THUNGELA RESOURCES LIMITED - Dealing in securities by company secretary

Dealing in securities by company secretary

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 COMPANY SECRETARY

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 the company secretary of Thungela Resources is disclosed:

    Company secretary                                     :   Tovi Ellis
    Company                                               :   Thungela Resources
    Date of transaction                                   :   8 December 2025
    Class of securities                                   :   Ordinary shares
    Nature of transaction                                 :   On-market sale of ordinary shares
    Number of securities                                  :   1 284
    Volume weighted average sale price per share              R90.24
    Highest sale price per share                              R90.27
    Lowest sale price per share                           :   R90.18
    Total value of transaction                            :   R115 864,01
    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
9 December 2025


         Notification and public disclosure of transactions by persons discharging managerial
                        responsibility and persons closely associated with them.

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014

1    Details of the person discharging managerial responsibilities/person closely associated
a.   Name                              Tovi Ellis

2    Reason for notification
a.   Position/Status                   PDMR
b.   Initial notification/Amendment    Initial

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      ISIN: ZAE000296554
     Identification Code     SEDOL: BMV3M27
b.   Nature of the           Sale of Shares
     transaction
c.   Price(s) and            Volume 388      Price R90.18
     volume(s)               Volume 155      Price R90.20
                             Volume 741      Price R90.27
d.   Aggregated              Price: ZAR90.24
     information
     - Aggregated Volume     Volume: 1284
     - Price                 ZAR115 864.01
e.   Date of the             8 December 2025
     transaction
f.   Place of the            XJSE
     transaction

Date: 09-12-2025 03:00:00
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