THUNGELA RESOURCES LIMITED

(Incorporated in the Republic of South Africa)

(Registration number: 2021/303811/06)

JSE Share code: TGA

LSE Share code: TGA

ISIN: ZAE000296554

Tax number: 9111917259

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

GENERAL REPURCHASE ANNOUNCEMENT

1.         INTRODUCTION

The Thungela board of directors ("Board") hereby, in line with paragraph 11.27 of the Listings Requirements of the JSE Limited ("JSE"), advises shareholders that the Company, in accordance with the general authority granted by shareholders at the Company's annual general meeting held on 4 June 2024 ("General Authority"), has cumulatively repurchased from shareholders  4,320,127 ordinary shares ("Shares"), in aggregate, representing 3.1% of the Company's issued share capital at the time of the General Authority (excluding treasury shares) ("Repurchase").

The Repurchase was effected through the order book operated by the JSE and in a series of unrelated transactions, without any prior understanding or arrangement between the Company and these shareholders. Accordingly, the Company has complied with paragraph 5.72 of the JSE Limited Listings Requirements.

The Company reached the 3% repurchase threshold, provided for in the JSE Listings Requirements, on 24 April 2025, requiring the publication of this announcement.

2.         DETAILS OF THE REPURCHASE

            Details of the Repurchase are as follows:

As all the Shares have been repurchased by a wholly-owned subsidiary of the Company, such Shares will not be cancelled and will remain listed, as they will be held in treasury.

3.         STATEMENT BY THE BOARD

            The Board has considered the impact of the Repurchase and is of the opinion that, for a period of twelve months following the date of this announcement:

3.1        the Company and its subsidiaries ("the Group") will be able, in the ordinary course of business, to pay their debts;

3.2        the assets of the Company and the Group will be in excess of the liabilities of the Company and the Group, measured in accordance with the accounting policies used in the latest audited Group annual financial statements;

3.3        the share capital and reserves of the Company and the Group will be adequate for ordinary business purposes; and

3.4        the working capital of the Company and the Group will be adequate for ordinary business purposes.

4.         SOURCE OF FUNDS

The Repurchase was funded from available cash resources.

5.         IMPACT ON FINANCIAL INFORMATION

The Repurchase and related transaction costs have had no material impact on Thungela's financial information and resulted in a decrease in the Group's cash balances by R475,595,813.

29 April 2025

Johannesburg, South Africa