Thungela Resources : Dealings in securities by directors

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