THUNGELA RESOURCES LIMITED - General Repurchase Announcement

General Repurchase Announcement

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")

GENERAL REPURCHASE ANNOUNCEMENT

1.      INTRODUCTION

        The Thungela board of directors ("Board") hereby, in line with paragraph 11.27 of the Listings
        Requirements of the JSE Limited ("JSE"), advises shareholders that the Company, in accordance with
        the general authority granted by shareholders at the Company's annual general meeting held on 4 June
        2024 ("General Authority"), has cumulatively repurchased from shareholders 4,320,127 ordinary shares
        ("Shares"), in aggregate, representing 3.1% of the Company's issued share capital at the time of the
        General Authority (excluding treasury shares) ("Repurchase").

        The Repurchase was effected through the order book operated by the JSE and in a series of unrelated
        transactions, without any prior understanding or arrangement between the Company and these
        shareholders. Accordingly, the Company has complied with paragraph 5.72 of the JSE Limited Listings
        Requirements.

        The Company reached the 3% repurchase threshold, provided for in the JSE Listings Requirements, on
        24 April 2025, requiring the publication of this announcement.

2.      DETAILS OF THE REPURCHASE

        Details of the Repurchase are as follows:

                                                                                             7 November 2024 to
        Dates of Repurchase                                                                       24 April 2025
        Total number of Shares repurchased                                                            4,320,127
        Total value of Shares repurchased                                                          R475,595,813
        Highest price paid per Share repurchased                                                        R140.00
        Lowest price paid per Share repurchased                                                          R91.04
        The number of Shares which may still be repurchased by the Company in terms
        of the General Authority                                                                      9,729,131
        The percentage of Shares which may still be repurchased by the Company in
        terms of the General Authority                                                                     6.9%
        Shares in issue at the date the General Authority was granted                               140,492,585
        Shares in issue currently                                                                   140,492,585
        Number of Shares held in treasury after the Repurchase                                       10,037,876

        As all the Shares have been repurchased by a wholly-owned subsidiary of the Company, such Shares
        will not be cancelled and will remain listed, as they will be held in treasury.

3.      STATEMENT BY THE BOARD

        The Board has considered the impact of the Repurchase and is of the opinion that, for a period of twelve
        months following the date of this announcement:

        3.1     the Company and its subsidiaries ("the Group") will be able, in the ordinary course of business,
                to pay their debts;

        3.2     the assets of the Company and the Group will be in excess of the liabilities of the Company and
                the Group, measured in accordance with the accounting policies used in the latest audited
                Group annual financial statements;

        3.3     the share capital and reserves of the Company and the Group will be adequate for ordinary
                business purposes; and

        3.4     the working capital of the Company and the Group will be adequate for ordinary business
                purposes.

4.      SOURCE OF FUNDS

        The Repurchase was funded from available cash resources.

5.      IMPACT ON FINANCIAL INFORMATION

        The Repurchase and related transaction costs have had no material impact on Thungela's financial
        information and resulted in a decrease in the Group's cash balances by R475,595,813.

29 April 2025
Johannesburg, South Africa

Sponsor
Rand Merchant Bank
(A division of FirstRand Bank Limited)

UK Financial adviser and corporate broker
Panmure Liberum Limited

Investor Relations
Hugo Nunes
Email: hugo.nunes@thungela.com

Shreshini Singh
Email: shreshini.singh@thungela.com

Media
Hulisani Rasivhaga
Email: hulisani.rasivhaga@thungela.com

Date: 29-04-2025 08:30:00
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