Thungela Resources Limited
Incorporated in the Republic of South Africa
(Registration number: 2021/303811/06)
ISIN: ZAE000296554
Share Code: TGA
("Thungela")


DEALINGS IN SECURITIES ON BEHALF OF DIRECTORS TO SETTLE TAX OBLIGATIONS
ARISING FROM THE VESTING OF CONDITIONAL RETENTION AWARDS


Shareholders are advised of the following dealings on behalf of Thungela executive directors
pursuant to the vesting, on 4 June 2022, of 50% of the conditional retention awards granted in
2021.


 Chief Executive Officer:                 J Ndlovu
 Date of transaction:                     7 June 2022
 Nature of transaction:                   On market disposal of shares that have vested in respect
                                          of the 2021 retention award to settle tax obligations
                                          arising from the vesting
 Class of securities:                     Ordinary shares
 Number of securities:                    202,423
 Deemed price per security:               R249.88
 Deemed value of transaction:             R50,581,459.24
 Nature of interest:                      Direct beneficial


 Chief Financial Officer:                 GF Smith
 Date of transaction:                     7 June 2022
 Nature of transaction:                   On market disposal of shares that have vested in respect
                                          of the 2021 retention award to settle tax obligations
                                          arising from the vesting
 Class of securities:                     Ordinary shares
 Number of securities:                    101,211
 Deemed price per security:               R249.88
 Deemed value of transaction:             R25,290,604.68
 Nature of interest:                        Direct beneficial



The remaining 50% of the conditional retention awards will vest on 4 June 2023, subject to
employment conditions being met. The ordinary shares underlying the conditional retention
awards will be held in a non-tradable account. The ordinary shares will remain restricted until such
time as vesting occurs.

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


Rosebank
28 June 2022

UK Financial adviser and corporate broker
Liberum Capital Limited

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                            July Ndlovu
 2      Reason for the notification
 a)     Position/status                 PDMR – Chief Executive 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 financial    Ordinary shares of no par value
        instrument, type of
        instrument
        Identification code             ISIN: ZAE000296554
 b)     Nature of the transaction       On market disposal of shares that have vested in
                                        respect of the 2021 retention award to settle tax
                                        obligations arising from the vesting
        Price(s) and volume(s)
c)                                   Price(s)               Volume(s)
                                     R249.88                202,423

d)   Aggregated information
     - Aggregated volume           202,423
     - Price                       R50,581,459.24
e)   Date of the transaction       7 June 2022
f)   Place of the transaction      On market

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 financial    Ordinary shares of no par value
     instrument, type of
     instrument
     Identification code             ISIN: ZAE000296554
b)   Nature of the transaction       On market disposal of shares that have vested in
                                     respect of the 2021 retention award to settle tax
                                     obligations arising from the vesting
c)   Price(s) and volume(s)
                                        Price(s)                Volume(s)
                                        R249.88                 101,211

d)   Aggregated information
     - Aggregated volume           101,211
     - Price                       R25,290,604.68
e)   Date of the transaction       7 June 2022
f)   Place of the transaction      On market