THUNGELA RESOURCES LIMITED - Dealing in securities by an executive director

Dealing in securities by an executive 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 AN EXECUTIVE DIRECTOR

In compliance with paragraphs 6.77 to 6.80 of the Listings Requirements of the JSE Limited, the
following information is disclosed:

Executive Director                                     :   Gideon Frederick Smith
Company                                                :   Thungela Resources
Date of transaction                                    :   22 May 2026
Class of securities                                    :   Thungela Resources ordinary shares
Nature of transaction                                  :   Off-market collar hedge over 181 898 ordinary
                                                           shares of the Company with a put strike price of
                                                           R134.63, call strike price of R150.30 and expiry
                                                           on 31 March 2027.
Number of securities                                   :   181 898
Total value of transaction                             :   R24 488 927
Nature of interest                                     :   Direct, beneficial
Clearance obtained                                     :   Yes

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

UK Financial adviser and corporate broker
Liberum Capital Limited

Johannesburg
26 May 2026

         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                   Executive Director
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
     Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
4    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,             ISIN: ZAE000296554
     type of instrument                SEDOL: BMV3M27
     Identification Code
b.   Nature of the                     Off-market collar hedge over shares of the Company
     transaction
c.   Price(s) and                      181 898 ordinary shares with a put strike price of R134.63, call
     volume(s)                         strike price of R150.30 and expiry on 31 March 2027.
d.   Aggregated
     information
     - Aggregated Volume               Volume: 181 898
     - Price
                                       R24 488 927
e.   Date of the                       22 May 2026
     transaction
f.   Place of the                      XJSE
     transaction

Date: 26-05-2026 02:00:00
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