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’ and, together with its affiliates, the 'Group')


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


Shareholders are advised of the following dealings on behalf of Thungela executive directors
pursuant to the vesting, on 4 June 2023, of the final 50% of the milestone awards granted and
accepted in 2021:

 Chief Executive Officer:                   J Ndlovu
 Date of transaction:                       6 June 2023
 Nature of transaction:                     On market disposal of shares that have vested in respect
                                            of the 2021 milestone award to settle tax obligations
                                            arising from the vesting
 Class of securities:                       Ordinary shares
 Number of securities:                      202,424
 Sale price per share:                      R130.50
 Transaction value:                         R26,416,332
 Nature of interest:                        Direct beneficial

 Chief Financial Officer:                   GF Smith
 Date of transaction:                       6 June 2023
 Nature of transaction:                     On market disposal of shares that have vested in respect
                                            of the 2021 milestone award to settle tax obligations
                                            arising from the vesting
 Class of securities:                       Ordinary shares
 Number of securities:                      101,212
 Sale price per share:                      R130.50
 Transaction value:                         R13,208,166
 Nature of interest:                        Direct beneficial

This is the final vesting of the milestone awards that were granted in 2021.


*Sale price per share is based on a 2-day VWAP ended 6 June 2023 of a Thungela Resources
share. The highest and lowest prices traded for Thungela Resources shares over each day were
as follows:


 Date                              Highest price per share          Lowest price per share
 5 June 2023                       135.00                           128.18
 6 June 2023                       133.78                           129.23


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


Rosebank
8 June 2023

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 milestone award to settle tax
                                    obligations arising from the vesting
c)   Price(s) and volume(s)
                                      Price(s)               Volume(s)
                                      R130.50                202,424

d)   Aggregated information
     - Aggregated volume            202,424
     - Price                        R26,416,332
e)   Date of the transaction        6 June 2023
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 milestone award to settle tax
                                     obligations arising from the vesting
c)   Price(s) and volume(s)
                                        Price(s)                Volume(s)
                                        R130.50                 101,212

d)   Aggregated information
     - Aggregated volume            101,212
     - Price                        R13,208,166
e)   Date of the transaction        6 June 2023
f)   Place of the transaction       On market