Thungela Resources Limited Trading Statement for the six months ended 30 June 2025

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')

Thungela Resources Limited Trading Statement for the six
months ended 30 June 2025

Shareholders are advised that the board of directors of Thungela has a reasonable
degree of certainty related to the expected financial results of the Group for the six
months ended 30 June 2025 in line with paragraph 3.4(b) of the JSE Listings
Requirements.

Expected earnings per share and headline earnings per share

Shareholders are advised that earnings per share ('EPS') for the six months ended
30 June 2025 (the 'current period') is expected to be between R1.40 and R2.10, a
decrease of between R7.42 and R8.12 per share compared to reported EPS of R9.52
for the six months ended 30 June 2024 (the 'prior period'). Earnings attributable to the
shareholders of the Group for the current period is expected to be between R180 million
and R280 million.

Headline earnings per share1 ('HEPS') for the current period is also expected to be
between R1.40 and R2.10, a decrease of between R7.42 and R8.12 per share
compared to reported HEPS of R9.52 for the prior period. Headline earnings attributable
to the shareholders of the Group for the current period is expected to be between
R180 million and R280 million.

These EPS and HEPS figures are calculated using a weighted average number of
shares of 131,790,424 for the current period and 135,382,283 for the prior period.

The expected EPS and HEPS ranges for the current period are summarised in the table
below:

Expected EPS/HEPS Expected decrease from Expected decrease from
range (Rand per share) prior period prior period
(Rand per share) (%)
EPS 1.40 - 2.10 7.42 - 8.12 78 - 85
HEPS 1.40 - 2.10 7.42 - 8.12 78 - 85


Earnings attributable to the shareholders of the Group have been impacted by the
ongoing challenging market conditions, as well as restructuring costs of R285 million
recognised relating to costs to be incurred as the Goedehoop and Isibonelo operations
reach the end of their lives in 2025.

Key areas of judgement which may impact the expected EPS and HEPS figures above
are in the process of being finalised, and any changes to these ranges, if necessary, will
be communicated to shareholders.

Thungela expects to release its financial results for the six months ended 30 June 2025
on 18 August 2025. The financial results will be released on the Stock Exchange News
Service of the JSE and the Regulatory News Service of the London Stock Exchange,
and will be accompanied by an investor webinar and conference call on the same date.

The live webinar and conference call will start at 12:00 SAST (10:00 GMT). Details to
register for the webinar and conference call are available below:

Webinar: https://78449.themediaframe.com/links/thungela250818_1200.html

Conference call:
https://services.choruscall.eu/DiamondPassRegistration/register?confirmationNumber=2
631362&linkSecurityString=63eaf3262


Deon Smith
Chief financial officer

Footnote
1. HEPS is determined in reference to Circular 1/2023 – Headline earnings
('Circular 1/2023') as issued by the South African Institute of Chartered
Accountants. In order to calculate headline earnings, earnings attributable to the
equity shareholders of the Group is adjusted for separately identifiable
remeasurements, as defined in Circular 1/2023, net of related tax and non-
controlling interests.

Johannesburg
8 August 2025

Review of Trading Statement
The information contained in this Trading Statement is the responsibility of the directors
of Thungela and has not been reviewed or reported on by the Group's independent
external auditor.

Disclaimer
This announcement includes forward-looking statements. All statements other than
statements of historical facts included in this announcement, including, without
limitation, those regarding Thungela's financial position, business, acquisition and
divestment strategy, dividend policy, plans and objectives of management for future
operations (including development plans and objectives relating to Thungela's products,
production forecasts and reserve and resource positions), are forward-looking
statements. By their nature, such forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the actual results,
performance or achievements of Thungela, or industry results, to be materially different
from any future results, performance or achievements expressed or implied by such
forward-looking statements. The Group assumes no responsibility to update forward-
looking statements in this announcement except as required by law.

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
Hugo Nunes
Email: hugo.nunes@thungela.com

Shreshini Singh
Email: shreshini.singh@thungela.com

Media
Hulisani Rasivhaga
Email: hulisani.rasivhaga@thungela.com

UK Financial adviser and corporate broker
Panmure Liberum Limited

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

Date: 08-08-2025 10:00:00
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