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 an interim gross
ordinary cash dividend of 6,000.00000 cents per share (South African Rand). The
dividend has been declared from retained earnings accrued during the six-months
ended 30 June 2022.

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 Monday, 15 August Monday, 15 August
and currency conversion rate 2022 2022
announced
Last day for trading to qualify and Tuesday, 20 Wednesday, 21
participate in the dividend September 2022 September 2022
Trading ex-dividend commences Wednesday, 21 Thursday, 22
September 2022 September 2022
Record date Friday, 23 September Friday, 23 September
2022 2022
Payment date to shareholders Monday, 26 Monday, 10 October
September 2022 2022

No transfers of shareholdings to and from South Africa or the United Kingdom will be
permitted between Tuesday, 20 September 2022 and Friday, 23 September 2022 (both
dates inclusive). Share certificates may not be dematerialised or rematerialised between
Wednesday, 21 September 2022 and Friday, 23 September 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: ZAR19.99878, being the 5-day average GBP:ZAR exchange rate (Bloomberg)
up to Thursday, 11 August 2022.

Shareholders are encouraged to ensure that their bank mandates have been recorded
by their service provider or registrars before the last day to trade for this dividend.
Electronic payments ensure more efficient and timely payment. It should be noted that
cheques are no longer permitted to be issued or processed by South African banks;
however in the UK, registrars will still issue and post cheques in the absence of specific
mandates.

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 4,800.00000 cents per share (South African Rand) –
6,000.00000 cents gross dividend per share less 1,200.00000 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 above mentioned documents to be submitted to
Computershare UK by Friday, 23 September 2022.

Should dividend withholding tax be withheld at a rate of 20%, the net dividend amount
due to shareholders is 240.01464 pence per share (Pound sterling) (300.01830 pence
gross dividend per share less 60.00366 pence dividend withholding tax per share).

By order of the board.
Date of SENS release: 15 August 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.

Transfer Secretaries (UK)
Computershare Investor Services
Email: WebCorres@computershare.co.uk

Transfer Secretaries (South Africa)
Computershare Investor Services Proprietary Limited
Email: Web.Queries@computershare.co.za

Investor Relations
Ryan Africa
Email: ryan.africa@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: 15-08-2022 08:01:00
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