Director/PDMR Shareholding
On October 2, 2025, executive directors and prescribed officers of Thungela Resources Limited participated in off-market awards and acceptance of conditional shares under the company's 2021 Share Plan, reinvesting dividends into Dividend Equivalent Shares. The price per share was R89.51. July Ndlovu, the Chief Executive Officer, received 7,550 shares for a total value of R675,800.50. Gideon Smith, the Chief Financial Officer, received 3,746 shares valued at R335,304.46. Johannes van Schalkwyk, the Chief Operations Officer, received 2,611 shares valued at R233,710.61. Moses Madondo, the Chief Executive Officer designate, received 4,381 shares valued at R392,143.31. Other executives, including L Martin, L Mataboge, N Sithole, and B Dalton, also received shares with values ranging from R150,555.82 to R203,008.68.
Select text to share a quote on X · sign in to keep highlights & notes in your TGA notes
JSE share code: TGA
LSE share code: TGA
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
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 |
| a) | Name | Thungela Resources Limited |
| b) | LEI | 213800EGYK3BN3SRIF27 |
| 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 |
| a) | Name | Thungela Resources Limited |
| b) | LEI | 213800EGYK3BN3SRIF27 |
| 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 |
| a) | Name | Thungela Resources Limited |
| b) | LEI | 213800EGYK3BN3SRIF27 |
| 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 |
| a) | Name | Thungela Resources Limited |
| b) | LEI | 213800EGYK3BN3SRIF27 |
| 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 |
| a) | Name | Thungela Resources Limited |
| b) | LEI | 213800EGYK3BN3SRIF27 |
| 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 |
| a) | Name | Thungela Resources Limited |
| b) | LEI | 213800EGYK3BN3SRIF27 |
| 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 |
| a) | Name | Thungela Resources Limited |
| b) | LEI | 213800EGYK3BN3SRIF27 |
| 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 |
| a) | Name | Thungela Resources Limited |
| b) | LEI | 213800EGYK3BN3SRIF27 |
| 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 |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.