Thungela designates new CEO receives significant conditional share award

Moses Thembinkosi Madondo, the chief executive officer designate of Thungela Resources Limited, has accepted an off-market award of 196,054 conditional ordinary shares. The transaction, dated September 16, 2025, represents a significant incentive, with the shares having an award price of R94.26 each, bringing the total award value to R18,480,050.04.

The vesting of these awards is contingent upon the achievement of pre-determined performance and employment conditions, with a specified vesting date of April 15, 2028. This direct beneficial interest underscores the company's approach to executive remuneration, linking it to future success.

The award price per share was determined as the dividend-adjusted volume weighted average price of a Thungela share on the JSE over the 20 business days ending April 14, 2025. Thungela Resources Limited confirmed that clearance to deal was obtained in compliance with JSE Listings Requirements.