Dealings in Securities

Thungela Resources Limited

27 March 2026

 

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")

DEALINGS IN SECURITIES BY EXECUTIVE DIRECTORS AND PRESCRIBED OFFICERS

In compliance with paragraphs 6.77 to 6.89 of the Listings Requirements of the JSE Limited ("the JSE Listings Requirements"), shareholders are advised of the following transactions. The transactions relate to the vesting of forfeitable share awards and the subsequent on market sale of shares by executive directors and prescribed officers to settle tax obligations arising from such vesting. The vesting occurred in terms of the Company's 2021 Share Plan and as contemplated in the Remuneration Policy.

Chief Financial Officer			Deon Smith
Nature of transaction:			On market sale of vested forfeitable shares to settle tax obligations arising from the vesting
Class of securities:			Ordinary shares
Number of shares:			4,743
Transaction value:			R754,265.69
Trading period:			24 - 25 March 2026
Nature of interest:			Direct beneficial
Date:	Number of Shares:	VWAP:		Highest Price:	Lowest Price:	Transaction Value:
24 March 2026	2,669	R163.19		R168.24	R152.02	R435,554.11
25 March 2026	2,074	R153.67		R162.12	R150.11	R318,711.58

Chief Operations Officer			Johan van Schalkwyk
Nature of transaction:			On market sale of vested forfeitable shares to settle tax obligations arising from the vesting
Class of securities:			Ordinary shares
Number of shares:			3,698
Transaction value:			R588,082.78
Trading period:			24 - 25 March 2026
Nature of interest:			Direct beneficial
Date:	Number of Shares:	VWAP:		Highest Price:	Lowest Price:	Transaction Value:
24 March 2026	2,081	R163.19		R168.24	R152.02	R339,598.39
25 March 2026	1,617	R153.67		R162.12	R150.11	R248,484.39

Executive Head of Technical			Leslie Martin
Nature of transaction:			On market sale of vested forfeitable shares to settle tax obligations arising from the vesting
Class of securities:			Ordinary shares
Number of shares:			3,212
Transaction value:			R510,800.20
Trading period:			24 - 25 March 2026
Nature of interest:			Direct beneficial
Date:	Number of Shares:	VWAP:		Highest Price:	Lowest Price:	Transaction Value:
24 March 2026	1,808	R163.19		R168.24	R152.02	R295,047.52
25 March 2026	1,404	R153.67		R162.12	R150.11	R215,752.68

Executive Head of Human Resources			Lesego Mataboge
Nature of transaction:			On market sale of vested forfeitable shares to settle tax obligations arising from the vesting
Class of securities:			Ordinary shares
Number of shares:			2,249
Transaction value:			R358,255.91
Trading period:			24 - 25 March 2026
Nature of interest:			Direct beneficial
Date:	Number of Shares:	VWAP:		Highest Price:	Lowest Price:	Transaction Value:
24 March 2026	1,329	R163.19		R168.24	R152.02	R216,879.51
25 March 2026	920	R153.67		R162.12	R150.11	R141,376.4

Executive Head of Corporate Affairs			Mpumi Sithole
Nature of transaction:			On market sale of vested forfeitable shares to settle tax obligations arising from the vesting
Class of securities:			Ordinary shares
Number of shares:			2,249
Transaction value:			R358,255.91
Trading period:			24 - 25 March 2026
Nature of interest:			Direct beneficial
Date:	Number of Shares:	VWAP:		Highest Price:	Lowest Price:	Transaction Value:
24 March 2026	1,329	R163.19		R168.24	R152.02	R216,879.51
25 March 2026	920	R153.67		R162.12	R150.11	R141,376.4

Executive Head of Marketing			Bernard Dalton
Nature of transaction:			On market sale of vested forfeitable shares to settle tax obligations arising from the vesting
Class of securities:			Ordinary shares
Number of shares:			2,774
Transaction value:			R441,303.14
Trading period:			24 - 25 March 2026
Nature of interest:			Direct beneficial
Date:	Number of Shares:	VWAP:		Highest Price:	Lowest Price:	Transaction Value:
24 March 2026	1,578	R163.19		R168.24	R152.02	R257,513.82
25 March 2026	1,196	R153.67		R162.12	R150.11	R183,789.32

The remaining ordinary shares underlying the unvested forfeitable share awards will be held in escrow until they vest subject to the employment conditions being met.

Clearance for these transactions has been obtained in accordance with paragraph 6.83 of the JSE Listings Requirements.

Johannesburg

27 March 2026

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Notification of Dealing Forms

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 /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 instrument, type of instrument	Ordinary shares of no par value
	Identification code	ISIN: ZAE000296554
b)	Nature of the transaction	On market sale of vested forfeitable shares to settle tax obligations arising from the vesting.
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R163.19	2,669
			R153.67	2,074
d)	Aggregated information
	- Aggregated volume	4,743
	- Price	R754,265.69
e)	Date of the transaction	24 - 25 March 2026
f)	Place of the transaction	On market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Johan van Schalkwyk
2	Reason for the notification
a)	Position/status	PDMR - Chief Operations Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Thungela Resources Limited
b)	LEI	213800EGYK3BN3SRIF27
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of no par value
	Identification code	ISIN: ZAE000296554
b)	Nature of the transaction	On market sale of vested forfeitable shares to settle tax obligations arising from the vesting.
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R163.19	2,081
			R153.67	1,617
d)	Aggregated information
	- Aggregated volume	3,698
	- Price	R588,082.78
e)	Date of the transaction	24 - 25 March 2026
f)	Place of the transaction	On market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Leslie Martin
2	Reason for the notification
a)	Position/status	PDMR - Executive Head of Technical
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Thungela Resources Limited
b)	LEI	213800EGYK3BN3SRIF27
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of no par value
	Identification code	ISIN: ZAE000296554
b)	Nature of the transaction	On market sale of vested forfeitable shares to settle tax obligations arising from the vesting.
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R163.19	1,808
			R153.67	1,404
d)	Aggregated information
	- Aggregated volume	3,212
	- Price	R510,800.20
e)	Date of the transaction	24 - 25 March 2026
f)	Place of the transaction	On market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Lesego Mataboge
2	Reason for the notification
a)	Position/status	PDMR - Executive Head of Human Resources
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Thungela Resources Limited
b)	LEI	213800EGYK3BN3SRIF27
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of no par value
	Identification code	ISIN: ZAE000296554
b)	Nature of the transaction	On market sale of vested forfeitable shares to settle tax obligations arising from the vesting.
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R163.19	1,329
			R153.67	920
d)	Aggregated information
	- Aggregated volume	2,249
	- Price	R358,255.91
e)	Date of the transaction	24 - 25 March 2026
f)	Place of the transaction	On market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Mpumi Sithole
2	Reason for the notification
a)	Position/status	PDMR - Executive Head of Corporate Affairs
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Thungela Resources Limited
b)	LEI	213800EGYK3BN3SRIF27
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of no par value
	Identification code	ISIN: ZAE000296554
b)	Nature of the transaction	On market sale of vested forfeitable shares to settle tax obligations arising from the vesting.
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R163.19	1,329
			R153.67	920
d)	Aggregated information
	- Aggregated volume	2,249
	- Price	R358,255.91
e)	Date of the transaction	24 - 25 March 2026
f)	Place of the transaction	On market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Bernard Dalton
2	Reason for the notification
a)	Position/status	PDMR - Executive Head of Marketing
b)	Initial notification /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 instrument, type of instrument	Ordinary shares of no par value
	Identification code	ISIN: ZAE000296554
b)	Nature of the transaction	On market sale of vested forfeitable shares to settle tax obligations arising from the vesting.
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R163.19	1,578
			R153.67	1,196
d)	Aggregated information
	- Aggregated volume	2,774
	- Price	R441,303.14
e)	Date of the transaction	24 - 25 March 2026
f)	Place of the transaction	On market

 

END