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 6.77 to 6.80 of the Listings Requirements of the JSE Limited, the following
information is disclosed:

Director                                           :   Gideon Frederick Smith
Company                                            :   Thungela Resources
Date of transaction                                :   23 March 2026
Class of securities                                :   Ordinary shares
Nature of transaction                              :   The early termination of an off-market collar
                                                       hedge over 250 000 ordinary shares announced
                                                       on 29 April 2024, which will result in the sale of
                                                       the shares at a price of R172.6192 per share to
                                                       settle the mark-to-market of the options and
                                                       related funding transaction.
Number of securities                               :   250 000
Total value of transaction                         :   R43,154,800
Nature of interest                                 :   Direct, beneficial
Clearance obtained                                 :   Yes

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

UK Financial adviser and corporate broker
Panmure Liberum Limited

Johannesburg
24 March 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                     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
       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,
       type of instrument                  ISIN: ZAE000296554
       Identification Code                 SEDOL: BMV3M27
b.     Nature of the                       Early termination of an off-market collar hedge over shares of the
       transaction                         Company to settle the mark-to-market of the options and related
                                           funding transaction.
c.     Price(s) and                        250 000 ordinary shares exercised at R172.6192 per share.
       volume(s)
d.     Aggregated
       information
       - Aggregated Volume                 Volume: 250 000 ordinary shares
       - Price                             Price: R172.6192
e.     Date of the                         24 March 2026
       transaction
f.     Place of the                        XJSE
       transaction

Date: 24-03-2026 04:30:00
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