Dividend Declaration

JSE Share Code: TGA

LSE Share Code: TGA

Tax number: 9111917259

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

FINAL ORDINARY CASH DIVIDEND DECLARATION

The Thungela board of directors approved the declaration of a final gross ordinary cash dividend of 200.00 cents per share (South African rand). The dividend has been declared from retained earnings. The Company's issued share capital at the declaration date is 140,492,585 ordinary shares.

The salient dates pertaining to the cash dividend are as follows:

No transfers of shareholdings to and from the South African or the United Kingdom (UK) register will be permitted between Tuesday, 14 April 2026 and Friday, 17 April 2026 (both dates inclusive). Share certificates may not be dematerialised or rematerialised between Wednesday, 15 April 2026 and Friday, 17 April 2026 (both dates inclusive).

The salient dates have been set as above in order to allow non-South African resident shareholders sufficient time to apply for a reduced rate of dividend withholding tax in the event that they may qualify for this.

The dividend is payable in South African rand to shareholders recorded as such on the register on the record date and whose shares are held through Central Securities Participants and brokers traded on the JSE.

Shareholders on the UK register of members will be paid in Pound sterling. The Pound sterling cash equivalent will be calculated using the following exchange rate: GBP1:ZAR22.37912, being the five-day (business days) average GBP:ZAR exchange rate (as quoted by Bloomberg) up to Thursday, 19 March 2026.

Shareholders are encouraged to ensure that their bank mandates or international payment instructions have been recorded by their service provider or registrars before the last day to trade for this dividend. Electronic payments ensure more efficient and timely payment. It should be noted that cheques are no longer permitted to be issued or processed by South African banks; in the UK, registrars will still issue and post cheques in the absence of specific mandates or payment instructions.

Tax treatment for shareholders on the South African register

The dividend will have no tax consequences for Thungela, but will be subject to 20% withholding tax for shareholders who are not exempt from dividends tax, or who do not qualify for a reduced rate of withholding tax in terms of any applicable agreement for the avoidance of double taxation concluded between South Africa and the shareholder's country of residence.

Should dividend withholding tax be withheld at a rate of 20%, the net dividend amount due to shareholders is 160.00 cents per share (South African rand) - 200.00 cents gross dividend per share less 40.00 cents dividend withholding tax per share.

Tax treatment for shareholders on the UK register

Thungela has retained Computershare UK as an intermediary to receive and process the relevant prescribed declarations and forms as set out below. Any reference below to documentation, which is required to be submitted to Thungela, should therefore be submitted to Computershare UK.

Non-South African tax resident shareholders will be paid the dividend subject to 20% withholding tax for shareholders. However, non-South African tax resident shareholders may be entitled to a reduced rate of dividends tax due to the provisions of an applicable tax treaty.

Shareholders who qualify for an exemption from dividends tax in terms of section 64F of the South African Income Tax Act 58 of 1962 must provide the following:

• A declaration that the dividend is exempt from dividends tax.
• A written undertaking to inform the regulated intermediary should the circumstances affecting the exemption change or if the beneficial owner ceases to be the beneficial owner, both in the form prescribed by the Commissioner for the South African Revenue Service (SARS) to the regulated intermediary prior to the required date in order to benefit from the exemption. The prescribed form has been transposed onto the Computershare UK format.

Shareholders on the UK register will be sent the required documentation for completion and return to Computershare UK. Qualifying shareholders on the UK register are advised to arrange for the above mentioned documents to be submitted to Computershare UK by Friday, 17 April 2026.

Shareholders are reminded that failure to submit the required documentation by 17 April 2026 may result in the inability to benefit from reduced withholding tax rates.

Should dividend withholding tax be withheld at a rate of 20%, the net dividend amount due to shareholders is 7.15 pence per share (Pound sterling) - 8.94 pence gross dividend per share less 1.79 pence dividend withholding tax per share.

By order of the board

Date of SENS release: 23 March 2026

Transfer secretaries (UK)

Computershare Investor Services

Transfer secretaries (South Africa)

Computershare Investor Services Proprietary Limited