THUNGELA RESOURCES LIMITED - Vesting of forfeitable share awards and subsequent sale of shares by the company secretary

Vesting of forfeitable share awards and subsequent sale of shares by the company secretary

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")

VESTING OF FORFEITABLE SHARE AWARDS AND SUBSEQUENT SALE OF SHARES BY THE COMPANY SECRETARY

In compliance with paragraphs 3.63 to 3.74 of the Listings Requirements of the JSE Limited ("the
JSE Listings Requirements"), shareholders are advised of the following sale transactions by the
company secretary pursuant to the vesting of one third of the forfeitable shares granted to them
under the Company's 2021 Share Plan and as contemplated in the Remuneration Policy on 1
November 2024.

 Company Secretary:                                 Tovi Ellis

 Nature of transaction:                             On market sale of vested forfeitable shares to
                                                    settle tax obligations arising from the vesting
 Class of securities:                               Ordinary shares

 Date of transaction:                               6 November 2025
 Number of vested of shares sold:                   1,052
 Volume weighted average selling price per share:   R79.17
 Highest selling price per share:                   R79.80
 Lowest selling price per share:                    R77.57
 Transaction value:                                 R83,286.84

 Nature of interest:                                Direct beneficial

The remaining two thirds of the forfeitable share award made in 2024 will vest in two equal
tranches in 2026 and 2027, subject to the employment conditions being met. The remaining
ordinary shares underlying the unvested forfeitable share awards will be held in escrow until such
time that the shares vest pursuant to the rules of the Company's 2021 Share Plan.

Clearance to deal for this transaction has been obtained in terms of the JSE Listings
Requirements.

Johannesburg
11 November 2025

UK Financial adviser and corporate broker
Panmure Liberum Limited

JSE Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Date: 11-11-2025 01:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.