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Dealings in securities by executive directors and prescribed officers
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")
DEALINGS IN SECURITIES BY EXECUTIVE DIRECTORS AND PRESCRIBED OFFICERS
In compliance with paragraphs 6.77 to 6.89 of the Listings Requirements of the JSE Limited ("the
JSE Listings Requirements"), shareholders are advised of the following transactions. The
transactions relate to the vesting of forfeitable share awards and the subsequent on market sale
of shares by executive directors and prescribed officers to settle tax obligations arising from such
vesting. The vesting occurred in terms of the Company's 2021 Share Plan and as contemplated
in the Remuneration Policy.
Chief Financial Officer Deon Smith
Nature of transaction: On market sale of vested forfeitable shares to settle
tax obligations arising from the vesting
Class of securities: Ordinary shares
Number of shares: 4,743
Transaction value: R754,265.69
Trading period: 24 – 25 March 2026
Nature of interest: Direct beneficial
Date: Number of VWAP: Highest Lowest Transaction
Shares: Price: Price: Value:
24 March 2026 2,669 R163.19 R168.24 R152.02 R435,554.11
25 March 2026 2,074 R153.67 R162.12 R150.11 R318,711.58
Chief Operations Officer Johan van Schalkwyk
Nature of transaction: On market sale of vested forfeitable shares to settle
tax obligations arising from the vesting
Class of securities: Ordinary shares
Number of shares: 3,698
Transaction value: R588,082.78
Trading period: 24 – 25 March 2026
Nature of interest: Direct beneficial
Date: Number of VWAP: Highest Lowest Transaction
Shares: Price: Price: Value:
24 March 2026 2,081 R163.19 R168.24 R152.02 R339,598.39
25 March 2026 1,617 R153.67 R162.12 R150.11 R248,484.39
Executive Head of Technical Leslie Martin
Nature of transaction: On market sale of vested forfeitable shares to settle
tax obligations arising from the vesting
Class of securities: Ordinary shares
Number of shares: 3,212
Transaction value: R510,800.20
Trading period: 24 – 25 March 2026
Nature of interest: Direct beneficial
Date: Number of VWAP: Highest Lowest Transaction
Shares: Price: Price: Value:
24 March 2026 1,808 R163.19 R168.24 R152.02 R295,047.52
25 March 2026 1,404 R153.67 R162.12 R150.11 R215,752.68
Executive Head of Human Resources Lesego Mataboge
Nature of transaction: On market sale of vested forfeitable shares to settle
tax obligations arising from the vesting
Class of securities: Ordinary shares
Number of shares: 2,249
Transaction value: R358,255.91
Trading period: 24 – 25 March 2026
Nature of interest: Direct beneficial
Date: Number of VWAP: Highest Lowest Transaction
Shares: Price: Price: Value:
24 March 2026 1,329 R163.19 R168.24 R152.02 R216,879.51
25 March 2026 920 R153.67 R162.12 R150.11 R141,376.4
Executive Head of Corporate Affairs Mpumi Sithole
Nature of transaction: On market sale of vested forfeitable shares to settle
tax obligations arising from the vesting
Class of securities: Ordinary shares
Number of shares: 2,249
Transaction value: R358,255.91
Trading period: 24 – 25 March 2026
Nature of interest: Direct beneficial
Date: Number of VWAP: Highest Lowest Transaction
Shares: Price: Price: Value:
24 March 2026 1,329 R163.19 R168.24 R152.02 R216,879.51
25 March 2026 920 R153.67 R162.12 R150.11 R141,376.4
Executive Head of Marketing Bernard Dalton
Nature of transaction: On market sale of vested forfeitable shares to settle
tax obligations arising from the vesting
Class of securities: Ordinary shares
Number of shares: 2,774
Transaction value: R441,303.14
Trading period: 24 – 25 March 2026
Nature of interest: Direct beneficial
Date: Number of VWAP: Highest Lowest Transaction
Shares: Price: Price: Value:
24 March 2026 1,578 R163.19 R168.24 R152.02 R257,513.82
25 March 2026 1,196 R153.67 R162.12 R150.11 R183,789.32
The remaining ordinary shares underlying the unvested forfeitable share awards will be held in
escrow until they vest subject to the employment conditions being met.
Clearance for these transactions has been obtained in accordance with paragraph 6.83 of the
JSE Listings Requirements.
Johannesburg
27 March 2026
UK Financial adviser and corporate broker
Panmure Liberum Limited
JSE 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 Deon Smith
2 Reason for the notification
a) Position/status PDMR – Chief Financial Officer
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 Ordinary shares of no par value
financial instrument, type
of instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction On market sale of vested forfeitable shares to settle tax
obligations arising from the vesting.
c) Price(s) and volume(s)
Price(s) Volume(s)
R163.19 2,669
R153.67 2,074
d) Aggregated information
- Aggregated volume 4,743
- Price R754,265.69
e) Date of the transaction 24 – 25 March 2026
f) Place of the transaction On market
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Johan van Schalkwyk
2 Reason for the notification
a) Position/status PDMR – Chief Operations Officer
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 Ordinary shares of no par value
financial instrument, type
of instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction On market sale of vested forfeitable shares to settle tax
obligations arising from the vesting.
c) Price(s) and volume(s)
Price(s) Volume(s)
R163.19 2,081
R153.67 1,617
d) Aggregated information
- Aggregated volume 3,698
- Price R588,082.78
e) Date of the transaction 24 – 25 March 2026
f) Place of the transaction On market
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Leslie Martin
2 Reason for the notification
a) Position/status PDMR – Executive Head of Technical
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 Ordinary shares of no par value
financial instrument, type
of instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction On market sale of vested forfeitable shares to settle tax
obligations arising from the vesting.
c) Price(s) and volume(s)
Price(s) Volume(s)
R163.19 1,808
R153.67 1,404
d) Aggregated information
- Aggregated volume 3,212
- Price R510,800.20
e) Date of the transaction 24 – 25 March 2026
f) Place of the transaction On market
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Lesego Mataboge
2 Reason for the notification
a) Position/status PDMR – Executive Head of Human Resources
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 Ordinary shares of no par value
financial instrument, type
of instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction On market sale of vested forfeitable shares to settle tax
obligations arising from the vesting.
c) Price(s) and volume(s)
Price(s) Volume(s)
R163.19 1,329
R153.67 920
d) Aggregated information
- Aggregated volume 2,249
- Price R358,255.91
e) Date of the transaction 24 – 25 March 2026
f) Place of the transaction On market
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Mpumi Sithole
2 Reason for the notification
a) Position/status PDMR – Executive Head of Corporate Affairs
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 Ordinary shares of no par value
financial instrument, type
of instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction On market sale of vested forfeitable shares to settle tax
obligations arising from the vesting.
c) Price(s) and volume(s)
Price(s) Volume(s)
R163.19 1,329
R153.67 920
d) Aggregated information
- Aggregated volume 2,249
- Price R358,255.91
e) Date of the transaction 24 – 25 March 2026
f) Place of the transaction On market
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Bernard Dalton
2 Reason for the notification
a) Position/status PDMR – Executive Head of Marketing
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 Ordinary shares of no par value
financial instrument, type
of instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction On market sale of vested forfeitable shares to settle tax
obligations arising from the vesting.
c) Price(s) and volume(s)
Price(s) Volume(s)
R163.19 1,578
R153.67 1,196
d) Aggregated information
- Aggregated volume 2,774
- Price R441,303.14
e) Date of the transaction 24 – 25 March 2026
f) Place of the transaction On market
Date: 27-03-2026 04:00:00
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