements of the JSE Limited, shareholders are
advised of the following transactions relating to the reinvestment of dividends ("Dividend Equivalent Shares")
on previously allocated conditional share awards to executive directors and prescribed officers in terms of
clause 16.2.1 of the Company's Share Plan. The Dividend Equivalent Shares are subject to the same vesting
and performance conditions applicable to the conditional shares, as disclosed in the announcement released
on the JSE Stock Exchange News Service and LSE Regulatory News Services on 1 December 2021, 29
March 2022 and 9 May 2023.

Name Designation Award Number of Value of award Nature of interest
Dividend (R) *
Equivalent Shares
J Ndlovu Chief Executive Officer LTIP 2021 28,120 3,474,226 Direct beneficial
LTIP 2022 7,880 973,574
LTIP 2023 4,280 528,794
GF Smith Chief Financial Officer LTIP 2021 11,789 1,456,531 Direct beneficial
LTIP 2022 4,071 502,972
LTIP 2023 2,211 273,169
JPD van Schalkwyk Chief Operating Officer LTIP 2021 9,415 1,163,223 Direct beneficial
LTIP 2022 3,175 392,271
LTIP 2023 1,724 213,000
L Martin Executive Head of LTIP 2021 8,807 1,088,105 Direct beneficial
Technical
LTIP 2022 2,757 340,627
LTIP 2023 1,498 185,078
BM Dalton Executive Head of LTIP 2021 8,377 1,034,978 Direct beneficial
Marketing
LTIP 2022 2,348 290,095
LTIP 2023 1,275 157,526
LE Mataboge Executive Head of LTIP 2021 6,609 816,542 Direct beneficial
Human Resources
LTIP 2022 1,958 241,911
LTIP 2023 1,064 131,457
N Sithole Executive Head of LTIP 2021 6,527 806,411 Direct beneficial
Corporate Affairs
LTIP 2022 1,958 241,911
LTIP 2023 1,064 131,457
C Venter Executive Head of LTIP 2021 6,281 776,018 Direct beneficial
Safety, Health &
Environment LTIP 2022 1,958 241,911
LTIP 2023 1,064 131,457

* The award price per share of R123.55 represents the dividend-adjusted volume weighted average price of a
Thungela Resources share for the 20 trading days ended 19 April 2024. The highest and lowest prices of
Thungela Resources shares traded over each day were as follows:

Date Highest price per share Lowest price per share
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
18 April 2024 137,69 130,48
19 April 2024 138,69 132,19

Clearance was obtained for these transactions, which were all effected off-market.

Johannesburg
10 May 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 allocation of dividend-equivalent shares on previously granted conditional long term incentive 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 Reinvestment of dividends accruing to ordinary shares previously
awarded under conditional long term incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R123.55 28,120
R123.55 7,880
R123.55 4,280
d) Aggregated information
- Aggregated volume 40,280
- Price R4,976,594
e) Date of the transaction 9 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 Reinvestment of dividends accruing to ordinary shares previously
awarded under conditional long term incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R123.55 11,789
R123.55 4,071
R123.55 2,211
d) Aggregated information
- Aggregated volume 18,071
- Price R2,232,672
e) Date of the transaction 9 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 Reinvestment of dividends accruing to ordinary shares previously
awarded under conditional long term incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R123.55 9,415
R123.55 3,175
R123.55 1,724
d) Aggregated information
- Aggregated volume 14,314
- Price R1,768,495
e) Date of the transaction 9 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 Reinvestment of dividends accruing to ordinary shares previously
awarded under conditional long term incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R123.55 8,807
R123.55 2,757
R123.55 1,498
d) Aggregated information
- Aggregated volume 13,062
- Price R1,613,810
e) Date of the transaction 9 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 Reinvestment of dividends accruing to ordinary shares previously
awarded under conditional long term incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R123.55 6,609
R123.55 1,958
R123.55 1,064
d) Aggregated information
- Aggregated volume 9,631
- Price R1,189,910
e) Date of the transaction 9 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 Reinvestment of dividends accruing to ordinary shares previously
awarded under conditional long term incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R123.55 6,527
R123.55 1,958
R123.55 1,064
d) Aggregated information
- Aggregated volume 9,549
- Price R1,179,779
e) Date of the transaction 9 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 Reinvestment of dividends accruing to ordinary shares previously
awarded under conditional long term incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R123.55 6,281
R123.55 1,958
R123.55 1,064
Aggregated information
d) - Aggregated volume 9,303
- Price R1,149,386

e) Date of the transaction 9 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 Reinvestment of dividends accruing to ordinary shares previously
awarded under conditional long term incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R123.55 8,377
R123.55 2,348
R123.55 1,275
d) Aggregated information
- Aggregated volume 12,000
- Price R1,482,600
e) Date of the transaction 9 May 2024
f) Place of the transaction Off market

Date: 10-05-2024 09:00:00
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