THUNGELA RESOURCES LIMITED - Dealing in securities by a director

Dealing in securities by a director

Thungela Resources Limited
Incorporated in the Republic of South Africa
Registration number: 2021/303811/06
ISIN: ZAE000296554
JSE share code: TGA
LSE share code: TGA
("Thungela" or "Company")

DEALING IN SECURITIES BY A DIRECTOR

In compliance with paragraphs 3.63 to 3.74 of the Listings Requirements of the JSE Limited, the following
information relating to dealing in securities by a Director of Thungela Resources is disclosed:

 Director                                            :   Gideon Frederick Smith
 Company                                             :   Thungela Resources
 Date of transaction                                 :   1 October 2025
 Class of securities                                 :   Ordinary shares
 Nature of transaction                               :   On-market sale of ordinary shares
 Number of securities                                :   51,124
 Volume weighted average sale price per share            R86,91
 Highest sale price per share                            R88,01
 Lowest sale price per share                             R86,15
 Total value of transaction                          :   R4 443 187
 Nature of interest                                  :   Direct, beneficial
 Clearance obtained                                  :   Yes

 Director                                            :   Gideon Frederick Smith
 Company                                             :   Thungela Resources
 Date of transaction                                 :   2 October 2025
 Class of securities                                 :   Ordinary shares
 Nature of transaction                               :   On-market sale of ordinary shares
 Number of securities                                :   23,876
 Volume weighted average sale price per share            R86,30
 Highest sale price per share                            R87,33
 Lowest sale price per share                             R86,00
 Total value of transaction                          :   R2 060 499
 Nature of interest                                  :   Direct, beneficial
 Clearance obtained                                  :   Yes

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

UK Financial adviser and corporate broker
Panmure Liberum Limited

Johannesburg
3 October 2025

                                 Notification of Dealing Forms

1    Details of the person discharging managerial responsibilities / person closely
     associated
a)   Name                               Gideon Frederick 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       Ordinary shares of no par value
     instrument, type of instrument
     Identification code                ISIN: ZAE000296554
b)   Nature of the transaction          On market sale of shares that have vested in respect of
                                        the 2021 Conditional Share Award to settle tax
                                        obligations arising from the vesting.
c)   Price(s) and volume(s)
                                        Price(s)                  Volume(s)
                                        R86,91                    51,124
                                        R86,30                    23,876
d)   Aggregated information
     - Aggregated volume                75,000
     - Price                            R6,503,686.00
e)   Date of the transaction            1 – 2 October 2025
f)   Place of the transaction           On market

Date: 03-10-2025 11:00:00
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