Disclosure of change in significant holding of Thungela ordinary 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
Tax number: 9111917259
('Company')

DISCLOSURE OF CHANGE IN SIGNIFICANT HOLDING OF THUNGELA ORDINARY SHARES

Shareholders are advised that Public Investment Corporation SOC Limited (PIC) has notified the
Company that accounts under its management have increased its holding in the Company such
that PIC now holds 11.399% of the issued ordinary shares in the Company.

The board of directors of Thungela accepts responsibility for the information contained in this an-
nouncement as it relates to the Company and confirms that, to the best of its knowledge and belief,
such information relating to Thungela is true and that this announcement does not omit anything
likely to affect the importance of such information.

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

UK Financial adviser and corporate broker
Panmure Liberum Limited

Johannesburg
17 December 2025

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft
Word format if possible)

1a. Identity of the issuer or the underlying issuer THUNGELA RESOURCES LTD
of existing shares to which voting rights are at-
tached ii:
1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)
Non-UK issuer
2. Reason for the notification (please mark the appropriate box or boxes with an "X")
An acquisition or disposal of voting rights X
An acquisition or disposal of financial instruments
An event changing the breakdown of voting rights
Other (please specify) iii:
3. Details of person subject to the notification obligation iv
Name PUBLIC INVESTMENT CORPORATION SOC
LIMITED
City and country of registered office (if applicable) PRETORIA, SOUTH AFRICA
4. Full name of shareholder(s) (if different from 3.) v
Name
City and country of registered office (if applicable)
5. Date on which the threshold was crossed or 11/12/2025
reached vi:
6. Date on which issuer notified (DD/MM/YYYY): 15/12/2025
7. Total positions of person(s) subject to the notification obligation

% of voting rights % of voting rights Total of both in % Total number of
attached to shares through financial in- (8.A + 8.B) voting rights held
(total of 8. A) struments in issuer (8.A +
(total of 8.B 1 + 8.B 8.B) vii
2)
Resulting situation 11.399% 11.399% 16 014 118
on the date on
which threshold
was crossed or
reached
Position of previ- 10.546% 10.546%
ous notification (if
applicable)
8. Notified details of the resulting situation on the date on which the threshold was crossed or
reached viii
A: Voting rights attached to shares
Class/type of Number of voting rights ix % of voting rights
shares
ISIN code (if possi- Direct Indirect Direct Indirect
ble) (DTR5.1) (DTR5.2.1) (DTR5.1) (DTR5.2.1)

16 014 118 11.399%




SUBTOTAL 8. A 16 014 118 11.399%
B 1: Financial Instruments according to DTR5.3.1R (1) (a)
Type of financial Expira- Exercise/ Number of voting % of voting
instrument tion Conversion Period xi rights that may be ac- rights
date x quired if the instru-
ment is
exercised/converted.




SUBTOTAL 8. B 1 NIL NIL

B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b)
Expiration Exercise/ Physical or Number of % of voting
Type of finan- date x Conversion cash voting rights rights
cial instrument Period xi Settlement xii

SUBTOTAL
NIL NIL
8.B.2
9. Information in relation to the person subject to the notification obligation (please mark the
applicable box with an "X")
Person subject to the notification obligation is not controlled by any natural person or legal entity
and does not control any other undertaking(s) holding directly or indirectly an interest in the (under-
lying) issuer xiii
Full chain of controlled undertakings through which the voting rights and/or the X
financial instruments are effectively held starting with the ultimate controlling natural person or legal
entity (please add additional rows as necessary) xiv
Name xv % of voting rights if it % of voting rights Total of both if it
equals or is higher through financial in- equals or is higher
than the notifiable struments if it equals than the notifiable
threshold or is higher than the threshold
notifiable threshold
PUBLIC INVESTMENT 11.399% 11.399%
CORPORATION SOC
LIMITED
10. In case of proxy voting, please identify:
Name of the proxy holder N/A
The number and % of voting rights held N/A
The date until which the voting rights will be held N/A
11. Additional information xvi
Place of completion PRETORIA, SOUTH AFRICA
Date of completion 15 December 2025

Date: 17-12-2025 01:00:00
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