Sharenet Sites 
Sharenet Sites
Acceptance of Awards by Directors of Hulamin and Directors of Major Subsidiaries
HULAMIN LIMITED
Incorporated in the Republic of South Africa
(Registration number 1940/013924/06)
ISIN: ZAE000096210
JSE Code: HLM
("Hulamin" or the "Company")
ACCEPTANCE OF AWARDS BY DIRECTORS OF HULAMIN AND DIRECTORS OF MAJOR
SUBSIDIARIES IN TERMS OF THE EQUITY-SETTLED CONDITIONAL SHARE PLAN
In compliance with paragraphs 6.77 to 6.85 of the Listings Requirements of the JSE Limited,
shareholders are advised that the Company has made the following awards of Bonus Shares and
Performance Shares in terms of its Equity-Settled Conditional Share Plan ("Share Plan"):
Name of recipient: M Gounder – Executive director
Name of company: Hulamin Limited
Off-market acceptance of conditional Performance
Shares awarded in terms of the Share Plan in respect
Nature of transaction: of the 2026 financial year
Class of security: Ordinary shares
Date of award: 25 April 2026
Date of acceptance of award: 1 June 2026
Number of Performance Shares
awarded and accepted: 929 927
Issue price: Rnil (Free of charge)
Deemed value of award (based on a 30-
day volume-weighted average price
(VWAP) of a Hulamin share of R2.3339
as at 31 December 2025 calculated in
terms of the guidelines of the Share
Plan): R2 170 356.63
Vesting date: 24 April 2029
Nature of interest: Direct beneficial
Clearance to deal obtained: Yes
Name of recipient: M Gounder – Executive director
Name of company: Hulamin Limited
Off-market acceptance of conditional Performance
Shares awarded in terms of the Share Plan in respect
Nature of transaction: of the 2025 financial year
Class of security: Ordinary shares
Date of award: 25 April 2026
Date of acceptance of award: 1 June 2026
Number of Performance Shares
awarded and accepted: 622 769
Issue price: Rnil (Free of charge)
Deemed value of award (based on a 30-
day volume-weighted average price
(VWAP) of a Hulamin share of R3.5775
as at 31 December 2024 calculated in
terms of the guidelines of the Share
Plan): R2 227 956.10
Vesting date: 24 April 2029
Nature of interest: Direct beneficial
Clearance to deal obtained: Yes
Name of recipient: M Gounder – Executive director
Name of company: Hulamin Limited
Off-market acceptance of conditional Bonus Shares
awarded in terms of the Share Plan in respect of the
Nature of transaction: 2025 financial year
Class of security: Ordinary shares
Date of award: 25 April 2026
Date of acceptance of award: 1 June 2026
Number of Bonus Shares awarded and
accepted: 132 592
Issue price: Rnil (Free of charge)
Deemed value of award (based on a 30-
day volume-weighted average price
(VWAP) of a Hulamin share of R3.5775
as at 31 December 2024 calculated in
terms of the guidelines of the Share
Plan): R474 347.88
Vesting date: 24 April 2029
Nature of interest: Direct beneficial
Clearance to deal obtained: Yes
Name of recipient: P Nirghin – Executive Director
Name of company: Hulamin Limited
Off-market acceptance of conditional Performance
Shares awarded in terms of the Share Plan in respect
Nature of transaction: of the 2026 financial year
Class of security: Ordinary shares
Date of award: 25 April 2026
Date of acceptance of award: 1 June 2026
Number of Performance Shares
awarded and accepted: 538 295
Issue price: Rnil (Free of charge)
Deemed value of award (based on a 30-
day volume-weighted average price
(VWAP) of a Hulamin share of R2.3339
as at 31 December 2025 calculated in
terms of the guidelines of the Share
Plan): R1 256 326.70
Vesting date: 24 April 2029
Nature of interest: Direct beneficial
Clearance to deal obtained: Yes
Name of recipient: P Nirghin – Executive Director
Name of company: Hulamin Limited
Off-market acceptance of conditional Performance
Shares awarded in terms of the Share Plan in respect
Nature of transaction: of the 2025 financial year
Class of security: Ordinary shares
Date of award: 25 April 2026
Date of acceptance of award: 1 June 2026
Number of Performance Shares
awarded and accepted: 329 347
Issue price: Rnil (Free of charge)
Deemed value of award (based on a 30-
day volume-weighted average price
(VWAP) of a Hulamin share of R3.5775
as at 31 December 2024 calculated in R1 178 238.89
terms of the guidelines of the Share
Plan):
Vesting date: 24 April 2029
Nature of interest: Direct beneficial
Clearance to deal obtained: Yes
Name of recipient: P Nirghin – Executive Director
Name of company: Hulamin Limited
Off-market acceptance of conditional Bonus Shares
awarded in terms of the Share Plan in respect of the
Nature of transaction: 2025 financial year
Class of security: Ordinary shares
Date of award: 25 April 2026
Date of acceptance of award: 1 June 2026
Number of Bonus Shares awarded and
accepted: 60 624
Issue price: Rnil (Free of charge)
Deemed value of award (based on a 30-
day volume-weighted average price
(VWAP) of a Hulamin share of R3.5775
as at 31 December 2024 calculated in
terms of the guidelines of the Share
Plan): R216 882.36
Vesting date: 24 April 2029
Nature of interest: Direct beneficial
Clearance to deal obtained: Yes
Name of recipient: KP Deere – Director of major subsidiary
Name of subsidiary: Hulamin Operations Proprietary Limited
Off-market acceptance of conditional Performance
Shares awarded in terms of the Share Plan in respect
Nature of transaction: of the 2026 financial year
Class of security: Ordinary shares
Date of award: 25 April 2026
Date of acceptance of award: 1 June 2026
Number of Performance Shares
awarded and accepted: 381 327
Issue price: Rnil (Free of charge)
Deemed value of award (based on a 30-
day volume-weighted average price
(VWAP) of a Hulamin share of R2.3339
as at 31 December 2025 calculated in
terms of the guidelines of the Share
Plan): R889 979.09
Vesting date: 24 April 2029
Nature of interest: Direct beneficial
Clearance to deal obtained: Yes
Name of recipient: KP Deere – Director of major subsidiary
Name of subsidiary: Hulamin Operations Proprietary Limited
Off-market acceptance of conditional Performance
Shares awarded in terms of the Share Plan in respect
Nature of transaction: of the 2025 financial year
Class of security: Ordinary shares
Date of award: 25 April 2026
Date of acceptance of award: 1 June 2026
Number of Performance Shares
awarded and accepted: 260 318
Issue price: Rnil (Free of charge)
Deemed value of award (based on a 30-
day volume-weighted average price
(VWAP) of a Hulamin share of R3.5775
as at 31 December 2024 calculated in
terms of the guidelines of the Share
Plan): R931 287.65
Vesting date: 24 April 2029
Nature of interest: Direct beneficial
Clearance to deal obtained: Yes
Name of recipient: KP Deere – Director of major subsidiary
Name of subsidiary: Hulamin Operations Proprietary Limited
Off-market acceptance of conditional Bonus Shares
awarded in terms of the Share Plan in respect of the
Nature of transaction: 2025 financial year
Class of security: Ordinary shares
Date of award: 25 April 2026
Date of acceptance of award: 1 June 2026
Number of Bonus Shares awarded and
accepted: 64 372
Issue price: Rnil (Free of charge)
Deemed value of award (based on a 30-
day volume-weighted average price
(VWAP) of a Hulamin share of R3.5775
as at 31 December 2024 calculated in
terms of the guidelines of the Share
Plan): R230 290.83
Vesting date: 24 April 2029
Nature of interest: Direct beneficial
Clearance to deal obtained: Yes
Name of recipient: Z Gumede – Director of major subsidiary
Name of subsidiary: Hulamin Operations Proprietary Limited
Off-market acceptance of conditional Performance
Shares awarded in terms of the Share Plan in respect
Nature of transaction: of the 2026 financial year
Class of security: Ordinary shares
Date of award: 25 April 2026
Date of acceptance of award: 1 June 2026
Number of Performance Shares
awarded and accepted: 404 457
Issue price: Rnil (Free of charge)
Deemed value of award (based on a 30-
day volume-weighted average price
(VWAP) of a Hulamin share of R2.3339
as at 31 December 2025 calculated in
terms of the guidelines of the Share
Plan): R943 962.19
Vesting date: 24 April 2029
Nature of interest: Direct beneficial
Clearance to deal obtained: Yes
Name of recipient: Z Gumede – Director of major subsidiary
Name of subsidiary: Hulamin Operations Proprietary Limited
Off-market acceptance of conditional Performance
Shares awarded in terms of the Share Plan in respect
Nature of transaction: of the 2025 financial year
Class of security: Ordinary shares
Date of award: 25 April 2026
Date of acceptance of award: 1 June 2026
Number of Performance Shares
awarded and accepted: 270 555
Issue price: Rnil (Free of charge)
Deemed value of award (based on a 30-
day volume-weighted average price
(VWAP) of a Hulamin share of R3.5775
as at 31 December 2024 calculated in
terms of the guidelines of the Share
Plan): R967 910.51
Vesting date: 24 April 2029
Nature of interest: Direct beneficial
Clearance to deal obtained: Yes
Name of recipient: Z Gumede – Director of major subsidiary
Name of subsidiary: Hulamin Operations Proprietary Limited
Off-market acceptance of conditional Bonus Shares
awarded in terms of the Share Plan in respect of the
Nature of transaction: 2025 financial year
Class of security: Ordinary shares
Date of award: 25 April 2026
Date of acceptance of award: 1 June 2026
Number of Bonus Shares awarded and
accepted: 68 064
Issue price: Rnil (Free of charge)
Deemed value of award (based on a 30-
day volume-weighted average price
(VWAP) of a Hulamin share of R3.5775
as at 31 December 2024 calculated in
terms of the guidelines of the Share
Plan): R243 498.96
Vesting date: 24 April 2029
Nature of interest: Direct beneficial
Clearance to deal obtained: Yes
Pietermaritzburg
3 June 2026
Sponsor
Questco Corporate Advisory Proprietary Limited
Date: 03-06-2026 01:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
