6th Oct 2025 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 3.63 to 3.74 of the Listings Requirements of the JSE Limited ("the JSE Listings Requirements"), shareholders are provided with the following information related to executive directors and prescribed officers of Thungela in terms of provisions of the Company's 2021 Share Plan regarding the reinvestment of dividends ("Dividend Equivalent Shares") on previously allocated conditional share awards in relation to ordinary shares. The reinvestment of the dividends occurred on 2 October 2025.
The vesting of the Dividend Equivalent Shares is conditional on the same performance and employment conditions applicable to the conditional shares to which they relate, as disclosed in the announcements released on the JSE Stock Exchange News Service and LSE Regulatory News Services on 9 May 2023, 3 June 2024, 15 May 2025, and 22 September 2025.
Name | Designation | Award | Number of Dividend Equivalent Shares | Value of award* | Nature of interest |
J Ndlovu | Chief Executive Officer | LTIP 2023 | 1,461 | R130,774.11 | Direct beneficial |
LTIP 2024 | 1,818 | R162,729.18 | |||
LTIP 2025 | 4,271 | R382,297.21 | |||
G Smith | Chief Financial Officer | LTIP 2023 | 755 | R67,580.05 | Direct beneficial |
LTIP 2024 | 939 | R84,049.89 | |||
LTIP 2025 | 2,052 | R183,674.52 |
J van Schalkwyk | Chief Operations Officer | LTIP 2023 | 588 | R52,631.88 | Direct beneficial |
LTIP 2024 | 732 | R65,521.32 | |||
LTIP 2025 | 1,291 | R115,557.41 | |||
L Martin | Executive Head of Technical | LTIP 2023 | 511 | R45,739.61 | Direct beneficial |
LTIP 2024 | 636 | R56,928.36 | |||
LTIP 2025 | 1,121 | R100,340.71 | |||
L Mataboge | Executive Head of Human Resources | LTIP 2023 | 363 | R32,492.13 | Direct beneficial |
LTIP 2024 | 467 | R41,801.17 | |||
LTIP 2025 | 852 | R76,262.52 | |||
N Sithole | Executive Head of Corporate Affairs | LTIP 2023 | 363 | R32,492.13 | Direct beneficial |
LTIP 2024 | 467 | R41,801.17 | |||
LTIP 2025 | 852 | R76,262.52 | |||
B Dalton
| Executive Head of Marketing
| LTIP 2023 | 435 | R38,936.85 | Direct beneficial |
LTIP 2024 | 555 | R49,678.05 | |||
LTIP 2025 | 1,040 | R93,090.40 | |||
M Madondo | Chief Executive Officer designate | LTIP 2025 | 4,381 | R392,143.31 | Direct beneficial |
* Value of the award is based on an award price per share representing the dividend-adjusted volume weighted average price of a Thungela share on the JSE for the 20 business days ended 19 September 2025. This equates to R89.51 per share.
Clearance to deal, in terms of the JSE Listings Requirements, for these transactions have been obtained.
Johannesburg
6 October 2025
UK Financial adviser and corporate broker
Panmure Liberum 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 /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 award and acceptance of conditional shares in terms of the Company's 2021 Share Plan | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
R89.51 | 1,461 | ||||
R89.51 | 1,818 | ||||
R89.51 | 4,271 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 7,550 | ||||
- Price | R675,800.50 | ||||
e) | Date of the transaction | 2 October 2025 | |||
f) | Place of the transaction | Off market | |||
1 | Details of the person discharging managerial responsibilities / person closely associated | ||||
a) | Name | Gideon 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 award and acceptance of conditional shares in terms of the Company's 2021 Share Plan | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
R89.51 | 755 | ||||
R89.51 | 939 | ||||
R89.51 | 2,052 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 3,746 | ||||
- Price | R335,304.46 | ||||
e) | Date of the transaction | 2 October 2025 | |||
f) | Place of the transaction | Off market | |||
1 | Details of the person discharging managerial responsibilities / person closely associated | ||||
a) | Name | Johannes 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 award and acceptance of conditional shares in terms of the Company's 2021 Share Plan | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
R89.51 | 588 | ||||
R89.51 | 732 | ||||
R89.51 | 1,291 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 2,611 | ||||
- Price | R233,710.61 | ||||
e) | Date of the transaction | 2 October 2025 | |||
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 award and acceptance of conditional shares in terms of the Company's 2021 Share Plan | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
R89.51 | 511 | ||||
R89.51 | 636 | ||||
R89.51 | 1,121 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 2,268 | ||||
- Price | R203,008.68 | ||||
e) | Date of the transaction | 2 October 2025 | |||
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 award and acceptance of conditional shares in terms of the Company's 2021 Share Plan | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
R89.51 | 363 | ||||
R89.51 | 467 | ||||
R89.51 | 852 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 1,682 | ||||
- Price | R150,555.82 | ||||
e) | Date of the transaction | 2 October 2025 | |||
f) | Place of the transaction | Off market | |||
1 | Details of the person discharging managerial responsibilities / person closely associated | ||||
a) | Name | Nompumelelo 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 award and acceptance of conditional shares in terms of the Company's 2021 Share Plan | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
R89.51 | 363 | ||||
R89.51 | 467 | ||||
R89.51 | 852 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 1,682 | ||||
- Price | R150,555.82 | ||||
e) | Date of the transaction | 2 October 2025 | |||
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 award and acceptance of conditional shares in terms of the Company's 2021 Share Plan | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
R89.51 | 435 | ||||
R89.51 | 555 | ||||
R89.51 | 1,040 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 2,030 | ||||
- Price | R181,705.30 | ||||
e) | Date of the transaction | 2 October 2025 | |||
f) | Place of the transaction | Off market | |||
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 designate | |||
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 award and acceptance of conditional shares in terms of the Company's 2021 Share Plan | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
R89.51 | 4,381 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 4,381 | ||||
- Price | R392,143.31 | ||||
e) | Date of the transaction | 2 October 2025 | |||
f) | Place of the transaction | Off market | |||
Related Shares:
Thungela Resources