SENS & Regulatory Announcements

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

                        
                        
                        Thungela Resources Limited Trading Statement for the year ended 31 December 2023

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 year ended 31 December 2023

Shareholders are advised that Thungela and its directors have a reasonable degree of
certainty related to the expected financial results of the Group for the year ended
31 December 2023 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 year ended
31 December 2023 (the 'current period') is expected to be between R34 and R39, a
decrease of between R88.08 and R93.08 per share compared to EPS of R127.08 for
the year ended 31 December 2022 (the 'prior period'). Earnings attributable to the
shareholders of the Group for the current period is expected to be between R4.6 billion
and R5.3 billion.

Headline earnings per share1 ('HEPS') for the current period is expected to be between
R31 and R36, a decrease of between R94.82 and R99.82 per share compared to HEPS
of R130.82 for the prior period. Headline earnings attributable to the shareholders of the
Group for the current period is likely to be between R4.3 billion and R4.9 billion
(compared to R17.5 billion in the prior period).

These earnings numbers include various once-off, non-cash adjustments related to the
acquisition of the Ensham Business, and the related accounting treatment thereof. The
Group has consolidated 85% of the results of the Ensham Business from the acquisition
date of 31 August 2023.

These EPS and HEPS figures are calculated using a weighted average number of
shares of 137,056,628 for the current period and 133,684,828 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 34.00 - 39.00 88.08 - 93.08 69 - 73
HEPS 31.00 - 36.00 94.82 - 99.82 72 - 76

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 year ended 31 December 2023
on 18 March 2024. 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 registration:
https://78449.themediaframe.com/links/thungela240318_1200.html

Conference call registration:
https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNum
ber=1552324&linkSecurityString=48259d3f0

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 1/2021, net of related tax and non-
controlling interests.


Rosebank
23 February 2024

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 document includes forward-looking statements. All statements other than
statements of historical facts included in this document, 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
Ryan Africa
Email: ryan.africa@thungela.com

Shreshini Singh
Email: shreshini.singh@thungela.com

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

UK Financial adviser and corporate broker
Liberum Capital Limited

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

Date: 23-02-2024 09:00:00
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' or 'Thungela Resources')

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 Allan Gray Proprietary Limited
("Allan Gray") has notified the Company that accounts under its management
have increased their holding in the Company such that they now hold 5.0055%
of the total issued ordinary shares of 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 Resources 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 Resources is true and that this announcement does not omit anything
likely to affect the importance of such information.

Johannesburg

9 February 2024

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

UK Financial adviser and corporate broker Liberum Capital Limited
TR-1: Standard form for notification of major holdings

1. Issuer Details
ISIN
ZAE000296554
Issuer Name
Thungela Resources Limited
UK or Non-UK Issuer
Non-UK

2. Reason for Notification
An acquisition or disposal of voting rights

3. Details of person subject to the notification obligation
Name
Allan Gray Proprietary Limited
City of registered office (if applicable)
Cape Town
Country of registered office (if applicable)
South Africa

4. Details of the shareholder
Full name of shareholder(s) if different from the person(s) subject
to the notification obligation, above

City of registered office (if applicable)

Country of registered office (if applicable)

5. Date on which the threshold was crossed or reached
06-Feb-2024

6. Date on which Issuer notified
08-Feb-2024

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

% of voting % of voting rights Total of both Total number
rights attached through financial in % (8.A + 8.B) of voting
to shares (total instruments (total rights held in
of 8.A) of 8.B 1 + 8.B 2) issuer

Resulting situation 5.005500 0.000000 5.005500 7032326
on the date on
which threshold
was crossed or
reached

Position of
previous
notification (if
applicable)

8. Notified details of the resulting situation on the date on which
the threshold was crossed or reached

8A. Voting rights attached to shares
Class/Type of Number of direct Number of indirect % of direct voting % of indirect
shares ISIN voting rights voting rights rights (DTR5.1) voting rights
code(if possible) (DTR5.1) (DTR5.2.1) (DTR5.2.1)

ZAE000296554 7032326 5.005500

Sub Total 8.A 7032326 5.005500%

8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial Expiration Exercise/conversion Number of voting rights that may % of
instrument date period be acquired if the instrument is voting
exercised/converted rights
Sub Total 8.B1

8B2. Financial Instruments with similar economic effect according
to (DTR5.3.1R.(1) (b))
Type of Expiration Exercise/conversion Physical or cash Number of % of voting
financial date period settlement voting rights rights
instrument
Sub Total 8.B2

9. Information in relation to the person subject to the notification
obligation
1. 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.
Ultimate Name of % of voting rights % of voting rights Total of both if it
controlling person controlled if it equals or is through financial equals or is
undertaking higher than the instruments if it equals higher than the
notifiable or is higher than the notifiable
threshold notifiable threshold threshold
10. In case of proxy voting
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

12. Date of Completion
08-Feb-2024

13. Place Of Completion
Cape Town

Notes
i Please note this form should be read jointly with the applicable Disclosure Guidance and Transparency Rules Chapter
5 (DTR5) available on the following link: https://www.handbook.fca.org.uk/handbook/DTR/5/?view=chapter
ii Full name of the legal entity and further specification of the issuer or underlying issuer, provided it is reliable and
accurate (e.g. address, LEI, domestic number identity). Indicate in the relevant section whether the issuer is a non UK
issuer.
iii Other reason for the notification could be voluntary notifications, changes of attribution of the nature of the holding
(e.g. expiring of financial instruments) or acting in concert.
iv This should be the full name of (a) the shareholder; (b) the natural person or legal entity acquiring, disposing of or
exercising voting rights in the cases provided for in DTR5.2.1 (b) to (h); (c) all parties to the agreement referred to in
DTR5.2.1 (a) or (d) the holder of financial instruments referred to in DTR5.3.1.

As the disclosure of cases of acting in concert may vary due to the specific circumstances (e.g. same or different total
positions of the parties, entering or exiting of acting in concert by a single party) the standard form does not provide for
a specific method how to notify cases of acting in concert.

In relation to the transactions referred to in DTR5.2.1 (b) to (h), the following list is provided as indication of the persons
who should be mentioned:

- in the circumstances foreseen in DTR5.2.1 (b), the natural person or legal entity that acquires the voting rights
and is entitled to exercise them under the agreement and the natural person or legal entity who is transferring
temporarily for consideration the voting rights;

- in the circumstances foreseen in DTR5.2.1 (c), the natural person or legal entity holding the collateral, provided
the person or entity controls the voting rights and declares its intention of exercising them, and natural person or
legal entity lodging the collateral under these conditions;

- in the circumstances foreseen in DTR5.2.1 (d), the natural person or legal entity who has a life interest in shares
if that person or entity is entitled to exercise the voting rights attached to the shares and the natural person or
legal entity who is disposing of the voting rights when the life interest is created;

- in the circumstances foreseen in DTR5.2.1 (e), the controlling natural person or legal entity and, provided it has
a notification duty at an individual level under DTR 5.1, under DTR5.2.1 (a) to (d) or under a combination of any
of those situations, the controlled undertaking;

- in the circumstances foreseen in DTR5.2.1 (f), the deposit taker of the shares, if he can exercise the voting rights
attached to the shares deposited with him at his discretion, and the depositor of the shares allowing the deposit
taker to exercise the voting rights at his discretion;

- in the circumstances foreseen in DTR5.2.1 (g), the natural person or legal entity that controls the voting rights;

- in the circumstances foreseen in DTR5.2.1 (h), the proxy holder, if he can exercise the voting rights at his
discretion, and the shareholder who has given his proxy to the proxy holder allowing the latter to exercise the
voting rights at his discretion (e.g. management companies).
v Applicable in the cases provided for in DTR5.2.1 (b) to (h). This should be the full name of the shareholder who is the
counterparty to the natural person or legal entity referred to DTR5.2 unless the percentage of voting rights held by the
shareholder is lower than the lowest notifiable threshold for the disclosure of voting rights holdings in accordance with
national practices (e.g. identification of funds managed by management companies).
vi The date on which threshold is crossed or reached should be the date on which the acquisition or disposal took place
or the other reason triggered the notification obligation. For passive crossings, the date when the corporate event took
effect.
vii The total number of voting rights held in the issuer shall be composed of all the shares, including depository receipts
representing shares, to which voting rights are attached even if the exercise thereof is suspended.
viii If the holding has fallen below the lowest applicable threshold, please note that it might not be necessary to disclose
the extent of the holding, only that the new holding is below that threshold.
ix In case of combined holdings of shares with voting rights attached "direct holding" and voting rights "indirect holding",
please split the voting rights number and percentage into the direct and indirect columns – if there is no combined
holdings, please leave the relevant box blank.
x Date of maturity/expiration of the financial instrument i.e. the date when right to acquire shares ends.
xi If the financial instrument has such a period – please specify this period – for example once every 3 months starting
from [date].
xii In case of cash settled instruments the number and percentages of voting rights is to be presented on a delta-adjusted
basis (DTR 5.3.3.A).
xiii If the person subject to the notification obligation is either controlled and/or does control another undertaking then
the second option applies.
xiv The full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity has to be
presented also in the cases, in which only on subsidiary level a threshold is crossed or reached and the subsidiary
undertaking discloses the notification as only in this way will the markets get always the full picture of the group holdings.
In case of multiple chains through which the voting rights and/or financial instruments are effectively held the chains
have to be presented chain by chain by numbering each chain accordingly. Please see the below example:
Name of ultimate controlling person A (chain 1)
Name of controlled undertaking B
Name of controlled undertaking C
Name of ultimate controlling person A (chain 2)
Name of controlled undertaking B
Name of controlled undertaking D
Name of ultimate controlling person A (chain3)
Name of controlled undertaking E
Name of controlled undertaking F
xv The names of controlled undertakings through which the voting rights and/or financial instruments are effectively held
have to be presented irrespectively whether the controlled undertakings cross or reach the lowest applicable threshold
themselves.
xvi Example: Correction of a previous notification.

Date: 09-02-2024 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.
                        
                        
                        Chief Financial Officer’s Pre-Close Statement for the financial year ending 31 December 2023

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')

Chief Financial Officer's Pre-Close Statement
for the financial year ending 31 December 2023

Operational agility sees Thungela confirm its full year 2023 guidance despite continued
rail challenges, while also achieving higher than expected production at Ensham

Dear Stakeholder

As we approach the end of 2023, we are proud to report that we have demonstrated
resilience in the face of external challenges, made substantial progress in executing our
strategic objectives, and continued to live up to our purpose - to responsibly create
value together for a shared future.

Based on the Group's performance for the period 1 January 2023 to 30 November 2023
("the year to date"(1)), we are set to achieve the full-year guidance metrics as outlined in
our 2023 interim results released in August 2023.

The following are the key insights into our performance for the year to date and our
expectations for the financial year ending 31 December 2023.

• Energy demand reduced in Europe, China and much of Asia following the
milder 2023 Northern Hemisphere winter. This reduction in demand was further
exacerbated by already high coal and gas stock levels in key import hubs.
Inventory levels in the main coal supply hubs increased due to the low demand in
Europe, with more producers shifting their focus to the Asian-Pacific market.
Energy prices, including the price of coal, remain volatile and susceptible to
ongoing geopolitical tensions.

• Benchmark coal prices softened markedly in 2023 following the record levels
observed in 2022. The Richards Bay Benchmark coal price(2) has averaged
USD122.88/tonne for the year to date, compared to USD270.87/tonne for FY
2022. The Newcastle Benchmark coal price(3) has averaged USD175.15/tonne for
the year to date, compared to USD360.19/tonne for FY 2022.

• Discount to the Richards Bay Benchmark coal price has been approximately
15% for the year to date, compared to 15% for FY 2022 and 18% for H1 2023.
Discounts in the second half of the year narrowed as prices retracted. The
average realised export price for product sold ex-Richards Bay Coal Terminal
("RBCT") for the year to date is USD104.85/tonne, compared to
USD229.21/tonne for FY 2022.

• The premium achieved by Ensham to the Newcastle Benchmark coal price
has been approximately 10.4% from completion of the acquisition on 31 August
2023 through to 30 November 2023. This premium is due primarily to the
composition of the Ensham sales book which includes volumes sold at fixed
prices. The average realised price for product from Ensham is USD153.44/tonne
for the same period.

• Export saleable production relating to our South African operations is
expected to be 12.1Mt for FY 2023, marginally higher than the mid-point of the
guidance range of 11.5Mt to 12.5Mt issued in August 2023. The removal of three
underground sections in response to poor rail performance resulted in a
decrease of 7.6% compared to the prior year (FY 2022: 13.1Mt).

• Export saleable production at Ensham(4) for FY 2023 is expected to be 2.9Mt
(on a 100% basis), higher than the expectation of 2.7Mt that prevailed upon
completion of the acquisition - this increase is primarily due to an enhanced focus
on productivity. The attributable export saleable production from Ensham for the
Group in FY 2023 is expected to be 0.8Mt - this represents 85% of the total
production for the four months from completion of the acquisition to the end of
the year (refer to Annexure A).

• FOB cost per export tonne excluding royalties for the South African
operations for FY 2023 is expected to be at the low end of the revised guidance
range of R1,120 to R1,200/tonne issued in August 2023 - this is due to higher-
than-expected domestic revenue offsets and a positive movement in the non-
cash rehabilitation provisions. Including royalties, the FOB cost per export tonne
is expected to be at the low end of the revised guidance range of R1,170 to
R1,250/tonne.

• FOB cost per export tonne excluding royalties at Ensham(5)is expected to be
approximately R1,947/tonne for the period from completion through to the end of
the year (refer to Annexure A). Including royalties, the FOB cost per export tonne
is expected to be R2,342/tonne.

• Export equity sales for the South African operations are expected to be
relatively stable year-on-year with 12.1Mt for FY 2023, compared to 12.2Mt in FY
2022.

• Export equity sales for Ensham4 are expected to be 3.0Mt for FY 2023. The
Group expects to recognise 1.2Mt of sales, representing 100% of the sales in the
four months following completion of the transaction (refer to Annexure A).

• Capital expenditure for the South African operations for FY 2023 is expected
to be R3.0 billion, at the lower end of the guidance range. This consists of
R1.4 billion relating to sustaining capital and R1.6 billion relating to expansionary
capital for the Elders and Zibulo North Shaft projects.

• Capital expenditure at Ensham for FY 2023 is expected to be R1.0 billion (on a
100% basis) - this relates to sustaining capex only. The Group is expected to
recognise R0.3 billion which represents the attributable capital expenditure
incurred in the period from completion through to the end of the year on an 85%
basis (refer to Annexure A).

• The Group had a net cash position of R10.5 billion on 30 November 2023. In
December 2023 we received the Ensham economic benefit deed payment of
R0.8 billion. We also expect to pay R2.1 billion in taxes and royalties in South
Africa in December 2023. Taking into account these movements, as well as
expected cash generation from operations and capital spend for December, net
cash is expected to be approximately R9.6 billion at the end of 2023.

Managing the impact of continued poor rail performance

The inconsistent and poor Transnet rail performance continued to weigh heavily on the
South African coal mining industry and indeed on the Group's results in the second half
of the year. The annualised industry run rate dropped from 48.0Mtpa in H1 2023 to
45.9Mtpa in the second half of the year through to the end of November 2023. This
results in an annualised run rate of 47.0Mtpa for the year to date, below the 50.3Mt
railed in 2022.

The deterioration in the second half of the year has been primarily attributable to an
increase in security related issues as well as locomotive failures. The coal industry,
including Thungela, continues to work closely with Transnet to remedy the security
situation and has been supporting Transnet through additional security coverage since
November 2023. A sustainable solution is dependent on the procurement of spares for
the locomotives supplied by the Chinese locomotive supplier CRRC, either directly from
CRRC, or from alternative suppliers. Thungela and the coal industry recognises the
need for urgent intervention and RBCT (on behalf of the industry) has placed orders
with alternative suppliers for critical locomotive spares. Transnet is also in the process
of procuring locomotive spares from alternative equipment manufacturers.

In response to the continued rail underperformance, we curtailed production at three
underground sections earlier this year and instituted free-on-truck sales in order to
better manage stockpile capacity at our operations. We continued to truck coal from our
operations to nearby sidings, allowing for further rail loading options and reducing the
risk of train cancellations. The wider distribution pattern and our rapid load-out terminals
are physical infrastructure advantages which allow us to benefit from additional trains
when TFR experiences problems on certain sections elsewhere on the line. As a result,
the Group expects to rail 12.0Mt in 2023.

Update on the Ensham acquisition

Earlier this year, we announced the acquisition of the Ensham thermal coal mine in
Queensland Australia, marking a significant milestone on our journey to geographic
diversification, and we successfully completed the transaction on 31 August 2023.

It was imperative that the acquisition be value accretive for shareholders and the
transaction was structured to enable Thungela to benefit from the economics of the
Ensham Business from the lock-box date of 1 January 2023 through to completion. We
are pleased to report that the Group has received R0.8 billion in cash through this
mechanism, higher than initial estimates. Together with the final closing adjustments,
this results in a reduction in the purchase price of the Ensham Business from the initial
R4.1 billion, to approximately R3.2 billion.

The acquisition substantially increases Thungela's coal resource base and provides
access to new markets, notably Japan, as well as exposure to the Newcastle
Benchmark coal price. The Ensham sales book consists of volumes sold against the
Newcastle Benchmark coal price, the Japanese Reference Price as well as fixed price
contracts with large utilities.

Thungela assumed control of the operations on 1 September 2023, resulting in an
enhanced focus on productivity. We are confident that the mine should produce 2.9Mt
(on a 100% basis) in 2023, higher than our initial expectation of 2.7Mt at the time of
completion of the transaction. The integration of Ensham into the Group has progressed
well and we completed the transition of all services from the previous owner on
30 November 2023. Key areas of judgement in relation to the acquisition of the Ensham
Business, and the impact thereof on the financial results for the year, are in the process
of being finalised.

Commitment to capital allocation framework and shareholder returns

In South Africa we also continue to make good progress on the Elders and Zibulo North
Shaft projects which are on track with regard to both the expected completion schedule
and total expected spend. By the end of 2023 we expect to have spent a total of
R1.6 billion on the two projects, with a further R2.8 billion expected to be spent in future
to complete the projects.

While agile operational performance has allowed the Group to navigate challenging rail
and price headwinds this year, a degree of caution pertaining to balance sheet flexibility
remains appropriate as softening coal prices have put the Group on a lower cash
generation trajectory.

Disciplined capital allocation remains a cornerstone of Thungela's strategy, and our
capital allocation strategy continues to be informed by the funding requirements for our
projects as well as the continued uncertainty relating to rail performance. Accordingly,
the board considers it appropriate to maintain a cash buffer of R5 billion as well as to
continue to reserve the cash required for the ongoing execution of the Elders and Zibulo
North Shaft projects.

The board also reaffirms that it is committed to shareholder returns in accordance with
Thungela's stated dividend policy, which is to target a minimum payout of 30% of
adjusted operating free cash flow(6), and the Group's capital allocation framework which
prioritises the return of capital to shareholders while maintaining balance sheet
flexibility.

Our disciplined capital allocation approach, agility and enhanced resilience have served
us well in 2023, enabling us to execute on our strategic priorities, adapt to changing
market conditions and ensure that we are able to continue to create superior returns for
our shareholders in the long-term.

Deon Smith
Chief Financial Officer

Annexure A: Ensham accounting treatment

As a result of the acquisition, Thungela, through its subsidiary Sungela Holdings,
obtained an 85% interest in the Ensham Business, with the remaining 15% owned by
LX International, through its subsidiary Bowen Investment (Australia).

Thungela holds a 75% interest in Sungela Holdings, with the remaining 25% held by
Audley Energy and Mayfair Corporations Group (the co-investors). The co-investors
purchase of equity in Sungela Holdings was funded through a mezzanine loan provided
by Thungela, which is repayable in February 2025. The co-investors are required to
apply 90% of any distributions from Sungela Holdings towards repayment of the loan.

The results of the Ensham Business have been included in the Thungela Group results
from the date the Group obtained operational control, being 1 September 2023. The
contractual agreements governing the Ensham Business result in Thungela recognising
85% of the results of the mine on a line-by-line basis, including saleable production.
Thungela is responsible for marketing all coal produced by the Ensham Business, and
thus sales volumes are recognised at 100%. Attributable metrics from Ensham
represent the Group's 85% interest therein, other than sales metrics which are at 100%.
The incremental costs relating to the 15% of sales volumes are recognised as coal
purchased from our joint venture partner within operating costs. The results of the
Thungela Group for the year ended 31 December 2022 will not be updated to reflect the
results of the Ensham Business before the date we obtained control thereof.

Annexure B: Operational performance

Table 1: Export saleable production by operation
Export saleable 2022 2023 % change
production Actual Forecast(7)
Mt
(a) (b) (b-a)/a
South Africa
Underground 9.7 9.0 -7%
Zibulo 4.3 4.2 -2%
Greenside 2.6 1.9 -27%
Goedehoop(8) 2.8 2.9 4%

Opencast 3.4 3.1 -9%
Khwezela 1.6 1.6 —
Mafube 1.8 1.5 -17%

Australia
Ensham (85%) 0.0 0.8 —

TOTAL 13.1 12.9 -2%


Table 2: Export sales by segment
Export sales 2022 2023 % change
Mt Actual Forecast(7)


South Africa 12.2 12.1 1%
Underground 8.8 9.3 6%
Opencast 3.4 2.8 -18%

Australia
Ensham (100%) 0.0 1.2 —
Export sales 0.0 1.0 —
Domestic sales 0.0 0.2 —

TOTAL 12.2 13.3 9%

Footnotes

1. All references to "year to date" refer to the period from 1 January 2023 to 30
November 2023 (FY 2023). FY 2022 refers to the period from 1 January 2022 to
31 December 2022.
2. Richards Bay Benchmark price reference for 6,000kcal/kg thermal coal exported
from the Richards Bay Coal Terminal.
3. Newcastle Benchmark price reference for 6,000kcal/kg coal exported from
Newcastle, Australia. The NEWC Index is the main price reference for physical
coal contracts in Asia and is the settlement price for a significant volume of index-
linked contracts.
4. Production at Ensham is crushed and screened before being sold into either the
export or Australian domestic market. Sales into the Australian domestic market
are at export parity prices and, as a result, all production at Ensham is
considered to be export saleable production.
5. Based on an average ZAR/AUD exchange rate of R12.05:AUD1.00 for the four
months from the completion of the acquisition.
6. Adjusted operating free cash flow is net cash flows from operating activities less
sustaining capex.
7. Based on the latest available management forecasts. Final figures may differ by
± 5%.
8. Export saleable production for Goedehoop includes approximately 715kt (2022:
372kt) attributable to the Nasonti operation.

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

A trading statement will be released once the Company has reasonable certainty on the
expected ranges for EPS and HEPS and to the extent required by the JSE Listing
Requirements.

Investor Call Details
A conference call and audio webinar relating to the details of this announcement will be
held at 13:00 SAST on Wednesday, 13 December 2023. A recording of the audio
webinar will be made available on the Thungela website from 17:00 SAST on the same
date – www.thungela.com/investors.

Conference Call registration:
https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNum
ber=2089702&linkSecurityString=57bdebc4a

Audio webinar registration:
https://themediaframe.com/mediaframe/webcast.html?webcastid=g3bZvNrt

Disclaimer

This announcement includes forward-looking statements. All statements other than
statements of historical facts contained 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, or may be deemed to
be, 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 may be required by
law.

The information contained in 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

Shreshini Singh
Email: shreshini.singh@thungela.com

Media Contacts
Hulisani Rasivhaga
Email: hulisani.rasivhaga@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)

Rosebank
13 December 2023

Date: 13-12-2023 09:00:00
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' or 'Thungela Resources')

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 the Public Investment
Corporation SOC Limited (PIC) has notified the Company that accounts under its management
have increased its holding in the Company such that the PIC now holds 15.214% 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 an-
nouncement 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
3 November 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)

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 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
30/10/2023
reached (vi):

6. Date on which issuer notified (DD/MM/YYYY): 02/11/2023

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

% of voting rights at- % of voting rights Total number of
tached to shares (to- through financial instru- Total of both in % voting rights held
tal of 8. A) ments (8.A + 8.B) in issuer (8.A +
(total of 8.B 1 + 8.B 2) 8.B) vii


Resulting situation
on the date on which
threshold was
crossed or reached 15.214% 15.214% 21 373 902


Position of previous
notification (if 14.081% 14.081%
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)

21 373 902 15.214%



SUBTOTAL 8. A 21 373 902 15.214%





B1: Financial Instruments according to DTR5.3.1R (1) (a)
Number of voting rights
Type of financial in- Expiration Exercise/ that may be acquired if
strument date (x) Conversion Period (xi) the instrument is % of voting rights
exercised/converted.



SUBTOTAL 8.B 1 NIL NIL



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





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 (underlying) 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 X
(please add additional rows as necessary) (xiv)

% of voting rights
% of voting rights if it through financial in- Total of both if it
equals or is higher struments if it equals equals or is higher
than the notifiable or is higher than the than the notifiable
Name (xv) threshold notifiable threshold threshold




PUBLIC INVESTMENT
CORPORATION SOC 15.214% 15.214%
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 02 November 2023





Date: 03-11-2023 09:00:00
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 change in 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" or "Thungela Resources")

DISCLOSURE OF CHANGE IN 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 4.48% 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 an-
nouncement 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
25 October 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 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 JPMorgan Chase & Co
City and country of registered office (if applicable)

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 18/10/2023
reached vi:

6. Date on which issuer notified (DD/MM/YYYY): 24/10/2023

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 4.48% 4.48% 6,291,232
on the date on which
threshold was
crossed or reached
Position of previous 5.31% 5.31%
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)
6,291,232 4.48%


SUBTOTAL 8. A 6,291,232 4.48%

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


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

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
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity X
(please add additional rows as necessary) xiv
% of voting rights
% of voting rights if it through financial in- Total of both if it
equals or is higher struments if it equals equals or is higher
than the notifiable or is higher than the than the notifiable
Name xv threshold notifiable threshold threshold

JPMorgan Chase & Co

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 25 October 2023

Date: 25-10-2023 01:00:00
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
(‘Company’ or ‘Thungela Resources’)

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 06/10/2023
reached vi:

6. Date on which issuer notified (DD/MM/YYYY): 10/10/2023

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 14.081% 14.081% 19 783 117
on the date on which
threshold was
crossed or reached
Position of previous 13.998% 13.998%
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)
19 783 117 14.081%

SUBTOTAL 8. A 19 783 117 14.081%

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 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 (underlying) 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
(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 14.081% 14.081%
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
Place of completion PRETORIA, SOUTH AFRICA
Date of completion 10 October 2023

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

UK Financial adviser and corporate broker
Liberum Capital Limited

Johannesburg
11 October 2023

Date: 11-10-2023 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.
                        
                        
                        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’)

DEALINGS IN SECURITIES BY DIRECTORS AND PRESCRIBED OFFICERS – ALLOCATION OF DIVIDEND EQUIVALENT 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 reinvestment of dividends
accruing to ordinary shares (“Dividend Equivalent Shares”) awarded on 29 September 2023 to the
undermentioned Executive Directors and Prescribed Officers of Thungela Resources in terms of clause 16.2.1
of the 2021 Thungela 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, 29 March 2022 and 9 May 2023.

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

J Ndlovu Chief Executive Officer LTIP 2021 21,734 3,256 840 Direct, Beneficial
LTIP 2022 6,090 912,587
LTIP 2023 3,307 495,554

GF Smith Chief Financial Officer LTIP 2021 9,111 1,365,283 Direct, Beneficial
LTIP 2022 3,147 471,578
LTIP 2023 1,709 256,094

JPD van Schalkwyk Chief Operating Officer LTIP 2021 7,277 1,090,458 Direct, Beneficial
LTIP 2022 2,453 367,582
LTIP 2023 1,332 199,600

L Martin Executive Head of LTIP 2021 6,805 1,019,729 Direct, Beneficial
Technical
LTIP 2022 2,130 319,181
LTIP 2023 1,157 173,376

BM Dalton Executive Head of LTIP 2021 6,475 970,279 Direct, Beneficial
Marketing
LTIP 2022 1,814 271,828
LTIP 2023 985 147,602

LE Mataboge Executive Head of HR LTIP 2021 5,106 765,134 Direct, Beneficial
LTIP 2022 1,513 226,723
LTIP 2023 822 123,177

N Sithole Executive Head of Corporate LTIP 2021 5,043 755,694 Direct, Beneficial
Affairs
LTIP 2022 1,513 226,723
LTIP 2023 822 123,177

C Venter Executive Head of SHE LTIP 2021 4,855 727,522 Direct, Beneficial
LTIP 2022 1,513 226,723
LTIP 2023 822 123,177

* The vesting of the Dividend Equivalent Shares is conditional on pre-determined performance conditions and continued employment
by Thungela up until the end of the employment period for the 2021 LTIP – 16 November 2024; the 2022 LTIP – 7 March 2025; and
the 2023 LTIP - 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 26 August 2023, which equates to R149.85 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.

5 October 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 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 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)
R149,85 21,734
R149,85 6,090
R149,85 3,307
d) Aggregated information
- Aggregated volume 31,131
- Price R4,664,980
e) Date of the transaction 29 September 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 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)
R149,85 9,111
R149,85 3,147
R149,85 1,709
d) Aggregated information
- Aggregated volume 13,967
- Price R2,092,955
e) Date of the transaction 29 September 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 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 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)
R149,85 7,277
R149,85 2,453
R149,85 1,332
d) Aggregated information
- Aggregated volume 11,062
- Price R1,657,641
e) Date of the transaction 29 September 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 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)
R149,85 6,805
R149,85 2,130
R149,85 1,157
d) Aggregated information
- Aggregated volume 10,092
- Price R1,512,286
e) Date of the transaction 29 September 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 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 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)
R149,85 6,475
R149,85 1,814
R149,85 985
d) Aggregated information
- Aggregated volume 9,274
- Price R1,389,709
e) Date of the transaction 29 September 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 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 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)
R149,85 5,106
R149,85 1,513
R149,85 822
d) Aggregated information
- Aggregated volume 7,441
- Price R1,115,034
e) Date of the transaction 29 September 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 Reinvestment of dividends accruing to ordinary
shares awarded under conditional long term
incentive plan
c) Price(s) and volume(s)
Price(s) Volume(s)
R149,85 5,043
R149,85 1,513
R149,85 822

d) Aggregated information
- Aggregated volume 7,378
- Price R1,105,593
e) Date of the transaction 29 September 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)
R149,85 4,855
R149,85 1,513
R149,85 822
d) Aggregated information
- Aggregated volume 7,190
- Price R1,077,422
e) Date of the transaction 29 September 2023
f) Place of the transaction Off market

Date: 05-10-2023 09:00:00
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’ or ‘Thungela Resources’)

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 increased its holding in the
Company such that JPMorgan Chase & Co. now holds 5.31% 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 an-
nouncement 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
2 October 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 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 JPMorgan Chase & Co
City and country of registered office (if applicable)

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 26/09/2023
reached vi:

6. Date on which issuer notified (DD/MM/YYYY): 29/09/2023

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 5.31% 5.31% 7,459,511
on the date on which
threshold was
crossed or reached
Position of previous 4.60% 4.60%
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)
7,459,511 5.31%

SUBTOTAL 8. A 7,459,511 5.31%
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




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

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 in- equals or is higher
than the notifiable struments if it equals than the notifiable
threshold or is higher than the threshold
notifiable threshold
JPMorgan Chase & Co 5.31% 5.31%

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 29 September 2023

Date: 02-10-2023 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.
                        
                        
                        Incorrect disclosure of significant holding of Thungela Resources 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’ or ‘Thungela Resources’)

INCORRECT DISCLOSURE OF SIGNIFICANT HOLDING OF THUNGELA RESOURCES
ORDINARY SHARES

Shareholders were advised on 7 September 2023 that JPMorgan Chase & Co. had notified the
Company that accounts under its management had increased its holding in the Company to 5.21%
of the issued ordinary shares in the Company.

Shareholders are now advised that the Company has been notified by JPMorgan Chase & Co
that, due to a late cancellation of trade, the notification as announced was incorrect and that ac-
counts under its management remain at 4.60% of the issued ordinary shares in the Company.

The Company has requested that the Takeover Regulation Panel in South Africa disregard the
notice erroneously lodged on 7 September 2023.

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 Resources is true and that this announcement does
not omit anything likely to affect the importance of such information.

Johannesburg
19 September 2023

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

UK Financial adviser and corporate broker
Liberum Capital Limited

Date: 19-09-2023 09:00:00
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 Resources 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’ or ‘Thungela Resources’)

DISCLOSURE OF SIGNIFICANT HOLDING OF THUNGELA RESOURCES 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 increased its holding in the
Company such that JPMorgan Chase & Co. now holds 5.21% 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 Resources is true and that this announcement does
not omit anything likely to affect the importance of such information.

Johannesburg
7 September 2023

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

UK Financial adviser and corporate broker
Liberum Capital Limited

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 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 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 04/09/2023
reached vi:

6. Date on which issuer notified (DD/MM/YYYY): 06/09/2023

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 5.21% 5.21% 7,317,371
on the date on which
threshold was
crossed or reached
Position of previous 2.46% 2.46%
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)
7,317,371 5.21%
SUBTOTAL 8. A 7,317,371 5.21%

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

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

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 in- equals or is higher
than the notifiable struments if it equals than the notifiable
threshold or is higher than the threshold
notifiable threshold
JPMorgan Chase & Co 5.21% 5.21%

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 06 September 2023

Date: 07-09-2023 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.

Investor Relations Contact

Ryan Africa
Head Office: 25 Bath Avenue, Rosebank
Email: ryan.africa@thungela.com
Tel: +27 (0) 11 638 9363
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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.