THUNGELA RESOURCES LIMITED - Dealing in securities by a director

Dealing in securities by a director

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 Resources" or "Company")

DEALING IN SECURITIES BY A DIRECTOR

In compliance with paragraphs 3.63 to 3.74 of the Listings Requirements of the JSE Limited, the following
information is disclosed:

    Director                                               :   Gideon Frederick Smith
    Company                                                :   Thungela Resources
    Date of transaction                                    :   26 April 2024
    Class of securities                                    :   Thungela Resources ordinary shares
    Nature of transaction                                  :   Off-market collar hedge over 250 000 ordinary
                                                               shares of the Company with a put strike price of
                                                               R131,93, call strike price of R175,45 and expiry
                                                               on 28 April 2026
    Number of securities                                   :   250 000
    Total value of transaction                             :   R32 982 500
    Nature of interest                                     :   Direct, beneficial
    Clearance obtained                                     :   Yes

UK Financial adviser and corporate broker
Liberum Capital Limited

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Rosebank
29 April 2024

         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                              Gideon Frederick Smith

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                     Off-market collar hedge over shares of the Company
     transaction
c.   Price(s) and                      250 000 ordinary shares with a put strike price of R 131,93, call
     volume(s)                         strike price of R175,45 and expiry on 28 April 2026
d.   Aggregated
     information
     - Aggregated Volume               Volume: 250 000
     - Price                           R32 982 500
e.   Date of the                       26 April 2024
     transaction
f.   Place of the                      XJSE
     transaction

Date: 29-04-2024 12:00:00
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