Dealings in securities by executive directors and 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")

DEALINGS IN SECURITIES BY EXECUTIVE DIRECTORS AND 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 provided with the following information related to
executive directors and prescribed officers of Thungela in terms of provisions of the Company's
2021 Share Plan regarding the reinvestment of dividends ("Dividend Equivalent Shares") on
previously allocated conditional share awards in relation to ordinary shares. The reinvestment of
the dividends occurred on 2 October 2025.

The vesting of the Dividend Equivalent Shares is conditional on the same performance and
employment conditions applicable to the conditional shares to which they relate, as disclosed in
the announcements released on the JSE Stock Exchange News Service and LSE Regulatory
News Services on 9 May 2023, 3 June 2024, 15 May 2025, and 22 September 2025.


Name Designation Award Number of Value of award* Nature of interest
Dividend
Equivalent Shares

J Ndlovu Chief Executive Officer LTIP 2023 1,461 R130,774.11 Direct beneficial
LTIP 2024 1,818 R162,729.18
LTIP 2025 4,271 R382,297.21

G Smith Chief Financial Officer LTIP 2023 755 R67,580.05 Direct beneficial
LTIP 2024 939 R84,049.89
LTIP 2025 2,052 R183,674.52

J van Schalkwyk Chief Operations Officer LTIP 2023 588 R52,631.88 Direct beneficial
LTIP 2024 732 R65,521.32
LTIP 2025 1,291 R115,557.41

L Martin Executive Head of LTIP 2023 511 R45,739.61 Direct beneficial
Technical
LTIP 2024 636 R56,928.36
LTIP 2025 1,121 R100,340.71

L Mataboge Executive Head of Human LTIP 2023 363 R32,492.13 Direct beneficial
Resources
LTIP 2024 467 R41,801.17
LTIP 2025 852 R76,262.52

N Sithole Executive Head of LTIP 2023 363 R32,492.13 Direct beneficial
Corporate Affairs
LTIP 2024 467 R41,801.17
LTIP 2025 852 R76,262.52

B Dalton Executive Head of LTIP 2023 435 R38,936.85 Direct beneficial
Marketing
LTIP 2024 555 R49,678.05
LTIP 2025 1,040 R93,090.40

M Madondo Chief Executive Officer LTIP 2025 4,381 R392,143.31 Direct beneficial
designate


* Value of the award is based on an award price per share representing the dividend-adjusted
volume weighted average price of a Thungela share on the JSE for the 20 business days ended
19 September 2025. This equates to R89.51 per share.


Clearance to deal, in terms of the JSE Listings Requirements, for these transactions have been
obtained.


Johannesburg
6 October 2025

UK Financial adviser and corporate broker
Panmure Liberum 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 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 Off market award and acceptance of conditional
shares in terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R89.51 1,461
R89.51 1,818
R89.51 4,271
d) Aggregated information
- Aggregated volume 7,550
- Price R675,800.50
e) Date of the transaction 2 October 2025
f) Place of the transaction Off market

1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Gideon Smith
2 Reason for the notification
a) Position/status PDMR – Chief Financial 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 Off market award and acceptance of conditional
shares in terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R89.51 755
R89.51 939
R89.51 2,052
d) Aggregated information
- Aggregated volume 3,746
- Price R335,304.46
e) Date of the transaction 2 October 2025
f) Place of the transaction Off market

1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Johannes 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 Off market award and acceptance of conditional
shares in terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R89.51 588
R89.51 732
R89.51 1,291
d) Aggregated information

- Aggregated volume 2,611
- Price R233,710.61
e) Date of the transaction 2 October 2025
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 Off market award and acceptance of conditional
shares in terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R89.51 511
R89.51 636
R89.51 1,121
d) Aggregated information
- Aggregated volume 2,268
- Price R203,008.68
e) Date of the transaction 2 October 2025
f) Place of the transaction Off market

1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Lesego 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 Off market award and acceptance of conditional
shares in terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R89.51 363
R89.51 467
R89.51 852
d) Aggregated information
- Aggregated volume 1,682
- Price R150,555.82
e) Date of the transaction 2 October 2025
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 Off market award and acceptance of conditional
shares in terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R89.51 363
R89.51 467
R89.51 852
d) Aggregated information
- Aggregated volume 1,682
- Price R150,555.82
e) Date of the transaction 2 October 2025
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 Off market award and acceptance of conditional
shares in terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R89.51 435
R89.51 555
R89.51 1,040
d) Aggregated information
- Aggregated volume 2,030
- Price R181,705.30
e) Date of the transaction 2 October 2025
f) Place of the transaction Off market

1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Moses Madondo
2 Reason for the notification
a) Position/status PDMR – Chief Executive Officer designate
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 Off market award and acceptance of conditional
shares in terms of the Company's 2021 Share Plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R89.51 4,381
d) Aggregated information
- Aggregated volume 4,381
- Price R392,143.31
e) Date of the transaction 2 October 2025
f) Place of the transaction Off market

Date: 06-10-2025 10:00:00
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