Dealings In Securities
In brief · summary, not quotable
Executive directors and prescribed officers awarded dividend equivalent shares following dividend reinvestment on conditional share awards.
Full announcement
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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 6.77 to 6.89 of the Listings Requirements of the JSE Limited (“the JSE Listings Requirements”), shareholders are advised of the following transactions. The transactions relate to the off-market award of dividend equivalent shares following the reinvestment of dividends on previously awarded conditional share awards held by executive directors and prescribed officers. The award was made in terms of the Company’s 2021 Share Plan and as contemplated in the Remuneration Policy.
| Chief Executive Officer: | Moses Madondo | ||
|---|---|---|---|
| Nature of transaction: | Off market award of dividend equivalent shares | ||
| Date of award: | 30 September 2026 | ||
| Class of securities: | Ordinary shares | ||
| Nature of interest: | Direct beneficial | ||
| Award | Number of shares | Award Price | Award Value |
| LTIP 2025 | 8,778 | R127.14 | R1,116,034.92 |
| LTIP 2026 | 5,341 | R127.14 | R679,054.74 |
| Chief Financial Officer: | Deon Smith | ||
| Nature of transaction: | Off market award of dividend equivalent shares | ||
| Date of award: | 30 September 2026 | ||
| Class of securities: | Ordinary shares | ||
| Nature of interest: | Direct beneficial | ||
| Award | Number of shares | Award Price | Award Value |
| LTIP 2024 | 1,882 | R127.14 | R239,277.48 |
| LTIP 2025 | 4,112 | R127.14 | R522,799.68 |
| LTIP 2026 | 2,646 | R127.14 | R336,412.44 |
| Chief Operations Officer: | Johan van Schalkwyk | ||
| Nature of transaction: | Off market award of dividend equivalent shares | ||
| Date of award: | 30 September 2026 | ||
| Class of securities: | Ordinary shares | ||
| Nature of interest: | Direct beneficial | ||
| Award | Number of shares | Award Price | Award Value |
| LTIP 2024 | 1,467 | R127.14 | R186,514.38 |
| LTIP 2025 | 2,587 | R127.14 | R328,911.18 |
| LTIP 2026 | 1,574 | R127.14 | R200,118.36 |
| Executive Head of Technical: | Leslie Martin | ||
| Nature of transaction: | Off market award of dividend equivalent shares | ||
| Date of award: | 30 September 2026 | ||
| Class of securities: | Ordinary shares | ||
| Nature of interest: | Direct beneficial | ||
| Award | Number of shares | Award Price | Award Value |
| LTIP 2024 | 1,274 | R127.14 | R161,976.36 |
| LTIP 2025 | 2,247 | R127.14 | R285,683.58 |
| LTIP 2026 | 1,367 | R127.14 | R173,800.38 |
| Executive Head of Human Resources: | Lesego Mataboge | ||
| Nature of transaction: | Off market award of dividend equivalent shares | ||
| Date of award: | 30 September 2026 | ||
| Class of securities: | Ordinary shares | ||
| Nature of interest: | Direct beneficial | ||
| Award | Number of shares | Award Price | Award Value |
| LTIP 2024 | 937 | R127.14 | R119,130.18 |
| LTIP 2025 | 1,708 | R127.14 | R217,155.12 |
| LTIP 2026 | 1,095 | R127.14 | R139,218.30 |
| Executive Head of Corporate Affairs: | Mpumi Sithole | ||
| Nature of transaction: | Off market award of dividend equivalent shares | ||
| Date of award: | 30 September 2026 | ||
| Class of securities: | Ordinary shares | ||
| Nature of interest: | Direct beneficial | ||
| Award | Number of shares | Award Price | Award Value |
| LTIP 2024 | 937 | R127.14 | R119,130.18 |
| LTIP 2025 | 1,707 | R127.14 | R217,027.98 |
| LTIP 2026 | 1,083 | R127.14 | R137,692.62 |
| Executive Head of Marketing: | Bernard Dalton | ||
| Nature of transaction: | Off market award of dividend equivalent shares | ||
| Date of award: | 30 September 2026 | ||
| Class of securities: | Ordinary shares | ||
| Nature of interest: | Direct beneficial | ||
| Award | Number of shares | Award Price | Award Value |
| LTIP 2024 | 1,112 | R127.14 | R141,379.68 |
| LTIP 2025 | 2,084 | R127.14 | R264,959.76 |
| LTIP 2026 | 1,268 | R127.14 | R161,213.52 |
Vesting of the awards is conditional on pre-determined performance and employment conditions as per the original conditional shares. The LTIP 2024 is vesting on 24 May 2027, the LTIP 2025 on 15 April 2028 and the LTIP 2026 on 22 April 2029.
The award price represents the dividend-adjusted volume weighted average price of a Thungela share on the JSE for the 20 business days ended 18 September 2026. This equates to R127.14 per share.
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Notification of Dealing Forms
| 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 |
| 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 reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| R127.14 | 8,778 | |
| R127.14 | 5,341 | |
| d) | Aggregated information | |
| - Aggregated volume | 14,119 | |
| - Price | R1,795,089.66 | |
| e) | Date of the transaction | 30 September 2026 |
| f) | Place of the transaction | Off 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 /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 reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| R127.14 | 1,882 | |
| R127.14 | 4,112 | |
| R127.14 | 2,646 | |
| d) | Aggregated information | |
| - Aggregated volume | 8,640 | |
| - Price | R1,098,489.60 | |
| e) | Date of the transaction | 30 September 2026 |
| f) | Place of the transaction | Off market |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Johan 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 reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| R127.14 | 1,467 | |
| R127.14 | 2,587 | |
| R127.14 | 1,574 | |
| d) | Aggregated information | |
| - Aggregated volume | 5,628 | |
| - Price | R715,543.92 | |
| e) | Date of the transaction | 30 September 2026 |
| 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 reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| R127.14 | 1,274 | |
| R127.14 | 2,247 | |
| R127.14 | 1,367 | |
| d) | Aggregated information | |
| - Aggregated volume | 4,888 | |
| - Price | R621,460.32 | |
| e) | Date of the transaction | 30 September 2026 |
| 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 reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| R127.14 | 937 | |
| R127.14 | 1,708 | |
| R127.14 | 1,095 | |
| d) | Aggregated information | |
| - Aggregated volume | 3,740 | |
| - Price | R475,503.60 | |
| e) | Date of the transaction | 30 September 2026 |
| f) | Place of the transaction | Off market |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Mpumi 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 reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| R127.14 | 937 | |
| R127.14 | 1,707 | |
| R127.14 | 1,083 | |
| d) | Aggregated information | |
| - Aggregated volume | 3,727 | |
| - Price | R473,850.78 | |
| e) | Date of the transaction | 30 September 2026 |
| 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 reinvestment of dividends accruing to ordinary shares previously awarded as conditional share awards |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| R127.14 | 1,112 | |
| R127.14 | 2,084 | |
| R127.14 | 1,268 | |
| d) | Aggregated information | |
| - Aggregated volume | 4,464 | |
| - Price | R567,552.96 | |
| e) | Date of the transaction | 30 September 2026 |
| f) | Place of the transaction | Off market |
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