SENS & Regulatory Announcements

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

                        
                        
                        Appointment of independent non-executive director and change to board committee

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”)

APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND CHANGE TO
BOARD COMMITTEE

In compliance with paragraph 3.59 of the JSE Limited Listings Requirements, shareholders are advised
of the appointment of Yoza Noluyolo Jekwa (“Yoza”) as an independent non-executive director to the
Thungela board of directors, and as member of the Thungela Social and Ethics Committee, with effect
from 12 August 2022.

Yoza is the CEO and Co-founder of Thrive Capital Partners (an investment firm focussed on
infrastructure and impact investing in SA and other parts of Sub-Saharan Africa. Prior to establishing
Thrive Capital Partners, Yoza was the CEO of Mergence Investment Managers, a mid-sized diversified
asset management company with products in the listed and unlisted space, with circa R35 billion of
Assets Under Management. She also has extensive investment banking experience as an originator
and structurer of acquisition financing/ investments for mid to large cap corporates in South Africa, Sub
Saharan Africa and Europe, as a dealmaker within RMB and as a Principal in Acquisition and Leverage
Finance at Nedbank. Yoza currently serves as an independent non-executive director on the board of
Brait PLC. She is also an independent non-executive director on the board of Northam Platinum, and a
member of its HR, Social Ethics and Transformation Committee, its Audit and Risk Committee, and its
Occupational Health and Safety Committee. She is a former independent non-executive director and
Chair of the Investment Committee at Ascendis Health Limited. Yoza is actively involved in various
outreach and social responsibility programmes.

The Thungela board of directors welcome Yoza and look forward to the knowledge and experience that
she will contribute to the group.

Qualifications: MBChB (medical degree) and MBA (finance focus) from the University of the
Witwatersrand.

Current directorships and/or partnerships Past directorships and/or partnerships
Northam Platinum Ltd Ascendis Health Limited
Brait PLC

Thungela confirms that there is no further information required to be disclosed pursuant to paragraph
9.6.15 of the UK Listing Rules.

UK financial adviser and corporate broker
Liberum Capital Limited

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

Rosebank
12 August 2022

Date: 12-08-2022 05:30:00
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.
                        
                        
                        Thungela Resources Limited Trading Statement for the six months ended 30 June 2022

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')

Thungela Resources Limited Trading Statement for the six
months ended 30 June 2022

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 six months ended 30 June 2022 in line with paragraph
3.4(b) of the JSE Listings Requirements.

Expected earnings and headline earnings per share

Shareholders are advised that earnings per share (‘EPS’) for the six months ended 30 June 2022 (the
‘current period’) is expected to be between R66.85 and R67.45, an increase of between R63.72 and R64.32
per share compared to the earnings per share of R3.13 for the six months ended 30 June 2021 (the ‘prior
period’).

Headline earnings per share(1) (‘HEPS’) for the current period is expected to be between R66.85 and R67.45,
an increase of between R63.80 and R64.40 per share compared to HEPS of R3.05 for the prior period.
Headline earnings attributable to shareholders of the Group for the current period is likely to be between
R8.9 billion and R9.0 billion (compared to R227 million in the prior period).

These EPS and HEPS figures are calculated using a weighted average number of shares (‘WANOS’) of
133,267,081 for the current period and 74,408,794 for the prior period.

Earnings increased as a result of the increase in revenue driven by the strong Benchmark coal price for
thermal coal and higher realised prices achieved in the first half of 2022 but was impacted by increased
operating costs which have been driven by increased royalty charges and external factors such as rising
costs across the energy complex, as well as global inflationary pressures. Given the strong Benchmark coal
price forward curve, earnings have also been negatively impacted by fair value losses on the price risk
management programme undertaken by the Group and the capital support agreement.

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

Expected EPS/HEPS range Expected increase from prior
(Rand per share) period
(Rand per share)
EPS 66.85 – 67.45 63.72 – 64.32
HEPS 66.85 – 67.45 63.80 – 64.40

The internal restructure, as fully detailed in the Annual Financial Statements for the year ended
31 December 2021, was completed on 31 March 2021 and had an impact on financial and non-financial
information of the Group in the prior period. For the current period, the condensed consolidated interim
financial statements will reflect the Group as it is likely to exist on a forward-looking basis and can be
compared to the performance of the Group that was presented on a pro forma basis for the prior period. No
additional pro forma financial information will be presented for the current period.

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. The
improved EPS and HEPS range compared to the Pre-Close and Trading Statement issued in June 2022 is
as a result of a combination of factors, including a higher average Benchmark coal price for the month of
June and movements in the ZAR:USD exchange rate.

Thungela expects to release its interim financial results for the six months ended 30 June 2022 on 15 August
2022. The financial results will be released on the Johannesburg Stock Exchange News Service and the
London Stock Exchange Regulatory News Service 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 (11:00 BST). Details to register for the webinar
and conference call are available below:

Webinar registration: https://78449.themediaframe.com/links/thungela220815_1200.html

Conference call registration:
https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNumber=7257076&linkSe
curityString=f59556630

Deon Smith
Chief Financial Officer

Footnote

(1) HEPS is determined in reference to Circular 1/2021 – Headlines earnings (‘Circular 1/2021’) as issued
by the South African Institute of Chartered Accountants. In order to calculate headline earnings, earnings
attributable to 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.

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

Media Contacts
Tarryn Genis
Email: tarryn.genis@thungela.com

UK Financial adviser and corporate broker
Liberum Capital Limited

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

Johannesburg
1 August 2022

Date: 01-08-2022 08:00:00
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 : Kholeka Winifred Mzondeki
Company : Thungela Resources
Date of transaction : 29 June 2022
Class of securities : Thungela Resources ordinary shares
Nature of transaction : On-market acquisition of ordinary shares
Number of securities : 780
Purchase price per share : 24966 cents
Total value of transaction : R194,734.80
Nature of interest : Direct, beneficial
Clearance obtained : Yes

30 June 2022
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 Kholeka Winifred Mzondeki
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)
R249.66 780
d) Aggregated information
- Aggregated volume 780
- Price R194,734.80
e) Date of the transaction 29 June 2022
f) Place of the transaction On market

Date: 30-06-2022 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 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 : 28 June 2022
Class of securities : Thungela Resources ordinary shares
Nature of transaction : On-market sale of ordinary shares
Number of securities : 558
Volume weighted average sale price per share : R256.23
Highest sale price per share : R256.23
Lowest sale price per share : R256.22
Total value of transaction : R142,975.76
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
29 June 2022

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 financial Ordinary shares of no par value
instrument, type of instrument
ISIN: ZAE000296554
Identification Code
SEDOL: BMV3M27
b. Nature of the transaction Sale of Shares
c. Price(s) and volume(s) Volume 58 Price 256.22

Volume 500 Price 256.23
d. Aggregated information Price: ZAR 142,975.76

- Aggregated Volume
Volume: 558
- Price
ZAR 256.23
e. Date of the transaction 28 June 2022
f. Place of the transaction XJSE

Date: 29-06-2022 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.
                        
                        
                        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 attached 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 27/06/2022
reached vi:

6. Date on which issuer notified (DD/MM/YYYY): 29/06/2022

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 14.146% 14.146% 19 282 717
on the date on which
threshold was
crossed or reached
Position of previous 13.872% 13.872%
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)

19 282 717 14.146%


SUBTOTAL 8. A 19 282 717 14.146%

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 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 cash voting rights
Period 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

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
PUBLIC INVESTMENT
CORPORATION SOC 14.146% 14.146%
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 29 June 2022

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

UK Financial adviser and corporate broker
Liberum Capital Limited

Johannesburg
29 June 2022

Date: 29-06-2022 04:30:00
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

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

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

Shareholders are advised of the following dealings on behalf of Thungela executive directors
pursuant to the vesting, on 4 June 2022, of 50% of the conditional retention awards granted in
2021.

Chief Executive Officer: J Ndlovu
Date of transaction: 7 June 2022
Nature of transaction: On market disposal of shares that have vested in respect
of the 2021 retention award to settle tax obligations
arising from the vesting
Class of securities: Ordinary shares
Number of securities: 202,423
Deemed price per security: R249.88
Deemed value of transaction: R50,581,459.24
Nature of interest: Direct beneficial

Chief Financial Officer: GF Smith
Date of transaction: 7 June 2022
Nature of transaction: On market disposal of shares that have vested in respect
of the 2021 retention award to settle tax obligations
arising from the vesting
Class of securities: Ordinary shares
Number of securities: 101,211
Deemed price per security: R249.88
Deemed value of transaction: R25,290,604.68
Nature of interest: Direct beneficial

The remaining 50% of the conditional retention awards will vest on 4 June 2023, subject to
employment conditions being met. The ordinary shares underlying the conditional retention
awards will be held in a non-tradable account. The ordinary shares will remain restricted until such
time as vesting occurs.

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

Rosebank
28 June 2022

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 retention award to settle tax
obligations arising from the vesting
Price(s) and volume(s)
c) Price(s) Volume(s)
R249.88 202,423
d) Aggregated information
- Aggregated volume 202,423
- Price R50,581,459.24
e) Date of the transaction 7 June 2022
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 retention award to settle tax
obligations arising from the vesting
c) Price(s) and volume(s)
Price(s) Volume(s)
R249.88 101,211

d) Aggregated information
- Aggregated volume 101,211
- Price R25,290,604.68
e) Date of the transaction 7 June 2022
f) Place of the transaction On market

Date: 28-06-2022 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.
                        
                        
                        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
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
17/06/2022
reached vi:

6. Date on which issuer notified (DD/MM/YYYY): 20/06/2022

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
13.872% 13.872% 18 909 239
crossed or reached
Position of previous
notification (if 14.307% 14.307%
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)

18 909 239 13.872%

SUBTOTAL 8. A 18 909 239 13.872%

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

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

% 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
Name xv threshold or is higher than the threshold
notifiable threshold
PUBLIC INVESTMENT
CORPORATION SOC 13.872% 13.872%
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 20 June 2022

UK Financial adviser and corporate broker
Liberum Capital Limited

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

Johannesburg
20 June 2022

Date: 20-06-2022 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 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 : 14 June 2022
Class of securities : Thungela Resources ordinary shares
Nature of transaction : On-market acquisition of ordinary shares
Number of securities : 500
Purchase price per share : 21090 cents
Total value of transaction : R105,450.00
Nature of interest : Direct, beneficial
Clearance obtained : Yes

14 June 2022
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)
R210.90 500
d) Aggregated information
- Aggregated volume 500
- Price R105,450.00
e) Date of the transaction 14 June 2022
f) Place of the transaction On market

Date: 14-06-2022 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.
                        
                        
                        Dealing in securities by the company secretary

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

DEALING IN SECURITIES BY THE COMPANY SECRETARY

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

Company Secretary : Daniel Francois Klem
Company : Thungela Resources
Date of transaction : 13 June 2022
Class of securities : Thungela Resources ordinary shares
Nature of transaction : On-market purchase of ordinary shares
Number of securities : 190
Purchase price per ordinary share : 23000 cents
Total value of transaction : R43 700.00
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)

Johannesburg
13 June 2022

Date: 14-06-2022 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.
                        
                        
                        Chief Financial Officer’s Pre-Close and Trading Statement for the six-month period ending 30 June 2022

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 and Trading Statement
for the six-month period ending 30 June 2022

Robust cash generation driven by strong thermal coal fundamentals

Dear Stakeholder

7 June 2022 marked a full year since Thungela’s listing on the JSE and LSE and we are proud that during
this period we have been able to deliver a solid first set of annual financial results. We have also concluded
the distribution of our maiden dividend of R2.5 billion to shareholders and distributed R273 million to the
SACO Employee and Nkulo Community Partnership Trusts.

The Group has seen continued strong earnings and cash generation for the period 1 January 2022 to 31
May 2022 (“year to date”1) driven primarily by the high average Benchmark2 coal price and we are on course
to achieve a strong set of results for the six-months ending 30 June 2022.

Thungela expects to report robust earnings and cash generation for the six-month period ending 30 June
2022 (“H1 2022”), reflecting its ability to mitigate the impact of the continued inconsistent and poor rail
performance by Transnet Freight Rail (“TFR”) which has impacted our ability to deliver export equity thermal
coal to the seaborne market.

The following are key insights into our performance for the year to date and our expectations for H1 2022.

• Demand for thermal coal remained firm at the start of the year as global economic activity
continued to recover from the COVID-19 pandemic. The unfortunate onset of the conflict between
Russia and Ukraine further contributed to tightness in supply and resulted in a refocus on energy
security in Europe and beyond. This tightness, coupled with sanctions on Russia, saw the price of
the energy complex, including thermal coal, escalate rapidly from late February.
• The Benchmark coal price has averaged $266/tonne for the year to date, compared to
$98/tonne in H1 2021 (being the six-month period ended 30 June 2021) but prices have been
extremely volatile with large daily fluctuations in physical prices.
• Discount to the Benchmark coal price has been ~15% for the year to date, compared to 23% for
H1 2021 and 13% in H2 2021, being the six-month period ended 31 December 2021. The discount
for the year to date has widened slightly as a result of a more balanced sales mix compared to H2
2021.
• Export saleable production for H1 2022 is expected to be ~6.1 Mt, which is 14% lower than H1
2021 export saleable production of 7.1 Mt (on a Pro forma3 basis). This is a direct result of actions
implemented to mitigate the impact of reduced and inconsistent TFR rail performance. Steps taken
have included the decision to curtail production where we are able to minimise stranded costs.
• FOB cost per export tonne excluding royalties for H1 2022 is expected to be approximately
R957/tonne, compared to R787/tonne for H1 2021 (on a Pro forma basis). This unit cost is currently
higher than the 2022 full year guidance of R850 to R870 per tonne (excluding royalties). At this stage
we are not restating guidance as the increase in FOB cost per export tonne in H1 2022 is largely
attributable to the denominator impact of the lower export saleable production expected to be
achieved in H1 2022, and higher than planned energy input costs. At the time of writing, the 2022
full-year guidance assumes an improvement in export saleable production in H2 2022. Should export
saleable production improve as expected in H2 2022 the full year 2022 guidance will remain
appropriate.
Including royalties, the FOB cost per export tonne is expected to be R1,124/tonne, compared to
R782/tonne in H1 2021 (on a Pro forma Basis).
• Export equity sales for H1 2022 are expected to be approximately 6.4 Mt, compared to 6.6 Mt
(on a Pro forma basis) in H1 2021, a decrease of 3%.
• Capital expenditure, including sustaining and expansionary capital, for H1 2022 is expected
to be approximately R0.5 billion. Historically capex spend has been higher in the second half of
the year and this is expected to also be the case for 2022.
• Cash flow generation has been robust on the back of strong realised export coal prices. The strong
cash generation has resulted in a net cash position of approximately R15.3 billion on 31 May
2022. Tax and royalty payments relating to H1 2022 will be made in June 2022.
• Earnings per share (“EPS”)4 for H1 2022 is expected to be at least R58.00. This represents an
increase of R54.87 compared to H1 2021 EPS of R3.13. Headline earnings per share (“HEPS”)4
for H1 2022 is expected to be at least R58.00, an increase of R54.95 compared to H1 2021 HEPS of
R3.05.

We are closely monitoring the previously issued export saleable production guidance in light of the
inconsistent TFR rail performance. TFR’s performance for the year to date has been 55 Mt on an annualised
basis for the industry. In order for Thungela to achieve the lower end of the export saleable production
guidance previously issued (14 Mt to 15 Mt), TFR needs to deliver a successful annual maintenance shut in
July 2022 and a step-up in annualised rail performance of approximately 9% for H2 2022 compared to H1
2021 (i.e. a step-up to 60 Mt annualised performance for the industry as envisaged by TFR). TFR
performance is expected to improve following the annual maintenance shut. Notwithstanding the expected
improvement in rail performance, the Group also expects an inventory build-up of approximately 500 kt in H2
2022.

Thungela and the industry continue to engage TFR in order to collaborate in finding solutions to the issues
affecting TFR rail performance which include locomotive unavailability and cable theft in particular, as well
other issues affecting the rail network. Following the SENS/RNS announcement relating to the contractual
arrangements with TFR released on 14 April 2022, discussions with TFR continue in order to clarify the
contractual position of both parties. Thungela also continues to evaluate alternative transport options to
mitigate the impact of poor TFR rail performance.

Notwithstanding the persistent operational challenges posed by the rail constraints, the Board remains
committed to delivering attractive shareholder returns, while maintaining disciplined capital allocation. The
Board continues to believe that in the current economic environment it is appropriate to maintain the liquidity
buffer at the upper end of the range of R5 billion to R6 billion. The special resolution to authorise a share
buyback was not passed at the annual general meeting of shareholders held on 25 May 2022, but
Thungela’s capital allocation policy remains unchanged, and the Board accordingly remains committed to
return additional cash to shareholders above the targeted minimum pay-out ratio of 30% of Adjusted
operating free cash flow5. With this in mind, the Company expects to declare an interim dividend for the six-
month period ending 30 June 2022 at the release of its interim results on or about 15 August 2022.

Deon Smith
Chief Financial Officer

Annexure A: Operational Performance

As disclosed in the Annual financial statements for the year ended 31 December 2021, the Internal
restructure3 had a significant impact on the comparatives presented for 31 December 2020. The Internal
restructure was completed on 31 March 2021, and from that date all operations owned by the Group were
reflected in full. For the six months ending 30 June 2022, the financial statements will reflect the Group as it
is likely to exist on a forward-looking basis and can be compared to the performance of the Group that was
presented on a Pro forma basis for the six months ended 30 June 2021. No additional Pro forma financial
information will be presented for the six months ending 30 June 2022.

Table 1: Export saleable production by operation

Export saleable production H1 2021 H1 2021 Actual H1 2022 Forecast6 % change
Mt Actual Pro Forma (c) (c-b)/b
IFRS (b)
(a)

Underground 5.4 5.4 4.7 -13%
Zibulo 2.6 2.6 2.0 -23%
Greenside 1.7 1.7 1.3 -24%
Goedehoop 1.1 1.1 1.4 27%

Opencast 1.3 1.7 1.4 -18%
Khwezela 0.8 0.8 0.5 -38%
Mafube 0.5 0.9 0.9 -


TOTAL 6.7 7.1 6.1 -14%

Table 2: Export sales by segment

Export sales H1 2021 H1 2022 Forecast6 % change
Mt Actual

Equity sales 6.6 6.4 -3%
Underground 4.8 4.8 -
Opencast 1.8 1.6 -11%

Third party sales 0.9 - -

TOTAL 7.5 6.4 -15%

Footnotes

1) All references in this document to “year to date” refer to the period from 1 January 2022 to 31 May 2022
2) Benchmark price reference for 6,000kcal/kg thermal coal exported from the Richards Bay Coal Terminal
3) The Internal restructure was completed on 31 March 2021 and had an impact on financial and non-
financial information of the Group. Refer to note 2A in the Annual financial statements for the year ended
31 December 2021 at https://www.thungela.com/investors/results for full detail related to the Internal
restructure. Information disclosed on a Pro forma basis for the comparative period reflects the Pro forma
information presented in 2021
4) EPS and HEPS for H1 2022 is based on a WANOS of approximately 133.2 million shares, while EPS
and HEPS for H1 2021 is based on a WANOS of approximately 62.1 million shares.
5) Adjusted operating free cash flow is net cash flows from operating activities less sustaining capex
6) Based on the latest available management forecasts. Final figures may differ by ±5%

Review of Pre-Close and Trading Statement

The information in this Pre-Close and Trading Statement, including the Pro forma information, is the
responsibility of the directors of Thungela Resources Limited and has not been reviewed or reported on by
the Group’s independent auditors.

The Pro Forma financial information has been prepared for illustrative purposes only and because of its
nature may not fairly present the Group’s financial position, changes in equity, results of operations or cash
flows.

Investor Call Details

A conference call and audio webinar relating to the details of this announcement will be held at 12:00 SAST
on Monday 13 June 2022. A recording of the webinar will be made available on the Thungela website from
15:00 on the same date.

Conference Call registration:
https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNumber=2018246&linkSe
curityString=437aa029a

Audio webinar registration: https://services.themediaframe.com/links/thungela-10042538.html

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

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)

Johannesburg
13 June 2022


Date: 13-06-2022 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.

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.