Sharenet Sites 
Sharenet Sites
Disclosure of change in significant holding of Thungela ordinary shares
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
('Company' or 'Thungela')
DISCLOSURE OF CHANGE IN SIGNIFICANT HOLDING OF THUNGELA ORDINARY SHARES
In accordance with section 122(3)(b) of the Companies Act, No. 71 of 2008 as amended ("the Companies
Act"), regulation 121(2)(b) of the Companies Regulations, 2011 and paragraph 6.54 of the JSE Limited
Listings Requirements, shareholders are hereby advised that Thungela has received formal notification that
clients of Allan Gray Proprietary Limited (Allan Gray) have, in aggregate, disposed of an interest in the
ordinary shares of the Company, such that the total interest in the ordinary shares of the Company held by
Allan Gray's clients now amounts to 8.6416% of the total issued ordinary shares of the Company.
As required in terms of section 122(3)(a) of the Companies Act, the Company has filed the required notice
with the Takeover Regulation Panel.
The board of directors of Thungela accepts responsibility for the information contained in this announcement
as it relates to the Company and confirms that, to the best of its knowledge and belief, such information
relating to Thungela is true and that this announcement does not omit anything likely to affect the importance
of such information.
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
UK Financial adviser and corporate broker
Panmure Liberum Limited
Johannesburg
24 March 2026
TR-1: Standard form for notification of major holdings
NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if
possible)
1a. Identity of the issuer or the underlying issuer of THUNGELA RESOURCES LTD
existing shares to which voting rights are attached ii:
1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)
Non-UK issuer
2. Reason for the notification (please mark the appropriate box or boxes with an "X")
An acquisition or disposal of voting rights X
An acquisition or disposal of financial instruments
An event changing the breakdown of voting rights
Other (please specify) iii:
3. Details of person subject to the notification obligation iv
Name Allan Gray Proprietary Limited - Clients
City and country of registered office (if applicable) South Africa
4. Full name of shareholder(s) (if different from 3.) v
Name
City and country of registered office (if applicable)
5. Date on which the threshold was crossed or 19/03/2026
reached vi:
6. Date on which issuer notified (DD/MM/YYYY): 23/03/2026
7. Total positions of person(s) subject to the notification obligation
% of voting rights at- % of voting rights Total of both in % Total number of
tached to shares (to- through financial instru- (8.A + 8.B) voting rights held
tal of 8. A) ments in issuer (8.A +
(total of 8.B 1 + 8.B 2) 8.B) vii
Resulting situation 8.6416% 8.6416% 1 214 0813
on the date on which
threshold was
crossed or reached
Position of previous 10,0180% 10,0180%
notification (if
applicable)
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii
A: Voting rights attached to shares
Class/type of Number of voting rights ix % of voting rights
shares
ISIN code (if possible) Direct Indirect Direct Indirect
(DTR5.1) (DTR5.2.1) (DTR5.1) (DTR5.2.1)
1 214 0813 8.6416%
SUBTOTAL 8. A 1 214 0813 8.6416%
B 1: Financial Instruments according to DTR5.3.1R (1) (a)
Exercise/ Number of voting rights % of voting rights
Type of financial in- Expiration Conversion Period xi that may be acquired if
strument date x the instrument is
exercised/converted.
SUBTOTAL 8. B 1 NIL NIL
B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b)
Type of financial Expiration Exercise/ Physical or Number of % of voting rights
instrument date x Conversion Pe- cash voting rights
riod xi Settlement xii
SUBTOTAL NIL NIL
8.B.2
9. Information in relation to the person subject to the notification obligation (please mark the
applicable box with an "X")
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not
control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii
Full chain of controlled undertakings through which the voting rights and/or the X
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity
(please add additional rows as necessary) xiv
Name xv % of voting rights if it % of voting rights Total of both if it equals
equals or is higher through financial instru- or is higher than the noti-
than the notifiable ments if it equals or is fiable threshold
threshold higher than the notifiable
threshold
Allan Gray Proprietary 8.6416% 8.6416%
Limited - Clients
10. In case of proxy voting, please identify:
Name of the proxy holder N/A
The number and % of voting rights held N/A
The date until which the voting rights will be held N/A
11. Additional information xvi
Place of completion Cape Town, SOUTH AFRICA
Date of completion 24 March 2026
Date: 24-03-2026 02:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
