THUNGELA RESOURCES LIMITED - Dealings in securities by the company secretary

Dealings in securities by 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" and, together with its affiliates, the 'Group')

DEALINGS IN SECURITIES BY THE COMPANY SECRETARY

In compliance with paragraph 3.63 of the Listings Requirements of the JSE Limited ("the JSE
Listings Requirements"), shareholders are advised that the company secretary of Thungela
Resources was awarded forfeitable shares in terms of the rules of the Company's 2021 Share
Plan and Remuneration Policy. The award was accepted and the details are set below:

Company Secretary:                         Altovise Alaxa Ellis
Grant Date:                                1 November 2024
Date of transaction:                       1 November 2024
Nature of transaction:                     Off market grant and acceptance of forfeitable shares
Class of securities:                       Ordinary shares
Number of securities:                      7,010
                                           (33,33% of shares will vest in equal tranches over 3 years
                                           provided that the company secretary remains in the
                                           employ of the Company)
Award price per share*:                    R122.48
Transaction value:                         R858 584.80
Nature of interest:                        Direct beneficial

*The value of the award is based on a dividend-adjusted volume weighted average price of a
Thungela Resources share for the 20 days ended 31 October 2024. The highest and lowest prices
traded for Thungela Resources shares over each day were as follows:

Date                            Highest price per share          Lowest price per share
4 October 2024                  122.67                           114.57
7 October 2024                  122.85                           117.41
8 October 2024                  122.29                           116.75
9 October 2024                  123.64                           119.66
10 October 2024                 124.74                           120.85
11 October 2024                 124.03                           118.26
14 October 2024                 121.18                           118.02
15 October 2024                 123.82                           119.12
16 October 2024                 123.52                           116.00
17 October 2024                 121.95                           116.00
18 October 2024                 125.80                           120.50
21 October 2024                 126.89                           121.92
22 October 2024                 126.48                           122.90
23 October 2024                 128.50                           125.46
24 October 2024                 127.41                           125.33
25 October 2024                 131.95                           123.94
28 October 2024                 131.40                           128.02
29 October 2024                 132.50                           127.80
30 October 2024                 128.31                           124.67
31 October 2024                 128.89                           125.00

The clearance for this transaction, which are of an off-market nature, was obtained.

Johannesburg
4 November 2024

UK Financial adviser and corporate broker
Panmure Liberum Limited

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                            Altovise Alaxa Ellis
2    Reason for the notification
a)   Position/status                 Company Secretary
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       Direct beneficial
c)   Price(s) and volume(s)
                                     Price(s)               Volume(s)
                                     R122.48                7,010
d)   Aggregated information
     - Aggregated volume             7,010
     - Price                         R858 584.80
e)   Date of the transaction         1 November 2024
f)   Place of the transaction        Off market

Date: 04-11-2024 03:00:00
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