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Dealings in securities by executive directors, prescribed officers and 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")
DEALINGS IN SECURITIES BY EXECUTIVE DIRECTORS, PRESCRIBED OFFICERS AND
THE COMPANY SECRETARY
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 grant and acceptance of forfeitable share awards by
executive directors, prescribed officers and the company secretary. 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 grant and acceptance of forfeitable shares
Grant date: 23 March 2026
Date of acceptance: 7 April 2026
Class of securities: Ordinary shares
Number of shares: 8,823
Vesting date(s): 23 March 2027 – 2,941
23 March 2028 – 2,941
23 March 2029 – 2,941
Award price: R162.03
Award value: R1,429,590.69
Nature of interest: Direct beneficial
Chief Financial Officer Deon Smith
Nature of transaction: Off market grant and acceptance of forfeitable shares
Grant date: 23 March 2026
Date of acceptance: 7 April 2026
Class of securities: Ordinary shares
Number of shares: 12,653
Vesting date(s): 23 March 2027 – 4,217
23 March 2028 – 4,218
23 March 2029 – 4,218
Award price: R162.03
Award value: R2,050,165.59
Nature of interest: Direct beneficial
Chief Operations Officer Johan van Schalkwyk
Nature of transaction: Off market grant and acceptance of forfeitable shares
Grant date: 23 March 2026
Date of acceptance: 7 April 2026
Class of securities: Ordinary shares
Number of shares: 8,614
Vesting date(s): 23 March 2027 – 2,871
23 March 2028 – 2,871
23 March 2029 – 2,872
Award price: R162.03
Award value: R1,395,726.42
Nature of interest: Direct beneficial
Executive Head of Technical Leslie Martin
Nature of transaction: Off market grant and acceptance of forfeitable shares
Grant date: 23 March 2026
Date of acceptance: 7 April 2026
Class of securities: Ordinary shares
Number of shares: 8,067
Vesting date(s): 23 March 2027 – 2,689
23 March 2028 – 2,689
23 March 2029 – 2,689
Award price: R162.03
Award value: R1,307,096.01
Nature of interest: Direct beneficial
Executive Head of Human Resources Lesego Mataboge
Nature of transaction: Off market grant and acceptance of forfeitable shares
Grant date: 23 March 2026
Date of acceptance: 7 April 2026
Class of securities: Ordinary shares
Number of shares: 6,133
Vesting date(s): 23 March 2027 – 2,044
23 March 2028 – 2,044
23 March 2029 – 2.045
Award price: R162.03
Award value: R993,729.99
Nature of interest: Direct beneficial
Executive Head of Corporate Affairs Mpumi Sithole
Nature of transaction: Off market grant and acceptance of forfeitable shares
Grant date: 23 March 2026
Date of acceptance: 7 April 2026
Class of securities: Ordinary shares
Number of shares: 5,684
Vesting date(s): 23 March 2027 – 1,894
23 March 2028 – 1,895
23 March 2029 – 1.895
Award price: R162.03
Award value: R920,978.52
Nature of interest: Direct beneficial
Executive Head of Marketing Bernard Dalton
Nature of transaction: Off market grant and acceptance of forfeitable shares
Grant date: 23 March 2026
Date of acceptance: 7 April 2026
Class of securities: Ordinary shares
Number of shares: 6,941
Vesting date(s): 23 March 2027 – 2,313
23 March 2028 – 2,314
23 March 2029 – 2,314
Award price: R162.03
Award value: R1,124,650.23
Nature of interest: Direct beneficial
Company Secretary Tovi Ellis
Nature of transaction: Off market grant and acceptance of forfeitable shares
Grant date: 23 March 2026
Date of acceptance: 7 April 2026
Class of securities: Ordinary shares
Number of shares: 3,485
Vesting date(s): 23 March 2027 – 1,161
23 March 2028 – 1,162
23 March 2029 – 1,162
Award price: R162.03
Award value: R564,674.55
Nature of interest: Direct beneficial
Vesting of the awards is conditional on pre-determined employment conditions.
Award price represents the dividend-adjusted volume weighted average price of a Thungela share
on the JSE for the 3 business days ended 25 March 2026. This equates to R162.03 per share.
Clearance for these transactions has been obtained in accordance with paragraph 6.83 of the
JSE Listings Requirements.
Johannesburg
8 April 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 transaction Off market grant and acceptance of forfeitable shares
c) Price(s) and volume(s)
Price(s) Volume(s)
R162.03 8,823
d) Aggregated information
- Aggregated volume 8,823
- Price R1,429,590.69
e) Date of the transaction 7 April 2026
f) Place of the transaction Off market
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 transaction Off market grant and acceptance of forfeitable shares
c) Price(s) and volume(s)
Price(s) Volume(s)
R162.03 12,653
d) Aggregated information
- Aggregated volume 12,653
- Price R2,050,165.59
e) Date of the transaction 7 April 2026
f) Place of the transaction Off market
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 transaction Off market grant and acceptance of forfeitable shares
c) Price(s) and volume(s)
Price(s) Volume(s)
R162.03 8,614
d) Aggregated information
- Aggregated volume 8,614
- Price R1,395,726.42
e) Date of the transaction 7 April 2026
f) Place of the transaction Off market
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 transaction Off market grant and acceptance of forfeitable shares
c) Price(s) and volume(s)
Price(s) Volume(s)
R162.03 8,067
d) Aggregated information
- Aggregated volume 8,067
- Price R1,307,096.01
e) Date of the transaction 7 April 2026
f) Place of the transaction Off market
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 transaction Off market grant and acceptance of forfeitable shares
c) Price(s) and volume(s)
Price(s) Volume(s)
R162.03 6,133
d) Aggregated information
- Aggregated volume 6,133
- Price R993,729.99
e) Date of the transaction 7 April 2026
f) Place of the transaction Off market
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 transaction Off market grant and acceptance of forfeitable shares
c) Price(s) and volume(s)
Price(s) Volume(s)
R162.03 5,684
d) Aggregated information
- Aggregated volume 5,684
- Price R920,978.52
e) Date of the transaction 7 April 2026
f) Place of the transaction Off market
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 transaction Off market grant and acceptance of forfeitable shares
c) Price(s) and volume(s)
Price(s) Volume(s)
R162.03 6,941
d) Aggregated information
- Aggregated volume 6,941
- Price R1,124,650.23
e) Date of the transaction 7 April 2026
f) Place of the transaction Off market
Date: 08-04-2026 03:30:00
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