TR-1: Standard form for notification of major holdings

Thungela Resources Limited
Incorporated in the Republic of South Africa
Registration number: 2021/303811/06
ISIN: ZAE000296554
Share code: TGA
("Thungela Resources" or "Company")

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) i

1a. Identity of the issuer or the underlying issuer THUNGELA RESOURCES LIMITED
of existing shares to which voting rights are
attached ii:
1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)
Non-UK issuer
X
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 17/12/2021
reached vi:

6. Date on which issuer notified (DD/MM/YYYY): 20/12/2021

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 (8.A + 8.B) voting rights of
(total of 8. A) instruments issuer vii
(total of 8.B 1 + 8.B
2)
Resulting situation 8.003% 8.003% 136 311 808
on the date on
which threshold
was crossed or
reached
Position of previ- 7.914% 7.914%
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) (Art 9 of Directive (Art 10 of Di- (Art 9 of Directive (Art 10 of Di-
2004/109/EC) rective 2004/109/EC) rective
(DTR5.1) 2004/109/EC) (DTR5.1) 2004/109/EC)
(DTR5.2.1) (DTR5.2.1)
Ordinary Shares 10 908 900 8.003%


SUBTOTAL 8. A 10 908 900 8.003%



B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial Expira- Exercise/ Number of voting % of voting
instrument tion Conversion Period xi rights that may be rights
date x acquired if the instru-
ment is
exercised/converted.


SUBTOTAL 8. B 1 NIL NIL



B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive
2004/109/EC (DTR5.3.1.1 (b))
Type of finan- Expiration Exercise/ Physical or Number of % of voting
cial instrument date x Conversion cash voting rights rights
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
financial instruments are effectively held starting with the ultimate controlling natural person or legal
entity xiv (please add additional rows as necessary)
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 8.003% 8.003%
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

Name: REITUMETSE KAU
E-Mail: Reitumetse.Kau@pic.gov.za
TEL: 0127423747

Place of completion PRETORIA, SOUTH AFRICA
Date of completion 20 November 2021

Johannesburg
21 December 2021

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 21-12-2021 09:00:00
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