SENS & Regulatory Announcements

Stock exchange news service (SENS) and other regulatory announcements.

                        
                        
                        Dealings in securities on behalf of executive directors to settle tax obligations arising from the vesting of awards

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')

DEALINGS IN SECURITIES ON BEHALF OF EXECUTIVE DIRECTORS TO SETTLE TAX
OBLIGATIONS ARISING FROM THE VESTING OF AWARDS

Shareholders are advised of the following dealings on behalf of Thungela executive directors
pursuant to the vesting, on 4 June 2023, of the final 50% of the milestone awards granted and
accepted in 2021:

Chief Executive Officer: J Ndlovu
Date of transaction: 6 June 2023
Nature of transaction: On market disposal of shares that have vested in respect
of the 2021 milestone award to settle tax obligations
arising from the vesting
Class of securities: Ordinary shares
Number of securities: 202,424
Sale price per share: R130.50
Transaction value: R26,416,332
Nature of interest: Direct beneficial

Chief Financial Officer: GF Smith
Date of transaction: 6 June 2023
Nature of transaction: On market disposal of shares that have vested in respect
of the 2021 milestone award to settle tax obligations
arising from the vesting
Class of securities: Ordinary shares
Number of securities: 101,212
Sale price per share: R130.50
Transaction value: R13,208,166
Nature of interest: Direct beneficial

This is the final vesting of the milestone awards that were granted in 2021.

*Sale price per share is based on a 2-day VWAP ended 6 June 2023 of a Thungela Resources
share. The highest and lowest prices traded for Thungela Resources shares over each day were
as follows:

Date Highest price per share Lowest price per share
5 June 2023 135.00 128.18
6 June 2023 133.78 129.23

Clearance to deal in terms of the JSE Listings Requirements was obtained.

Rosebank
8 June 2023

UK Financial adviser and corporate broker
Liberum Capital Limited

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


Notification of Dealing Forms

1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name July Ndlovu
2 Reason for the notification
a) Position/status PDMR – Chief Executive Officer
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction On market disposal of shares that have vested in
respect of the 2021 milestone award to settle tax
obligations arising from the vesting
c) Price(s) and volume(s)
Price(s) Volume(s)
R130.50 202,424

d) Aggregated information
- Aggregated volume 202,424
- Price R26,416,332
e) Date of the transaction 6 June 2023
f) Place of the transaction On market

1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Deon Smith
2 Reason for the notification
a) Position/status PDMR – Chief Financial Officer
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction On market disposal of shares that have vested in
respect of the 2021 milestone award to settle tax
obligations arising from the vesting
c) Price(s) and volume(s)
Price(s) Volume(s)
R130.50 101,212

d) Aggregated information
- Aggregated volume 101,212
- Price R13,208,166
e) Date of the transaction 6 June 2023
f) Place of the transaction On market

Date: 08-06-2023 11:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
                        
                        
                        Dealing in securities by a director

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’ or ‘Thungela Resources’)

DEALING IN SECURITIES BY A DIRECTOR

In compliance with paragraphs 3.63 to 3.74 of the Listings Requirements of the JSE Limited, the following
information relating to the dealing in securities by a director of Thungela Resources is disclosed:

Director : Sango Siviwe Ntsaluba
Company : Thungela Resources
Date of transaction : 6 June 2023
Class of securities : Thungela Resources ordinary shares
Nature of transaction : On-market acquisition of ordinary shares
Number of securities : 768
Purchase price per share : 13039 cents
Total value of transaction : R100 139.52
Nature of interest : Direct, beneficial
Clearance obtained : Yes

7 June 2023
Rosebank

UK Financial adviser and corporate broker
Liberum Capital Limited

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

In compliance with article 19(3) of the Market Abuse Regulation (MAR), we hereby provide the following
information regarding the dealing in securities:

1 Details of the person discharging managerial responsibilities / person closely associated
a) Name Sango Siviwe Ntsaluba
2 Reason for the notification
a) Position/status PDMR – Non Executive Director
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction On-market acquisition of ordinary shares
c) Price(s) and volume(s)
Price(s) Volume(s)
R130.39 768

d) Aggregated information
- Aggregated volume 768
- Price R100 139.52
e) Date of the transaction 6 June 2023
f) Place of the transaction On market

Date: 07-06-2023 12:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
                        
                        
                        Report on proceedings at the annual general meeting

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’ or ‘Thungela Resources’)

REPORT ON PROCEEDINGS AT THE ANNUAL GENERAL MEETING

At the annual general meeting (“AGM”) of the shareholders of Thungela Resources held on Wednesday, 31 May 2023, all the ordinary and special
resolutions proposed at the AGM were approved by the requisite majority of votes, save for ordinary resolution number 5 relating to the general
authority for directors to allot and issue shares, which was withdrawn. In this regard, the Company confirms the voting statistics from the AGM as
follows:


Votes cast disclosed as a percentage Number of Shares voted Shares abstained
in relation to the total number of shares voted disclosed as a disclosed as a
Resolutions shares voted at the meeting percentage in percentage in
relation to the total relation to the total
For Against issued shares* issued shares*


Ordinary resolutions:
1. Re-appointment of the independent 99.98% 0.02% 73 338 004 52.20% 0.12%
external auditor
2.1 Re-election of retiring director: JN 99.29% 0.71% 73 325 155 52.19% 0.13%
Jekwa
2.2 Re-election of retiring director: TML 99.37% 0.63% 73 336 864 52.20% 0.12%
Setiloane
3.1 Election of audit committee 99. 04% 0.96% 73 337 514 52.20% 0.12%
member: KW Mzondeki
3.2 Election of audit committee 98.65% 1.35% 73 336 274 52.20% 0.12%
member: TML Setiloane
3.3 Election of audit committee 98.81% 1.19% 73 337 633 52.20% 0.12%
member: BM Kodisang
4.1 Non-binding advisory vote on the 92.46% 7.54% 73 331 157 52.20% 0.12%
remuneration policy
4.2 Non-binding advisory vote on the 80.60% 19.40% 73 332 499 52.20% 0.12%
implementation report
5. General authority for directors to RESOLUTION WITHDRAWN
allot and issue ordinary shares
6. Authorisation to sign documents to 99.96% 0.04% 73 330 265 52.20% 0.12%
give effect to resolutions

Special Resolutions:
1. General authority to acquire the 99.96% 0.04% 73 123 800 52.05% 0.27%
Company’s own ordinary shares
2. Remuneration payable to non- 93.24% 6.76% 73 331 315 52.20% 0.12%
executive directors
3. Granting of financial assistance in 98.86% 1.14% 73 328 275 52.19% 0.12%
terms of sections 44 and 45 of the
Companies Act of South Africa

*Total issued shares are 140 492 585

The special resolutions will, where necessary, be lodged for registration with the Companies and Intellectual Property Commission in due course.

1 June 2023
Rosebank

Company Secretary
Francois Klem
Email: Francois.klem@thungela.com

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: 01-06-2023 04:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
                        
                        
                        Disclosure of 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
(‘Company’)

DISCLOSURE OF SIGNIFICANT HOLDING OF THUNGELA ORDINARY SHARES

In accordance with section 122(3)(b) of the Companies Act, No. 71 of 2008 as amended (“the
Companies Act”), regulation 121(2)(b) of the Companies Regulations, 2011 and paragraph 3.83(b)
of the JSE Limited Listings Requirements, shareholders are advised that JPMorgan Chase & Co.
has notified the Company that accounts under its management have decreased its holding in the
Company such that JPMorgan Chase & Co. now holds 2.46% of the issued ordinary shares in the
Company.

As required in terms of section 122(3)(a) of the Companies Act, the Company has filed the required
notice with the Takeover Regulation Panel.

The board of directors of Thungela accepts responsibility for the information contained in this
announcement 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.

Johannesburg
1 June 2023

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

UK Financial adviser and corporate broker
Liberum Capital Limited

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
of existing shares to which voting rights are at- Thungela Resources Ltd
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 JPMorgan Chase & Co
City and country of registered office (if applicable) London, UK

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
reached vi: 29/05/2023

6. Date on which issuer notified (DD/MM/YYYY): 31/05/2023

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 held
(total of 8. A) instruments in issuer (8.A +
(total of 8.B 1 + 8.B 2) 8.B) vii
Resulting situation 2.46% 2.46% 3,456,813
on the date on which
threshold was
crossed or reached
Position of previous 6.95% 6.95%
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 possible) Direct Indirect Direct Indirect
(DTR5.1) (DTR5.2.1) (DTR5.1) (DTR5.2.1)
3,456,813 2.46%

SUBTOTAL 8. A 3,456,813 2.46%

B 1: Financial Instruments according to DTR5.3.1R (1) (a)


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

SUBTOTAL 8. B 1

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

SUBTOTAL
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 (underlying) 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 equals or is higher
than the notifiable instruments if it equals than the notifiable
threshold or is higher than the threshold
notifiable threshold
JPMorgan Chase & Co 2.46% 2.46%

10. In case of proxy voting, please identify:
Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional information xvi

Place of completion London, UK
Date of completion 31 May 2023

Date: 01-06-2023 03:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
                        
                        
                        Changes to composition of board committees

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 Resources’)

CHANGES TO COMPOSITION OF BOARD COMMITTEES

Shareholders are referred to the announcement released on SENS and RNS on 12 August 2022
relating to the appointment of an additional independent non-executive director to the Board of
Directors of Thungela Resources (the Board). Following the aforementioned appointment,
Thungela Resources has reconstituted and restructured its various board committees, with effect
from 1 July 2023 as follows:

1. The Remuneration and Nomination Committee has been split into two separate
committees: the Remuneration and Human Resources Committee and the Nomination
and Governance Committee.
• The Remuneration and Human Resources Committee comprises Ben Kodisang
(Chair), Seamus French and Yoza Jekwa.
• The Nomination and Governance Committee comprises Sango Ntsaluba (Chair),
Ben Kodisang and Kholeka Mzondeki.
2. The Social, Ethics and Transformation Committee comprises Thero Setiloane (Chair),
Yoza Jekwa, July Ndlovu and the Executive Head of HR, Lesego Mataboge.
3. The Health, Safety, Environment and Risk Committee comprises Seamus French (Chair),
Sango Ntsaluba, Thero Setiloane and July Ndlovu.
4. The Investment Committee members comprises Yoza Jekwa (Chair), Sango Ntsaluba,
Seamus French and Kholeka Mzondeki.
5. There were no changes to the Audit Committee and the members remain Kholeka
Mzondeki (Chair), Ben Kodisang and Thero Setiloane.

The composition of the committees is in line with the recommendations of the King IV Report on
Corporate Governance™ for South Africa, 2016.

26 May 2023
Johannesburg


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: 26-05-2023 03:15:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
                        
                        
                        Dealing in securities by a director

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’ or ‘Thungela Resources’)

DEALING IN SECURITIES BY A DIRECTOR

In compliance with paragraphs 3.63 to 3.74 of the Listings Requirements of the JSE Limited, the following
information relating to the dealing in securities by a director of Thungela Resources is disclosed:

Director : Sango Siviwe Ntsaluba
Company : Thungela Resources
Date of transaction : 19 May 2023
Class of securities : Thungela Resources ordinary shares
Nature of transaction : On-market acquisition of ordinary shares
Number of securities : 1 300
Purchase price per share : 15073 cents
Total value of transaction : R195 949.00
Nature of interest : Direct, beneficial
Clearance obtained : Yes

22 May 2023
Rosebank

UK Financial adviser and corporate broker
Liberum Capital Limited

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

In compliance with article 19(3) of the Market Abuse Regulation (MAR), we hereby provide the following
information regarding the dealing in securities:

1 Details of the person discharging managerial responsibilities / person closely associated
a) Name Sango Siviwe Ntsaluba

2 Reason for the notification
a) Position/status PDMR – Non Executive Director
b) Initial notification /Amendment Initial notification

3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27

4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction On-market acquisition of ordinary shares
c) Price(s) and volume(s)
Price(s) Volume(s)
R150.73 1 300

d) Aggregated information
- Aggregated volume 1 300
- Price R195 949.00
e) Date of the transaction 19 May 2023
f) Place of the transaction On market

Date: 22-05-2023 03:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
                        
                        
                        Dealing in securities by a prescribed officer

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

DEALING IN SECURITIES BY A PRESCRIBED OFFICER

In compliance with paragraphs 3.63 to 3.74 of the Listings Requirements of the JSE Limited, the following
information relating to the dealing in securities by a prescribed officer of Thungela Resources is disclosed:

Prescribed Officer : Nompumelelo Sithole
Company : Thungela Resources
Date of transaction : 18 May 2023
Class of securities : Thungela Resources ordinary shares
Nature of transaction : On-market sale of ordinary shares
Number of securities : 700
Volume weighted average sale price per share : R151.59
Highest sale price per share : R151.60
Lowest sale price per share : R151.56
Total value of transaction : R106 115.92
Nature of interest : Direct, beneficial
Clearance obtained : Yes

UK Financial adviser and corporate broker
Liberum Capital Limited

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

Rosebank
18 May 2023


Notification and public disclosure of transactions by persons discharging managerial
responsibility and persons closely associated with them.

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014

1 Details of the person discharging managerial responsibilities/person closely associated
a. Name Nompumelelo Sithole

2 Reason for notification
a. Position/Status PDMR
b. Initial notification/Amendment Initial

3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or
auction monitor
a. Name Thungela Resources Limited
b. LEI 213800EGYK3BN3SRIF27

4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a. Description of the Ordinary shares of no par value
financial instrument,
type of instrument ISIN: ZAE000296554

Identification Code SEDOL: BMV3M27

b. Nature of the Sale of Shares
transaction

c. Price(s) and Volume 598 Price R151.60
volume(s)
Volume 102 Price R151.56

d. Aggregated Price: ZAR151.59
information

- Aggregated Volume Volume: 700
- Price ZAR106 115.92

e. Date of the 18 May 2023
transaction

f. Place of the XJSE
transaction

Date: 18-05-2023 05:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
                        
                        
                        Dealings in securities by directors and prescribed officers

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
("the Company")

DEALINGS IN SECURITIES BY DIRECTORS AND PRESCRIBED OFFICERS

Award and acceptance of conditional shares

In compliance with paragraphs 3.63 to 3.66 of the Listings Requirements of the JSE Limited ("the
Listings Requirements"), we hereby provide the following information regarding the award and
acceptance of conditional shares in May 2023, pertaining to the 2022 calendar year. The award
is made and accepted by the undermentioned Executive Directors and Prescribed Officers of
Thungela Resources Limited in terms of the Company's Share Plan and Remuneration Policy:


Nature of transaction Acceptance of conditional shares in terms of the
Company's 2021 Share Plan and Remuneration Policy
Class of securities Ordinary shares
Nature and extent of interest Direct, beneficial
Transactions completed on or off market Off market
Date of acceptance 9 May 2023
Vesting period/date 26 April 2026

Name Designation Number of Value of
Conditional award**
Shares* R

J Ndlovu Chief Executive Officer 49,560 8,130,768

GF Smith Chief Financial Officer 25,603 4,200,403

JPD van Schalkwyk Chief Operating Officer 19,964 3,275,251

L Martin Executive Head of Technical 17,339 2,844,586

BM Dalton Executive Head of Marketing 14,764 2,422,090

LE Mataboge Executive Head of HR 12,316 2,020,445

N Sithole Executive Head of Corporate
Affairs 12,316 2,020,445

C Venter Executive Head of SHE 12,316 2,020,445


* The vesting of the conditional shares is conditional on pre-determined performance conditions
and continued employment by Thungela up until the noted vesting date and where applicable,
the reasons for the cessation of such employment.

** The calculation of the value of these awards is based on a dividend adjusted volume
weighted average price for the 20 trading days prior to 26 April 2023, which equates to R164.06
per share.

Clearance to deal in terms of the JSE Listings Requirements was obtained.

Johannesburg
9 May 2023

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

Notification of Dealing Forms

1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name July Ndlovu
2 Reason for the notification
a) Position/status PDMR – Chief Executive Officer
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Off market acceptance of conditional long term
incentive awards
c) Price(s) and volume(s)
Price(s) Volume(s)
R164,06 49,560
d) Aggregated information
- Aggregated volume 49,560
- Price R8,130,768
e) Date of the transaction 9 May 2023
f) Place of the transaction Off market

1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Gideon Frederick Smith
2 Reason for the notification
a) Position/status PDMR – Chief Financial Officer
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Off market acceptance of conditional long term
incentive awards
c) Price(s) and volume(s)
Price(s) Volume(s)
R164,06 25,603
d) Aggregated information
- Aggregated volume 25,603
- Price R4,200,403
e) Date of the transaction 9 May 2023
f) Place of the transaction Off market

1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Johannes Petrus Daniel van Schalkwyk
2 Reason for the notification
a) Position/status PDMR – Chief Operations Officer
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Off market acceptance of conditional long term
incentive awards
c) Price(s) and volume(s)
Price(s) Volume(s)
R164,06 19,964
d) Aggregated information
- Aggregated volume 19,964
- Price R3,275,251
e) Date of the transaction 9 May 2023
f) Place of the transaction Off market

1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Leslie Martin
2 Reason for the notification
a) Position/status PDMR – Executive Head of Technical
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Off market acceptance of conditional long term
incentive awards
c) Price(s) and volume(s)
Price(s) Volume(s)
R164,06 17,339
d) Aggregated information
- Aggregated volume 17,339
- Price R2,844,586
e) Date of the transaction 9 May 2023
f) Place of the transaction Off market


1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Lesego Elias Mataboge
2 Reason for the notification
a) Position/status PDMR – Executive Head of HR
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Off market acceptance of conditional long term
incentive awards
c) Price(s) and volume(s)
Price(s) Volume(s)
R164,06 12,316
d) Aggregated information
- Aggregated volume 12,316
- Price R2,020,445
e) Date of the transaction 9 May 2023
f) Place of the transaction Off market

1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Nompumelelo Sithole
2 Reason for the notification
a) Position/status PDMR – Executive Head of Corporate Affairs
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Off market acceptance of conditional long term
incentive awards
c) Price(s) and volume(s)
Price(s) Volume(s)
R164,06 12,316
d) Aggregated information
- Aggregated volume 12,316
- Price R2,020,445
e) Date of the transaction 9 May 2023
f) Place of the transaction Off market

1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Carina Venter
2 Reason for the notification
a) Position/status PDMR – Executive Head of SHE
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Off market acceptance of conditional long term
incentive awards
c) Price(s) and volume(s)
Price(s) Volume(s)
R164,06 12,316
d) Aggregated information
- Aggregated volume 12,316
- Price R2,020,445
e) Date of the transaction 9 May 2023
f) Place of the transaction Off market

1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Bernard Dalton
2 Reason for the notification
a) Position/status PDMR – Executive Head of Marketing
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Off market acceptance of conditional long term
incentive awards
c) Price(s) and volume(s)
Price(s) Volume(s)
R164,06 14,764
d) Aggregated information
- Aggregated volume 14,764
- Price R2,422,090
e) Date of the transaction 9 May 2023
f) Place of the transaction Off market

Date: 09-05-2023 03:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
                        
                        
                        TR-1: Standard form for notification of major holdings

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
(‘Thungela’ or the ‘Company’ and together with its affiliates, the ‘Group’)

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 03/05/2023
reached vi:
6. Date on which issuer notified (DD/MM/YYYY): 05/05/2023

7. Total positions of person(s) subject to the notification obligation

% of voting rights at- % of voting rights Total of both in % Total number of
tached to shares (to- through financial instru- (8.A + 8.B) voting rights held
tal of 8. A) ments in issuer (8.A +
(total of 8.B 1 + 8.B 2) 8.B) vii
Resulting situation
on the date on which
threshold was 14.395% 14.395% 20 223 866
crossed or reached
Position of previous
notification (if 13.126% 13.126%
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 possible) Direct Indirect Direct Indirect
(DTR5.1) (DTR5.2.1) (DTR5.1) (DTR5.2.1)

20 223 866 14.395%


SUBTOTAL 8. A 20 223 866 14.395%

B 1: Financial Instruments according to DTR5.3.1R (1) (a)
Type of financial in- Expiration Exercise/ Number of voting rights % of voting rights
strument date x Conversion Period xi that may be acquired if
the instrument is
exercised/converted.

SUBTOTAL 8. B 1 NIL NIL

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


SUBTOTAL
8.B.2
NIL NIL

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 (underlying) issuer xiii X
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
(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
CORPORATION SOC 14.395% 14.395%
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 05 May 2023


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


UK Financial adviser and corporate broker
Liberum Capital Limited


Johannesburg
5 May 2023

Date: 05-05-2023 04:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
                        
                        
                        Dealings in securities by directors and prescribed officers

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’ or ‘Thungela Resources’ or ‘Thungela’)

DEALINGS IN SECURITIES BY DIRECTORS AND PRESCRIBED OFFICERS

In compliance with paragraphs 3.63 to 3.66 of the Listings Requirements of the JSE Limited, we hereby
provide the following information regarding the reinvestment of dividends accruing to ordinary shares ("Dividend
Equivalent Shares") awarded to the undermentioned Executive Directors and Prescribed Officers of Thungela Resources
in terms of clause 16.2.1 of the Company’s Share Plan. The Dividend Equivalent Shares will be subject to the same
vesting and other conditions applicable to the conditional shares as disclosed in the SENS announcements dated 1
December 2021 and 29 March 2022.

Name Designation Award Number of Value of award** Nature of interest
Dividend R
Equivalent
Shares*

J Ndlovu Chief Executive Officer LTIP 2021 64,561 10,445,324 Direct, beneficial

LTIP 2022 18,091 2,926,943

GF Smith Chief Financial Officer LTIP 2021 27,066 4,379,008 Direct, beneficial

LTIP 2022 9,345 1,511,928

JPD van Schalkwyk Chief Operating Officer LTIP 2021 21,613 3,496,767 Direct, beneficial

LTIP 2022 7,288 1,179,126

L Martin Executive Head of LTIP 2021 20,218 3,271,070 Direct, beneficial
Technical
LTIP 2022 6,329 1,023,969

BM Dalton Executive Head of Marketing LTIP 2021 19,232 3,111,545 Direct, beneficial

LTIP 2022 5,389 871,886

LE Mataboge Executive Head of HR LTIP 2021 15,171 2,454,516 Direct, beneficial

LTIP 2022 4,496 727,408

N Sithole Executive Head of Corporate LTIP 2021 14,984 2,424,261 Direct, beneficial
Affairs
LTIP 2022 4,496 727,408

C Venter Executive Head of SHE LTIP 2021 14,420 2,333,012 Direct, beneficial

LTIP 2022 4,496 727,408

* The vesting of the Dividend Equivalent Shares is conditional on pre-determined performance conditions and the
participant’s continued employment by Thungela up until the end of the vesting period (for the 2021 LTIP – 16
November 2024; and for the 2022 LTIP – 7 March 2025) in line with the 2021 Thungela Share Plan.

** The calculation of the value of these awards is based on a dividend adjusted volume weighted average price for the
20 trading days prior to 24 April 2023, which equates to R161.79 per share.

Clearances and approvals for these transactions, which are all of an off-market nature, have been obtained in
compliance with the Securities Dealing Policies and Procedures of Thungela.

3 May 2023
Rosebank

UK Financial adviser and corporate broker
Liberum Capital Limited
Tel: +44 20 3100 2000

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

In compliance with the UK Listings Requirements, we hereby provide the following information regarding the award
to and acceptance of the conditional long term incentive awards:

1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name July Ndlovu
2 Reason for the notification
a) Position/status PDMR – Chief Executive Officer
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have
been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Reinvestment of dividends accruing to ordinary shares
previously awarded under conditional long term incentive
plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R161,79 64,561
R161,79 18,091
d) Aggregated information
- Aggregated volume 82,652
- Price R13,372,267
e) Date of the transaction 2 May 2023
f) Place of the transaction Off market

1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Gideon Frederick Smith
2 Reason for the notification
a) Position/status PDMR – Chief Financial Officer
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have
been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Reinvestment of dividends accruing to ordinary shares
previously awarded under conditional long term incentive
plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R161,79 27,066
R161,79 9,345
d) Aggregated information
- Aggregated volume 36,411
- Price R5,890,936
e) Date of the transaction 2 May 2023
f) Place of the transaction Off market

1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Johannes Petrus Daniel van Schalkwyk
2 Reason for the notification
a) Position/status PDMR – Chief Operating Officer
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have
been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Reinvestment of dividends accruing to ordinary shares
previously awarded under conditional long term incentive
plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R161,79 21,613
R161,79 7,288
d) Aggregated information
- Aggregated volume 28,901
- Price R4,675,893
e) Date of the transaction 2 May 2023
f) Place of the transaction Off market

1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Leslie Martin
2 Reason for the notification
a) Position/status PDMR – Executive Head of Technical
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have
been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Reinvestment of dividends accruing to ordinary shares
previously awarded under conditional long term incentive
plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R161,79 20,218
R161,79 6,329
d) Aggregated information
- Aggregated volume 26,547
- Price R4,295,039
e) Date of the transaction 2 May 2023
f) Place of the transaction Off market

1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Bernard Michael Dalton
2 Reason for the notification
a) Position/status PDMR – Executive Head of Marketing
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have
been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Reinvestment of dividends accruing to ordinary shares
previously awarded under conditional long term incentive
plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R161,79 19,232
R161,79 5,389
d) Aggregated information
- Aggregated volume 24,621
- Price R3,983,432
e) Date of the transaction 2 May 2023
f) Place of the transaction Off market

1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Lesego Elias Mataboge
2 Reason for the notification
a) Position/status PDMR – Executive Head of Human Resources
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have
been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Reinvestment of dividends accruing to ordinary shares
previously awarded under conditional long term incentive
plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R161,79 15,171
R161,79 4,496
d) Aggregated information
- Aggregated volume 19,667
- Price R3,181,924
e) Date of the transaction 2 May 2023
f) Place of the transaction Off market

1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Nompumelelo Sithole
2 Reason for the notification
a) Position/status PDMR – Executive Head of Corporate Affairs
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have
been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Reinvestment of dividends accruing to ordinary shares
awarded under conditional long term incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R161,79 14,984
R161,79 4,496
d) Aggregated information
- Aggregated volume 19,480
- Price R3,151,669
e) Date of the transaction 2 May 2023
f) Place of the transaction Off market

1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Carina Venter
2 Reason for the notification
a) Position/status PDMR – Executive Head of Safety, Health (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have
been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Reinvestment of dividends accruing to ordinary shares
previously awarded under conditional long term incentive
plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R161,79 14,420
R161,79 4,496
d) Aggregated information
- Aggregated volume 18,916
- Price R3,060,420
e) Date of the transaction 2 May 2023
f) Place of the transaction Off market

Date: 03-05-2023 03:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

Investor Relations Contact

Ryan Africa
Head Office: 25 Bath Avenue, Rosebank
Email: ryan.africa@thungela.com
Tel: +27 (0) 11 638 0237
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Please beware of share fraud.  An unauthorised third party operating in the name and style of JSE Limited - Preference Shares Department, is offering a fraudulent subscription of redeemable Thungela preference shares.