Wrap Text
Dealings in securities by executive directors and prescribed officers
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
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 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 Ordinary shares of no par value
financial instrument,
type of instrument
Identification code ISIN: ZAE000296554
b) Nature of the Off market reinvestment of dividends accruing to ordinary
transaction 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 30 September 2026
transaction
f) Place of the Off market
transaction
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 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 Ordinary shares of no par value
financial instrument,
type of instrument
Identification code ISIN: ZAE000296554
b) Nature of the Off market reinvestment of dividends accruing to ordinary
transaction 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 Off market
transaction
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 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 Ordinary shares of no par value
financial instrument,
type of instrument
Identification code ISIN: ZAE000296554
b) Nature of the Off market reinvestment of dividends accruing to ordinary
transaction 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 Off market
transaction
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 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 Ordinary shares of no par value
financial instrument,
type of instrument
Identification code ISIN: ZAE000296554
b) Nature of the Off market reinvestment of dividends accruing to ordinary
transaction 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 Off market
transaction
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 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 Ordinary shares of no par value
financial instrument,
type of instrument
Identification code ISIN: ZAE000296554
b) Nature of the Off market reinvestment of dividends accruing to ordinary
transaction 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 Off market
transaction
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 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 Ordinary shares of no par value
financial instrument,
type of instrument
Identification code ISIN: ZAE000296554
b) Nature of the Off market reinvestment of dividends accruing to ordinary
transaction 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 Off market
transaction
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 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 Ordinary shares of no par value
financial instrument,
type of instrument
Identification code ISIN: ZAE000296554
b) Nature of the Off market reinvestment of dividends accruing to ordinary
transaction 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 Off market
transaction
Date: 01/10/2026 10:00:00
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