DEALINGS IN SECURITIES

Thungela Resources Limited

01 October 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 off-market award of dividend equivalent shares following the reinvestment of dividends on previously awarded conditional share awards held by executive directors and prescribed officers. The award was made in terms of the Company’s 2021 Share Plan and as contemplated in the Remuneration Policy.

Chief Executive Officer:		Moses Madondo
Nature of transaction:		Off market award of dividend equivalent shares
Date of award:		30 September 2026
Class of securities:		Ordinary shares
Nature of interest:		Direct beneficial
Award	Number of shares		Award Price	Award Value
LTIP 2025	8,778		R127.14	R1,116,034.92
LTIP 2026	5,341		R127.14	R679,054.74

Chief Financial Officer:		Deon Smith
Nature of transaction:		Off market award of dividend equivalent shares
Date of award:		30 September 2026
Class of securities:		Ordinary shares
Nature of interest:		Direct beneficial
Award	Number of shares		Award Price	Award Value
LTIP 2024	1,882		R127.14	R239,277.48
LTIP 2025	4,112		R127.14	R522,799.68
LTIP 2026	2,646		R127.14	R336,412.44

Chief Operations Officer:		Johan van Schalkwyk
Nature of transaction:		Off market award of dividend equivalent shares
Date of award:		30 September 2026
Class of securities:		Ordinary shares
Nature of interest:		Direct beneficial
Award	Number of shares		Award Price	Award Value
LTIP 2024	1,467		R127.14	R186,514.38
LTIP 2025	2,587		R127.14	R328,911.18
LTIP 2026	1,574		R127.14	R200,118.36

Executive Head of Technical:		Leslie Martin
Nature of transaction:		Off market award of dividend equivalent shares
Date of award:		30 September 2026
Class of securities:		Ordinary shares
Nature of interest:		Direct beneficial
Award	Number of shares		Award Price	Award Value
LTIP 2024	1,274		R127.14	R161,976.36
LTIP 2025	2,247		R127.14	R285,683.58
LTIP 2026	1,367		R127.14	R173,800.38

Executive Head of Human Resources:		Lesego Mataboge
Nature of transaction:		Off market award of dividend equivalent shares
Date of award:		30 September 2026
Class of securities:		Ordinary shares
Nature of interest:		Direct beneficial
Award	Number of shares		Award Price	Award Value
LTIP 2024	937		R127.14	R119,130.18
LTIP 2025	1,708		R127.14	R217,155.12
LTIP 2026	1,095		R127.14	R139,218.30

Executive Head of Corporate Affairs:		Mpumi Sithole
Nature of transaction:		Off market award of dividend equivalent shares
Date of award:		30 September 2026
Class of securities:		Ordinary shares
Nature of interest:		Direct beneficial
Award	Number of shares		Award Price	Award Value
LTIP 2024	937		R127.14	R119,130.18
LTIP 2025	1,707		R127.14	R217,027.98
LTIP 2026	1,083		R127.14	R137,692.62

Executive Head of Marketing:		Bernard Dalton
Nature of transaction:		Off market award of dividend equivalent shares
Date of award:		30 September 2026
Class of securities:		Ordinary shares
Nature of interest:		Direct beneficial
Award	Number of shares		Award Price	Award Value
LTIP 2024	1,112		R127.14	R141,379.68
LTIP 2025	2,084		R127.14	R264,959.76
LTIP 2026	1,268		R127.14	R161,213.52

Vesting of the awards is conditional on pre-determined performance and employment conditions as per the original conditional shares. The LTIP 2024 is vesting on 24 May 2027, the LTIP 2025 on 15 April 2028 and the LTIP 2026 on 22 April 2029.

The award price represents the dividend-adjusted volume weighted average price of a Thungela share on the JSE for the 20 business days ended 18 September 2026. This equates to R127.14 per share.

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

Johannesburg

1 October 2026

UK Financial adviser and corporate broker

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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	Moses Madondo
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 reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R127.14	8,778
			R127.14	5,341
d)	Aggregated information
	- Aggregated volume	14,119
	- Price	R1,795,089.66
e)	Date of the transaction	30 September 2026
f)	Place of the transaction	Off 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 /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 reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R127.14	1,882
			R127.14	4,112
			R127.14	2,646
d)	Aggregated information
	- Aggregated volume	8,640
	- Price	R1,098,489.60
e)	Date of the transaction	30 September 2026
f)	Place of the transaction	Off 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	Off market reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R127.14	1,467
			R127.14	2,587
			R127.14	1,574
d)	Aggregated information
	- Aggregated volume	5,628
	- Price	R715,543.92
e)	Date of the transaction	30 September 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 reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R127.14	1,274
			R127.14	2,247
			R127.14	1,367
d)	Aggregated information
	- Aggregated volume	4,888
	- Price	R621,460.32
e)	Date of the transaction	30 September 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 reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R127.14	937
			R127.14	1,708
			R127.14	1,095
d)	Aggregated information
	- Aggregated volume	3,740
	- Price	R475,503.60
e)	Date of the transaction	30 September 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 reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R127.14	937
			R127.14	1,707
			R127.14	1,083
d)	Aggregated information
	- Aggregated volume	3,727
	- Price	R473,850.78
e)	Date of the transaction	30 September 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 reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R127.14	1,112
			R127.14	2,084
			R127.14	1,268
d)	Aggregated information
	- Aggregated volume	4,464
	- Price	R567,552.96
e)	Date of the transaction	30 September 2026
f)	Place of the transaction	Off market

 

END