Thungela Resources : Disclosure of a beneficial interest in Thungela securities

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 a beneficial interest in Thungela securities

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 3.83(b) of the JSE Limited Listings Requirements, shareholders are advised that the Company has received notification from the Public Investment Corporation SOC ("PIC") that it has increased its holding in the Company such that the PIC now holds 11.22% of Thungela's total issued ordinary shares.

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.

13 April 2022 Rosebank

Investor Relations Ryan Africa

Email:[e-mail]

Media Contacts

Tarryn Genis

Email:[e-mail]

UK Financial adviser and corporate broker Liberum Capital Limited

Tel: [phone]

Sponsor

Rand Merchant Bank (A division of FirstRand Bank Limited)

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 to which voting rights are at- THUNGELA RESOURCES LTD tached 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 rightsAn acquisition or disposal of financial instrumentsAn event changing the breakdown of voting rightsOther (please specify) iii:

3. Details of person subject to the notification obligation iv

Name

City and country of registered office (if applicable)

4. Full name of shareholder(s) (if different from 3.) v

NameCity and country of registered office (if applicable)

X

PUBLIC INVESTMENT CORPORATION SOC LIMITED

PRETORIA, SOUTH AFRICA

5. Date on which the threshold was crossed or reached vi:

11/04/2022

6. Date on which issuer notified (DD/MM/YYYY):

12/04/2022

7. Total positions of person(s) subject to the notification obligation

Resulting situation on the date on which threshold was crossed or reached

Position of previous notification (if applicable)

% of voting rights at-tached to shares (to-tal of 8. A)

11.220%

9.925%

% of voting rights through financial instru-ments

(total of 8.B 1 + 8.B 2)Total of both in %

(8.A + 8.B)

11.220%

Total number of voting rights held in issuer (8.A + 8.B) vii

15 293 905

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 shares ISIN code (if possible)	Number of voting rights ix	% of voting rights
Direct (DTR5.1)	Indirect (DTR5.2.1)	Direct (DTR5.1)	Indirect (DTR5.2.1)
15 293 905	11.220%
SUBTOTAL 8. A	15 293 905	11.220%

B 1: Financial Instruments according to DTR5.3.1R (1) (a)

Type of financial in-strumentExpiration date xExercise/ Conversion Period xiNumber of voting rights that may be acquired if the instrument is exercised/converted.

% of voting rights

B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b)

Expiration date x

SUBTOTAL 8. B 1

NIL

Exercise/ Conversion Pe-riod xi

NIL

% of voting rightsSUBTOTAL 8.B.2

NIL

NIL

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 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 equals or is higher than the notifiable threshold	% of voting rights through financial in-struments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold
PUBLIC INVESTMENT CORPORATION SOC LIMITED	11.220%	11.220%

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	PRETORIA, SOUTH AFRICA
Date of completion	12 April 2022