Director / PDMR dealings

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Nature of transaction	Acceptance of conditional shares in terms of the Company's 2021 Share Plan and Remuneration Policy
Class of securities	Ordinary shares
Nature and extent of interest	Direct, beneficial
Transactions completed on or off market	Off market
Date of acceptance	9 May 2023
Vesting period/date	26 April 2026

Name	Designation	Number of Conditional Shares*	Value of award** R
J Ndlovu	Chief Executive Officer	49,560	8,130,768
GF Smith	Chief Financial Officer	25,603	4,200,403
JPD van Schalkwyk	Chief Operating Officer	19,964	3,275,251
L Martin	Executive Head of Technical	17,339	2,844,586
BM Dalton	Executive Head of Marketing	14,764	2,422,090
LE Mataboge	Executive Head of HR	12,316	2,020,445
N Sithole	Executive Head of Corporate Affairs	12,316	2,020,445
C Venter	Executive Head of SHE	12,316	2,020,445

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 /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 acceptance of conditional long term incentive awards
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R164,06	49,560

d)	Aggregated information
	- Aggregated volume	49,560
	- Price	R8,130,768
e)	Date of the transaction	9 May 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 /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 acceptance of conditional long term incentive awards
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R164,06	25,603

d)	Aggregated information
	- Aggregated volume	25,603
	- Price	R4,200,403
e)	Date of the transaction	9 May 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 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 acceptance of conditional long term incentive awards
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R164,06	19,964

d)	Aggregated information
	- Aggregated volume	19,964
	- Price	R3,275,251
e)	Date of the transaction	9 May 2023
f)	Place of the transaction	Off market

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Latest directors dealings

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 acceptance of conditional long term incentive awards
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R164,06	17,339

d)	Aggregated information
	- Aggregated volume	17,339
	- Price	R2,844,586
e)	Date of the transaction	9 May 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 HR
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 acceptance of conditional long term incentive awards
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R164,06	12,316

d)	Aggregated information
	- Aggregated volume	12,316
	- Price	R2,020,445
e)	Date of the transaction	9 May 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 /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 acceptance of conditional long term incentive awards
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R164,06	12,316

d)	Aggregated information
	- Aggregated volume	12,316
	- Price	R2,020,445
e)	Date of the transaction	9 May 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 SHE
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 acceptance of conditional long term incentive awards
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R164,06	12,316

d)	Aggregated information
	- Aggregated volume	12,316
	- Price	R2,020,445
e)	Date of the transaction	9 May 2023
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 acceptance of conditional long term incentive awards
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R164,06	14,764

d)	Aggregated information
	- Aggregated volume	14,764
	- Price	R2,422,090
e)	Date of the transaction	9 May 2023
f)	Place of the transaction	Off market