Thungela Resources Limited

Remuneration Information • Sep 22, 2025

National Storage Mechanism | Additional information

RNS Number : 2617A

Thungela Resources Limited

22 September 2025

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")

ACCEPTANCE OF CONDITIONAL SHARE AWARDS BY CHIEF EXECUTIVE OFFICER DESIGNATE

In compliance with paragraphs 3.63 to 3.74 of the Listings Requirements of the JSE Limited ("the JSE Listings Requirements"), shareholders are provided with the following information related to the Chief Executive Officer (CEO) designate of Thungela in terms of the provisions of the Company's 2021 Share Plan and Remuneration Policy, regarding the award and acceptance of conditional shares.

CEO designate:	Moses Thembinkosi Madondo
Nature of transaction:	Off market award and acceptance of conditional shares
Date of acceptance:	16 September 2025
Class of securities:	Ordinary shares
Number of conditional shares:	196,054
Vesting date:	15 April 2028
Award price per share*:	R94.26
Award value:	R18,480,050.04
Nature of interest:	Direct beneficial

Vesting of the awards is conditional on pre-determined performance and employment conditions.

* Award price per share represents the dividend-adjusted volume weighted average price of a Thungela share on the JSE for the 20 business days ended 14 April 2025. This equates to R94.26 per share.

Clearance to deal in terms of the JSE Listings Requirements was obtained.

Johannesburg

22 September 2025

Sponsor

Rand Merchant Bank (A division of FirstRand Bank Limited)

UK Financial adviser and corporate broker

Panmure Liberum Limited

Notification of Dealing Forms

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Moses Thembinkosi Madondo
2	Reason for the notification
a)	Position/status	PDMR - CEO designate
b)	Initial notification /Amendment	Initial notification
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 instrument, type of instrument	Ordinary shares of no par value
Identification code	ISIN: ZAE000296554
b)	Nature of the transaction	Off market award and acceptance of conditional shares in terms of the Company's 2021 Share Plan
c)	Price(s) and volume(s)
		Price(s)	Volume(s)
		R94.26	196,054
d)	Aggregated information
- Aggregated volume	196,054
- Price	R18,480,050.04
e)	Date of the transaction	16 September 2025
f)	Place of the transaction	Off market

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