Thungela Resources (TGA) AGM 2024 summary

Opening remarks and agenda

• The meeting was opened by the company secretary, who introduced the board, executive committee, and external advisors, and outlined the hybrid format and procedures for participation and voting.

• A quorum was confirmed, and the agenda included presentation of audited financials, the Social, Ethics and Transformation Committee report, and adoption of resolutions.

Financial performance review

• Despite a challenging environment with poor rail performance and softening coal prices, resilient results were achieved in 2023.

• ZAR 3.3 billion was returned to shareholders, including a maiden share buyback of about ZAR 442 million.

• Audited financial statements for the year ended 31 December 2023 were approved and released in March 2024.

Board and executive committee updates

• The passing of board member Thero Setiloane was acknowledged, and a process to appoint his replacement is underway.

• The board expanded its committees from four to six in July 2023 to strengthen governance and support strategic ambitions.