Trading Statement

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JSE Share Code: TGA

LSE Share Code: TGA

Tax number: 9111917259

('Thungela' or the 'Company' and, together with its affiliates, the 'Group')

Thungela Resources Limited Trading Statement for the year ended 31 December 2023

Shareholders are advised that Thungela and its directors have a reasonable degree of certainty related to the expected financial results of the Group for the year ended 31 December 2023 in line with paragraph 3.4(b) of the JSE Listings Requirements.

Expected earnings per share and headline earnings per share

Shareholders are advised that earnings per share ('EPS') for the year ended 31 December 2023 (the 'current period') is expected to be between R34 and R39, a decrease of between R88.08 and R93.08 per share compared to EPS of R127.08 for the year ended 31 December 2022 (the 'prior period'). Earnings attributable to the shareholders of the Group for the current period is expected to be between R4.6 billion and R5.3 billion.

Headline earnings per share1 ('HEPS') for the current period is expected to be between R31 and R36, a decrease of between R94.82 and R99.82 per share compared to HEPS of R130.82 for the prior period. Headline earnings attributable to the shareholders of the Group for the current period is likely to be between R4.3 billion and R4.9 billion (compared to R17.5 billion in the prior period).

These earnings numbers include various once-off, non-cash adjustments related to the acquisition of the Ensham Business, and the related accounting treatment thereof. The Group has consolidated 85% of the results of the Ensham Business from the acquisition date of 31 August 2023.

These EPS and HEPS figures are calculated using a weighted average number of shares of 137,056,628 for the current period and 133,684,828 for the prior period.

The expected EPS and HEPS ranges for the current period are summarised in the table below:

Expected EPS/HEPS range (Rand per share)		Expected decrease from prior period (Rand per share)	Expected decrease from prior period (%)
EPS	34.00 - 39.00	88.08 - 93.08	69 - 73
HEPS	31.00 - 36.00	94.82 - 99.82	72 - 76

Thungela expects to release its financial results for the year ended 31 December 2023 on 18 March 2024. The financial results will be released on the Stock Exchange News Service of the JSE and the Regulatory News Service of the London Stock Exchange, and will be accompanied by an investor webinar and conference call on the same date.

The live webinar and conference call will start at 12:00 SAST (10:00 GMT). Details to register for the webinar and conference call are available below:

Webinar registration:

Conference call registration: