TR-1: Standard form for notification of major holdings Thungela Resources Limited Incorporated in the Republic of South Africa Registration number: 2021/303811/06 ISIN: ZAE000296554 Share code: TGA (“Thungela Resources” or “Company”) 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) (i) 1a. Identity of the issuer or the underlying issuer of existing shares THUNGELA RESOURCES LIMITED 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 X 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 PUBLIC INVESTMENT CORPORATION SOC LIMITED City and country of registered office (if applicable) PRETORIA, 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 reached(vi): 18/10/2021 6. Date on which issuer notified (DD/MM/YYYY): 19/10/2021 7. Total positions of person(s) subject to the notification obligation % of voting rights % of voting rights Total of both in % Total number of attached to shares through financial (8.A + 8.B) voting rights of (total of 8. A) instruments issuer(vii) (total of 8.B 1 + 8.B 2) Resulting situation 8.553% 8.553% 136 311 808 on the date on which threshold was crossed or reached Position of previous 9.257% 9.257% 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 (Art 9 of Directive (Art 10 of Directive (Art 9 of Directive (Art 10 of Directive 2004/109/EC) (DTR5.1) 2004/109/EC) 2004/109/EC) (DTR5.1) 2004/109/EC) (DTR5.2.1) (DTR5.2.1) Ordinary Shares 11 659 152 8.553% SUBTOTAL 8. A 11 659 152 8.553% B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) Type of financial Expiration Exercise/ Number of voting rights % of voting rights instrument date(x) Conversion Period(xi) that may be acquired if the instrument is exercised/converted. SUBTOTAL 8. B 1 NIL NIL B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) Type of financial Expiration Exercise/ Physical or Number of % of voting rights instrument date(x) Conversion cash voting rights Period 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 xiv (please add additional rows as necessary) Name(xv) % of voting rights if it % of voting rights Total of both if it equals or is higher through financial equals or is higher than the notifiable instruments if it equals than the notifiable threshold or is higher than the threshold notifiable threshold PUBLIC INVESTMENT 8.553% 8.553% CORPORATION SOC LIMITED 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) Name: REITUMETSE KAU E-Mail: Reitumetse.Kau@pic.gov.za TEL: 0127423747 Place of completion PRETORIA, SOUTH AFRICA Date of completion 19 October 2021 Johannesburg 19 October 2021 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 19-10-2021 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.