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 (“Board”) approved the declaration of a final gross ordinary
cash dividend of 1800.00000 cents per share (South African Rand). The dividend has been
declared from retained earnings accrued during the year ended 31 December 2021.

The Company’s issued share capital at the declaration date is 136,311,808 ordinary shares.

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

JSE LSE
Declaration of ordinary cash dividend and currency Tuesday, 22 March 2022 Tuesday, 22 March 2022
conversion rate announced

Last day for trading to qualify and participate in the Tuesday, 3 May 2022 Wednesday, 4 May 2022
dividend

Trading ex-dividend commences Wednesday, 4 May 2022 Thursday, 5 May 2022

Record date Friday, 6 May 2022 Friday, 6 May 2022

Payment date to shareholders Monday, 9 May 2022 Monday, 23 May 2022

No transfers of shareholdings to and from South Africa or the United Kingdom will be permitted
between Tuesday, 3 May 2022 and Friday, 6 May 2022 (both dates inclusive). Share certificates
may not be dematerialised or rematerialised between Wednesday, 4 May 2022 and Friday, 6
May 2022, both dates inclusive. Any changes to the dividend instructions and timetable will be
announced on the Johannesburg Stock Exchange News Service and on the London Stock
Exchange Regulatory News Service.

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:
ZAR19.66602, being the 5-day average GBP:ZAR exchange rate (Bloomberg) on Friday,
18 March 2022 at 12:00pm GMT.

Tax treatment for shareholders on the South African register
The dividend will have no tax consequences for the Company 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 1440.00000 cents per share (South African Rand) - 1800.00000 cents gross
dividend per share less 360.00000 cents dividend withholding tax per share.

Tax treatment for shareholders on the UK register
The Company 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 the Company, 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. In the case of UK-resident shareholders, for example, the DTA allows for (i) a reduced
rate of 5% if the shareholder is a company that holds at least 10% of the capital of Thungela,
and (ii) a reduced rate of 10% in all other cases.

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) a declaration that the dividend is exempt from dividends tax; and
b) 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 abovementioned documents to be submitted to Computershare UK by Friday, 6 May
2022.

Should dividend withholding tax be withheld at a rate of 20%, the net dividend amount due to
shareholders is 73.22275 pence per share (Pound sterling) (91.52843 pence gross dividend per
share less 18.30568 pence dividend withholding tax per share).

By order of the Board.
Date of SENS release: 22 March 2022

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.

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

Media Contacts
Tarryn Genis
Email: tarryn.genis@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: 22-03-2022 09:01:00
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