Dealings in Securities

Summary by AI ^BETAClose X

Thungela Resources Limited announced that several prescribed officers have had conditional share awards vest on April 28, 2026, in accordance with the Company's 2021 Share Plan. The Chief Operations Officer received 13,465 shares valued at R2,104,983.45, the Executive Head of Technical received 11,694 shares valued at R1,828,123.02, the Executive Head of Human Resources and the Executive Head of Corporate Affairs each received 8,307 shares valued at R1,298,633.31, and the Executive Head of Marketing received 9,957 shares valued at R1,556,577.81. The vesting price for all shares was R156.33, reflecting the dividend-adjusted volume weighted average price.

Disclaimer*

Thungela Resources Limited

05 May 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 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 conditional share awards by prescribed officers. The vesting occurred in terms of the Company's 2021 Share Plan and as contemplated in the Remuneration Policy.

Chief Operations Officer:	Johan van Schalkwyk
Nature of transaction:	Off market vesting of conditional shares
Vesting date:	28 April 2026
Class of securities:	Ordinary shares
Number of shares:	13,465
Vesting price:	R156.33
Transaction value:	R2,104,983.45
Nature of interest:	Direct beneficial

Executive Head of Technical:	Leslie Martin
Nature of transaction:	Off market vesting of conditional shares
Vesting date:	28 April 2026
Class of securities:	Ordinary shares
Number of shares:	11,694
Vesting price:	R156.33
Transaction value:	R1,828,123.02
Nature of interest:	Direct beneficial

Executive Head of Human Resources:	Lesego Mataboge
Nature of transaction:	Off market vesting of conditional shares
Vesting date:	28 April 2026
Class of securities:	Ordinary shares
Number of shares:	8,307
Vesting price:	R156.33
Transaction value:	R1,298,633.31
Nature of interest:	Direct beneficial

Executive Head of Corporate Affairs:	Mpumi Sithole
Nature of transaction:	Off market vesting of conditional shares
Vesting date:	28 April 2026
Class of securities:	Ordinary shares
Number of shares:	8,307
Vesting price:	R156.33
Transaction value:	R1,298,633.31
Nature of interest:	Direct beneficial

Executive Head of Marketing:	Bernard Dalton
Nature of transaction:	Off market vesting of conditional shares
Vesting date:	28 April 2026
Class of securities:	Ordinary shares
Number of shares:	9,957
Vesting price:	R156.33
Transaction value:	R1,556,577.81
Nature of interest:	Direct beneficial

The vesting price represents the dividend-adjusted volume weighted average price of a Thungela share on the JSE for the 20 business days ended 24 April 2026. This equates to R156.33 per share.

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

Johannesburg

4 May 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	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	Off market vesting of conditional shares
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R156.33	13,465

d)	Aggregated information
	- Aggregated volume	13,465
	- Price	R2,104,983.45
e)	Date of the transaction	28 April 2026
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Leslie Martin
2	Reason for the notification
a)	Position/status	PDMR - Executive Head of Technical
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Thungela Resources Limited
b)	LEI	213800EGYK3BN3SRIF27
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of no par value
	Identification code	ISIN: ZAE000296554
b)	Nature of the transaction	Off market vesting of conditional shares
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R156.33	11,694

d)	Aggregated information
	- Aggregated volume	11,694
	- Price	R1,828,123.02
e)	Date of the transaction	28 April 2026
f)	Place of the transaction	Off 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	Off market vesting of conditional shares
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R156.33	8,307

d)	Aggregated information
	- Aggregated volume	8,307
	- Price	R1,298,633.31
e)	Date of the transaction	28 April 2026
f)	Place of the transaction	Off 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	Off market vesting of conditional shares
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R156.33	8,307

d)	Aggregated information
	- Aggregated volume	8,307
	- Price	R1,298,633.31
e)	Date of the transaction	28 April 2026
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Bernard Dalton
2	Reason for the notification
a)	Position/status	PDMR - Executive Head of Marketing
b)	Initial notification /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	Off market vesting of conditional shares
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R156.33	9,957

d)	Aggregated information
	- Aggregated volume	9,957
	- Price	R1,556,577.81
e)	Date of the transaction	28 April 2026
f)	Place of the transaction	Off market

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