THUNGELA RESOURCES LIMITED - Acceptance of conditional share awards by Chief Executive Officer designate

Acceptance of conditional share awards by 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")

ACCEPTANCE OF CONDITIONAL SHARE AWARDS BY CHIEF EXECUTIVE OFFICER DESIGNATE

In compliance with paragraphs 3.63 to 3.74 of the Listings Requirements of the JSE Limited ("the
JSE Listings Requirements"), shareholders are provided with the following information related to
the Chief Executive Officer (CEO) designate of Thungela in terms of the provisions of the
Company's 2021 Share Plan and Remuneration Policy, regarding the award and acceptance of
conditional shares.

 CEO designate:                                      Moses Thembinkosi Madondo
 Nature of transaction:                              Off market award and acceptance of conditional shares
 Date of acceptance:                                 16 September 2025
 Class of securities:                                Ordinary shares
 Number of conditional shares:                       196,054
 Vesting date:                                       15 April 2028
 Award price per share*:                             R94.26
 Award value:                                        R18,480,050.04
 Nature of interest:                                 Direct beneficial

Vesting of the awards is conditional on pre-determined performance and employment conditions.

*Award price per share represents the dividend-adjusted volume weighted average price of a
 Thungela share on the JSE for the 20 business days ended 14 April 2025. This equates to
 R94.26 per share.

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

Johannesburg
22 September 2025

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

UK Financial adviser and corporate broker
Panmure Liberum 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                 PDMR – CEO 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 award and acceptance of conditional
                                       shares in terms of the Company's 2021 Share Plan
 c)    Price(s) and volume(s)
                                       Price(s)              Volume(s)
                                       R94.26                196,054

 d)    Aggregated information
       - Aggregated volume             196,054
       - Price                         R18,480,050.04
 e)    Date of the transaction         16 September 2025

 f)    Place of the transaction        Off market

Date: 22-09-2025 01:00:00
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