Thungela Resources (TGA) AGM 2025 summary

Opening remarks and agenda

• The meeting was opened by the Company Secretary, with introductions of the board, executive committee, and advisors in attendance, confirming a quorum and proper constitution of the meeting.

• The agenda included presentation of audited financial statements, the Social Ethics and Transformation Committee report, and adoption of ordinary and special resolutions.

Board and executive committee updates

• Two new members joined: Thomas McKeith as Independent Non-Executive Director and Dan Reynolds as Executive Head of Australia.

• The board highlighted its diverse skills and ongoing focus on governance effectiveness and board composition, with attention to gender and skills diversity.

Financial performance review

• Audited financial statements for the year ended 31 December 2024 were approved and released in March 2025.

• ZAR 2.3 billion was returned to shareholders in 2024, representing 64% of adjusted operating free cash flow, exceeding the minimum dividend policy.

• Net profit dropped by 29%, but the company maintained a robust financial position and continued capital returns.