THUNGELA RESOURCES LIMITED - Dealings in securities by an executive director

Dealings in securities by an executive director

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 AN EXECUTIVE DIRECTOR

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 transaction. The
transaction relates to the vesting of forfeitable share awards and the subsequent on-market sale
of shares by an executive director to settle tax obligations arising from such vesting. The vesting
occurred in terms of the Company’s 2021 Share Plan and as contemplated in the Remuneration
Policy.

 Chief Executive Officer:                   Moses Madondo
 Nature of transaction:                     On market sale of vested forfeitable shares to settle
                                            tax obligations arising from the vesting
 Class of securities:                       Ordinary shares
 Trading date:                              20 August 2026
 Number of shares:                          26,279
 VWAP per share:                            R117.91
 Highest price per share:                   R120.08
 Lowest price per share:                    R112.64
 Transaction value:                         R3,098,556.89
 Nature of interest:                        Direct, beneficial

The remaining ordinary shares underlying the unvested forfeitable awards will be held in escrow
until they vest subject to the employment conditions being met.

Clearance for this transaction has been obtained in accordance with paragraph 6.83 of the JSE
Listings Requirements.

Johannesburg
25 August 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 financial   Ordinary shares of no par value
       instrument, type of
       instrument
       Identification code            ISIN: ZAE000296554
 b)    Nature of the transaction      On market sale of vested forfeitable shares to settle
                                      tax obligations arising from the vesting.
 c)    Price(s) and volume(s)
                                      Price(s)                Volume(s)
                                      R117.91                 26,279
 d)    Aggregated information
       - Aggregated volume            26,279
       - Price                        R3,098,556.89
 e)    Date of the transaction        20 August 2026
 f)    Place of the transaction       On market
Date: 25/08/2026 13:00:00
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