Dealings in Securities

Summary by AI ^BETAClose X

Thungela Resources Limited announced that several executive directors and prescribed officers sold ordinary shares on March 27, 2026, to settle tax obligations arising from the vesting of forfeitable share awards. Specifically, Deon Smith sold 1,221 shares for R200,280.63, Johan van Schalkwyk sold 810 shares for R132,864.30, Leslie Martin sold 704 shares for R115,477.12, Lesego Mataboge sold 544 shares for R89,232.32, Mpumi Sithole sold 544 shares for R89,232.32, and Bernard Dalton sold 652 shares for R106,947.56, all at a volume-weighted average price of R164.03 per share.

Disclaimer*

Thungela Resources Limited

01 April 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
Trading Date:	27 March 2026
Number of shares:	1,221
VWAP per share:	R164.03
Highest price per share	R166.28
Lowest price per share	R159.94
Transaction value:	R200,280.63
Nature of interest:	Direct beneficial

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
Trading Date:	27 March 2026
Number of shares:	810
VWAP per share:	R164.03
Highest price per share	R166.28
Lowest price per share	R159.94
Transaction value:	R132,864.30
Nature of interest:	Direct beneficial

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
Trading Date:	27 March 2026
Number of shares:	704
VWAP per share:	R164.03
Highest price per share	R166.28
Lowest price per share	R159.94
Transaction value:	R115,477.12
Nature of interest:	Direct beneficial

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
Trading Date:	27 March 2026
Number of shares:	544
VWAP per share:	R164.03
Highest price per share	R166.28
Lowest price per share	R159.94
Transaction value:	R89,232.32
Nature of interest:	Direct beneficial

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
Trading Date:	27 March 2026
Number of shares:	544
VWAP per share:	R164.03
Highest price per share	R166.28
Lowest price per share	R159.94
Transaction value:	R89,232.32
Nature of interest:	Direct beneficial

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
Trading Date:	27 March 2026
Number of shares:	652
VWAP per share:	R164.03
Highest price per share	R166.28
Lowest price per share	R159.94
Transaction value:	R106,947.56
Nature of interest:	Direct beneficial

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

1 April 2026

UK Financial adviser and corporate broker

Panmure Liberum Limited

JSE 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	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)
			R164.03	1,221

d)	Aggregated information
	- Aggregated volume	1,221
	- Price	R200,280.63
e)	Date of the transaction	27 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)
			R164.03	810

d)	Aggregated information
	- Aggregated volume	810
	- Price	R132,864.30
e)	Date of the transaction	27 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)
			R164.03	704

d)	Aggregated information
	- Aggregated volume	704
	- Price	R115,477.12
e)	Date of the transaction	27 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)
			R164.03	544

d)	Aggregated information
	- Aggregated volume	544
	- Price	R89,232.32
e)	Date of the transaction	27 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)
			R164.03	544

d)	Aggregated information
	- Aggregated volume	544
	- Price	R89,232.32
e)	Date of the transaction	27 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)
			R164.03	652

d)	Aggregated information
	- Aggregated volume	652
	- Price	R106,947.56
e)	Date of the transaction	27 March 2026
f)	Place of the transaction	On market

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