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29 Apr 2026 09:00
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 off-market award of dividend equivalent shares following the reinvestment of dividends on previously awarded conditional share awards held by executive directors and prescribed officers. The award was made in terms of the Company's 2021 Share Plan and as contemplated in the Remuneration Policy.
Chief Executive Officer: | Moses Madondo | |||
Nature of transaction: | Off market award of dividend equivalent shares | |||
Date of award: | 23 April 2026 | |||
Class of securities: | Ordinary shares | |||
Nature of interest: | Direct beneficial | |||
Award | Number of shares | Award Price | Award Value | |
LTIP 2025 | 2,484 | R161.35 | R400,793.40 | |
Chief Financial Officer: | Deon Smith | |||
Nature of transaction: | Off market award of dividend equivalent shares | |||
Date of award: | 23 April 2026 | |||
Class of securities: | Ordinary shares | |||
Nature of interest: | Direct beneficial | |||
Award | Number of shares | Award Price | Award Value | |
LTIP 2023 | 428 | R161.35 | R69,057.80 | |
LTIP 2024 | 533 | R161.35 | R85,999.55 | |
LTIP 2025 | 1,164 | R161.35 | R187,811.40 | |
Chief Operations Officer: | Johan van Schalkwyk | |||
Nature of transaction: | Off market award of dividend equivalent shares | |||
Date of award: | 23 April 2026 | |||
Class of securities: | Ordinary shares | |||
Nature of interest: | Direct beneficial | |||
Award | Number of shares | Award Price | Award Value | |
LTIP 2023 | 334 | R161.35 | R53,890.90 | |
LTIP 2024 | 415 | R161.35 | R66,960.25 | |
LTIP 2025 | 732 | R161.35 | R118,108.20 | |
Executive Head of Technical: | Leslie Martin | |||
Nature of transaction: | Off market award of dividend equivalent shares | |||
Date of award: | 23 April 2026 | |||
Class of securities: | Ordinary shares | |||
Nature of interest: | Direct beneficial | |||
Award | Number of shares | Award Price | Award Value | |
LTIP 2023 | 290 | R161.35 | R46,791.50 | |
LTIP 2024 | 361 | R161.35 | R58,247.35 | |
LTIP 2025 | 636 | R161.35 | R102,618.60 | |
Executive Head of Human Resources: | Lesego Mataboge | |||
Nature of transaction: | Off market award of dividend equivalent shares | |||
Date of award: | 23 April 2026 | |||
Class of securities: | Ordinary shares | |||
Nature of interest: | Direct beneficial | |||
Award | Number of shares | Award Price | Award Value | |
LTIP 2023 | 206 | R161.35 | R33,238.10 | |
LTIP 2024 | 265 | R161.35 | R42,757.75 | |
LTIP 2025 | 483 | R161.35 | R77,932.05 | |
Executive Head of Corporate Affairs: | Mpumi Sithole | |||
Nature of transaction: | Off market award of dividend equivalent shares | |||
Date of award: | 23 April 2026 | |||
Class of securities: | Ordinary shares | |||
Nature of interest: | Direct beneficial | |||
Award | Number of shares | Award Price | Award Value | |
LTIP 2023 | 206 | R161.35 | R33,238.10 | |
LTIP 2024 | 265 | R161.35 | R42,757.75 | |
LTIP 2025 | 483 | R161.35 | R77,932.05 | |
Executive Head of Marketing: | Bernard Dalton | |||
Nature of transaction: | Off market award of dividend equivalent shares | |||
Date of award: | 23 April 2026 | |||
Class of securities: | Ordinary shares | |||
Nature of interest: | Direct beneficial | |||
Award | Number of shares | Award Price | Award Value | |
LTIP 2023 | 247 | R161.35 | R39,853.45 | |
LTIP 2024 | 315 | R161.35 | R50,825.25 | |
LTIP 2025 | 590 | R161.35 | R95,196.50 | |
Vesting of the awards is conditional on pre-determined performance and employment conditions as per the original conditional shares. The LTIP 2023 is vesting on 26 April 2026, the LTIP 2024 on 24 May 2027 and the LTIP 2025 on 15 April 2028.
Award price represents the dividend-adjusted volume weighted average price of a Thungela share on the JSE for the 20 business days ended 17 April 2026. This equates to R161.35 per share.
Clearance for these transactions has been obtained in accordance with paragraph 6.83 of the JSE Listings Requirements.
Johannesburg
29 April 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 | Moses Madondo | |||
2 | Reason for the notification | ||||
a) | Position/status | PDMR - Chief Executive Officer | |||
b) | Initial notification /Amendment | Initial notification | |||
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 instrument, type of instrument | Ordinary shares of no par value | |||
Identification code | ISIN: ZAE000296554 | ||||
b) | Nature of the transaction | Off market reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
R161.35 | 2,484 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 2,484 | ||||
- Price | R400,793.40 | ||||
e) | Date of the transaction | 23 April 2026 | |||
f) | Place of the transaction | Off 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 /Amendment | Initial notification | |||
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 instrument, type of instrument | Ordinary shares of no par value | |||
Identification code | ISIN: ZAE000296554 | ||||
b) | Nature of the transaction | Off market reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
R161.35 | 428 | ||||
R161.35 | 533 | ||||
R161.35 | 1,164 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 2,125 | ||||
- Price | R342,868.75 | ||||
e) | Date of the transaction | 23 April 2026 | |||
f) | Place of the transaction | Off 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 /Amendment | Initial notification | |||
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 instrument, type of instrument | Ordinary shares of no par value | |||
Identification code | ISIN: ZAE000296554 | ||||
b) | Nature of the transaction | Off market reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
R161.35 | 334 | ||||
R161.35 | 415 | ||||
R161.35 | 732 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 1,481 | ||||
- Price | R238,959.35 | ||||
e) | Date of the transaction | 23 April 2026 | |||
f) | Place of the transaction | Off 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 /Amendment | Initial notification | |||
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 instrument, type of instrument | Ordinary shares of no par value | |||
Identification code | ISIN: ZAE000296554 | ||||
b) | Nature of the transaction | Off market reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
R161.35 | 290 | ||||
R161.35 | 361 | ||||
R161.35 | 636 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 1,287 | ||||
- Price | R207,657.45 | ||||
e) | Date of the transaction | 23 April 2026 | |||
f) | Place of the transaction | Off 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 /Amendment | Initial notification | |||
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 instrument, type of instrument | Ordinary shares of no par value | |||
Identification code | ISIN: ZAE000296554 | ||||
b) | Nature of the transaction | Off market reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
R161.35 | 206 | ||||
R161.35 | 265 | ||||
R161.35 | 483 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 954 | ||||
- Price | R153,927.90 | ||||
e) | Date of the transaction | 23 April 2026 | |||
f) | Place of the transaction | Off 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 /Amendment | Initial notification | |||
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 instrument, type of instrument | Ordinary shares of no par value | |||
Identification code | ISIN: ZAE000296554 | ||||
b) | Nature of the transaction | Off market reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
R161.35 | 206 | ||||
R161.35 | 265 | ||||
R161.35 | 483 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 954 | ||||
- Price | R153,927.90 | ||||
e) | Date of the transaction | 23 April 2026 | |||
f) | Place of the transaction | Off 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 /Amendment | Initial notification | |||
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 instrument, type of instrument | Ordinary shares of no par value | |||
Identification code | ISIN: ZAE000296554 | ||||
b) | Nature of the transaction | Off market reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
R161.35 | 247 | ||||
R161.35 | 315 | ||||
R161.35 | 590 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 1,152 | ||||
- Price | R185,875.20 | ||||
e) | Date of the transaction | 23 April 2026 | |||
f) | Place of the transaction | Off market | |||
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