THUNGELA RESOURCES LIMITED - Dealings in securities by the chief executive officer designate

Dealings in securities by the chief executive officer designate

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" and, together with its affiliates, the "Group")

DEALINGS IN SECURITIES BY THE CHIEF EXECUTIVE OFFICER DESIGNATE

On 21 January 2025, Thungela announced the appointment of Moses Madondo as the Chief
Executive Officer (CEO) designate with effect from 1 August 2025.

In accordance with paragraph 3.63 to 3.74 of the Listings Requirements of the JSE Limited ("the
JSE Listings Requirements"), shareholders are advised of the following transaction related to the
CEO designate of Thungela in terms of the provisions of the Company's 2021 Share Plan and
Remuneration Policy, regarding the allocation of forfeitable shares.

 CEO designate:                            Moses Thembinkosi Madondo
 Grant date:                               1 August 2025
 Date of transaction:                      18 August 2025
 Nature of transaction:                    Off market grant and acceptance of forfeitable shares in
                                           terms of the Company's 2021 Share Plan
 Class of securities:                      Ordinary shares
 Number of securities:                     175,190
                                           (One third of the shares will vest each year over three
                                           years provided that the CEO designate remains in the
                                           employ of the Company)
 Award price per share*:                   R95.50
 Transaction value:                        R16,730,645
 Nature of interest:                       Direct beneficial

*Award price per share represents the volume weighted average price of a Thungela Resources
share on the JSE for the 20 days ended 31 July 2025. The highest and lowest prices traded for
Thungela Resources shares over each day were as follows:

 Date                           Highest price per share        Lowest price per share
 4 July 2025                    R89.96                         R87.77
 7 July 2025                    R88.94                         R83.61
 8 July 2025                    R88.12                         R86.07
 9 July 2025                    R88.06                         R85.51
 10 July 2025                   R96.35                         R87.76
 11 July 2025                   R97.67                         R94.64
 14 July 2025                   R98.32                         R95.17
 15 July 2025                   R96.91                         R92.50
 16 July 2025                   R97.35                         R94.51
 17 July 2025                   R97.94                         R94.14
 18 July 2025                   R98.16                         R95.87
 21 July 2025                   R101.75                        R97.51
 22 July 2025                   R103.65                        R100.08
 23 July 2025                   R104.95                        R99.92
 24 July 2025                   R102.02                        R97.33
 25 July 2025                   R98.16                         R93.00
 28 July 2025                   R98.00                         R93.00
 29 July 2025                   R94.92                         R93.37
 30 July 2025                   R96.12                         R93.31
 31 July 2025                   R94.35                         R92.25

Clearance to deal in terms of the JSE Listings Requirements was obtained.

Johannesburg
20 August 2025


UK Financial adviser and corporate broker
Panmure Liberum Limited


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 Thembinkosi Madondo
2      Reason for the notification
a)     Position/status                 Chief Executive Officer designate
b)     Initial notification            Initial notification
       /Amendment
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    Ordinary shares of no par value
       instrument, type of
       instrument
       Identification code             ISIN: ZAE000296554
b)     Nature of the transaction       Off market grant and acceptance of forfeitable
                                       shares in terms of the Company's 2021 Share Plan
c)     Price(s) and volume(s)
                                       Price(s)              Volume(s)
                                       R95.50                175,190

d)     Aggregated information
       - Aggregated volume             175,190
       - Price                         R16,730,645
e)     Date of the transaction         18 August 2025
f)     Place of the transaction        Off market

Date: 20-08-2025 10:00:00
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