Thungela Resources (TGA) investor relations material

Safety and Operational Continuity

• Maintained a fatality-free record for 39 months, prioritizing safety and employee well-being, with no significant business interruptions despite Middle East conflict.

• Operations continued without safety incidents or disruptions, with ongoing monitoring of geopolitical risks and no current impact on business continuity.

Market and Pricing Environment

• Oil and coal prices spiked during Middle East conflict but have since returned to pre-conflict levels; Newcastle coal peaked above $140/ton, Richards Bay at $120/ton in May.

• Newcastle benchmark coal price averaged USD124.79/t YTD, up from USD105.37/t in FY 2025; Richards Bay averaged USD104.25/t YTD, up from USD89.53/t in FY 2025.

• South African API 4 price averaged $104/ton for the first five months, up from $92/ton in H1 2025.

• South African price response lagged due to weaker Indian demand and increased low-cost coal imports into India.

• Brent crude oil fluctuated between USD90 and USD118 per barrel; European gas prices also volatile.

Production and Sales Performance

• South African export saleable production expected at 6.3Mt for H1 2026, with export sales volumes reaching 7.5Mt (including significant third-party volume).

• Australian Ensham mine export saleable production up to 2.0Mt, with sales matching production.

• Group export saleable production forecast to rise 4% to 8.3Mt and export sales to increase 12% to 9.5Mt in H1 2026.

• Third-party export sales in South Africa up 250% year-on-year, supporting overall export sales growth.

• South Africa opencast production up 29%, underground down 13% year-on-year.