Dealings in Securities

Summary by AI ^BETAClose X

Thungela Resources Limited announced that its executive directors and prescribed officers accepted conditional share awards on May 11, 2026, under the company's 2021 Share Plan. The Chief Executive Officer received 123,459 shares valued at R19,404,051.03, the Chief Financial Officer received 61,174 shares valued at R9,614,717.58, and other key executives received awards ranging from 25,043 to 36,379 shares, all at an award price of R157.17 per share. These awards are subject to performance and employment conditions and vest on April 22, 2029.

Disclaimer*

Thungela Resources Limited

14 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 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 grant and acceptance of conditional share awards 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 grant and acceptance of conditional shares
Date of acceptance:	11 May 2026
Class of securities:	Ordinary shares
Number of shares:	123,459
Vesting date:	22 April 2029
Award price:	R157.17
Award value:	R19,404,051.03
Nature of interest:	Direct beneficial

Chief Financial Officer:	Deon Smith
Nature of transaction:	Off market grant and acceptance of conditional shares
Date of acceptance:	11 May 2026
Class of securities:	Ordinary shares
Number of shares:	61,174
Vesting date:	22 April 2029
Award price:	R157.17
Award value:	R9,614,717.58
Nature of interest:	Direct beneficial

Chief Operations Officer:	Johan van Schalkwyk
Nature of transaction:	Off market grant and acceptance of conditional shares
Date of acceptance:	11 May 2026
Class of securities:	Ordinary shares
Number of shares:	36,379
Vesting date:	22 April 2029
Award price:	R157.17
Award value:	R5,717,687.43
Nature of interest:	Direct beneficial

Executive Head of Technical:	Leslie Martin
Nature of transaction:	Off market grant and acceptance of conditional shares
Date of acceptance:	11 May 2026
Class of securities:	Ordinary shares
Number of shares:	31,600
Vesting date:	22 April 2029
Award price:	R157.17
Award value:	R4,966,572.00
Nature of interest:	Direct beneficial

Executive Head of Human Resources:	Lesego Mataboge
Nature of transaction:	Off market grant and acceptance of conditional shares
Date of acceptance:	11 May 2026
Class of securities:	Ordinary shares
Number of shares:	25,322
Vesting date:	22 April 2029
Award price:	R157.17
Award value:	R3,979,858.74
Nature of interest:	Direct beneficial

Executive Head of Corporate Affairs:	Mpumi Sithole
Nature of transaction:	Off market grant and acceptance of conditional shares
Date of acceptance:	11 May 2026
Class of securities:	Ordinary shares
Number of shares:	25,043
Vesting date:	22 April 2029
Award price:	R157.17
Award value:	R3,936,008.31
Nature of interest:	Direct beneficial

Executive Head of Marketing:	Bernard Dalton
Nature of transaction:	Off market grant and acceptance of conditional shares
Date of acceptance:	11 May 2026
Class of securities:	Ordinary shares
Number of shares:	29,313
Vesting date:	22 April 2029
Award price:	R157.17
Award value:	R4,607,124.21
Nature of interest:	Direct beneficial

Vesting of the awards is conditional on pre-determined performance and employment conditions.

The award price represents the dividend-adjusted volume weighted average price of a Thungela share on the JSE for the 20 business days ended 21 April 2026. This equates to R157.17 per share.

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

Johannesburg

14 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	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 grant and acceptance of conditional shares
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R157.17	123,459

d)	Aggregated information
	- Aggregated volume	123,459
	- Price	R19,404,051.03
e)	Date of the transaction	11 May 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 grant and acceptance of conditional shares
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R157.17	61,174

d)	Aggregated information
	- Aggregated volume	61,174
	- Price	R9,614,717.58
e)	Date of the transaction	11 May 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 grant and acceptance of conditional shares
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R157.17	36,379

d)	Aggregated information
	- Aggregated volume	36,379
	- Price	R5,717,687.43
e)	Date of the transaction	11 May 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 grant and acceptance of conditional shares
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R157.17	31,600

d)	Aggregated information
	- Aggregated volume	31,600
	- Price	R4,966,572.00
e)	Date of the transaction	11 May 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 grant and acceptance of conditional shares
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R157.17	25,322

d)	Aggregated information
	- Aggregated volume	25,322
	- Price	R3,979,858.74
e)	Date of the transaction	11 May 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 grant and acceptance of conditional shares
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R157.17	25,043

d)	Aggregated information
	- Aggregated volume	25,043
	- Price	R3,936,008.31
e)	Date of the transaction	11 May 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 grant and acceptance of conditional shares
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			R157.17	29,313

d)	Aggregated information
	- Aggregated volume	29,313
	- Price	R4,607,124.21
e)	Date of the transaction	11 May 2026
f)	Place of the transaction	Off market

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