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 safety protocols.

• The Board Chairman acknowledged the recent national election and paid tribute to a late board member, Thero Setiloane.

• Quorum was confirmed, and the agenda included presentation of audited financials, the Social, Ethics and Transformation Committee report, and voting on resolutions.

Financial performance review

• Despite 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.

• The 2023 reporting suite, including integrated annual, ESG, and climate change reports, was released.

Board and executive committee updates

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

• The process to appoint a replacement for the late Thero Setiloane is underway.