Confirmation of Treasury Shares Held

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')

CONFIRMATION OF TREASURY SHARES HELD

The following notification is made in accordance with the UK Financial Conduct Authority's Disclosure Guidance and Transparency Rule 5.6.

At 31 October 2025, the Group holds a total of 13,819,791 shares in treasury. This includes 11,768,214 shares held directly by subsidiaries and 2,051,577 shares held in separate broker accounts for employees. The shares held in employee broker accounts relate to share awards in terms of the Thungela share plan which have not yet vested and/or sign-on awards granted to new employees subject to forfeiture conditions. These shares are considered, for accounting purposes, to be treasury shares for Thungela until the awards have vested or the forfeiture conditions have been satisfied.

The 11,768,214 treasury shares held directly by subsidiaries do not carry voting rights.

The total number of ordinary shares in issue which carry voting rights amounts to

128,724,371.

This information may be used by shareholders (and others with notification obligations) as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in the Company.

7 November 2025

Rosebank

UK Financial adviser and corporate broker

Panmure Liberum Limited

Tel: +44 20 3100 2000

Sponsor

Rand Merchant Bank

(A division of FirstRand Bank Limited)

Tel: +27 11 282 8000