Trading Statement

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 six months ended 30 June 2026

Shareholders are advised that the board of directors of Thungela has a reasonable degree of certainty related to the expected financial results of the Group for the six months ended 30 June 2026, in accordance with paragraph 6.26 of the JSE Listings Requirements.

Expected earnings per share and headline earnings per share

Shareholders are advised that earnings per share ('EPS') for the six months ended 30 June 2026 (the 'current period') is expected to be between R10.75 and R11.10, an increase of between R8.82 and R9.17 per share, compared to reported EPS of R1.93 for the six months ended 30 June 2025 (the 'prior period'). Earnings attributable to the shareholders of the Group for the current period is expected to be between R1.3 billion and R1.4 billion.

Headline earnings per share1 ('HEPS') for the current period is expected to be between R4.60 and R4.95, an increase of between R2.68 and R3.03 per share, compared to reported HEPS of R1.92 for the prior period. Headline earnings attributable to the shareholders of the Group for the current period is expected to be between R580 million and R630 million.

Earnings and headline earnings attributable to the shareholders of the Group have been impacted by the ongoing volatile market conditions, and a non-cash profit of R1.0 billion recognised on the sale of the Kleinkopje mining right. The impact of this profit is removed in the determination of HEPS for the reporting period.

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

These EPS and HEPS figures are calculated using a weighted average number of shares of 126,976,527 for the current period and 131,790,424 for the prior period.

Key areas of judgement which may impact the expected EPS and HEPS figures above are in the process of being finalised, and any changes to these ranges, if necessary, will be communicated to shareholders.

Thungela expects to release its financial results for the six months ended 30 June 2026 on 17 August 2026. The financial results will be released on the Stock Exchange News Service of the Johannesburg Stock Exchange and the Regulatory News Service of the London Stock Exchange, and will be accompanied by a webcast and conference call that will start at 12:00 SAST on the same date. Details to register for the webcast and conference call are available below:

Webcast: https://78449.themediaframe.com/links/thungela260323.html

Conference call: https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=7721589&linkSecurityString=160b7e901e

Deon Smith

Chief financial officer

Footnote

• HEPS is determined in reference to Circular 1/2023 - Headline earnings ('Circular 1/2023') as issued by the South African Institute of Chartered Accountants. In order to calculate headline earnings, earnings attributable to the equity shareholders of the Group is adjusted for separately identifiable remeasurements, as defined in Circular 1/2023, net of related tax and non-controlling interests.

Johannesburg

Review of Trading Statement

The information contained in this Trading Statement is the responsibility of the directors of Thungela and has not been reviewed or reported on by the Group's independent external auditor.