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"decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:ZAR" } }, "f-332": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:ZAR" } }, "f-333": { "value": "-2632000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:ZAR" } }, "f-334": { "value": "-2408000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:ZAR" } }, "f-335": { "value": "-3534000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:ZAR" } }, "f-336": { "value": "-1039000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:ZAR" } }, "f-337": { "value": "10103000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:ZAR" } }, "f-338": { "value": "10959000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2024-01-01T00:00:00", "unit": 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"ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:ZAR" } }, "f-343": { "value": "6071000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2026-01-01T00:00:00", "unit": "iso4217:ZAR" } }, "f-344": { "value": "10103000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00", "unit": "iso4217:ZAR" } }, "f-345": { "value": "-341000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:CategoriesOfFinancialAssetsAxis": "ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember", "unit": "iso4217:ZAR" } }, "f-346": { "value": "281000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:CategoriesOfFinancialAssetsAxis": "ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember", "unit": "iso4217:ZAR" } }, "f-347": { "value": "-157000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:CategoriesOfFinancialAssetsAxis": "ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember", "unit": "iso4217:ZAR" } }, "f-348": { "value": "-98000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:CategoriesOfFinancialAssetsAxis": "ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember", "unit": "iso4217:ZAR" } }, "f-349": { "value": "
A.Statement of compliance
The accounting policies applied by the Group and Company comply with IFRS Accounting Standards effective for the
Group\u2019s reporting period as well as the South African Financial Reporting Requirements, as applicable, the Companies Act
of South Africa, the JSE Listings Requirements, the UK Listing Rules and the UK Disclosure Guidance and Transparency Rules.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-350": { "value": "
C. Basis of consolidation
The consolidated financial statements include the results and financial position of Thungela, our subsidiaries, joint
operations and associates.
Subsidiaries are entities which the Group controls through our power over the entities, and in respect of which
we\u00a0are exposed, or have rights, to variable returns from our involvement with these entities, and have the ability
to\u00a0affect those returns through our power over those entities.
Joint arrangements are arrangements in which the Group shares joint control with one or more parties. Joint
arrangements are classified as either joint operations or joint ventures based on the rights and obligations of the
parties to the arrangement. The joint arrangements of the Group are accounted for as joint operations. The Group
accounts for joint operations by recognising our share of the joint operations\u2019 assets, liabilities, revenue and
expenses, including our share of such items held or incurred jointly.
Associates are investments over which the Group has significant influence, which is the power to participate in the
financial and operating policy decisions of the investee, but without the ability to exercise control or joint control.
Investments in associates are equity accounted and represent the cost of the investment, the post-acquisition share
of\u00a0any profits or losses and other changes in equity, and the long-term debt interests which, in substance, form part
of the Group\u2019s net investment in the associate.
The Group applies the acquisition method of accounting to account for business combinations. The consideration
transferred for the acquisition of an acquiree is the fair value of the assets transferred, the liabilities assumed and
the\u00a0equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability
resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent
liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The
Group recognises any non-controlling interests in the acquiree at the non-controlling interests\u2019 proportionate share
of\u00a0the fair value of the acquiree\u2019s net assets.
The results of subsidiaries, joint operations and associates acquired or disposed of during the year are included
in\u00a0the consolidated statement of profit or loss and other comprehensive income from the effective date of acquisition
or\u00a0up to the effective date of disposal, as appropriate.
Changes in the Group\u2019s ownership interest in a subsidiary that do not result in the Group gaining or losing control
of\u00a0the subsidiary are equity transactions. In order to reflect the change in the relative interests in the subsidiary, the
carrying amount of the non-controlling interests is adjusted with a corresponding change in equity attributable to the
shareholders of the Group. No gain or loss is recognised in the statement of profit or loss and other comprehensive
income related to these transactions.
Where necessary, adjustments are made to the results of subsidiaries, joint operations and associates to bring
their\u00a0accounting policies into line with those used by the Group. Intra-group transactions, balances, income
and\u00a0expenses are eliminated on consolidation, where appropriate. Unrealised profits or losses that arise between
group\u00a0entities are also eliminated.
For subsidiaries that are not wholly owned, non-controlling interests are presented in equity separately from the
equity attributable to the shareholders of the Group. Profit or loss and other comprehensive income is attributed
to\u00a0the shareholders of the Group and to non-controlling interests, even if this results in the non-controlling interests
having a negative balance.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-351": { "value": "
D. Foreign currency transactions and translation
Transactions and balances
Foreign currency transactions undertaken by the Group are recognised in the functional currencies of the relevant
underlying entities at the exchange rate ruling on the date of the transaction.
At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated
at\u00a0the rates prevailing on the reporting date. Gains or losses arising on translation are included in the statement of
profit or loss and other comprehensive income and are classified according to the nature of the monetary item
giving rise to them.
Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated
using the exchange rate at the date of the transaction.
Consolidation of foreign subsidiaries
On consolidation, the assets and liabilities of the foreign subsidiaries of the Group are translated into South African
rand at the exchange rates prevailing at the reporting date. Income and expense items are translated at the average
exchange rates for the year, where these approximate the rates at the dates of the transactions.
Certain items, including equity and goodwill, held by foreign subsidiaries are translated using the exchange
rate\u00a0at\u00a0the date of the transaction.
The resultant exchange differences on consolidation are recognised within other comprehensive income and
transferred to the Group\u2019s foreign currency translation reserve.
Foreign exchange (losses)/gains relate to the translation of cash and cash equivalents held by the Group, which
are\u00a0denominated in foreign currencies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-352": { "value": "
E.Financial assets
Investments, other than investments in subsidiaries, joint arrangements and associates, are financial assets and
are\u00a0initially recognised at fair value. The Group\u2019s financial assets are classified as either debt instruments at
amortised cost or investments at fair value through profit or loss (FVPL).
Financial assets are classified as at amortised cost only if the asset is held within a business model whose objective
is to collect the contractual cash flows, and the contractual terms of the asset give rise to cash flows that are solely
payments of principal and interest. At subsequent reporting dates, financial assets at amortised cost are measured
at\u00a0amortised cost less a provision for expected credit losses, if appropriate.
The Group assesses, on a forward-looking basis, the expected credit losses, being the difference between the
contractual cash flows and the cash flows that are expected to be received, associated with its financial assets
carried at amortised cost. The impairment methodology applied depends on whether there has been a significant
increase in the credit risk of the asset at the reporting date. Increases in the provisions for expected credit losses are
recognised in the statement of profit or loss and other comprehensive income. When a subsequent event causes the
amount of the provisions for expected credit losses to decrease, the decrease is reversed in the same way.
Financial assets at FVPL are measured at fair value at each reporting date, with changes in the fair value recognised
in profit or\u00a0loss.
Accounting policy
Investments, other than investments in subsidiaries, joint arrangements and associates, are financial assets and are
initially recognised at fair value. The Group\u2019s financial assets are classified as either debt instruments at amortised
cost\u00a0or investments at FVPL.
Financial asset investments are derecognised when the right to receive cash flows from the asset has expired, the
right\u00a0to\u00a0receive cash flows has been retained but an obligation to on pay them in full without material delay has
been\u00a0assumed, or the right to receive cash flows has been transferred together with substantially all of the risks
and\u00a0rewards of\u00a0ownership.
Financial asset investments at amortised cost comprise loans to various investees from which the Group will collect
payments of solely principal and interest.
Financial asset investments at FVPL comprise investments held in relation to the ongoing environmental obligations
of\u00a0the\u00a0Group, referred to as the green funds. The fair value movements on these investments are reinvested to further
improve our environmental liability coverage\u25b3.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-354": { "value": "
E.Financial assets
Investments, other than investments in subsidiaries, joint arrangements and associates, are financial assets and
are\u00a0initially recognised at fair value. The Group\u2019s financial assets are classified as either debt instruments at
amortised cost or investments at fair value through profit or loss (FVPL).
Financial assets are classified as at amortised cost only if the asset is held within a business model whose objective
is to collect the contractual cash flows, and the contractual terms of the asset give rise to cash flows that are solely
payments of principal and interest. At subsequent reporting dates, financial assets at amortised cost are measured
at\u00a0amortised cost less a provision for expected credit losses, if appropriate.
The Group assesses, on a forward-looking basis, the expected credit losses, being the difference between the
contractual cash flows and the cash flows that are expected to be received, associated with its financial assets
carried at amortised cost. The impairment methodology applied depends on whether there has been a significant
increase in the credit risk of the asset at the reporting date. Increases in the provisions for expected credit losses are
recognised in the statement of profit or loss and other comprehensive income. When a subsequent event causes the
amount of the provisions for expected credit losses to decrease, the decrease is reversed in the same way.
Financial assets at FVPL are measured at fair value at each reporting date, with changes in the fair value recognised
in profit or\u00a0loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-353": { "value": "
E.Financial assets
Investments, other than investments in subsidiaries, joint arrangements and associates, are financial assets and
are\u00a0initially recognised at fair value. The Group\u2019s financial assets are classified as either debt instruments at
amortised cost or investments at fair value through profit or loss (FVPL).
Financial assets are classified as at amortised cost only if the asset is held within a business model whose objective
is to collect the contractual cash flows, and the contractual terms of the asset give rise to cash flows that are solely
payments of principal and interest. At subsequent reporting dates, financial assets at amortised cost are measured
at\u00a0amortised cost less a provision for expected credit losses, if appropriate.
The Group assesses, on a forward-looking basis, the expected credit losses, being the difference between the
contractual cash flows and the cash flows that are expected to be received, associated with its financial assets
carried at amortised cost. The impairment methodology applied depends on whether there has been a significant
increase in the credit risk of the asset at the reporting date. Increases in the provisions for expected credit losses are
recognised in the statement of profit or loss and other comprehensive income. When a subsequent event causes the
amount of the provisions for expected credit losses to decrease, the decrease is reversed in the same way.
Financial assets at FVPL are measured at fair value at each reporting date, with changes in the fair value recognised
in profit or\u00a0loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-355": { "value": "
2.ACCOUNTING JUDGEMENTS AND SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the consolidated and separate financial statements in conformity with IFRS Accounting Standards
requires us to make judgements, estimates and assumptions that affect the application of the Group\u2019s accounting
policies. These judgements, estimates and assumptions may affect the carrying amounts of assets and liabilities at the
date of the consolidated and separate financial statements, and the reported amounts of income and expenses during
the year, as set out below. In addition to these items, further details on other judgements and estimates are provided,
where applicable, in the relevant notes.
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
A.Understanding of our shareholding in the Ensham Business
Our shareholding in the Ensham Business has been effected through three transactions as described in this note.
From the effective date of the third transaction, Thungela owns 100% of the Ensham Business.
Understanding of the initial transaction
In the year ended 31 December 2023, Thungela, through our wholly-owned subsidiary Thungela Resources
Australia Pty Limited (Thungela Resources Australia), acquired a 75% interest in Sungela Holdings Pty Ltd (Sungela
Holdings) (the initial transaction). The remaining 25% interest in Sungela Holdings was acquired by Audley Energy
Limited (Audley Capital) and Mayfair Corporations Group Pty Ltd (Mayfair), (collectively, the \u2018co-investors\u2019) in equal
parts. Sungela Holdings, through its wholly-owned subsidiary Sungela Pty Ltd (Sungela), then purchased an 85%
interest in the Ensham Mine, with the remaining 15% interest in the mine held by LX\u00a0International, through its
subsidiary Bowen Investment Australia Pty Ltd (Bowen).
The co-investors were also granted LTIP shares, which carried no voting or dividend rights on their initial issue date,
but, if vested, could become ordinary shares in Sungela Holdings on the achievement of specific milestones, each
of which will enhance the value of the Ensham Business. Should all of the LTIP shares have vested before the
effective date of the third transaction, the legal ownership held by the co-investors in Sungela Holdings would have
increased to 30%, on a fully diluted basis. The co-investors only had rights to earnings and distributions relating
to\u00a0the LTIP shares from 31\u00a0December in the year that the milestones were met, and as approved by the Sungela
Holdings board. Since the effective date of the initial transaction, LTIP shares amounting to 2.5% (2024: 2.5%)
of\u00a0Sungela Holdings had vested. As a result of the vesting of the LTIP shares, Thungela owned 72.5% of the\u00a0shares
issued by Sungela Holdings up to the effective date of the third transaction.
The\u00a0portion of the purchase price attributable to the shareholding purchased by the co-investors was R1,035 million
(25%), of which R809 million (20%) was funded through a loan provided by Thungela International Proprietary
Limited (Thungela International) (the loan). The loan was interest-bearing and repayable 18\u00a0months after the effective
date of the initial transaction, being 31 August 2023, mainly through distributions received by the co-investors from
Sungela Holdings. The co-investors were required to apply 90% of all distributions they received from Sungela
Holdings to the repayment of the loan.
The loan was secured by shares owned by the co-investors, representing 20% of the shares of Sungela Holdings in
issue at the acquisition date of the initial transaction (the secured shares). To the extent that the loan was not repaid
by its final repayment date, some of the secured shares could have been called as security by Thungela
International. Should the loan not have been repaid in full, and a portion of the secured shares called, the capital
amount of the loan would have been considered fully repaid, even if the value of the secured shares called was
lower than the value of the outstanding debt at the repayment date. Thungela International would have, in that case,
become the legal owner of the shares called as security. No amount had been repaid by the co-investors against
the loan since the effective date of the initial transaction, however, the loan was considered settled as part of the
third transaction, as detailed in this note.
Understanding of the second transaction
In December 2024, Thungela Resources Australia entered into a share sale and purchase agreement (SPA) with
Bowen, in\u00a0terms of which the Group acquired the 15% direct interest in the Ensham Mine and related companies
held by Bowen (the second transaction).
The SPA was signed in December 2024, but included several conditions precedent that impacted the effective date
of the second transaction. The conditions precedent were either met or waived by all parties by 28 February 2025,
which is considered to be the effective date. The consolidated results presented for Thungela for the year ended
31\u00a0December 2025 include the results of the 15% additional interest acquired for 10 months, from the effective
date to the reporting date.
The purchase price payable, as included in the SPA, amounted to R558 million (AUD48 million), which is
comprised of the following:
\u2022 the completion amount of R372 million (AUD32 million), which was paid on the effective date of
28\u00a0February 2025; and
\u2022 the second payment of R186 million (AUD16 million), which was transferred into an escrow account on
the\u00a0effective date of the transaction, and paid to Bowen in December 2025.
Understanding of the third transaction
In March 2025, Thungela Resources Australia entered into agreements with each of the co-investors to acquire their
27.5% interest in Sungela Holdings, and the remaining unvested LTIP shares (the third transaction).
The agreements were signed in March 2025, but included several conditions precedent that impacted the effective
date of the third transaction. The conditions precedent were either met or waived by 31 July 2025 in relation to the
Mayfair transaction, and 29 September 2025 in relation to the Audley Capital transaction, which are considered
to be the effective dates of the respective transactions.
From 29 September 2025, Thungela owns 100% of the Ensham Business and related companies.
The total consideration in relation to the third transaction amounted to R1,113 million, which is comprised of the
following elements:
\u2022 Cash consideration of R30 million (USD1.7 million), which was paid to the co-investors in equal parts on the
respective effective dates of the transaction.
\u2022 Thungela Resources Australia stepped in as borrower on behalf of the co-investors on the loan provided by
Thungela International in relation to the initial transaction. The amount outstanding on the loan, including all
outstanding interest, of R947 million (AUD82 million) is no longer considered owing by the co-investors. No
cash\u00a0was paid to the co-investors in relation to the settlement of the loan.
\u2022 Contingent deferred consideration of up to R273 million (USD15.5 million), which may be payable to the co-
investors based on sales of Ensham coal, subject to certain coal price thresholds, for a period of six years from
the later of the effective date of the agreement, or the approval of the extension of specific mining leases. At the
respective effective dates, the expected value to be paid to the co-investors was R136 million (USD7.7 million),
based on forecasted coal prices at those dates. No amount has been paid to the co-investors in relation to the
contingent deferred consideration at 31 December 2025.
Understanding of the Ensham Business
The Ensham Mine is the primary asset of\u00a0the Ensham joint venture, and comprises several tenements located in
the\u00a0southern Bowen Basin in Queensland, Australia. The\u00a0mining tenements related to the initial transaction were
transferred to Sungela in July 2024, while those related to the second transaction were transferred to Thungela
Resources Australia in June 2025. The Group, however, took beneficial ownership thereof from the effective dates
of the respective transactions.
The entities forming part of the Ensham Business are described below:
Entity
Description
Sungela
Holdings
Sungela Holdings is an investment holding company, which owns 100% of the shares issued
by\u00a0Sungela.
Sungela
Sungela owns an 85% interest in the Ensham Mine, and is required to fund the operations thereof
on\u00a0an ongoing basis, in proportion to its ownership interest.
Ensham
Resources
Ensham Resources Pty Limited (Ensham Resources) is the operator of the Ensham Mine, an unincorporated
joint venture between Sungela and Thungela Resources Australia (previously Bowen) (collectively,
the\u00a0\u2018JV\u00a0participants\u2019), which hold 85% and 15% thereof, respectively. The mining tenements and
underlying mining assets are owned by the\u00a0JV participants directly, and are not owned by Ensham
Resources. The operations of Ensham Resources are funded by\u00a0the JV participants directly in relation
to their participation in the Ensham Mine, being 85% and 15%, respectively.
Ensham
Coal
Sales
Ensham Coal Sales Pty. Ltd. (Ensham Coal Sales) coordinates the sale of coal extracted from the Ensham
Mine, and the proceeds on the sales are settled to Sungela and Thungela Resources Australia (previously
Bowen) in line with their contractual ownership of the joint venture.
Nogoa
Pastoral
Nogoa Pastoral Pty. Ltd. (Nogoa Pastoral) undertakes small-scale agricultural activity on the surface
land owned by the Ensham Business, and is the operator of the Nogoa joint venture, the participants
of which are also Sungela and Thungela Resources Australia (previously Bowen).
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
2.ACCOUNTING JUDGEMENTS AND SOURCES OF ESTIMATION UNCERTAINTY CONTINUED
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY CONTINUED
A.Understanding of our shareholding in the Ensham Business continued
Accounting treatment
Thungela is considered to control all of the entities within the Ensham Business, and these entities are consolidated
into the\u00a0operating and financial results of the Group, with specific considerations as noted below.
Ensham Resources is the operator of the Ensham Mine, and recognises all assets, liabilities, income and expenses
related to\u00a0the operation of the mine. However, the underlying assets are owned by the JV participants directly, in
proportion to their ownership of the mining tenements. Notably, Ensham Resources does not own any assets in its
own right. On this basis, from the effective date of the second transaction, Thungela now has rights to, and
obligations for, all of the assets and liabilities of the Ensham Mine, through the ownership held by Sungela and
Thungela Resources Australia. From 28\u00a0February\u00a02025, the consolidated results for Thungela thus include the results
of Ensham Resources on a 100% basis. Up\u00a0to that date, Thungela only had rights to, and obligations for, 85% of
the assets and liabilities of the Ensham Mine. The consolidated results presented for Thungela for the year ended
31 December 2024 thus include the results of Ensham Resources on an 85% basis.
Ensham Coal Sales is fully consolidated, with non-controlling interest recognised, representing 15% of the net assets
of this entity, until the effective date of the second transaction. The equity attributable to the non-controlling interests
has been adjusted to reflect the change in their relative interest in the Group from that date. As\u00a0Ensham Coal Sales
coordinates all coal sales from the Ensham Mine, 100% of the revenue from the mine has been recognised within
the Thungela Group\u2019s revenue from the effective date of the initial transaction. The cost for the proportion of coal
sales reflecting Bowen\u2019s 15% participation in the Ensham Mine, up to 28 February 2025, was accounted for as
a\u00a0commodity purchase within Ensham Coal Sales, at the realised sales price less specific selling costs incurred.
Nogoa Pastoral is the operator of the Nogoa Pastoral agricultural operation, which is managed, on a contractual
basis, in the same way as Ensham Resources, and so the accounting treatment has been considered in the same
way. The results of Nogoa Pastoral are consolidated at 100% on a line-by-line basis from the effective date of the
second transaction, while the\u00a0results from the effective date of the initial transaction were consolidated on an 85%
basis.
The loan provided by Thungela International was used by the co-investors to fund the acquisition of the majority of
their initial 25% shareholding in Sungela Holdings, and was secured by shares representing 20% of the shares in
Sungela Holdings. For accounting purposes, while the\u00a0loan was not repaid, the shares were not considered to have
been issued, and Thungela was instead considered to have granted the co-investors an option to acquire the shares
in Sungela Holdings. The option was exercisable only to the extent that the loan was repaid by the repayment date,
and was treated as an equity-settled share-based payment on the effective date of the initial transaction.
As a result of the accounting treatment applied and recognition of the option issued to them, up to the effective date
of the third transaction, the co-investors have enjoyed rights to only 7.5% of the earnings generated by the Ensham
Business (2024: 6.5%), following the vesting of a portion of the LTIP shares. From the respective effective dates of
the third transaction, the co-investors have no further rights to the earnings generated by the Ensham Business and
the relative equity attributable to the co-investors and the shareholders of the Group has been appropriately
adjusted. Thungela Resources Australia has stepped in as borrower on the loan, and the option granted to the
co-investors on the initial transaction is considered to have lapsed.
The LTIP shares were treated as an equity-settled share-based payment, as they were settled with shares in Sungela
Holdings, to the extent that the milestones were met. On the respective vesting dates of the LTIP shares, Thungela
recognised a decrease in our share of Sungela Holdings, and a corresponding increase in the non-controlling
interests attributable to the co-investors. There was no requirement for\u00a0earnings related to the LTIP shares to be
attributed to the non-controlling interests before the vesting dates, and the change in ownership was accounted
for\u00a0prospectively from the date of vesting. The remaining unvested LTIP shares were considered to be forfeited by
the\u00a0co-investors on the respective effective dates of the third transaction, and Thungela Resources Australia now
legally owns 100% of the shares issued by Sungela Holdings.
The acquisition of the additional interest in the Ensham Mine, through the second transaction, is considered to be a
business combination in line with IFRS\u00a03: Business Combinations (IFRS 3), and the acquisition method of accounting
has been applied at the effective date of 28 February 2025. The transaction is considered a business combination
as the Group previously had no rights to, or obligations for, the assets and liabilities related to the portion of the
business owned by Bowen.
The third transaction resulted in the Group acquiring a further interest in a subsidiary that we already controlled,
and\u00a0so this is considered to be a transaction between equity participants. The relative interests of the non-controlling
interests and the equity shareholders of the Group have been adjusted to reflect the increased shareholding of
Thungela from the respective effective dates.
Flow of economic benefits
Thungela is entitled to 100% of the earnings and cash flows generated by the Ensham Business from the respective
effective dates of the third transaction, through our legal ownership of shares in Sungela Holdings. From the effective
date of the second transaction, Thungela was entitled to 92.5% and 97.3% of the earnings and cash flows
generated by the Ensham Business, respectively, based on the accounting treatment described in this note.
In the year ended 31 December 2024, Thungela was entitled to 78.6% and 82.7% of the earnings and cash flows
generated by the Ensham Business, respectively.
Fair value of the identifiable net assets acquired
The fair value of the identifiable net assets acquired in the second transaction was determined using a discounted
cash flow model, based on the life-of-mine valuation of the Ensham\u00a0Mine.
The key assumptions used in the determination of the fair value of the Ensham Mine, as well as other elements
required to\u00a0be considered in terms of the acquisition method per IFRS 3, were finalised in the year ended
31\u00a0December 2025 and no further measurement period adjustments are expected.
Refer to note 15 for detail related to the acquisition of the additional interest in the Ensham Business.
B.Impairment of assets
The Group assesses at each reporting date whether there are any indicators that our assets or cash-generating units
(CGUs) may be impaired, or that an impairment previously recognised may need to be reversed. Operating and
economic assumptions, which could affect the valuation of assets using discounted cash flow models, are updated
regularly as part of the Group\u2019s planning and forecasting processes. Judgement is therefore required to determine
whether the updates represent significant changes in the service potential of an asset or CGU, and are therefore
indicators of impairment or impairment reversal. The judgement also considers the Group\u2019s long-term economic
forecasts, market analysts\u2019 views and sensitivity analyses of the discounted cash flow models used to value our
assets\u00a0for the purposes of assessing the impairment thereof.
Assets (other than goodwill) that have been previously impaired must be assessed for indicators of both impairment
and impairment reversal at the reporting date. Such assets are generally carried in the statement of financial position
at a value close to their recoverable amount at the last assessment. Therefore, in principle, any change to
operational plans, assumptions or economic parameters could result in further impairment or impairment reversal
if\u00a0an indicator is identified.
For CGUs where indicators of impairment or impairment reversal are identified, the Group performs impairment
reviews to assess the recoverable amounts of our operating assets principally with reference to their fair value
less\u00a0costs of disposal, assessed using discounted cash flow models. Mining operations are large, complex
assets\u00a0requiring significant technical and financial resources to operate, and their value may be sensitive to
a\u00a0range\u00a0of\u00a0characteristics.
The Group applies judgement in determining the assumptions that are reasonable and consistent with those that
would be applied by market participants as outlined in note 7.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
2.ACCOUNTING JUDGEMENTS AND SOURCES OF ESTIMATION UNCERTAINTY CONTINUED
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY CONTINUED
C. Environmental provisions
Thungela is obliged to undertake decommissioning, rehabilitation, remediation, closure and ongoing post-closure
monitoring activities when environmental impacts are caused by the development or ongoing production of a mining
property, as well as the decommissioning of infrastructure established on our operating sites. These provisions are
collectively referred to as the \u2018environmental provisions\u2019.
Estimates are made in determining the liability in relation to the environmental provisions required as per various
environmental regulations and legislation in both South Africa and Australia. These provisions are based on the
estimated rehabilitation, closure and required post-closure monitoring costs per operation at the reporting date,
inflation and discount rates relevant to the calculation, and the expected date of closure of mining activities in
determining the present value of the total environmental provisions.
Because of the long-term nature of the environmental provisions, the greatest uncertainties in estimating the liabilities
are the costs that will be incurred and the discount rates applied.
Environmental provisions have been recognised based on the current environmental disturbances caused at the
reporting date and for our current assessment of the risk of latent or residual environmental impacts that may become
known in the future. Assessments are annually updated by an independent third party for changes in the
environmental footprint across our operations, rates used to determine the costs required for closure, regulations,
technology and approaches used to conduct rehabilitation.
These costs have been discounted to present value over the period that they are expected to be incurred, which
ranges up to 20 years post closure of the operation. In South Africa, water treatment costs are provided for up to
50\u00a0years post closure of the operation. Discounting of the costs relating to closure at the reporting date is calculated
over the expected closure and rehabilitation plan of each mine, including the impact of concurrent rehabilitation
undertaken while mining is ongoing. The closure plan is determined based on the remaining coal reserves per
operation, which is assessed on an annual basis.
The Group has provided for water treatment costs at our South African operations using a combination of active
and\u00a0passive water treatment methods, based on activities currently being performed at these operations. The
Financial Provisioning Regulations, 2015, published under the National Environmental Management Act 107
of\u00a01998 (NEMA Financial Provisioning Regulations), require the treatment of water to be provided for using the
costs of currently available technologies which the Department of Mineral and Petroleum Resources (DMPR) has
approved, based on evidence that the technology to be implemented is able to consistently achieve the discharge
requirements. Thungela is actively working to prove the efficacy of passive treatment technologies in collaboration
with academia and the relevant government departments.
On 1 February 2024, the Minister in the Department of Forestry, Fisheries and the Environment gazetted a notice
to\u00a0defer the transition date of the NEMA Financial Provisioning Regulations, however a revised date was not
published. Mining companies will not be required to comply with the NEMA Financial Provisioning Regulations until
a new transition date, which is yet to be published. The Group has continued to provide for our interpretation of the
increase in costs required as a result of these regulations, mostly in relation to the\u00a0pumping and treatment of polluted
or extraneous water.
Refer to note 27 for further detail related to the environmental provisions.
D.Recognition of deferred tax assets
The Group recognises deferred tax assets in relation to deductible temporary differences only to the extent that
we\u00a0consider it likely that there will be sufficient future taxable temporary differences available against which to
utilise\u00a0these deductions.
The consideration of the recognition of the deferred tax assets is supported by Thungela\u2019s forecasting process,
which\u00a0includes a detailed calculation of the estimated annual taxable income, per legal entity, for each financial
year. Where the forecast reflects that sufficient taxable income will be generated, and that there will be future
available taxable temporary differences against which to utilise the deductible temporary differences, the deferred
tax asset is recognised. Where the forecast indicates a potential risk around the availability of sufficient future
taxable income and taxable temporary differences, no deferred tax asset is recognised.
The recoverability assessment is updated at each reporting date based on the operations at each underlying
statutory entity.
Refer to note 30 for further detail on the deferred tax assets recognised.
OTHER ACCOUNTING JUDGEMENTS AND SOURCES OF ESTIMATION UNCERTAINTY
E. Estimating the useful life of property, plant and equipment
The estimation of the useful life of an asset is a matter of judgement, based on the experience of the Group with
similar assets. In determining the useful life of items of property, plant and equipment that are depreciated, we
consider the expected usage of assets, expected physical wear and tear, legal or similar limits of assets such
as\u00a0mineral rights, as well as obsolescence.
The estimate is further impacted by our best estimation of coal resources and coal reserves, and the expected future
life of each of the mines within the Group. The forecast production could be different from the actual coal mined,
which may impact the future life of each mine.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-356": { "value": "
C. Environmental provisions
Thungela is obliged to undertake decommissioning, rehabilitation, remediation, closure and ongoing post-closure
monitoring activities when environmental impacts are caused by the development or ongoing production of a mining
property, as well as the decommissioning of infrastructure established on our operating sites. These provisions are
collectively referred to as the \u2018environmental provisions\u2019.
Estimates are made in determining the liability in relation to the environmental provisions required as per various
environmental regulations and legislation in both South Africa and Australia. These provisions are based on the
estimated rehabilitation, closure and required post-closure monitoring costs per operation at the reporting date,
inflation and discount rates relevant to the calculation, and the expected date of closure of mining activities in
determining the present value of the total environmental provisions.
Because of the long-term nature of the environmental provisions, the greatest uncertainties in estimating the liabilities
are the costs that will be incurred and the discount rates applied.
Environmental provisions have been recognised based on the current environmental disturbances caused at the
reporting date and for our current assessment of the risk of latent or residual environmental impacts that may become
known in the future. Assessments are annually updated by an independent third party for changes in the
environmental footprint across our operations, rates used to determine the costs required for closure, regulations,
technology and approaches used to conduct rehabilitation.
These costs have been discounted to present value over the period that they are expected to be incurred, which
ranges up to 20 years post closure of the operation. In South Africa, water treatment costs are provided for up to
50\u00a0years post closure of the operation. Discounting of the costs relating to closure at the reporting date is calculated
over the expected closure and rehabilitation plan of each mine, including the impact of concurrent rehabilitation
undertaken while mining is ongoing. The closure plan is determined based on the remaining coal reserves per
operation, which is assessed on an annual basis.
The Group has provided for water treatment costs at our South African operations using a combination of active
and\u00a0passive water treatment methods, based on activities currently being performed at these operations. The
Financial Provisioning Regulations, 2015, published under the National Environmental Management Act 107
of\u00a01998 (NEMA Financial Provisioning Regulations), require the treatment of water to be provided for using the
costs of currently available technologies which the Department of Mineral and Petroleum Resources (DMPR) has
approved, based on evidence that the technology to be implemented is able to consistently achieve the discharge
requirements. Thungela is actively working to prove the efficacy of passive treatment technologies in collaboration
with academia and the relevant government departments.
On 1 February 2024, the Minister in the Department of Forestry, Fisheries and the Environment gazetted a notice
to\u00a0defer the transition date of the NEMA Financial Provisioning Regulations, however a revised date was not
published. Mining companies will not be required to comply with the NEMA Financial Provisioning Regulations until
a new transition date, which is yet to be published. The Group has continued to provide for our interpretation of the
increase in costs required as a result of these regulations, mostly in relation to the\u00a0pumping and treatment of polluted
or extraneous water.
Refer to note 27 for further detail related to the environmental provisions.
Environmental provisions
An obligation to incur environmental restoration, rehabilitation and decommissioning costs arises when environmental
disturbances are caused by the development or ongoing production of a mining asset. Costs for the restoration of site
disturbances, rehabilitation, remediation and environmental monitoring activities, including water treatment costs where
required, are estimated using the work of external consultants in conjunction with internal experts.
Such costs arising from the decommissioning of infrastructure and other site preparation work, discounted to their net
present value, are provided for and capitalised at the start of each project, as soon as the obligation to incur these
costs\u00a0arises. These costs are recognised in the statement of profit or loss and other comprehensive income over the life
of\u00a0the operation, through the depreciation of the asset and the unwinding of the discount on the provision. Costs for the
restoration of subsequent site disturbances, which are created on an ongoing basis during production, are provided for
at their net present values and recognised in the statement of profit or loss and other comprehensive income as
extraction progresses.
The amount recognised as a provision represents our best estimate of the costs required to complete the restoration
and\u00a0rehabilitation activities, the application of the relevant regulatory framework and the timing of expenditure. These
estimates are inherently uncertain and could materially change over time. Changes in the measurement of the provisions
relating to the decommissioning of infrastructure or other site preparation work are added to or deducted from the cost
of the related asset in the current period. If a decrease in the provision exceeds the carrying amount of the asset, the
excess is recognised immediately in the statement of profit or loss and other comprehensive income.
Environmental rehabilitation trusts
Contributions have historically been made to dedicated environmental rehabilitation trusts to fund the estimated cost
of\u00a0rehabilitation and restoration activities for premature closure and end of life closure of the relevant mines, and as
required thereafter. The Group exercises full control of these trusts and therefore the trusts are consolidated. The trusts\u2019
assets are disclosed separately in the statement of financial position as non-current assets.
The trusts\u2019 assets are held in unit trusts through a reputable investment manager and are classified as FVPL financial
assets. Fair value gains and losses are recognised as they are generated in net finance income.
Other environmental investments
The Group has agreements with financial institutions to provide financial guarantees or sureties related to funding the
costs of rehabilitation and restoration activities. A portion of the premium contributions made under these agreements
is\u00a0invested and held as collateral against the financial guarantees. Contributions are invested in either money market
funds or interest-linked corporate accounts, and are classified as FVPL financial assets.
The other environmental investments are recognised as financial asset investments, as disclosed in note 22, and fair
value gains and losses are recognised as they are generated in net finance income.
Nkulo Community Partnership Trust
The Group founded the Nkulo Community Partnership Trust (also referred to as the trust) in June 2021, which subscribed
for 5.0% of the ordinary shares, as well as a C preference share, issued by SACO. The trust is managed by a board of
trustees comprised of both Thungela and community representatives.
The C preference share entitled the trust to a preference dividend of a minimum of R6 million per annum up to
2024,\u00a0subject to the availability of cash flows in SACO. The C preference share was redeemed in the year ended
31\u00a0December 2025 in line with the underlying contractual agreements with the trust. The trust is also entitled to
5.0%\u00a0of\u00a0the dividends declared by SACO on ordinary shares. The Group recognises a provision for the constructive
obligation it has to the beneficiaries of the Nkulo Community Partnership Trust at the point that the dividends on
ordinary\u00a0shares are declared by SACO.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-357": { "value": "
D.Recognition of deferred tax assets
The Group recognises deferred tax assets in relation to deductible temporary differences only to the extent that
we\u00a0consider it likely that there will be sufficient future taxable temporary differences available against which to
utilise\u00a0these deductions.
The consideration of the recognition of the deferred tax assets is supported by Thungela\u2019s forecasting process,
which\u00a0includes a detailed calculation of the estimated annual taxable income, per legal entity, for each financial
year. Where the forecast reflects that sufficient taxable income will be generated, and that there will be future
available taxable temporary differences against which to utilise the deductible temporary differences, the deferred
tax asset is recognised. Where the forecast indicates a potential risk around the availability of sufficient future
taxable income and taxable temporary differences, no deferred tax asset is recognised.
The recoverability assessment is updated at each reporting date based on the operations at each underlying
statutory entity.
Refer to note 30 for further detail on the deferred tax assets recognised.
Accounting policy
The income tax credit/(expense) comprises the sum of current and deferred tax. Income tax is recognised in profit or
loss, except to the extent that it relates to items recognised directly in other comprehensive income or in equity.
Current tax and deferred tax is recognised in other comprehensive income or in equity if the taxation relates to items
that\u00a0are recognised, in the same or a different period, in other comprehensive income or in equity.
The Group\u2019s liability for current tax is calculated using tax rates (and tax laws) that have been enacted or substantively
enacted by the reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-358": { "value": "
E. Estimating the useful life of property, plant and equipment
The estimation of the useful life of an asset is a matter of judgement, based on the experience of the Group with
similar assets. In determining the useful life of items of property, plant and equipment that are depreciated, we
consider the expected usage of assets, expected physical wear and tear, legal or similar limits of assets such
as\u00a0mineral rights, as well as obsolescence.
The estimate is further impacted by our best estimation of coal resources and coal reserves, and the expected future
life of each of the mines within the Group. The forecast production could be different from the actual coal mined,
which may impact the future life of each mine.
Accounting policy
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. Cost is
the fair value of the consideration required to acquire and develop the asset and includes the purchase price, acquisition
of mineral rights, costs directly attributable to bringing the asset to the location and condition necessary for it to be
capable of operating in the manner intended by management, and the initial estimate of any decommissioning provisions.
Capital work-in-progress represents the costs incurred on assets being constructed by the Group, which are capitalised
as costs are incurred. These assets are measured at the cost incurred on construction. When the assets can operate in
the manner intended by management, or are considered to be impaired, they are transferred to the appropriate asset
class. Depreciation will commence once the assets are considered ready for use.
Gains or losses on the disposal of property, plant and equipment are determined by comparing the proceeds from the
disposal with the carrying amount of the assets disposed. The gains or losses are recognised in the statement of profit
or\u00a0loss and other comprehensive income when the disposal becomes effective.
Deferred stripping
The removal of rock or soil, overburden, and other waste materials overlying a mineral deposit is often necessary during
the initial development of a mine site in order to access the orebody. The process of removing overburden and other
mine waste materials is referred to as stripping. The directly attributable cost of this activity is capitalised in full within
mining properties if the stripped area will only commence production in more than one year after the stripping costs
are\u00a0incurred. All amounts capitalised in respect of waste removal are depreciated using the unit of production method
for the component of the orebody to which they relate, consistent with depreciation of property, plant and equipment.
The removal of waste material after the point at which mining properties are available for use is referred to as
production stripping. When the waste removal activity improves access to ore extracted in the current period,
the\u00a0costs\u00a0of production stripping are charged to the statement of profit or loss and other comprehensive income
as\u00a0operating costs in accordance with the principles of IAS 2: Inventories.
Right-of-use assets
Right-of-use assets are included within property, plant and equipment. At the commencement of the lease, these are
recognised at the amount of the corresponding lease liability, adjusted for any lease payments made on or before the
lease commencement date, plus any direct costs incurred, an estimate of costs for dismantling, removing, or restoring
the\u00a0underlying asset, and less any lease incentives received.
Refer to note 28 for detail related to the leasing activities of the Group.
Depreciation
Mining properties and items of plant and equipment for which the consumption of economic benefits is linked to
production are depreciated to their residual values, from the date that they are considered to be available for use,
using\u00a0the unit of production method based on proved and probable coal reserves. Mining properties include the
value\u00a0of the mining tenement acquired with the Ensham Business, which is depreciated on a straight-line basis over
the\u00a0estimated remaining reserve life.
Land is not depreciated. Buildings and items of plant and equipment for which the consumption of economic benefits
is\u00a0linked primarily to utilisation or to throughput, rather than production, are depreciated to their residual values, from
the\u00a0date that they are considered to be available for use, at varying rates on a straight-line basis over their estimated
useful lives or the reserve life, whichever is shorter. Estimated useful lives normally vary from up to 20 years for items
of\u00a0plant and equipment, to a maximum of 50 years for buildings.
Right-of-use assets are depreciated on a straight-line basis over the term of the lease, or, if shorter, the useful life
of\u00a0the\u00a0asset.
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate
items (major components).
Depreciation methods, residual values and estimated useful lives are reviewed at least annually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-360": { "value": "
Impact of new standards issued and effective on 1\u00a0January 2025
Adopted by the Group
The following amendments to IFRS Accounting Standards have been adopted by the Group from 1\u00a0January 2025, with
no material impact on the Group\u2019s operating results, financial position or disclosures:
Amendments to IAS 21 \u2013 lack of exchangeability, with amendments to provide guidance on when a currency is
exchangeable and how to determine the exchange rate when exchangeability is lacking
Not adopted by the Group
The following amendments to IFRS Sustainability Disclosure Standards have not been adopted by the Group from
1\u00a0January 2025:
Amendments issued by the International Sustainability Standards Board to the Sustainability Accounting Standards
Board standards \u2013 to enhance their international applicability
The International Sustainability Standards Board (ISSB) Standards have been issued to create a standard framework for
reporting sustainability-related information and its impact on the Group\u2019s future financial and operating results. Although
these standards have an effective date of 1\u00a0January 2025, they are not yet applicable in terms of the regulations to
which Thungela has to comply. The Group has not yet adopted these standards. Significant detail of our sustainability-
related information will be disclosed in our Environmental, Social and Governance Report to be published in
April\u00a02026.
Impact of standards and interpretations not yet effective
At the reporting date, the following relevant new IFRS Accounting Standards, or amendments to existing standards,
were\u00a0in issue but not yet effective:
Effective for annual
periods commencing
on or after
Amendments to IFRS 7 and IFRS 9 \u2013 new exceptions for the recognition and derecognition
of\u00a0financial assets and financial liabilities for settlement via electronic payment systems
1 January 2026
Amendments to IFRS 7 and IFRS 9 \u2013 power purchase agreements, to address the application
of own use and hedge accounting requirements for agreements which meet specified criteria
1 January 2026
Amendments to IAS 7, IFRS 1, IFRS 7, IFRS 9 and IFRS 10 \u2013 annual improvements to
IFRS\u00a0Accounting Standards, with changes that either clarify the wording or correct relatively
minor unintended consequences, oversights or conflicts between the requirements in
IFRS\u00a0Accounting Standards
1 January 2026
IFRS 18 \u2013 detailed presentation and base disclosure requirements for financial statements,
which will replace the requirements currently described in IAS 1
1 January 2027
IFRS 19 \u2013 simplified disclosure for entities without public accountability, but whose parents
prepare consolidated financial statements under IFRS Accounting Standards (voluntary
standard)
1 January 2027
The above standards and amendments are not expected to have a material impact on the consolidated and separate
financial statements in future periods, other than as below, however, the Group will continue to assess the potential
impacts thereof.
IFRS 18: Presentation and Disclosure in Financial Statements is effective for reporting periods beginning on or after
1\u00a0January\u00a02027, and will apply retrospectively. We are in the process of determining the impact of the new standard
on the consolidated and separate financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-359": { "value": "
Impact of new standards issued and effective on 1\u00a0January 2025
Adopted by the Group
The following amendments to IFRS Accounting Standards have been adopted by the Group from 1\u00a0January 2025, with
no material impact on the Group\u2019s operating results, financial position or disclosures:
Amendments to IAS 21 \u2013 lack of exchangeability, with amendments to provide guidance on when a currency is
exchangeable and how to determine the exchange rate when exchangeability is lacking
Not adopted by the Group
The following amendments to IFRS Sustainability Disclosure Standards have not been adopted by the Group from
1\u00a0January 2025:
Amendments issued by the International Sustainability Standards Board to the Sustainability Accounting Standards
Board standards \u2013 to enhance their international applicability
The International Sustainability Standards Board (ISSB) Standards have been issued to create a standard framework for
reporting sustainability-related information and its impact on the Group\u2019s future financial and operating results. Although
these standards have an effective date of 1\u00a0January 2025, they are not yet applicable in terms of the regulations to
which Thungela has to comply. The Group has not yet adopted these standards. Significant detail of our sustainability-
related information will be disclosed in our Environmental, Social and Governance Report to be published in
April\u00a02026.
Impact of standards and interpretations not yet effective
At the reporting date, the following relevant new IFRS Accounting Standards, or amendments to existing standards,
were\u00a0in issue but not yet effective:
Effective for annual
periods commencing
on or after
Amendments to IFRS 7 and IFRS 9 \u2013 new exceptions for the recognition and derecognition
of\u00a0financial assets and financial liabilities for settlement via electronic payment systems
1 January 2026
Amendments to IFRS 7 and IFRS 9 \u2013 power purchase agreements, to address the application
of own use and hedge accounting requirements for agreements which meet specified criteria
1 January 2026
Amendments to IAS 7, IFRS 1, IFRS 7, IFRS 9 and IFRS 10 \u2013 annual improvements to
IFRS\u00a0Accounting Standards, with changes that either clarify the wording or correct relatively
minor unintended consequences, oversights or conflicts between the requirements in
IFRS\u00a0Accounting Standards
1 January 2026
IFRS 18 \u2013 detailed presentation and base disclosure requirements for financial statements,
which will replace the requirements currently described in IAS 1
1 January 2027
IFRS 19 \u2013 simplified disclosure for entities without public accountability, but whose parents
prepare consolidated financial statements under IFRS Accounting Standards (voluntary
standard)
1 January 2027
The above standards and amendments are not expected to have a material impact on the consolidated and separate
financial statements in future periods, other than as below, however, the Group will continue to assess the potential
impacts thereof.
IFRS 18: Presentation and Disclosure in Financial Statements is effective for reporting periods beginning on or after
1\u00a0January\u00a02027, and will apply retrospectively. We are in the process of determining the impact of the new standard
on the consolidated and separate financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-361": { "value": "
The above standards and amendments are not expected to have a material impact on the consolidated and separate
financial statements in future periods, other than as below, however, the Group will continue to assess the potential
impacts thereof.
IFRS 18: Presentation and Disclosure in Financial Statements is effective for reporting periods beginning on or after
1\u00a0January\u00a02027, and will apply retrospectively. We are in the process of determining the impact of the new standard
on the consolidated and separate financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-362": { "value": "
4.SEGMENTAL INFORMATION
Thungela\u2019s segments are aligned with those operations that are evaluated regularly by the chief operating decision
maker in deciding how to allocate resources and assess performance. The Group executive committee is identified
as\u00a0the chief operating decision maker of Thungela.
Accounting policy
Reportable segments
Operating segments with similar economic characteristics are aggregated into reportable segments. The economic
characteristics considered include the geographic location, the performance of key equipment specific to each type
of\u00a0operation and the productivity of the operations measured in volumes and headcount. Thungela has one principal
operating activity, which is the operation of opencast and underground thermal coal mines and the processing of coal
in\u00a0South Africa and Australia. The reportable segments are aggregated by the nature of the technology applied by the
operations, either as an opencast or underground mine, and similar economic characteristics as it relates to the capital
and\u00a0operating structure thereof.
The Group has a dedicated business, operating in Dubai, with responsibility for marketing our coal from South Africa
and Australia directly to third parties. Revenue related to the sale of our products through Thungela Marketing
International is shown, for accounting purposes only, within the relevant reportable segment, including the margins
retained by that entity. Operating costs from the marketing activities undertaken by Thungela Marketing International
are\u00a0presented, for accounting purposes, within the services segment, as these activities support the ongoing operations
of the\u00a0Group.
There have been no changes to the reportable segments identified in the current year. In the year ended
31\u00a0December\u00a02024, the Elders project was added to the South Africa underground segment on the extraction
of\u00a0first\u00a0coal and the commencement of sales activity at the colliery.
The following summary describes each reportable segment:
Reportable segments
Operations
South Africa
Opencast
Mining operations undertaken in an opencast mine where coal is extracted include the
following mining operations in South Africa:
\u2022 Isibonelo
\u2022 Khwezela
\u2022 Mafube
\u2022 Rietvlei (until the disposal thereof in 2024)
Underground
Mining operations undertaken in an underground mine where coal is extracted include the
following mining operations in South Africa:
\u2022 Zibulo
\u2022 Greenside
\u2022 Goedehoop
\u2022 Annea (previously the Elders project)
Services
Operations providing various services to support the ongoing operations of the Group,
including marketing activities in Dubai
Australia
Underground
Mining operations undertaken in an underground mine where coal is extracted at Ensham,
as well as the operations providing various services to support the mining operations
in\u00a0Australia
Revenue
Revenue is recognised in a manner that depicts the pattern of the transfer of thermal coal to customers. The amount
recognised reflects the amount to which the Group is entitled in exchange for the sale of thermal coal, exclusive of
related discounts and sales taxes. Sales contracts are evaluated to determine the performance obligations, the
transaction price and the point at which there is transfer of control. The transaction price is the amount of consideration
due in exchange for transferring thermal coal to the customer and is recognised at a specific point in time.
Revenue in South Africa is comprised of export sales to various customers through Thungela Marketing International,
as\u00a0well as domestic sales based on contracts signed with various customers in the areas where the Group mines.
Revenue in Australia includes export sales, predominately to Asian markets, as well as specific domestic sales contracts.
The domestic sales in Australia are at export parity prices, or better and, on this basis, all revenue in Australia is
disclosed as export revenue.
The Group has applied the practical expedient available in IFRS 15: Revenue from Contracts with Customers, and
determined that no significant financing component is included in the consideration received. A sale is recognised
when\u00a0control has been transferred, which is usually when title and significant risks have passed to the customer,
and\u00a0the\u00a0thermal coal has been delivered.
South Africa
Export sales
Revenue derived from South African export sales is recognised when the thermal coal is loaded onto the vessel at the
Richards Bay Coal Terminal (RBCT). The transaction price is determined with reference to the average benchmark price
reference for 6,000kcal/kg thermal coal exported from the RBCT (Richards Bay Benchmark coal price) in the month
of\u00a0loading, with various adjustments for quality, grade and calorific value. Revenue is not impacted by changes in
the\u00a0Richards Bay Benchmark coal price subsequent to the month of loading during which control transfers. This revenue
is\u00a0generated in US\u00a0dollars, and payments received for export revenue are in US dollars.
Domestic sales
Domestic sales are made to various customers in the areas in which the Group operates in South Africa and revenue
from these sales is recognised when the thermal coal is delivered to a contractually agreed location, either at the
customers\u2019 premises, or at the collection point at the operation. The transaction price is contractually agreed based
on\u00a0various inputs and is not always directly impacted by changes in the Richards Bay Benchmark coal price.
Australia
Revenue in Australia is derived from export sales into Asian markets or sales to customers in Australia. Revenue for
exported volumes is recognised when coal is loaded onto the vessel at the Port of Gladstone, while revenue for sales
railed\u00a0locally is recognised as the coal is delivered to the customers\u2019 premises.
The transaction price is determined with reference to the average Newcastle Benchmark price reference for
6,000kcal/kg coal exported from Newcastle, Australia (Newcastle Benchmark coal price) for the month of loading,
with various adjustments for quality, grade and calorific value. Revenue is not impacted by changes in the Newcastle
Benchmark coal price subsequent to the month of loading. The revenue is generated either in US dollars or Australian
dollars, and payments are received from customers in these currencies. Sales contracts with specific customers include
fixed prices for\u00a0sales, which are negotiated based on the Newcastle Benchmark coal price at a specific point in time.
Revenue for these sales is recognised at the agreed fixed price, and is not impacted by subsequent changes in the
Newcastle Benchmark coal price for the period of the contract.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
4.SEGMENTAL INFORMATION CONTINUED
Profit for the reporting period
The profit for the reporting period by reportable segment can be analysed as follows:
2025
South Africa
Australia
Rand million
Opencast
Underground
Services
Underground
Total
Revenue
7,959
13,673
418
7,549
29,599
Operating costs excluding
depreciation and amortisation
(6,935)
(12,341)
(2,409)
(6,698)
(28,383)
Employee costs
(1,309)
(2,895)
(1,078)
(1,472)
(6,754)
Commodity purchases
(881)
\u2014
(411)
(321)
(1,613)
Consumables used in
production
(1,203)
(1,041)
(8)
(665)
(2,917)
Maintenance expenditure
(1,548)
(2,004)
(212)
(846)
(4,610)
Production input costs
(591)
(2,262)
(71)
(1,083)
(4,007)
Inventory production movement
44
(575)
\u2014
(19)
(550)
Logistics costs
(991)
(2,544)
(4)
(1,186)
(4,725)
Royalties
(12)
(71)
\u2014
(633)
(716)
Other
(444)
(949)
(625)
(473)
(2,491)
Adjusted EBITDA\u25b3
1,024
1,332
(1,991)
851
1,216
Transactions arising from the
acquisition of the Ensham
Business
\u2014
\u2014
\u2014
(125)
(125)
Acquisition and integration costs
\u2014
\u2014
\u2014
(93)
(93)
Fair value adjustments to
acquisition-related derivatives
\u2014
\u2014
\u2014
(32)
(32)
Profit on disposal of operation
250
\u2014
\u2014
\u2014
250
Depreciation and amortisation
(370)
(1,335)
(68)
(1,141)
(2,914)
Impairment losses
(987)
(5,493)
(608)
(1,697)
(8,785)
Restructuring costs and
termination\u00a0benefits
(110)
(106)
(92)
\u2014
(308)
Net finance income/(costs)
179
267
2,295
(71)
2,670
Investment income
713
461
567
77
1,818
Interest expense
(534)
(194)
(129)
(231)
(1,088)
Other financing gains
\u2014
\u2014
1,857
83
1,940
Income tax credit/(expense)
213
1,386
(601)
(109)
889
Profit/(loss) for the reporting
period
199
(3,949)
(1,065)
(2,292)
(7,107)
2024
South Africa
Australia
Rand million
Opencast
Underground
Services
Underground
Total
Revenue
10,826
15,478
\u2014
9,250
35,554
Operating costs excluding
depreciation and amortisation
(9,240)
(10,856)
(1,992)
(7,211)
(29,299)
Employee costs
(1,282)
(2,844)
(1,245)
(1,289)
(6,660)
Commodity purchases
(1,609)
\u2014
\u2014
(1,374)
(2,983)
Consumables used in production
(1,544)
(964)
(53)
(604)
(3,165)
Maintenance expenditure
(1,469)
(1,830)
(384)
(432)
(4,115)
Production input costs
(1,574)
(1,791)
(104)
(1,491)
(4,960)
Inventory production movement
(172)
(368)
\u2014
(60)
(600)
Logistics costs
(931)
(2,278)
\u2014
(915)
(4,124)
Royalties
(106)
(174)
\u2014
(834)
(1,114)
Other
(553)
(607)
(206)
(212)
(1,578)
Adjusted EBITDA\u25b3
1,586
4,622
(1,992)
2,039
6,255
Transactions arising from the
acquisition of the Ensham Business
\u2014
\u2014
\u2014
(9)
(9)
Expenses for conditional shares
granted to non-controlling
interests
\u2014
\u2014
\u2014
(9)
(9)
Profit on disposal of investment
in\u00a0subsidiary
601
\u2014
\u2014
\u2014
601
Depreciation and amortisation
(290)
(1,096)
(60)
(1,006)
(2,452)
Impairment losses
\u2014
(278)
\u2014
\u2014
(278)
Restructuring costs and
termination\u00a0benefits
\u2014
\u2014
(13)
\u2014
(13)
Net finance (costs)/income
(207)
60
1,118
(77)
894
Investment income
385
244
672
92
1,393
Interest expense
(592)
(184)
(136)
(245)
(1,157)
Other financing gains
\u2014
\u2014
582
76
658
Income tax expense
(354)
(476)
(353)
(271)
(1,454)
Profit/(loss) for the reporting
period
1,336
2,832
(1,300)
676
3,544
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
4.SEGMENTAL INFORMATION CONTINUED
Capital expenditure
Capital expenditure encompasses expenditure (including cash capital expenditure and capital expenditure accruals) to
sustain the business and to invest in life extension projects.
The capital expenditure per reportable segment can be analysed as follows:
2025
Rand million
Expansionary
Stay-in-
business
Stripping and
development
Total
Property, plant and equipment
1,115
1,630
306
3,051
South Africa
1,115
1,028
306
2,449
Opencast
\u2014
232
297
529
Underground
747
750
9
1,506
Services
368
46
\u2014
414
Australia
\u2014
602
\u2014
602
Underground
\u2014
602
\u2014
602
Intangible assets
\u2014
36
\u2014
36
South Africa
\u2014
36
\u2014
36
Services
\u2014
36
\u2014
36
Total capital expenditure
1,115
1,666
306
3,087
Movement in capital creditors
(52)
(32)
(8)
(92)
South Africa
(52)
(16)
(8)
(76)
Australia
\u2014
(16)
\u2014
(16)
Total additions1
1,063
1,634
298
2,995
1Total additions consist of additions to property, plant and equipment of R2,959 million and additions to intangible assets of R36 million.
2024
Rand million
Expansionary
Stay-in-
business
Stripping and
development
Total
Property, plant and equipment
1,696
1,445
192
3,333
South Africa
1,696
840
192
2,728
Opencast
\u2014
273
66
339
Underground
1,670
444
126
2,240
Services
26
123
\u2014
149
Australia
\u2014
605
\u2014
605
Underground
\u2014
605
\u2014
605
Intangible assets
\u2014
63
\u2014
63
South Africa
\u2014
63
\u2014
63
Services
\u2014
63
\u2014
63
Total capital expenditure
1,696
1,508
192
3,396
Movement in capital creditors
120
(67)
(12)
41
South Africa
120
(24)
(12)
84
Australia
\u2014
(43)
\u2014
(43)
Total additions1
1,816
1,441
180
3,437
1Total additions consist of additions to property, plant and equipment of R3,374 million and additions to intangible assets of R63 million.
Revenue
All of the revenue generated by the Group is from the sale of thermal coal of varying grades and quality. The majority
of\u00a0the revenue and profit of Thungela is derived from mining operations based in South Africa and Australia.
Revenue by product and segment
2025
South Africa
Australia
Rand million
Opencast
Underground
Services
Underground
Total
Thermal export
5,057
13,438
418
7,549
26,462
Industrial and domestic
2,902
235
\u2014
\u2014
3,137
Other industrial and domestic
2,738
51
\u2014
\u2014
2,789
Domestic sales from thermal
export stockpiles
164
184
\u2014
\u2014
348
Total revenue
7,959
13,673
418
7,549
29,599
2024
South Africa
Australia
Rand million
Opencast
Underground
Underground
Total
Thermal export
6,668
15,191
9,250
31,109
Industrial and domestic
4,158
287
\u2014
4,445
Other industrial and domestic
3,897
37
\u2014
3,934
Domestic sales from thermal export stockpiles
261
250
\u2014
511
Total revenue
10,826
15,478
9,250
35,554
Revenue by destination
2025
South Africa
Australia
Rand million
Opencast
Underground
Services
Underground
Total
India
2,457
7,760
204
\u2014
10,421
Taiwan
347
541
\u2014
3,116
4,004
South Africa
2,902
235
\u2014
\u2014
3,137
Japan
82
376
\u2014
1,131
1,589
Australia
\u2014
\u2014
\u2014
1,180
1,180
Other export destinations1
2,171
4,761
214
2,122
9,268
Total revenue
7,959
13,673
418
7,549
29,599
1No individual destination contributes more than 10% to the total revenue generated by the Group.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
4.SEGMENTAL INFORMATION CONTINUED
Revenue continued
Revenue by destination continued
2024
South Africa
Australia
Rand million
Opencast
Underground
Underground
Total
United Kingdom1
4,102
10,138
\u2014
14,240
India
1,719
2,997
659
5,375
South Africa
4,158
287
\u2014
4,445
Taiwan
92
\u2014
3,411
3,503
Japan
223
402
1,156
1,781
Australia
\u2014
\u2014
409
409
Other export destinations2
532
1,654
3,615
5,801
Total revenue3
10,826
15,478
9,250
35,554
1Sales to Anglo American Marketing Limited up to the expiry of the offtake agreement in 2024 were sold to an entity domiciled in the United Kingdom.
2No individual destination contributes more than 10% to the total revenue generated by the Group.
3Enhanced disclosure of the revenue by destination has been presented in the current year. This disclosure does not impact any other lines in the consolidated
financial statements.
Revenue by customer
Of the total revenue generated by the Group, 20% (2024: 43%) is attributable to two customers (2024: one customer).
Other customers each accounted for less than 10% of the total revenue generated for the years presented. Thungela
does not have a significant level of concentration risk across our customer base, due to the marketing activities
performed by Thungela Marketing International.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-363": { "value": "
Reportable segments
Operating segments with similar economic characteristics are aggregated into reportable segments. The economic
characteristics considered include the geographic location, the performance of key equipment specific to each type
of\u00a0operation and the productivity of the operations measured in volumes and headcount. Thungela has one principal
operating activity, which is the operation of opencast and underground thermal coal mines and the processing of coal
in\u00a0South Africa and Australia. The reportable segments are aggregated by the nature of the technology applied by the
operations, either as an opencast or underground mine, and similar economic characteristics as it relates to the capital
and\u00a0operating structure thereof.
The Group has a dedicated business, operating in Dubai, with responsibility for marketing our coal from South Africa
and Australia directly to third parties. Revenue related to the sale of our products through Thungela Marketing
International is shown, for accounting purposes only, within the relevant reportable segment, including the margins
retained by that entity. Operating costs from the marketing activities undertaken by Thungela Marketing International
are\u00a0presented, for accounting purposes, within the services segment, as these activities support the ongoing operations
of the\u00a0Group.
There have been no changes to the reportable segments identified in the current year. In the year ended
31\u00a0December\u00a02024, the Elders project was added to the South Africa underground segment on the extraction
of\u00a0first\u00a0coal and the commencement of sales activity at the colliery.
The following summary describes each reportable segment:
Reportable segments
Operations
South Africa
Opencast
Mining operations undertaken in an opencast mine where coal is extracted include the
following mining operations in South Africa:
\u2022 Isibonelo
\u2022 Khwezela
\u2022 Mafube
\u2022 Rietvlei (until the disposal thereof in 2024)
Underground
Mining operations undertaken in an underground mine where coal is extracted include the
following mining operations in South Africa:
\u2022 Zibulo
\u2022 Greenside
\u2022 Goedehoop
\u2022 Annea (previously the Elders project)
Services
Operations providing various services to support the ongoing operations of the Group,
including marketing activities in Dubai
Australia
Underground
Mining operations undertaken in an underground mine where coal is extracted at Ensham,
as well as the operations providing various services to support the mining operations
in\u00a0Australia
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-364": { "value": "
Revenue
Revenue is recognised in a manner that depicts the pattern of the transfer of thermal coal to customers. The amount
recognised reflects the amount to which the Group is entitled in exchange for the sale of thermal coal, exclusive of
related discounts and sales taxes. Sales contracts are evaluated to determine the performance obligations, the
transaction price and the point at which there is transfer of control. The transaction price is the amount of consideration
due in exchange for transferring thermal coal to the customer and is recognised at a specific point in time.
Revenue in South Africa is comprised of export sales to various customers through Thungela Marketing International,
as\u00a0well as domestic sales based on contracts signed with various customers in the areas where the Group mines.
Revenue in Australia includes export sales, predominately to Asian markets, as well as specific domestic sales contracts.
The domestic sales in Australia are at export parity prices, or better and, on this basis, all revenue in Australia is
disclosed as export revenue.
The Group has applied the practical expedient available in IFRS 15: Revenue from Contracts with Customers, and
determined that no significant financing component is included in the consideration received. A sale is recognised
when\u00a0control has been transferred, which is usually when title and significant risks have passed to the customer,
and\u00a0the\u00a0thermal coal has been delivered.
South Africa
Export sales
Revenue derived from South African export sales is recognised when the thermal coal is loaded onto the vessel at the
Richards Bay Coal Terminal (RBCT). The transaction price is determined with reference to the average benchmark price
reference for 6,000kcal/kg thermal coal exported from the RBCT (Richards Bay Benchmark coal price) in the month
of\u00a0loading, with various adjustments for quality, grade and calorific value. Revenue is not impacted by changes in
the\u00a0Richards Bay Benchmark coal price subsequent to the month of loading during which control transfers. This revenue
is\u00a0generated in US\u00a0dollars, and payments received for export revenue are in US dollars.
Domestic sales
Domestic sales are made to various customers in the areas in which the Group operates in South Africa and revenue
from these sales is recognised when the thermal coal is delivered to a contractually agreed location, either at the
customers\u2019 premises, or at the collection point at the operation. The transaction price is contractually agreed based
on\u00a0various inputs and is not always directly impacted by changes in the Richards Bay Benchmark coal price.
Australia
Revenue in Australia is derived from export sales into Asian markets or sales to customers in Australia. Revenue for
exported volumes is recognised when coal is loaded onto the vessel at the Port of Gladstone, while revenue for sales
railed\u00a0locally is recognised as the coal is delivered to the customers\u2019 premises.
The transaction price is determined with reference to the average Newcastle Benchmark price reference for
6,000kcal/kg coal exported from Newcastle, Australia (Newcastle Benchmark coal price) for the month of loading,
with various adjustments for quality, grade and calorific value. Revenue is not impacted by changes in the Newcastle
Benchmark coal price subsequent to the month of loading. The revenue is generated either in US dollars or Australian
dollars, and payments are received from customers in these currencies. Sales contracts with specific customers include
fixed prices for\u00a0sales, which are negotiated based on the Newcastle Benchmark coal price at a specific point in time.
Revenue for these sales is recognised at the agreed fixed price, and is not impacted by subsequent changes in the
Newcastle Benchmark coal price for the period of the contract.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-365": { "value": "
5.OPERATING COSTS
Operating costs represent the costs incurred in the normal ongoing operations of the Group.
Accounting policy
Operating costs incurred in the ongoing operations of the Group are recognised in the statement of profit or loss and
other comprehensive income as incurred.
Exploration expenditure is the cost of exploring coal resources, other than that occurring at existing operations and
projects, and comprises various studies, drilling and developments. Evaluation expenditure includes the cost of
conceptual and pre-feasibility studies and the evaluation of coal resources at existing operations. Exploration and
evaluation expenditure is expensed in the year in which it is incurred. Upon the studies proving that the projects are
feasible and commercially viable, subsequent and directly attributable expenditures are capitalised within property,
plant and equipment.
Operating costs can be analysed as follows:
Rand million
Notes
2025
2024
Employee costs
6
(6,754)
(6,660)
Depreciation
13
(2,830)
(2,423)
Amortisation
12
(84)
(29)
Commodity purchases
(1,613)
(2,983)
Consumables used in production
(2,917)
(3,165)
Maintenance expenditure
(4,610)
(4,115)
Production input costs
(4,007)
(4,960)
Inventory production movement
(550)
(600)
Logistics costs
(4,725)
(4,124)
Demurrage and other expenses
(220)
(277)
Movement in provisions for expected credit losses
(86)
(17)
Royalties
(716)
(1,114)
Exploration and evaluation1
(90)
(87)
Exploration expenditure
(40)
(32)
Evaluation expenditure
(50)
(55)
Foreign exchange (losses)/gains
(258)
229
Profit/(loss) on disposal of property, plant and equipment
48
(14)
Audit fees
(25)
(25)
Fees paid to PwC for audit services
(19)
(18)
Fees paid to PwC for non-audit services
(6)
(2)
Fees paid to other auditors for audit services2
\u2014
(5)
Professional fees
(223)
(258)
Learnership and development expenses
(287)
(278)
Information management expenses
(422)
(369)
Temporary contractor fees
(313)
(249)
Contributions to the Nkulo Community Partnership Trust
27
(101)
(94)
Recharged costs from Anglo American
\u2014
(72)
Administration expenses
\u2014
(47)
Operating expenses
\u2014
(25)
Other administration (expenses)/income
(193)
41
Other operating expenses
(321)
(108)
Total operating costs
(31,297)
(31,751)
1Exploration and evaluation expenditure excludes associated employee costs, which are considered immaterial.
2Fees paid to other auditors for audit services represent fees paid to the independent external auditors of the Group\u2019s subsidiaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-366": { "value": "
Accounting policy
Operating costs incurred in the ongoing operations of the Group are recognised in the statement of profit or loss and
other comprehensive income as incurred.
Exploration expenditure is the cost of exploring coal resources, other than that occurring at existing operations and
projects, and comprises various studies, drilling and developments. Evaluation expenditure includes the cost of
conceptual and pre-feasibility studies and the evaluation of coal resources at existing operations. Exploration and
evaluation expenditure is expensed in the year in which it is incurred. Upon the studies proving that the projects are
feasible and commercially viable, subsequent and directly attributable expenditures are capitalised within property,
plant and equipment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-367": { "value": "
6.EMPLOYEE COSTS
The Group incurs various costs in relation to our employees, including various long-term and short-term benefits.
Accounting policy
The cost of short-term employee benefits, including allocations made through the Sisonke Employee Empowerment
Scheme Trust (Sisonke Employee Empowerment Scheme), is recognised during the period in which the employees
render\u00a0the related service. Short-term employee benefits are measured on an undiscounted basis. The accrual for
employee entitlements to salaries, bonuses and annual\u00a0leave represents the amount which the Group has a present
legal\u00a0or constructive obligation to pay as a result of\u00a0the employees\u2019 services provided up to the reporting date.
Employee costs can be analysed as follows:
Rand million
Notes
2025
2024
Wages and salaries
5,859
5,881
Social security costs
126
125
Post-employment benefits
575
525
Share-based payment expenses
32
183
145
Allocations made through the Sisonke Employee Empowerment Scheme
101
93
Restructuring costs and termination benefits
308
\u2014
Total employee costs
7,152
6,769
Less \u2013 employee costs capitalised
(90)
(109)
Less \u2013 employee costs included in restructuring costs and termination benefits
8
(308)
\u2014
Employee costs included in operating costs
5
6,754
6,660
Post-employment benefits include contributions to defined contribution pension and medical aid plans, current and past
service costs related to medical aid plans and other benefits provided to certain employees during retirement. Refer to
note 29 for further detail.
Employee costs capitalised relate to costs incurred for employees dedicated to work performed on capital projects.
Sisonke Employee Empowerment Scheme
The Group founded the Sisonke Employee Empowerment Scheme (also referred to as the trust) in June 2021, which
subscribed for 5.0% of the ordinary shares, as well as an E preference share, issued by South Africa Coal Operations
Proprietary Limited (SACO). The trust is managed by a board of trustees comprised of both employer and employee
representatives.
The E preference share entitled the participating employees of the Sisonke Employee Empowerment Scheme to receive a
fixed minimum payment of R4,000 per employee per year over the first three years of the plan, ending in 2024. Eligible
employees are also entitled to a variable payment over the full term of the plan and a potential lump-sum payment at the
end of the life of mine of the SACO asset portfolio at the founding date, at which point the trust will likely be wound up.
Eligible employees are defined in the trust deed as permanent employees at specific levels who are employed by one of
the specified employer companies on the first day of the month in which SACO declares a dividend to the trust. The trust
deed includes rules in relation to good and bad leavers, which may impact the payment of allocations.
The E preference share has been redeemed in the year ended 31 December 2025, in line with the underlying
contractual agreements with the trust.
The variable payment to eligible employees is dependent on the value of the dividends declared by SACO on its
ordinary shares, given the shareholding that the trust has in SACO. Allocations to the trust are paid to eligible employees
within three months of the SACO dividend payment date.
At a Thungela Group level, the grants made to employees are considered to be part of their remuneration and
recognised within employee costs as they are incurred, in relation to the amount of the allocation that is expected to\u00a0vest.
In the year ended 31\u00a0December 2025, SACO declared ordinary dividends amounting to R101 million (2024:
R93\u00a0million) to the Sisonke Employee Empowerment Scheme, which was paid to eligible employees, including the
associated tax.
8.RESTRUCTURING COSTS AND TERMINATION BENEFITS
The Group incurs various costs in relation to restructuring costs and termination benefits, based on changes in the
underlying structure of the Group.
Accounting policy
Restructuring costs are recognised as an expense at the earlier of the date that the costs are incurred or when the Group
is demonstrably committed, without a realistic possibility of withdrawal, to a formal detailed restructuring plan. Benefits
that are expected to be wholly settled more than one year after the end of the reporting period are discounted to their
present value.
Expenses related to the demerger are incurred directly in relation to the ongoing transition of services away from
Anglo\u00a0American, and are recognised as expenses as incurred.
Restructuring costs and termination benefits can be analysed as follows:
Rand million
2025
2024
Restructuring costs
308
\u2014
Demerger-related costs
\u2014
13
Restructuring costs and termination benefits
308
13
Tax impact
(83)
\u2014
Net restructuring costs and termination benefits
225
13
The Group has undertaken a formal restructuring process in relation to the Goedehoop and Isibonelo operations, based
on the collieries reaching the end of their economic lives. The Group has recognised a restructuring provision in line with
our estimate of the costs to be incurred through the closure of these operations, specifically in relation to employee costs.
The amounts will be paid to employees in line with the individual underlying agreements.
29.RETIREMENT BENEFIT OBLIGATIONS
The Group operates both defined benefit and defined contribution pension fund plans and medical aid plans, as well
as post-employment medical aid plans for our employees. The post-employment medical aid plans provide healthcare
benefits to retired employees and certain dependents.
Accounting policy
The contributions paid or payable in the year for defined contribution plans are recognised in employee costs
as\u00a0incurred.
For post-employment medical aid plans, full actuarial valuations are carried out every year using the projected unit
credit\u00a0method, with the assistance of external advisors.
Remeasurements comprising actuarial gains and losses are recognised in other comprehensive income and are not
recycled to profit or loss. Any increase in the present value of the plan obligations expected to arise from employee
services during the year is included in operating costs. The interest expense on the retirement benefit obligations is
included in net finance income.
Past service costs are recognised immediately in profit or loss, to the extent that the benefits have already vested,
or\u00a0otherwise amortised on a straight-line basis over the average period until the benefits vest. Employer contributions
are\u00a0made in accordance with the terms of each plan and vary each year.
The retirement benefit obligations are unfunded and are recognised in the statement of financial position at the present
value of the deficit in the defined benefit plans.
Defined contribution plans
The costs of the defined contribution pension fund plans and medical aid plans represent the actual contributions
payable by the Group to the various plans in the year.
The charge for the year for defined contribution pension fund plans (net of amounts capitalised) was R418 million
(2024:\u00a0R386 million) and for defined contribution medical aid plans (net of amounts capitalised) was R153 million
(2024: R134 million). Defined contribution plans are governed by the South African Pension Funds Act 24 of 1956
and the Medical Schemes Act 131 of 1998, as regulated by the Council for Medical Schemes.
Defined benefit medical aid plans and post-employment medical aid plans
The assets of these plans are held separately from those of the Group in independently administered funds, in
accordance with statutory requirements. The responsibility for the governance of the medical aid plans, including
investment and funding decisions, lies with the trustees of each plan.
Employer contributions are made in accordance with the terms of each plan and may vary from year to year. Benefits of
R33 million (2024: R32 million) were paid in relation to the medical aid plans in the year ended 31\u00a0December 2025,
and we expect to contribute R35 million to these medical aid plans in 2026.
The amounts recognised in profit or loss related to the post-employment medical aid plans can be analysed as follows:
Rand million
2025
2024
Amounts included in employee costs
5
5
Interest expense
43
46
Total
48
51
The pre-tax amounts recognised in other comprehensive income related to the post-employment medical aid plans can
be analysed as follows:
Rand million
2025
2024
Actuarial losses on plan obligations
29
9
Remeasurement of retirement benefit obligations
29
9
Actuarial losses on plan obligations comprise movements in the obligations arising from changes in financial and
demographic assumptions as well as experience on plan liabilities.
The movement in the retirement benefit obligations can be analysed as follows:
Rand million
2025
2024
Balance at the start of the reporting period
400
399
Actuarial losses from changes in assumptions
29
9
Current service costs
3
1
Benefits paid
(33)
(32)
Interest expense
43
46
Other movements
5
(23)
Balance at the end of the reporting period
447
400
The medical aid plans are closed to new members and future benefit accrual; however, there are still active employees
who benefit from the plans.
The obligations are applicable to active employees and pensioners as follows:
Rand million
2025
2024
Active employees
95
77
Pensioners
352
323
Total retirement benefit obligations
447
400
Actuarial assumptions
The principal actuarial assumptions used to determine the present value of retirement benefit obligations are as follows
(shown as weighted averages):
%
2025
2024
Average discount rate
8.9
11
Average rate of inflation
4.4
5.6
Expected average increase in healthcare costs
6.8
8.0
The weighted average duration of the plans is 10 years (2024: 10 years). This represents the average period over
which future benefit payments are expected to be made.
Mortality assumptions are determined based on standard mortality tables with adjustments, as appropriate, to reflect
the\u00a0experience of conditions locally. In South Africa, the PA90 and SA85-90 tables are used. The mortality tables
used\u00a0imply that a male or female aged 60 at the reporting date has a future life expectancy of 18.7 years and
23.4\u00a0years, respectively.
The defined benefit plans are exposed to risks such as longevity, investment risk, inflation risk and interest rate risk. The
Group\u2019s provision of anti-retroviral therapy to HIV-positive staff does not significantly impact the post-employment medical
aid plan obligations.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
29.RETIREMENT BENEFIT OBLIGATIONS CONTINUED
Defined benefit medical aid plans and post-employment medical aid plans continued
Actuarial assumptions continued
Sensitivity analysis
The significant actuarial assumptions for the determination of the post-employment medical aid plan obligations are
the\u00a0discount rate, inflation rate and life expectancy. The sensitivity analysis below has been provided by the actuaries
on\u00a0an\u00a0approximate basis based on changes in the assumptions occurring at the end of the year, assuming that all other
assumptions are held constant and the effect of all interrelationships is excluded.
The potential impact of reasonably possible changes in key assumptions on the retirement benefit obligations can be
analysed as follows:
Rand million
2025
2024
0.5% decrease in discount rate
22
19
0.5% increase in inflation rate
22
19
1 year increase in life expectancy
17
15
Actuarial assumptions are set after consultation with independent experts and before the valuations of the plan
obligations are completed. While we believe the assumptions used are appropriate, a change in the assumptions
used\u00a0may impact the profit or loss and other comprehensive income of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-368": { "value": "
Accounting policy
The cost of short-term employee benefits, including allocations made through the Sisonke Employee Empowerment
Scheme Trust (Sisonke Employee Empowerment Scheme), is recognised during the period in which the employees
render\u00a0the related service. Short-term employee benefits are measured on an undiscounted basis. The accrual for
employee entitlements to salaries, bonuses and annual\u00a0leave represents the amount which the Group has a present
legal\u00a0or constructive obligation to pay as a result of\u00a0the employees\u2019 services provided up to the reporting date
Accounting policy
The contributions paid or payable in the year for defined contribution plans are recognised in employee costs
as\u00a0incurred.
For post-employment medical aid plans, full actuarial valuations are carried out every year using the projected unit
credit\u00a0method, with the assistance of external advisors.
Remeasurements comprising actuarial gains and losses are recognised in other comprehensive income and are not
recycled to profit or loss. Any increase in the present value of the plan obligations expected to arise from employee
services during the year is included in operating costs. The interest expense on the retirement benefit obligations is
included in net finance income.
Past service costs are recognised immediately in profit or loss, to the extent that the benefits have already vested,
or\u00a0otherwise amortised on a straight-line basis over the average period until the benefits vest. Employer contributions
are\u00a0made in accordance with the terms of each plan and vary each year.
The retirement benefit obligations are unfunded and are recognised in the statement of financial position at the present
value of the deficit in the defined benefit plans.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-369": { "value": "
7.IMPAIRMENT LOSSES
The Group is required to assess whether assets may be impaired, or an impairment loss previously recognised may
need to\u00a0be reversed, at each reporting date. The impairment losses recognised are determined based on various
judgements around the recoverable amount of each identified CGU.
Accounting policy
Any impairment loss is recognised immediately in the statement of profit or loss and other comprehensive income.
Goodwill arising on business combinations is allocated to the CGUs that are expected to benefit from synergies of the
combination and represents the lowest level at which goodwill is monitored by the Group\u2019s leadership team for internal
management purposes. The CGUs to which goodwill has been allocated are tested for impairment annually, or when
events\u00a0or changes in circumstances indicate that they may be impaired. An impairment of goodwill is not subsequently
reversed.
At each reporting date, the Group reviews the carrying amounts of our property, plant and equipment and intangible
assets to determine whether there is any indication that those assets are impaired. If such an indication exists, the
recoverable amount of those assets is estimated in order to determine the extent of any impairment loss. Where the
asset\u00a0does not generate cash flows that are independent from other assets, we estimate the recoverable amount of
the\u00a0CGU to which the asset belongs. The CGUs are determined as the individual operating mines and impairment
is\u00a0assessed at that level. When assessing assets for impairment, centrally held assets, which do not generate
independent cash flows, are allocated to the CGUs on an appropriate basis.
The recoverable amount is the higher of the fair value less costs of disposal and the value in use, assessed using
discounted cash flow models. In assessing the recoverable amount, the estimated future cash flows are discounted
to\u00a0their present value using a discount rate that reflects current market assessments of the time value of money and
the\u00a0risks specific to the asset for which estimates of future cash flows have not been adjusted. If the recoverable
amount\u00a0of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the asset or
CGU\u00a0is\u00a0reduced to its\u00a0recoverable amount.
Subsequent changes to the CGU allocation, to the timing of the forecasted cash flows or to the assumptions used to
determine the forecasted cash flows could impact the recoverable amounts of the respective CGUs. There have been
no\u00a0changes to the identified CGUs in the year ended 31 December 2025. In the year ended 31 December 2024,
Rietvlei was no longer considered a CGU from the date of the disposal of our interest in that operation, as detailed
in\u00a0note 16. No impairment indicators were identified at this CGU ahead of its disposal.
Impairment losses recognised
In the current year, we have recognised impairment losses across all of our operations, other than Mafube. In the
year\u00a0ended 31\u00a0December 2024, the impairment losses were recognised in relation to the Goedehoop operation.
Impairment losses recognised in the year can be analysed as follows:
Rand million
Notes
2025
2024
Property, plant and equipment
13
8,486
231
Goodwill
12
159
\u2014
Intangible assets
12
140
47
Impairment losses
8,785
278
Tax impact
30
(2,303)
(62)
Net impairment losses
6,482
216
Goodwill impairment testing
The recoverable amount of Ensham, which is the only operation with a remaining goodwill balance, is determined on
the same basis as the remaining export operations.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
7.IMPAIRMENT LOSSES CONTINUED
Understanding of our operations
For impairment purposes, our operations are grouped together based on the nature of the revenue generated, which
impacts the realisation of the cash flows used to determine the recoverable amounts of the underlying CGUs. The
impairment considerations applied have been detailed in this note based on the groupings as described below.\u00a0
Export operations \u2013 South Africa
The mining operations carried out at Zibulo, Goedehoop, Annea, Greenside, Khwezela and Mafube represent the
export operations of the Group in South Africa. Export sales are made directly to third-party customers through Thungela
Marketing International. The price realised on export sales is determined using the Richards Bay Benchmark coal price
as a base, with specific adjustments made for quality, grade, volume and content. These CGUs do supply limited
quantities into the domestic market, but domestic sales are not a key value contributor to the CGUs.
Export operation \u2013 Australia
Ensham represents the export operation of the Group in Australia. Sales are made directly to third-party customers, either
through Thungela Marketing International, or by Ensham itself. The realised sales price is determined using the Newcastle
Benchmark coal price as a base, with specific adjustments made for quality, grade, volume and content. The Ensham
Business has negotiated fixed-price contracts with some of its customers, and these prices are negotiated at a specific
point\u00a0in\u00a0the year, in line with market conditions at the time. These fixed-price contracts can be reasonably valued using
the\u00a0Newcastle Benchmark coal price as a base.
Domestic operation \u2013 South Africa
Isibonelo represents the domestic operation of the Group in South Africa. This operation sold to a domestic customer under
a fixed-term offtake agreement. Contractual prices were escalated annually with reference to various input cost indices.
Changes in the Richards Bay Benchmark coal price therefore do not directly impact the life-of-mine revenue assumptions
at\u00a0this operation. Isibonelo has reached the end of its economic life at 31\u00a0December 2025 as the offtake agreement
with\u00a0its customer has come to an end, and has been placed on care and maintenance from January 2026.
Centrally held assets
Assets that are held centrally are allocated to the CGUs, for impairment assessment purposes, on an appropriate basis.
The centrally held assets allocated to CGUs which have been impaired are allocated a proportionate share of that
impairment loss, where appropriate.
Determining recoverable amounts
The recoverable amounts are determined on a fair value less costs of disposal basis with reference to the life-of-mine
forecasted cash flows per the approved financial budgets and, where relevant, a valuation of in-situ coal resources
beyond the current life-of-mine plan.
Expected future cash flows used in the discounted cash flow models are inherently uncertain and could materially
change over time. They are significantly affected by a number of factors, including coal resources and coal reserves
and production volumes, together with economic factors such as forecasted benchmark coal prices, forecasted
exchange rates, discount rates, estimates of production costs and future capital expenditure. Where discounted cash
flow models based on management assumptions are used, the resulting fair value measurements are at level 3 in the
fair\u00a0value hierarchy as defined in IFRS 13: Fair Value Measurement (IFRS 13), as they depend to a significant extent
on\u00a0unobservable valuation inputs.
Where in-situ coal resources beyond the current life-of-mine plan are included in the recoverable amount, an appropriate
risk adjustment is made, or alternatively, the fair value is determined on a comparable transaction basis and added to
the recoverable amount.
The discounted cash flow models incorporate a number of key assumptions which can be analysed as follows:
Coal prices
The estimated coal prices used are based on the latest internal forecasts, benchmarked with external sources of
information, to ensure that they are within the range of available external forecasts. The estimated realised price
for\u00a0the\u00a0export operations is calculated using the forecasted benchmark coal prices, with adjustments to reflect the
quality\u00a0and calorific\u00a0value of the products, to reflect the estimated realised prices at each CGU.
The forecasted Richards Bay Benchmark coal prices, in real terms, used in the estimation of cash flows over the forecast
period range from USD95\u00a0per tonne to USD105 per tonne (2024: USD100 per tonne to USD107 per tonne). The
forecasted Newcastle Benchmark coal prices, in real terms, used in the estimation of cash flows over the forecast period
range from USD115\u00a0per tonne to USD116 per tonne (2024: USD115 per tonne to USD130 per tonne).
In estimating the forecasted cash flows, the Group also considered the expected realised prices from existing contractual
arrangements for the domestic operation. As the existing contractual agreement has come to an end, no price was used
in determining the recoverable amount of this CGU (2024: R618 per tonne to R780 per tonne).
Foreign exchange rates
Foreign exchange rates are based on the latest internal forecasts, benchmarked with external sources of information, in
line with the approved budget assumptions. Export sales from South Africa are undertaken in US dollars only, and sales
from Australia are undertaken in both US dollars and Australian dollars.
The foreign exchange rates used in the estimation of cash flows over the forecast period range from R17.28:USD1
to\u00a0R17.30:USD1 and AUD1.45:USD1 to AUD1.49:USD1. For the year ended 31\u00a0December 2024, the estimated
foreign exchange rates utilised ranged from R17.02:USD1 to R18.20:USD1 and AUD1.45:USD1 to AUD1.55:USD1
over the forecast period.
Discount rates
The discounted cash flow models used to determine the recoverable amounts are discounted based on a real post-tax
discount rate, assessed annually, of 9.5% (2024: 9.5%) for our South African operations. The discounted cash flow
model used to determine the recoverable amount of Ensham is based on a real post-tax discount rate of 7.7% (2024:
9.3%), based on risks specific to the business and the Australian economic environment. The discount rate applied in
Australia has reduced based on the risk profile of the mining industry in that country. Adjustments to the discount
rate\u00a0are\u00a0made for any risks that are not reflected in the underlying cash flows, including the risk profile of the CGU.
Saleable production
The forecasted saleable production used in the discounted cash flow models is based on the approved financial
budgets, including any risks related to rail capacity and ongoing production or other challenges. The assumptions
used\u00a0in determining the forecasted saleable production take into account various factors, including coal resources
and\u00a0coal reserves, life-of-mine plans, rail capacity and the approved sales profiles based on the Group\u2019s experience
and expectations.
Operating costs, capital expenditure and other operating factors
Operating costs and capital expenditure are based on the approved financial budgets. Forecasted cash flows beyond
the budget period are based on approved life-of-mine plans and internal forecasts. Cost assumptions incorporate the
Group\u2019s experience and expectations, as well as the nature and location of the operations, the risks associated
therewith (for example, due to varying geological conditions over time and unforeseen operational issues), and
appropriate cost savings over the forecast period.
Climate change
The Group has carefully considered the potential impact of climate-related risks in the estimation of the recoverable
amounts. The risks considered include the global trends of decreasing demand for coal, the impact on the cost of
capital, the impact on forecasted benchmark coal prices and the increased cost of adhering to applicable regulatory
requirements, including carbon pricing, in addition to physical risks caused by climate change.
The life-of-mine models assume that there will be a market for thermal coal over the expected life of mine of our
operations after assessing local and global demand forecasts. The prices and other key assumptions represent the
Group\u2019s best estimate of key market factors, including scenarios related to climate change.
The cost of carbon-related emissions has been considered and incorporated into the discounted cash flow models,
based on enacted legislation and expectations for carbon prices based on the latest internal forecasts, benchmarked
with external sources.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
7.IMPAIRMENT LOSSES CONTINUED
Impairment loss assessments
Export operations \u2013 South Africa
The export operations in South Africa are significantly affected by the Richards Bay Benchmark coal price, along with
the production profile of the operations and the ability to rail coal to the RBCT. We have seen consistent improvement
in\u00a0rail performance over the course of the year, and this has been taken into account in determining the forecasted
saleable production across our operations.
The Richards Bay Benchmark coal price continued to soften in the year, with the average index price reducing by 15%
compared to the year ended 31 December 2024. Prices were impacted by weak demand, coupled with stronger domestic
production in key seaborne markets. This has impacted the forward-looking prices as well, as the expected level of supply
discipline in the market has not yet been reflected.
The exchange rate of the South African rand to the US dollar has strengthened in the year, from an average of R18.34
in the prior year to R17.89 in the year ended 31\u00a0December 2025. The forecasted rate has also strengthened from
levels experienced in prior years. This reduces the revenue realised in South African rand and impacts the margins
generated at our export operations.
The combination of the deteriorating Richards Bay Benchmark coal price and the strengthening exchange rate of the
South African rand to the US dollar has materially reduced the recoverable amounts of our CGUs. The recoverable
amounts of our shorter dated, higher-cost operations have been more heavily impacted, and the related carrying
amounts have been reduced to zero. The recoverable amounts at our longer-dated operations, Zibulo and Annea,
now\u00a0more closely reflect the capital spent in recent years on our life extension projects. No impairment losses have
been\u00a0recognised at Mafube, as the recoverable amount of that CGU exceeds its carrying amount.
In the year ended 31\u00a0December 2024, Goedehoop was fully impaired as a result of the forecast Richards Bay
Benchmark coal prices used, as well as the short remaining life of mine of the operation.
The impairment losses recognised and remaining carrying amounts of our CGUs can be analysed as follows:
2025
Rand million
Reporting
segment
Impairment
losses
Carrying
amounts1
Zibulo
Underground
3,273
3,302
Annea
Underground
1,246
1,893
Greenside
Underground
974
\u2014
Khwezela
Opencast
857
\u2014
Mafube
Opencast
\u2014
1,858
Total carrying amount
6,350
7,053
1The carrying amounts comprise other intangible assets and property, plant and equipment.
2024
Rand million
Reporting
segment
Impairment losses
Carrying
amounts 1
Zibulo
Underground
\u2014
6,584
Goedehoop
Underground
278
\u2014
Annea
Underground
\u2014
2,138
Greenside
Underground
\u2014
1,302
Khwezela
Opencast
\u2014
708
Mafube
Opencast
\u2014
1,761
Total carrying amount
278
12,493
1The carrying amounts comprise other intangible assets and property, plant and equipment.
Sensitivities
The recoverable amounts, based on the discounted cash flow models, are sensitive to changes in input assumptions.
The\u00a0most significant inputs to the discounted cash flow models are the short to medium-term forecasted Richards Bay
Benchmark coal prices and foreign exchange rates used to calculate the estimated realised prices across the CGUs,
the\u00a0discount rates applied and the forecasted saleable production across the CGUs. In addition to the base case
valuation, alternative scenarios have been considered to assess the impact of changes in these assumptions.
The impact on the estimated recoverable amounts, for reasonably possible changes to the key assumptions used,
keeping other assumptions constant, can be analysed as follows:
2025
Rand million
5.0% decrease
in saleable
production
5.0% decrease
in estimated
realised prices
0.5% increase
in discount
rate
Zibulo
(1,594)
(1,817)
(151)
Goedehoop
(5)
(9)
1
Annea
(1,072)
(1,015)
(122)
Greenside
(320)
(413)
4
Khwezela
(452)
(563)
30
Mafube
(605)
(991)
(103)
Total
(4,048)
(4,808)
(341)
2024
Rand million
5.0% decrease
in saleable
production
5.0% decrease
in estimated
realised prices
0.5% increase
in discount
rate
Zibulo
(1,601)
(1,993)
(267)
Goedehoop
(99)
(144)
\u2014
Annea
(891)
(1,276)
(124)
Greenside
(316)
(550)
(20)
Khwezela
(443)
(696)
(8)
Mafube
(601)
(1,116)
(138)
Total
(3,951)
(5,775)
(557)
For the year ended 31\u00a0December 2025, the impact of the sensitivities shown above would result in an increase in
the\u00a0impairment recognised for Zibulo and Annea, and a reduction in the headroom available at Mafube. No further
impairment would be required at Goedehoop, Greenside and Khwezela as these CGUs have been fully impaired.
For the year ended 31\u00a0December 2024, the impact of the sensitivities shown above would have resulted in an
impairment possibly being recognised at Khwezela and Greenside, and a reduction of headroom at the remaining
CGUs. No further impairment would have been required at Goedehoop as all assets had been fully impaired.
The recoverable amounts of our CGUs continue to be the most sensitive to changes in estimated realised prices and
saleable production used over the forecast period. The Group continues to identify areas for productivity and cost
improvement in response to the current market conditions. We are comfortable that the judgements used to determine
the recoverable amounts are reasonable and appropriate.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
7.IMPAIRMENT LOSSES CONTINUED
Impairment loss assessments continued
Export operation \u2013 Australia
The Newcastle Benchmark coal price has continued to deteriorate in the current year due to weaker demand in
key\u00a0export markets, coupled with stronger domestic production in these countries. We have not yet seen the expected
level\u00a0of supply discipline in the market, which has also impacted the forward-looking Newcastle Benchmark coal price.
The forecasted exchange rate of the Australian dollar to the US dollar has strengthened, which has resulted in
a\u00a0decrease in the revenue realised in Australian dollars at Ensham, and placed pressure on the margins generated.
Ensham has forecast stable saleable production, in line with the improvements noted since we took ownership of
the\u00a0mine in 2023. However, the impact of the lower Newcastle Benchmark coal price has materially reduced the
recoverable amount of the CGU, and resulted in impairment losses of R1,697 million being recognised in the year
ended 31\u00a0December 2025.
The remaining carrying value of Ensham of R5,203 million more closely reflects the original cost of the underlying
assets, rather than the fair value recognised on the initial transaction in line with the requirements of IFRS 3.
For the year ended 31\u00a0December 2024, there was no impairment recognised for the Ensham CGU due to a relatively
stronger price environment and continued improvement in performance of the CGU.
Sensitivities
The recoverable amount, based on the discounted cash flow model, is sensitive to changes in input assumptions. The
most significant inputs to the discounted cash flow model are the short to medium-term forecasted Newcastle Benchmark
coal prices and foreign exchange rates used to calculate the estimated realised prices, the discount rates applied and
the forecasted saleable production. In addition to the base case valuation, alternative scenarios have been considered
to assess the impact of changes in these assumptions.
The impact on the estimated recoverable amount, for reasonably possible changes to the key assumptions used, keeping
other assumptions constant, can be analysed as follows:
2025
Rand million
5.0% decrease
in saleable
production
5.0% decrease
in estimated
realised prices
0.5% increase
in discount
rate
Ensham
(1,492)
(1,339)
(55)
Total
(1,492)
(1,339)
(55)
2024
Rand million
5.0% decrease
in saleable
production
5.0% decrease
in estimated
realised prices
0.5% increase
in discount
rate
Ensham
(900)
(939)
(77)
Total
(900)
(939)
(77)
For the year ended 31 December 2025, the impact of the sensitivities shown above would result in an increase in the
impairment recognised.
For the year ended 31 December 2024, the impact of the sensitivities shown above would have resulted in a possible
impairment in relation to the decreases in saleable production and estimated realised prices, and a decrease in
available headroom in relation to the increase in the discount rate.
The recoverable amount of the CGU continues to be the most sensitive to changes in estimated realised prices and
saleable production used over the forecast period. The Group continues to identify areas for productivity and cost
improvement in response to the current market conditions. We are comfortable that the judgements used to determine
the recoverable amount are reasonable and appropriate.
Domestic operation \u2013 South Africa
At 31 December 2025, the customer offtake agreement at Isibonelo has come to an end, and the mine has been
placed into care and maintenance from January 2026. As the mine has come to the end of its economic life,
impairment losses of R130\u00a0million have been recognised for the year ended 31\u00a0December 2025.
In the year ended 31\u00a0December 2024, Isibonelo sales were made under a fixed-term offtake agreement with committed
production. Prices were contractually agreed and impacted by mining inflation and other inputs. The forecasted
production was sufficient to meet the committed production for the year, and so there were no impairment indicators
for\u00a0the Isibonelo CGU.
Sensitivities
As domestic sales prices are largely fixed with annual input cost inflation adjustments, recoverable amounts are the most
sensitive to production volumes and cost increases not catered for in the annual sales price adjustment.
The impact on the estimated recoverable amount, for reasonably possible changes to the key assumptions used, keeping
other assumptions constant, can be analysed as follows:
2025
Rand million
5.0% increase
in operating
expenditure
5.0% decrease
in\u00a0saleable
production
Isibonelo
(13)
\u2014
Total
(13)
\u2014
2024
Rand million
5.0% increase
in\u00a0operating
expenditure
5.0% decrease
in\u00a0saleable
production
Isibonelo
(116)
(138)
Total
(116)
(138)
For the year ended 31\u00a0December 2025, no further impairment would be required at Isibonelo as all assets have been
fully impaired.
For the year ended 31\u00a0December 2024, the impact of the sensitivities shown above would have been a decrease in
the available headroom, but no impairment of Isibonelo.
Centrally held assets
The assets held centrally by the Group are allocated to all CGUs on an appropriate proportionate basis for impairment
assessment purposes. For the year ended 31\u00a0December 2025, due to the impairment losses recognised at multiple
CGUs across the Group, impairment losses of R608\u00a0million were recognised on these centrally held assets. No
impairment losses were recognised on the centrally held assets in the year ended 31 December 2024 based on
the\u00a0allocation performed to the appropriate CGUs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-370": { "value": "
Accounting policy
Any impairment loss is recognised immediately in the statement of profit or loss and other comprehensive income.
Goodwill arising on business combinations is allocated to the CGUs that are expected to benefit from synergies of the
combination and represents the lowest level at which goodwill is monitored by the Group\u2019s leadership team for internal
management purposes. The CGUs to which goodwill has been allocated are tested for impairment annually, or when
events\u00a0or changes in circumstances indicate that they may be impaired. An impairment of goodwill is not subsequently
reversed.
At each reporting date, the Group reviews the carrying amounts of our property, plant and equipment and intangible
assets to determine whether there is any indication that those assets are impaired. If such an indication exists, the
recoverable amount of those assets is estimated in order to determine the extent of any impairment loss. Where the
asset\u00a0does not generate cash flows that are independent from other assets, we estimate the recoverable amount of
the\u00a0CGU to which the asset belongs. The CGUs are determined as the individual operating mines and impairment
is\u00a0assessed at that level. When assessing assets for impairment, centrally held assets, which do not generate
independent cash flows, are allocated to the CGUs on an appropriate basis.
The recoverable amount is the higher of the fair value less costs of disposal and the value in use, assessed using
discounted cash flow models. In assessing the recoverable amount, the estimated future cash flows are discounted
to\u00a0their present value using a discount rate that reflects current market assessments of the time value of money and
the\u00a0risks specific to the asset for which estimates of future cash flows have not been adjusted. If the recoverable
amount\u00a0of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the asset or
CGU\u00a0is\u00a0reduced to its\u00a0recoverable amount.
Subsequent changes to the CGU allocation, to the timing of the forecasted cash flows or to the assumptions used to
determine the forecasted cash flows could impact the recoverable amounts of the respective CGUs. There have been
no\u00a0changes to the identified CGUs in the year ended 31 December 2025. In the year ended 31 December 2024,
Rietvlei was no longer considered a CGU from the date of the disposal of our interest in that operation, as detailed
in\u00a0note 16. No impairment indicators were identified at this CGU ahead of its disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-371": { "value": "
9.NET FINANCE INCOME
The Group\u2019s net finance income includes investment income relating to the investing activities of the Group, the
unwinding of the discount on environmental and other provisions, and income from other financing\u00a0activities.
Accounting policy
Interest income is recognised in the statement of profit or loss and other comprehensive income using the effective
interest\u00a0rate method.
Growth on the environmental rehabilitation trusts\u2019 assets and other environmental investments represents the growth
on\u00a0the investments held in order to mitigate the Group\u2019s exposure to environmental provisions, and is recognised in
the\u00a0statement of profit or loss and other comprehensive income as it is earned.
Interest expenses, other than the unwinding of discount on environmental and other provisions, are recognised in the
statement of profit or loss and other comprehensive income in the period in which they are incurred. The unwinding
of\u00a0the discount on environmental and other provisions is recognised in the statement of profit or loss and other
comprehensive income over the life of the relevant provision, based on the expected outflow of economic benefits
in\u00a0future periods.
Foreign exchange (losses)/gains relate to the translation of cash and cash equivalents held by the Group, which
are\u00a0denominated in foreign currencies.
Fair value movements on derivative financial instruments relate to realised and unrealised movements on various
instruments entered into in order to manage the Group\u2019s exposure to exchange rate volatility.
Net finance income can be analysed as follows:
Rand million
Notes
2025
2024
Investment income
Interest income on cash and cash equivalents
471
673
Growth on environmental rehabilitation trusts\u2019 assets
27
1,030
526
Growth on other environmental investments
22
153
103
Fair value movement on investment in insurance structure
24
89
44
Other interest income
75
47
Total investment income
1,818
1,393
Interest expense
Interest and other finance expenses
(127)
(97)
Net interest costs on retirement benefit obligations
29
(43)
(46)
Unwinding of discount on environmental and other provisions
27
(918)
(1,014)
Total interest expense
(1,088)
(1,157)
Other net financing gains
Foreign exchange (losses)/gains on cash and cash equivalents
(341)
281
Fair value movements on derivative financial instruments
23
2,281
377
Total other net financing gains
1,940
658
Net finance income
2,670
894
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-372": { "value": "
Accounting policy
Interest income is recognised in the statement of profit or loss and other comprehensive income using the effective
interest\u00a0rate method.
Growth on the environmental rehabilitation trusts\u2019 assets and other environmental investments represents the growth
on\u00a0the investments held in order to mitigate the Group\u2019s exposure to environmental provisions, and is recognised in
the\u00a0statement of profit or loss and other comprehensive income as it is earned.
Interest expenses, other than the unwinding of discount on environmental and other provisions, are recognised in the
statement of profit or loss and other comprehensive income in the period in which they are incurred. The unwinding
of\u00a0the discount on environmental and other provisions is recognised in the statement of profit or loss and other
comprehensive income over the life of the relevant provision, based on the expected outflow of economic benefits
in\u00a0future periods.
Foreign exchange (losses)/gains relate to the translation of cash and cash equivalents held by the Group, which
are\u00a0denominated in foreign currencies.
Fair value movements on derivative financial instruments relate to realised and unrealised movements on various
instruments entered into in order to manage the Group\u2019s exposure to exchange rate volatility.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-373": { "value": "
Interest income is recognised in the statement of profit or loss and other comprehensive income using the effective
interest\u00a0rate method.
Interest expenses, other than the unwinding of discount on environmental and other provisions, are recognised in the
statement of profit or loss and other comprehensive income in the period in which they are incurred. The unwinding
of\u00a0the discount on environmental and other provisions is recognised in the statement of profit or loss and other
comprehensive income over the life of the relevant provision, based on the expected outflow of economic benefits
in\u00a0future periods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-374": { "value": "
Growth on the environmental rehabilitation trusts\u2019 assets and other environmental investments represents the growth
on\u00a0the investments held in order to mitigate the Group\u2019s exposure to environmental provisions, and is recognised in
the\u00a0statement of profit or loss and other comprehensive income as it is earned.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-375": { "value": "
Fair value movements on derivative financial instruments relate to realised and unrealised movements on various
instruments entered into in order to manage the Group\u2019s exposure to exchange rate volatility.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-376": { "value": "
10.INCOME TAX CREDIT/(EXPENSE)
The income tax credit/(expense) comprises current tax charged in line with relevant legislation, and deferred tax
determined in line with IAS 12: Income Taxes (IAS 12).
Accounting policy
The income tax credit/(expense) comprises the sum of current and deferred tax. Income tax is recognised in profit or
loss, except to the extent that it relates to items recognised directly in other comprehensive income or in equity.
Current tax and deferred tax is recognised in other comprehensive income or in equity if the taxation relates to items
that\u00a0are recognised, in the same or a different period, in other comprehensive income or in equity.
The Group\u2019s liability for current tax is calculated using tax rates (and tax laws) that have been enacted or substantively
enacted by the reporting date.
Analysis of income tax credit/(expense)
Rand million
Note
2025
2024
Current tax expense
(589)
(1,813)
Charged in respect of the current reporting period
(629)
(1,824)
Credited in respect of prior reporting periods
40
11
Deferred tax credit
1,478
359
Credited in respect of deferred tax assets
30
410
367
Credited/(charged) in respect of deferred tax liabilities
30
1,068
(8)
Total income tax credit/(expense)
889
(1,454)
The South African and Australian corporate tax rates are 27% and 30%, respectively. Dubai treats the qualifying income
of businesses recognised as a qualifying free zone person at a 0% corporate tax rate, but these businesses may still be
subject to a minimum effective tax rate of 15%, based on relevant Pillar Two requirements.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
10.INCOME TAX CREDIT/(EXPENSE) CONTINUED
Analysis of income tax credit/(expense) continued
Australia has a tax consolidation regime that, when elected, allows wholly owned groups of companies operating
within Australia to be taxed as one entity. We have elected to apply the tax consolidation regime.
Previously, the tax consolidated group was headed by Sungela Holdings, however, given the increased shareholding
of\u00a0Thungela Resources Australia in Sungela Holdings, the original tax consolidated group ceased to exist on
1\u00a0October\u00a02025. A new tax consolidated group was formed from this date, with Thungela Resources Australia
as\u00a0the\u00a0head company, and including all Thungela subsidiaries in Australia. As the head company, Thungela
Resources\u00a0Australia is solely responsible for the income tax liabilities of the new tax consolidated group.
Factors affecting income tax credit/(expense)
The income tax credit/(expense) has been impacted by various transactions and can be analysed as follows:
Rand million
2025
2024
(Loss)/profit before tax
(7,996)
4,998
Tax at the applicable rate (South African corporate tax rate) of 27%
2,159
(1,349)
Adjusted for the tax effects of:
Items non-deductible for tax purposes
(358)
(165)
Depreciation of mineral rights
(6)
(8)
Impairment losses
(71)
(13)
SARS penalties and interest
\u2014
(3)
Royalty and carbon tax prior year adjustment
(1)
(15)
Fair value losses on biological assets
(1)
(3)
Non-deductible items considered capital in nature
(18)
(25)
Expenses related to contributions to the trusts1
(59)
(52)
Expenses not incurred in the production of income
(12)
(9)
Transactions related to the acquisition of the Ensham Business2
(190)
(37)
Items non-taxable for tax purposes
62
231
Contribution to other environmental investments
\u2014
1
Accounting adjustments not taxable
29
74
Disposal of investment in subsidiary 3
\u2014
137
Disposal of operation
13
\u2014
Exempt income
20
19
Other items
(1,010)
(168)
Effect of different tax rates in foreign jurisdictions
103
7
Deferred tax assets previously not recognised
\u2014
6
Deferred tax assets not recognised4
(1,054)
(154)
Current tax expense related to Pillar Two top-up tax
(60)
(18)
Other
1
(9)
Prior year adjustments
36
(3)
Current tax
40
11
Deferred tax
(4)
(14)
Total income tax credit/(expense)
889
(1,454)
1Expenses related to contributions to the trusts relates to contributions made to the Nkulo Community Partnership Trust and the Sisonke Employee Empowerment
Scheme. Refer to note 6 and note 27 for further detail.
2Transactions related to the acquisition of the Ensham Business relate to the tax impact of various elements of the acquisition, which are considered non-deductible
based on the application of the tax laws in Australia. This also includes the impact of the change in the tax consolidated group in the year.
3Refer to note 16 for further detail related to the disposal of investment in subsidiary.
4Deferred tax assets not recognised reflect mainly assets not recognised in relation to Anglo American Inyosi Coal Proprietary Limited and the Ensham Business. Refer
to note 30 for further detail. In the year ended 31 December 2024, this related to losses incurred in Rietvlei Mining Company Proprietary Limited until its disposal.
The unrecognised deferred tax asset was disposed of along with the disposal of our investment in the company.
The total income tax for the year ended 31 December 2025 reflects a credit, while in the year ended
31 December 2024 it reflected an expense. The effective tax rate for the period of 11% (2024: 29%) is lower
(2024:\u00a0higher) than the applicable statutory rate of corporate tax in South Africa of 27%. The lower effective tax
rate\u00a0is\u00a0primarily impacted by the deferred tax assets not recognised, the transactions related to the acquisition of
the\u00a0Ensham\u00a0Business, and other non-deductible expenses incurred throughout the Group.
The prior year tax adjustments relate to adjustments required to align with the final tax returns as submitted to the
South\u00a0African Revenue Service (SARS).
Organisation for Economic Co-operation and Development\u2019s Two-Pillar Solution
The Group is subject to global minimum top-up taxes as part of the Two-Pillar Solution of the Organisation for Economic
Co-operation and Development\u2019s Global Anti-Base Erosion Rules. The Two-Pillar Solution (referred to as \u2018Pillar Two\u2019)
seeks to introduce a global minimum effective tax rate, in terms of which multinational enterprise groups may be subject
to a minimum effective tax rate of 15% on income arising in each jurisdiction in which they operate. At the reporting
date, all jurisdictions in which we operate have implemented legislation related to Pillar Two.
The Pillar Two assessment performed by the Group relied on the transitional safe harbour rules for our operations in
South Africa and Australia. Our operations in the United Arab Emirates do not meet any of the transitional safe harbour
rules and a Pillar Two calculation was performed for the entities in this jurisdiction. The calculation notes that a domestic
minimum top-up tax of R60 million may need to be paid by our operations in the United Arab Emirates for the year
ended 31\u00a0December 2025. For the year ended 31 December 2024, the calculation noted that a top-up tax of
R18\u00a0million may need to be paid based on these operations, which would be payable by Thungela as the ultimate
parent entity of the Group.
The Group continues to apply the mandatory temporary exception from recognising and disclosing deferred tax assets
and liabilities that arise from the implementation of the Pillar Two rules as required by the amendments to IAS 12, issued
in May 2023.
Tax amounts included in other comprehensive loss
The tax impact of the individual items presented in other comprehensive loss can be analysed as follows:
Rand million
2025
2024
Tax credit on items that will not be reclassified to profit or loss
Remeasurement of retirement benefit obligations
8
2
Total income tax credit recognised in other comprehensive loss
8
2
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
10.INCOME TAX CREDIT/(EXPENSE) CONTINUED
Current tax assets and liabilities
Current tax assets and liabilities are only offset to the extent that the Group has the ability and intention to settle these
amounts simultaneously.
Current tax assets and liabilities can be analysed as follows:
Rand million
2025
2024
Current tax assets
57
235
Current tax liabilities
(190)
(482)
Net current tax liabilities
(133)
(247)
Income tax paid
The income tax paid in the year can be analysed as follows:
Rand million
2025
2024
Balance at the start of the reporting period
(247)
196
Income tax \u2013 current tax charge
(589)
(1,813)
Disposal of investment in subsidiary 1
\u2014
2
Interest capitalised
17
12
Non-cash movements
\u2014
1
Currency movements
3
13
Balance at the end of the reporting period
133
247
Income tax paid
(683)
(1,342)
1Refer to note 16 for further detail related to the disposal of investment in subsidiary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-377": { "value": "
Accounting policy
The income tax credit/(expense) comprises the sum of current and deferred tax. Income tax is recognised in profit or
loss, except to the extent that it relates to items recognised directly in other comprehensive income or in equity.
Current tax and deferred tax is recognised in other comprehensive income or in equity if the taxation relates to items
that\u00a0are recognised, in the same or a different period, in other comprehensive income or in equity.
The Group\u2019s liability for current tax is calculated using tax rates (and tax laws) that have been enacted or substantively
enacted by the reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-378": { "value": "
11.(LOSS)/EARNINGS PER SHARE AND HEADLINE (LOSS)/EARNINGS PER SHARE
(Loss)/earnings per share has been calculated in line with the requirements of IAS 33: Earnings per Share. The headline
(loss)/earnings has been determined in line with Circular 1/2023: Headline Earnings (Circular 1/2023) issued by
SAICA, detailing the requirements for determining headline earnings, and the JSE\u00a0Listings Requirements.
Accounting policy
The Group calculates and presents basic and diluted (loss)/earnings per share and basic and diluted headline (loss)/
earnings per share for its ordinary shares.
The headline (loss)/earnings is calculated by adjusting the (loss)/profit attributable to the equity shareholders of the
Group for all separately identifiable remeasurements, which are excluded from the headline (loss)/earnings as defined
in Circular 1/2023, net\u00a0of related tax (both current and deferred) and related non-controlling interests. The headline
(loss)/earnings is then divided by the weighted average number of shares outstanding (WANOS) to calculate headline
(loss)/earnings per share. Disclosure of the headline (loss)/earnings is not a requirement of IFRS Accounting Standards,
but it is a commonly used measure of earnings in South Africa that is more closely aligned with the operating activities
of\u00a0an entity.
The diluted (loss)/earnings and headline (loss)/earnings per share are determined by adjusting the basic and headline
(loss)/earnings attributable to the equity shareholders of the Group and the WANOS for the effects of all dilutive
potential ordinary shares at the reporting date, which comprise share awards granted to employees in line with the
Thungela share plan.
Number of shares
The WANOS used in the calculation of the (loss)/earnings per share and the headline (loss)/earnings per share can be
analysed as follows:
Number of shares
2025
2024
Net shares in issue at the start of the reporting period
133,566,696
136,900,568
Adjusted for the weighted average impact of shares:
Acquired in the reporting period1
(4,927,769)
(3,115,877)
Reissued in the reporting period2
1,016,530
453,756
WANOS at the end of the reporting period
129,655,457
134,238,447
Adjusted for dilutive potential ordinary shares relating to:
Conditional share awards
1,213,229
1,057,262
Forfeitable share awards
876,693
641,691
Diluted WANOS at the end of the reporting period
131,745,379
135,937,400
Number of shares in issue
140,492,585
140,492,585
Treasury shares held by Group companies3
(13,708,399)
(6,925,889)
Net shares in issue at the end of the reporting period
126,784,186
133,566,696
1Shares acquired in the reporting period relate to shares purchased in line with the requirements of the Thungela share plan, as well as in relation to the share
buybacks undertaken by the Group. Refer to note 31 and note 32 for details.
2Shares reissued in the reporting period relate to share awards which have vested, or share awards which have been forfeited and subsequently sold, in line with
the requirements of the Thungela share plan.
3Refer to note 31 for detail related to the treasury shares held by Group companies.
(Loss)/earnings per share
(Loss)/earnings per share can be analysed as follows:
Rand million (unless otherwise stated)
2025
2024
(Loss)/profit attributable to the equity shareholders of the Group
(7,085)
3,592
(Loss)/profit used in the calculation of diluted (loss)/earnings per share1
(7,085)
3,592
(Loss)/earnings per share
Basic (cents/share)
(5,464)
2,676
Diluted (cents/share)
(5,378)
2,642
1There were no adjustments to the (loss)/profit attributable to the equity shareholders of the Group used in the calculation of diluted (loss)/earnings per share relating
to the potential ordinary shares.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
11.(LOSS)/EARNINGS PER SHARE AND HEADLINE (LOSS)/EARNINGS PER SHARE CONTINUED
Headline (loss)/earnings per share
(Loss)/profit attributable to the equity shareholders of the Group has been reconciled to the headline (loss)/earnings as
follows:
Rand million (unless otherwise stated)
Notes
2025
2024
(Loss)/profit attributable to the equity shareholders of the Group
(7,085)
3,592
Adjusted for:
Excluded remeasurements
8,487
(309)
Impairment of property, plant and equipment
7
8,486
231
Impairment of intangible assets
7
140
47
Impairment of goodwill
7
159
\u2014
Profit on disposal of operation
(250)
\u2014
Profit on disposal of investment in subsidiary
16
\u2014
(601)
(Profit)/loss on disposal of property, plant and equipment
5
(48)
14
Tax effects of excluded remeasurements
(2,241)
(40)
Impairment of property, plant and equipment
7
(2,267)
(62)
Impairment of intangible assets
7
(36)
\u2014
Profit on disposal of operation
55
\u2014
Profit on disposal of investment in subsidiary
16
\u2014
26
Profit/(loss) on disposal of property, plant and equipment
7
(4)
Non-controlling interests related to excluded remeasurements
\u2014
192
Profit on disposal of investment in subsidiary
\u2014
192
Headline (loss)/earnings
(839)
3,435
Headline (loss)/earnings used in the calculation of diluted headline (loss)/
earnings per share1
(839)
3,435
Headline (loss)/earnings per share
Basic (cents/share)
(647)
2,559
Diluted (cents/share)
(637)
2,527
1There were no adjustments to the headline (loss)/earnings used in the calculation of the diluted headline (loss)/earnings per share relating to the potential ordinary
shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-379": { "value": "
Accounting policy
The Group calculates and presents basic and diluted (loss)/earnings per share and basic and diluted headline (loss)/
earnings per share for its ordinary shares.
The headline (loss)/earnings is calculated by adjusting the (loss)/profit attributable to the equity shareholders of the
Group for all separately identifiable remeasurements, which are excluded from the headline (loss)/earnings as defined
in Circular 1/2023, net\u00a0of related tax (both current and deferred) and related non-controlling interests. The headline
(loss)/earnings is then divided by the weighted average number of shares outstanding (WANOS) to calculate headline
(loss)/earnings per share. Disclosure of the headline (loss)/earnings is not a requirement of IFRS Accounting Standards,
but it is a commonly used measure of earnings in South Africa that is more closely aligned with the operating activities
of\u00a0an entity.
The diluted (loss)/earnings and headline (loss)/earnings per share are determined by adjusting the basic and headline
(loss)/earnings attributable to the equity shareholders of the Group and the WANOS for the effects of all dilutive
potential ordinary shares at the reporting date, which comprise share awards granted to employees in line with the
Thungela share plan.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-380": { "value": "129655457.0", "dimensions": { "concept": "ifrs-full:WeightedAverageShares", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-381": { "value": "134238447.0", "dimensions": { "concept": "ifrs-full:WeightedAverageShares", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-382": { "value": "
12.INTANGIBLE ASSETS
Intangible assets comprise goodwill and other intangible assets, being a servitude related to the Zibulo Colliery
and\u00a0software implemented by the Group.
Accounting policy
Goodwill is subsequently measured at cost less accumulated impairment losses. Goodwill impairment reviews are
undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment.
Other intangible assets are measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets are amortised on a straight-line basis over their estimated useful lives of between three and 20 years.
The amortisation period is determined as the period over which the Group expects to obtain benefits from the asset,
taking account of all relevant facts and circumstances, including contractual lives and expectations about the renewal
of\u00a0contractual arrangements without significant incremental costs. Amortisation methods, residual values and estimated
useful lives are reviewed at least annually.
Capital work-in-progress is measured at cost less any accumulated impairment losses. Amortisation will commence
when\u00a0the assets can operate in the manner intended by management, at which point they will be transferred to the
appropriate asset class.
Refer to note 7 for detail of the impairment assessment performed by the Group.
Intangible assets can be analysed as follows:
2025
Rand million
Goodwill
Other
intangibles
Capital work-
in-progress
Total
Cost
Balance at the start of the reporting period
98
647
\u2014
745
Acquisition of the additional interest in the
Ensham\u00a0Business1
159
\u2014
\u2014
159
Additions
\u2014
\u2014
36
36
Reclassifications
\u2014
\u2014
25
25
Transfers of capital work-in-progress
\u2014
61
(61)
\u2014
Currency movements
\u2014
(3)
\u2014
(3)
Balance at the end of the reporting period
257
705
\u2014
962
Accumulated amortisation and impairment losses
Balance at the start of the reporting period
(98)
(347)
\u2014
(445)
Amortisation
\u2014
(84)
\u2014
(84)
Impairment losses
(159)
(140)
\u2014
(299)
Balance at the end of the reporting period
(257)
(571)
\u2014
(828)
Carrying amount
Balance at the start of the reporting period
\u2014
300
\u2014
300
Balance at the end of the reporting period
\u2014
134
\u2014
134
1Refer to note 15 for further detail related to the acquisition of the additional interest in the Ensham Business.
2024
Rand million
Goodwill
Other
intangibles
Capital work-
in-progress
Total
Cost
Balance at the start of the reporting period
98
311
273
682
Additions
\u2014
\u2014
63
63
Transfers of capital work-in-progress
\u2014
336
(336)
\u2014
Balance at the end of the reporting period
98
647
\u2014
745
Accumulated amortisation and impairment losses
Balance at the start of the reporting period
(98)
(262)
(9)
(369)
Amortisation
\u2014
(29)
\u2014
(29)
Impairment losses
\u2014
(47)
\u2014
(47)
Transfers of capital work-in-progress
\u2014
(9)
9
\u2014
Balance at the end of the reporting period
(98)
(347)
\u2014
(445)
Carrying amount
Balance at the start of the reporting period
\u2014
49
264
313
Balance at the end of the reporting period
\u2014
300
\u2014
300
Goodwill recognised in the current year relates to the acquisition of the additional interest in the Ensham Business. Refer
to note 15 for further detail. The remaining goodwill arose through various historical transactions and was fully impaired
in previous years.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-383": { "value": "
Accounting policy
Goodwill is subsequently measured at cost less accumulated impairment losses. Goodwill impairment reviews are
undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment.
Other intangible assets are measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets are amortised on a straight-line basis over their estimated useful lives of between three and 20 years.
The amortisation period is determined as the period over which the Group expects to obtain benefits from the asset,
taking account of all relevant facts and circumstances, including contractual lives and expectations about the renewal
of\u00a0contractual arrangements without significant incremental costs. Amortisation methods, residual values and estimated
useful lives are reviewed at least annually.
Capital work-in-progress is measured at cost less any accumulated impairment losses. Amortisation will commence
when\u00a0the assets can operate in the manner intended by management, at which point they will be transferred to the
appropriate asset class.
Refer to note 7 for detail of the impairment assessment performed by the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-384": { "value": "
Goodwill is subsequently measured at cost less accumulated impairment losses. Goodwill impairment reviews are
undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-385": { "value": "
Other intangible assets are measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets are amortised on a straight-line basis over their estimated useful lives of between three and 20 years.
The amortisation period is determined as the period over which the Group expects to obtain benefits from the asset,
taking account of all relevant facts and circumstances, including contractual lives and expectations about the renewal
of\u00a0contractual arrangements without significant incremental costs. Amortisation methods, residual values and estimated
useful lives are reviewed at least annually.
Capital work-in-progress is measured at cost less any accumulated impairment losses. Amortisation will commence
when\u00a0the assets can operate in the manner intended by management, at which point they will be transferred to the
appropriate asset class.
Refer to note 7 for detail of the impairment assessment performed by the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-386": { "value": "
13.PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment comprises tangible assets which are critical to Thungela\u2019s operations. These include
acquired mineral rights, capitalised waste stripping and mine development costs, processing plant and infrastructure,
vehicles, and other equipment.
Accounting policy
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. Cost is
the fair value of the consideration required to acquire and develop the asset and includes the purchase price, acquisition
of mineral rights, costs directly attributable to bringing the asset to the location and condition necessary for it to be
capable of operating in the manner intended by management, and the initial estimate of any decommissioning provisions.
Capital work-in-progress represents the costs incurred on assets being constructed by the Group, which are capitalised
as costs are incurred. These assets are measured at the cost incurred on construction. When the assets can operate in
the manner intended by management, or are considered to be impaired, they are transferred to the appropriate asset
class. Depreciation will commence once the assets are considered ready for use.
Gains or losses on the disposal of property, plant and equipment are determined by comparing the proceeds from the
disposal with the carrying amount of the assets disposed. The gains or losses are recognised in the statement of profit
or\u00a0loss and other comprehensive income when the disposal becomes effective.
Deferred stripping
The removal of rock or soil, overburden, and other waste materials overlying a mineral deposit is often necessary during
the initial development of a mine site in order to access the orebody. The process of removing overburden and other
mine waste materials is referred to as stripping. The directly attributable cost of this activity is capitalised in full within
mining properties if the stripped area will only commence production in more than one year after the stripping costs
are\u00a0incurred. All amounts capitalised in respect of waste removal are depreciated using the unit of production method
for the component of the orebody to which they relate, consistent with depreciation of property, plant and equipment.
The removal of waste material after the point at which mining properties are available for use is referred to as
production stripping. When the waste removal activity improves access to ore extracted in the current period,
the\u00a0costs\u00a0of production stripping are charged to the statement of profit or loss and other comprehensive income
as\u00a0operating costs in accordance with the principles of IAS 2: Inventories.
Right-of-use assets
Right-of-use assets are included within property, plant and equipment. At the commencement of the lease, these are
recognised at the amount of the corresponding lease liability, adjusted for any lease payments made on or before the
lease commencement date, plus any direct costs incurred, an estimate of costs for dismantling, removing, or restoring
the\u00a0underlying asset, and less any lease incentives received.
Refer to note 28 for detail related to the leasing activities of the Group.
Depreciation
Mining properties and items of plant and equipment for which the consumption of economic benefits is linked to
production are depreciated to their residual values, from the date that they are considered to be available for use,
using\u00a0the unit of production method based on proved and probable coal reserves. Mining properties include the
value\u00a0of the mining tenement acquired with the Ensham Business, which is depreciated on a straight-line basis over
the\u00a0estimated remaining reserve life.
Land is not depreciated. Buildings and items of plant and equipment for which the consumption of economic benefits
is\u00a0linked primarily to utilisation or to throughput, rather than production, are depreciated to their residual values, from
the\u00a0date that they are considered to be available for use, at varying rates on a straight-line basis over their estimated
useful lives or the reserve life, whichever is shorter. Estimated useful lives normally vary from up to 20 years for items
of\u00a0plant and equipment, to a maximum of 50 years for buildings.
Right-of-use assets are depreciated on a straight-line basis over the term of the lease, or, if shorter, the useful life
of\u00a0the\u00a0asset.
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate
items (major components).
Depreciation methods, residual values and estimated useful lives are reviewed at least annually.
Property, plant and equipment can be analysed as follows:
2025
Rand million
Mining
properties1
Land and buildings
Plant and equipment
Capital
work-in-
progress
Owned
Right-of-
use
Owned2
Right-of-
use
Total
Cost
Balance at the start of the
reporting period
9,630
2,764
42
30,894
244
9,253
52,827
Acquisition of the additional
interest in the Ensham Business3
274
231
\u2014
499
5
37
1,046
Additions
\u2014
\u2014
\u2014
\u2014
\u2014
2,959
2,959
Additions to right-of-use assets
\u2014
\u2014
89
\u2014
36
\u2014
125
Disposals
(889)
(4)
(3)
(2,124)
(16)
\u2014
(3,036)
Disposal of operation
\u2014
\u2014
\u2014
(3)
\u2014
\u2014
(3)
Transfers of capital work-in-
progress
862
15
\u2014
7,576
\u2014
(8,453)
\u2014
Reclassifications
\u2014
\u2014
\u2014
213
(213)
(25)
(25)
Adjustments to decommissioning
assets
\u2014
\u2014
\u2014
15
\u2014
\u2014
15
Currency movements
(167)
(95)
(1)
(246)
(3)
(16)
(528)
Balance at the end of the
reporting period
9,710
2,911
127
36,824
53
3,755
53,380
Accumulated depreciation and
impairment losses
Balance at the start of the
reporting period
(5,877)
(1,091)
(37)
(22,565)
(42)
(3,493)
(33,105)
Depreciation
(619)
(192)
(15)
(1,973)
(31)
\u2014
(2,830)
Impairment losses
(1,251)
(334)
(26)
(6,776)
(99)
\u2014
(8,486)
Disposals
889
4
2
2,115
9
\u2014
3,019
Disposal of operation
\u2014
\u2014
\u2014
1
\u2014
\u2014
1
Reclassifications
\u2014
\u2014
\u2014
(121)
121
\u2014
\u2014
Currency movements
43
22
\u2014
74
3
\u2014
142
Balance at the end of the
reporting period
(6,815)
(1,591)
(76)
(29,245)
(39)
(3,493)
(41,259)
Carrying amount
Balance at the start of the
reporting period
3,753
1,673
5
8,329
202
5,760
19,722
Balance at the end of the
reporting period
2,895
1,320
51
7,579
14
262
12,121
1Mining properties includes assets with a carrying value of R96 million, which are not yet considered ready for use.
2Plant and equipment includes assets with a carrying value of R593 million, which are not yet considered ready for use.
3Refer to note 15 for further detail related to the acquisition of the additional interest in the Ensham Business.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
13.PROPERTY, PLANT AND EQUIPMENT CONTINUED
Property, plant and equipment can be analysed as follows continued:
2024
Rand million
Mining
properties
Land and buildings
Plant and equipment
Capital
work-in-
progress
Owned
Right-of-
use
Owned
Right-of-
use
Total
Cost
Balance at the start of the
reporting period
9,992
2,703
58
30,502
155
7,214
50,624
Additions
\u2014
\u2014
\u2014
\u2014
\u2014
3,374
3,374
Additions to right-of-use assets
\u2014
\u2014
\u2014
\u2014
198
\u2014
198
Disposals
(18)
(5)
\u2014
(466)
\u2014
\u2014
(489)
Transfers of capital work-in-
progress
77
149
\u2014
1,068
\u2014
(1,294)
\u2014
Disposal of investment in
subsidiary1
(241)
\u2014
(16)
(34)
(107)
(8)
(406)
Adjustments to decommissioning
assets
\u2014
\u2014
\u2014
37
\u2014
\u2014
37
Currency movements
(180)
(83)
\u2014
(213)
(2)
(33)
(511)
Balance at the end of the
reporting period
9,630
2,764
42
30,894
244
9,253
52,827
Accumulated depreciation and
impairment losses
Balance at the start of the
reporting period
(5,479)
(930)
(39)
(21,154)
(51)
(3,494)
(31,147)
Depreciation
(510)
(173)
(4)
(1,683)
(53)
\u2014
(2,423)
Impairment losses
(5)
\u2014
\u2014
(226)
\u2014
\u2014
(231)
Disposals
18
4
\u2014
453
\u2014
\u2014
475
Disposal of investment in
subsidiary1
82
\u2014
6
16
61
1
166
Currency movements
17
8
\u2014
29
1
\u2014
55
Balance at the end of the
reporting period
(5,877)
(1,091)
(37)
(22,565)
(42)
(3,493)
(33,105)
Carrying amount
Balance at the start of the
reporting period
4,513
1,773
19
9,348
104
3,720
19,477
Balance at the end of the
reporting period
3,753
1,673
5
8,329
202
5,760
19,722
1Refer to note 16 for further detail related to the disposal of investment in subsidiary.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-387": { "value": "
Deferred stripping
The removal of rock or soil, overburden, and other waste materials overlying a mineral deposit is often necessary during
the initial development of a mine site in order to access the orebody. The process of removing overburden and other
mine waste materials is referred to as stripping. The directly attributable cost of this activity is capitalised in full within
mining properties if the stripped area will only commence production in more than one year after the stripping costs
are\u00a0incurred. All amounts capitalised in respect of waste removal are depreciated using the unit of production method
for the component of the orebody to which they relate, consistent with depreciation of property, plant and equipment.
The removal of waste material after the point at which mining properties are available for use is referred to as
production stripping. When the waste removal activity improves access to ore extracted in the current period,
the\u00a0costs\u00a0of production stripping are charged to the statement of profit or loss and other comprehensive income
as\u00a0operating costs in accordance with the principles of IAS 2: Inventories.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForStrippingCostsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-388": { "value": "
Right-of-use assets
Right-of-use assets are included within property, plant and equipment. At the commencement of the lease, these are
recognised at the amount of the corresponding lease liability, adjusted for any lease payments made on or before the
lease commencement date, plus any direct costs incurred, an estimate of costs for dismantling, removing, or restoring
the\u00a0underlying asset, and less any lease incentives received.
Refer to note 28 for detail related to the leasing activities of the Group.
28.LEASE LIABILITIES
Thungela has entered into various agreements which are considered to be leases in line with the requirements of
IFRS\u00a016: Leases.
Right-of-use assets have been recognised as part of property, plant and equipment. Refer to note 13 for further detail.
Accounting policy
At the inception of a contract, we assess whether a contract is, or contains, a lease by assessing whether the contract
conveys the right to control the use of an identified asset for a period of time, in exchange for consideration.
Lease liabilities are initially measured at the present value of the future lease payments, discounted at the applicable
incremental borrowing rates. Variable lease payments are not included in the measurement of lease liabilities and are
charged to operating costs as they are incurred.
Subsequent to initial recognition, lease liabilities are measured at amortised cost using the effective interest rate method.
Lease liabilities are remeasured when there is a change to the contractual lease payments or the lease term, with an
adjustment also being made to the corresponding right-of-use assets.
Leases with a term of less than one year, or committed payments of less than R75,000, are not recognised in the
statement of financial position. The Group continues to recognise payments for these leases as an expense on a straight-
line basis over the lease term within operating costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-389": { "value": "
Depreciation
Mining properties and items of plant and equipment for which the consumption of economic benefits is linked to
production are depreciated to their residual values, from the date that they are considered to be available for use,
using\u00a0the unit of production method based on proved and probable coal reserves. Mining properties include the
value\u00a0of the mining tenement acquired with the Ensham Business, which is depreciated on a straight-line basis over
the\u00a0estimated remaining reserve life.
Land is not depreciated. Buildings and items of plant and equipment for which the consumption of economic benefits
is\u00a0linked primarily to utilisation or to throughput, rather than production, are depreciated to their residual values, from
the\u00a0date that they are considered to be available for use, at varying rates on a straight-line basis over their estimated
useful lives or the reserve life, whichever is shorter. Estimated useful lives normally vary from up to 20 years for items
of\u00a0plant and equipment, to a maximum of 50 years for buildings.
Right-of-use assets are depreciated on a straight-line basis over the term of the lease, or, if shorter, the useful life
of\u00a0the\u00a0asset.
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate
items (major components).
Depreciation methods, residual values and estimated useful lives are reviewed at least annually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-390": { "value": "
14.INVESTMENT IN ASSOCIATE
The Group holds a 23% ownership interest in Richards Bay Coal Terminal Proprietary Limited (RBCT), over which we
are\u00a0considered to exercise significant influence.
Accounting policy
Associates are investments over which the Group has significant influence, which is the power to participate in the
financial and operating policy decisions of the investee, but without the ability to exercise control or joint control.
Investments in associates are equity accounted and represent the cost of the investment, the post-acquisition share
of\u00a0any\u00a0profits or losses and other changes in equity, and the long-term debt interests which in substance form part
of\u00a0the\u00a0Group\u2019s net investment.
The carrying values of investments in associates are reviewed on a regular basis and if there is objective evidence
that\u00a0a\u00a0sustained decline in value has occurred as a result of one or more events during the period, the investment
is\u00a0impaired.
The investment in associate can be analysed as follows:
Rand million
2025
2024
Balance at the start of the reporting period
199
78
(Repayment)/advance of quasi-equity loans
(12)
121
Balance at the end of the reporting period
187
199
The principal business activity of RBCT is the export of coal from South Africa. RBCT operates on the basis that all
costs\u00a0incurred are recovered from shareholders in proportion to their throughput through the terminal, hence no profit
or\u00a0loss is\u00a0recognised under the equity method of accounting. The Group\u2019s total investment in associate includes loans
of\u00a0R168\u00a0million (2024: R180 million), which in substance form part of the Group\u2019s net investment in the associate.
The Group has assessed these loans for impairment based on the expected repayment of the loans and risk of
default\u00a0by RBCT, taking into account both forward-looking and historical information available and determined
that\u00a0no\u00a0impairment is required.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-391": { "value": "
Accounting policy
Associates are investments over which the Group has significant influence, which is the power to participate in the
financial and operating policy decisions of the investee, but without the ability to exercise control or joint control.
Investments in associates are equity accounted and represent the cost of the investment, the post-acquisition share
of\u00a0any\u00a0profits or losses and other changes in equity, and the long-term debt interests which in substance form part
of\u00a0the\u00a0Group\u2019s net investment.
The carrying values of investments in associates are reviewed on a regular basis and if there is objective evidence
that\u00a0a\u00a0sustained decline in value has occurred as a result of one or more events during the period, the investment
is\u00a0impaired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-392": { "value": "
15.ACQUISITION OF THE ADDITIONAL INTEREST IN THE ENSHAM BUSINESS
Thungela acquired an additional 15% interest in the Ensham Mine from Bowen (the second transaction), and the
remaining interest in Sungela Holdings from the co-investors (the third transaction) as fully described in note 2A.
The\u00a0effective date of the second transaction was 28 February 2025, and of the third transaction was 31 July 2025
and\u00a029 September 2025 in relation to the transaction with Mayfair and Audley Capital, respectively.
The acquisition of the additional interest in the Ensham Mine is considered to be a business combination as defined in
IFRS 3, and the acquisition method of accounting has been applied to the transaction. The transaction is considered to
be a business combination as the Group previously had no rights to, or obligations for, the assets and liabilities related
to the portion of\u00a0the business owned by Bowen.
The acquisition of the remaining interest in Sungela Holdings is considered to be a transaction between equity
participants, as Thungela is increasing our shareholding in an entity over which we already exercised control.
Accounting policy
Goodwill, or a gain on bargain purchase, is determined by comparing the fair value of the consideration transferred
(including contingent consideration) to the fair value of the Group\u2019s share of identifiable net assets at the acquisition
date. Where this difference is positive, it reflects goodwill, and where it is negative, it results in a gain on bargain
purchase. Goodwill is recognised as an intangible asset, while a gain on bargain purchase is recognised directly
in\u00a0the\u00a0statement of profit or loss and other comprehensive income on the acquisition date.
Transactions which are not considered to be part of the business combination are recognised separately, in line with
the\u00a0relevant IFRS Accounting Standards considerations, and do not impact the goodwill or gain on bargain purchase
recognised.
Acquisition and integration costs relate to costs incurred in relation to the business combination, or subsequent
integration of the business into the Group, and are expensed as incurred.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
15.ACQUISITION OF THE ADDITIONAL INTEREST IN THE ENSHAM BUSINESS CONTINUED
Accounting for the second transaction
Thungela Resources Australia acquired the 15% direct interest in Ensham, previously held by Bowen, with an effective
date of 28 February 2025, which is referred to as the second transaction.
Critical judgements applied in determining the fair value of the Ensham Mine
The fair value of the Ensham Mine at the acquisition date of the second transaction was determined with reference
to\u00a0the\u00a0life-of-mine forecasted cash flows, in line with the specific requirements of IFRS 3. Ensham is considered to be
a\u00a0single CGU, based on the operations thereof and the generation of cash flows in the business.
Expected future cash flows used in the discounted cash flow model are inherently uncertain and could materially change
over time. They are significantly affected by a number of factors, including coal resources and coal reserves, expected
production volumes and costs, forecasted capital expenditure, as well as economic factors such as the Newcastle
Benchmark coal price, foreign exchange rates, and discount rates. Where discounted cash flow models based on
management assumptions are used, the resulting fair value measurements are at level 3 in the fair value hierarchy
as\u00a0defined\u00a0in IFRS 13.
The discounted cash flow model used to determine the fair value of the Ensham Mine at the effective date of the second
transaction was based on the model used to value the business at 31 December 2024, which was adjusted based
on\u00a0our best estimate of various inputs at 28 February 2025.
The key assumptions used in the discounted cash flow model, effective at the acquisition date, can be analysed as
follows:
Life of mine and production volumes
The life of mine used in the determination of the fair value of the Ensham Mine was reflective of the operations thereof
at\u00a0the acquisition date. This included an assumption that mining leases over certain areas of the mine would be
extended past their current expiry date, and that mining will continue until 2032. While the extension to these leased
areas had not been granted at the acquisition date, it was considered appropriate to include the extension in
determining a market participant view of the value of Ensham. We continue to progress our applications for the
extensions of these leased areas. Production volumes included in the cash flow model were based on demonstrated
rates and internal forecasts, as\u00a0approved in the normal operating cycle.
Coal prices
The estimated coal prices used were based on the internal forecasts available at the acquisition date, benchmarked
with external sources of information to ensure that they were within the range of available external forecasts. The
estimated prices were calculated using the forecasted Newcastle Benchmark coal price, with adjustments to reflect
the\u00a0quality and calorific value of the product. Where Ensham had negotiated fixed-price contracts with customers,
the\u00a0estimated price for these sales volumes reflected the agreed fixed price. The forecasted Newcastle Benchmark
coal\u00a0price used in the cash flow model ranged from USD95 per tonne to USD142 per tonne. When combined with
the\u00a0fixed prices agreed with customers on specific contracts, the estimated prices used in the cash flow model ranged
from USD105 per tonne to USD142 per tonne.
Foreign exchange rates
Foreign exchange rates were based on the internal forecasts available at the acquisition date, benchmarked against
external sources of information. Sales for Ensham are made in both US dollars and Australian dollars, however the
majority of costs are incurred in Australian dollars. The cash flow model is thus sensitive to fluctuations in the US dollar
to\u00a0Australian dollar exchange rate. The real exchange rates used in the cash flow model ranged from AUD1.52:USD1
to\u00a0AUD1.57:USD1.
Discount rate
The discounted cash flow model used to determine the fair value of the Ensham Mine was based on a real post-tax
discount rate of 7.6%, based on risks specific to the business and the Australian economic environment. The fair value
of\u00a0the environmental and other provisions was determined using a risk-free real discount rate of 1.8%.
Operating costs, capital expenditure and other operating factors
Operating costs and capital expenditure were based on the financial budgets as included in the initial model.
Forecasted cash flows beyond the budget period were based on approved life-of-mine plans and internal forecasts.
Cost\u00a0assumptions incorporate the Group\u2019s experience and expectations of costs to be incurred.
Tax and deferred tax
The tax and deferred tax impact included in the cash flow model was based on the tax laws and regulations in place in
Queensland at the acquisition date, and the expected tax to be paid on the forecasted cash flows. The deferred tax
asset\u00a0at the acquisition date was determined using the adjusted tax bases of the assets and liabilities acquired, based
on\u00a0the\u00a0purchase price paid to Bowen.
Determining the total consideration
The purchase price payable, which was considered the total consideration in line with IFRS 3, amounted to
R558\u00a0million (AUD48 million), which is comprised of the following:
\u2022 the completion amount of R372 million (AUD32 million), which was paid on the effective date of
28\u00a0February 2025; and
\u2022 the second payment of R186 million (AUD16 million), which was transferred into an escrow account on the effective
date of\u00a0the transaction, and paid to Bowen in December 2025.
Impact on the statement of cash flows
The amounts recognised in the statement of cash flows relating to the second transaction can be analysed as follows:
Rand million
2025
Total consideration
558
Realised foreign exchange gains
(7)
Net cash outflow related to total consideration
551
Less \u2013 cash acquired in the Ensham Business1
(70)
Net cash outflow on acquisition of the additional interest in the Ensham Business
481
1The cash acquired in the Ensham Business relates to cash on hand in the underlying entities at the acquisition date.
Fair value of the net assets of the Ensham Mine
Thungela accounted for the second transaction by consolidating the fair value of the additional net assets acquired,
representing 15% of the mine, on a line-by-line basis at the acquisition date. From\u00a0the acquisition date of
28\u00a0February\u00a02025, the results of Ensham Resources and Nogoa Pastoral are included in the consolidated financial
statements at 100% of the underlying entities performance. Prior to this date, the results were included in the
consolidated financial statements at 85% of the underlying entities performance.
The fair values of the additional assets and liabilities acquired in the second transaction are considered to be final at
31\u00a0December 2025, and no further measurement period adjustments are expected.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
15.ACQUISITION OF THE ADDITIONAL INTEREST IN THE ENSHAM BUSINESS CONTINUED
Accounting for the second transaction continued
Fair value of the net assets of the Ensham Mine continued
The acquisition date fair values of the additional net assets acquired can be analysed as follows:
Rand million
Notes
2025
Assets
Non-current assets
Property, plant and equipment
13
1,046
Trade and other receivables
1
Deferred tax assets
30
11
Other non-current assets
17
4
Total non-current assets
1,062
Current assets
Inventories
135
Trade and other receivables
60
Derivative financial instruments
23
8
Cash and cash equivalents
70
Total current assets
273
Total assets
1,335
Liabilities
Non-current liabilities
Lease liabilities
28
3
Environmental and other provisions
27
723
Total non-current liabilities
726
Current liabilities
Trade and other payables
166
Lease liabilities
28
3
Environmental and other provisions
27
41
Total current liabilities
210
Total liabilities
936
Fair value of net assets acquired
399
Property, plant and equipment
The Group primarily used the cost approach to determine the fair value of the property, plant and equipment. By using
this approach, we recognised the contributory value associated with the necessary installation, engineering and set up
costs related to the installed complement of equipment. The market approach was applied where we had sufficient
information with respect to comparable sales and offering data in the market place.
Property, plant and equipment includes R274 million relating to the additional fair value of the mining tenements
acquired, which were not previously recognised. The fair value of the mining tenements was determined based
on\u00a0the\u00a0residual business fair value, adjusted for the fair value of the net assets acquired.
Inventories
Inventories acquired included consumables and finished products, being coal inventory. Consumables were measured
at\u00a0cost, considered to reflect their fair value at the acquisition date. Coal inventory was measured at net realisable
value, which was reflective of its fair value at the acquisition date. The coal inventory on hand at the acquisition date
had been sold by 31\u00a0December 2025, and the remaining inventory on hand has been measured at the lower of cost
or net realisable value.
Trade and other receivables
Trade and other receivables were reflected at the book value thereof at the acquisition date. Thungela considered the
gross contractual amounts receivable to be equal to the fair value of the receivables at that date.
Derivative financial instruments
The Ensham Mine has a number of contracts with agreed fixed prices for coal sales over a specified period of time. The
fixed\u00a0prices were agreed when the Newcastle Benchmark coal price was higher than the levels experienced throughout
the current year. The fixed price element of these contracts was considered to be an above-market transaction, which
required the recognition of an appropriate asset at the acquisition date. The value of the favourable customer contracts
was determined using the same forecasted Newcastle Benchmark coal price as detailed in this note, and\u00a0resulted in a
derivative asset of R8 million being recognised at the acquisition date. The contracts include a fixed price for an agreed
volume of coal, after which the pricing will be renegotiated. The relevant contracts with customers have been
renegotiated, or the underlying coal has been delivered to customers, and the remaining fair value of the derivative
is\u00a0considered to be Rnil at the reporting date.
Trade and other payables
Trade and other payables were reflected at the book value thereof at the acquisition date. Thungela considered the
gross contractual amounts payable to be equal to the fair value of the payables.
Environmental and other provisions
Environmental provisions
The SPA noted that the purchase of the additional interest in the Ensham Mine includes the assumption of the additional
liability to perform rehabilitation activities related to past mining activities. The environmental provisions have been
determined in line with the relevant regulations in Australia, as detailed in note 27, and our estimate of the closure costs
for\u00a0the Ensham Mine.
Other provisions
Other provisions reflect the acquisition date fair values of contingent liabilities, which are required to be recognised
in\u00a0accordance with IFRS 3. This includes various ongoing litigation matters at the Ensham Mine.
The value of these provisions at the acquisition date reflected our best estimate of the costs to be incurred.
Sensitivity analysis
The discounted cash flow model used to determine the fair value of the Ensham Mine at the acquisition date is sensitive
to\u00a0changes in input assumptions, particularly in relation to life-of-mine assumptions, discount rates, forecasted Newcastle
Benchmark coal prices and foreign exchange rates used to determine the estimated realised prices, and costs. In
addition to the base case valuation, alternative scenarios have been considered to\u00a0assess the impact of changes
in\u00a0key\u00a0assumptions.
The impact on the estimated fair value, for reasonably possible changes to the key assumptions used, keeping other
assumptions constant, can be analysed as follows:
Rand million
2025
Decrease of life of mine to 2028
(329)
Increase of 5.0% in forecasted costs
(111)
Increase of 0.5% in discount rate
(18)
Decrease of 5.0% in forecasted saleable production
(164)
Decrease of 5.0% in estimated realised prices
(172)
The fair value of the Ensham Mine is the most sensitive to changes in the forecasted saleable production, including a
shorter life of mine, and the estimated realised prices. The Newcastle Benchmark coal price used at the acquisition date
is in line with our price modelling used for key investment decisions, and is considered to be a reasonable basis on
which to determine the fair value of the Ensham Mine.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
15.ACQUISITION OF THE ADDITIONAL INTEREST IN THE ENSHAM BUSINESS CONTINUED
Accounting for the second transaction continued
Goodwill
Goodwill is determined by comparing the total consideration to the fair value of the net assets acquired in the
business\u00a0combination.
The goodwill recognised in relation to the second transaction can be analysed as follows:
Rand million
2025
Total consideration
558
Fair value of net assets acquired
(399)
Goodwill
159
The significant contributor to the goodwill recognised is related to the expected synergies from full ownership of Ensham,
including the ability to fully utilise all entities within the Thungela Group to improve the underlying performance of the
business. The goodwill has been allocated to the Australia segment.
The goodwill is included in intangible assets in the statement of financial position.
Contribution of the additional interest in the Ensham Mine
Based on the accounting treatment applied to the Ensham Mine from the effective date of the initial transaction, all
revenue generated by the business has been included in the Thungela Group\u2019s revenue from that date. On this basis,
the completion of the second transaction has had no impact on the revenue generated by the Group.
If the second transaction had been effective from 1\u00a0January\u00a02025, the Ensham Mine would have contributed an
additional net profit of R28 million to the Group for the year ended 31\u00a0December 2025.
Accounting for the third transaction
Thungela Resources Australia acquired the remaining 27.5% interest in\u00a0Sungela Holdings, an existing subsidiary, as
well\u00a0as the remaining unvested LTIP shares (the third transaction), previously held by Audley Capital and Mayfair, in
equal parts.
The transaction was subject to a number of conditions precedent, and was considered effective from 31 July 2025 and
29 September 2025, in relation to the Mayfair and Audley Capital agreements, respectively.
The agreements note that Thungela Resources Australia will step in as borrower on the loan granted to the co-investors
by Thungela International in relation to the initial transaction. The loan is considered to be fully settled by the co-
investors, and the in-substance option granted to them in relation to the loan has now lapsed.
The remaining unvested LTIP shares at the effective date of the third transaction are considered to be forfeited and no
further expense in relation to these shares has been recognised in the year ended 31 December 2025.
Determining the total consideration
The total consideration related to the third transaction can be analysed as follows:
Rand million
2025
Cash consideration
30
Loan granted to the co-investors on the initial transaction
947
Contingent deferred consideration
136
Total consideration
1,113
Cash consideration
The cash consideration of R30 million (USD1.7 million) was paid to the co-investors on the effective dates of
31\u00a0July\u00a02025 and 29 September 2025, respectively.
Loan granted to the co-investors on the initial transaction
Thungela Resources Australia has stepped in as borrower on the loan provided by Thungela International to the co-
investors in relation to the initial transaction. The amount outstanding on the loan, including all outstanding interest,
was\u00a0R947 million (AUD82 million), which is considered to be part of the total consideration. No cash was\u00a0paid to
the\u00a0co-investors or Thungela International in relation to the loan.
Contingent deferred consideration
The agreements provide for a contingent deferred consideration which may be payable to the co-investors based on
sales of Ensham coal, subject to certain coal price thresholds, for a period of six years from the later of the effective
date\u00a0of the agreement, or the approval of the extension of specific mining leases.
The contingent deferred consideration is considered to be a derivative liability as defined in IFRS 9: Financial Instruments
(IFRS 9) and is measured at its fair value, being the value expected to be paid to the co-investors over the term of the
agreement. The fair value is based on the internal forecast Newcastle Benchmark coal prices available at the effective
date, benchmarked with external sources of information, and forecasted sales volumes. The fair value of the derivative
will be reassessed at each reporting date.
The fair value of the contingent deferred consideration was determined using a discounted cash flow model. The
estimates applied to the cash flows used to determine the value of the contingent deferred consideration at the effective
date and the reporting date are consistent with those disclosed in relation to the second transaction, and the impairment
considerations as detailed in note 7, respectively. The fair value measurement is considered to be at level 3 in the fair
value hierarchy as per IFRS 13.
Subsequent changes to the valuation of the contingent deferred consideration will be recognised in profit or loss and
will\u00a0not affect the total consideration for the third transaction.
The fair value of the contingent deferred consideration can be analysed as follows:
Rand million
2025
Fair value at the effective date of the third transaction
136
Fair value losses
24
Currency movements
(7)
Balance at the end of the reporting period
153
No amounts have been paid to the co-investors in the year ended 31\u00a0December 2025 in relation to the contingent
deferred consideration. Based on the forecast coal prices applied in the valuation of the contingent deferred
consideration at the reporting date, no portion of the liability is considered to be payable in the next 12 months,
and\u00a0the instrument has been classified as a non-current liability in the statement of financial position.
Sensitivity analysis
The discounted cash flow model used to determine the fair value of the contingent deferred consideration at the
acquisition date is sensitive to\u00a0changes in input assumptions, particularly in relation to the forecasted Newcastle
Benchmark coal prices. In addition to the base case valuation, alternative scenarios have been considered
to\u00a0assess\u00a0the\u00a0impact of changes in key assumptions.
The impact on the estimated fair value, for reasonably possible changes to the key assumptions used, keeping other
assumptions constant, can be analysed as follows:
Rand million
2025
Decrease of 10% in forecasted Newcastle Benchmark coal price
(105)
Increase of 10% in forecasted Newcastle Benchmark coal price
65
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
15.ACQUISITION OF THE ADDITIONAL INTEREST IN THE ENSHAM BUSINESS CONTINUED
Non-controlling interests
As a result of the accounting treatment applied to the initial transaction, the co-investors have enjoyed rights to only
7.5% of the earnings generated by the Ensham Business up to the effective date of the third transaction (2024: 6.5%),
following the vesting of a portion of the LTIP shares. From this date, the co-investors have no further rights to the earnings
generated by Ensham, and Thungela now owns 100% of the Ensham Business and related companies.
Through the second transaction, the Group acquired an additional 15% shareholding directly in Ensham Coal Sales,
and through the third transaction the Group acquired an additional 27.5% shareholding in Sungela Holdings. As\u00a0these
entities were fully consolidated from the effective date of the initial transaction, the increase in shareholding represents
a\u00a0transaction between equity participants. An adjustment is required to the non-controlling interests and the equity
attributable to the shareholders of the Group, to correctly reflect their relative ownership in the Group post the effective
dates of the transactions.
As a result of these transactions, R356 million was released from non-controlling interests to equity attributable to the
shareholders of the Group, to correctly reflect that there are no further non-controlling interests in the Ensham Business.
In the year ended 31 December 2024, LTIP shares reflective of 1.0% of the shares issued by Sungela Holdings vested.
A share-based payment expense of R9 million was recognised based on the grant date fair value of the LTIP shares.
As\u00a0a result of the vesting, the non-controlling interest in the Ensham Business increased by R82 million to correctly reflect
their share of the business from that date.
Acquisition and integration costs
Costs directly attributable to the acquisition of the additional interest in the Ensham Business, amounting to R93 million,
have been expensed in the year ended 31\u00a0December 2025 (2024:Rnil).", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-393": { "value": "
Accounting policy
Goodwill, or a gain on bargain purchase, is determined by comparing the fair value of the consideration transferred
(including contingent consideration) to the fair value of the Group\u2019s share of identifiable net assets at the acquisition
date. Where this difference is positive, it reflects goodwill, and where it is negative, it results in a gain on bargain
purchase. Goodwill is recognised as an intangible asset, while a gain on bargain purchase is recognised directly
in\u00a0the\u00a0statement of profit or loss and other comprehensive income on the acquisition date.
Transactions which are not considered to be part of the business combination are recognised separately, in line with
the\u00a0relevant IFRS Accounting Standards considerations, and do not impact the goodwill or gain on bargain purchase
recognised.
Acquisition and integration costs relate to costs incurred in relation to the business combination, or subsequent
integration of the business into the Group, and are expensed as incurred.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
15.ACQUISITION OF THE ADDITIONAL INTEREST IN THE ENSHAM BUSINESS CONTINUED
Accounting for the second transaction
Thungela Resources Australia acquired the 15% direct interest in Ensham, previously held by Bowen, with an effective
date of 28 February 2025, which is referred to as the second transaction.
Critical judgements applied in determining the fair value of the Ensham Mine
The fair value of the Ensham Mine at the acquisition date of the second transaction was determined with reference
to\u00a0the\u00a0life-of-mine forecasted cash flows, in line with the specific requirements of IFRS 3. Ensham is considered to be
a\u00a0single CGU, based on the operations thereof and the generation of cash flows in the business.
Expected future cash flows used in the discounted cash flow model are inherently uncertain and could materially change
over time. They are significantly affected by a number of factors, including coal resources and coal reserves, expected
production volumes and costs, forecasted capital expenditure, as well as economic factors such as the Newcastle
Benchmark coal price, foreign exchange rates, and discount rates. Where discounted cash flow models based on
management assumptions are used, the resulting fair value measurements are at level 3 in the fair value hierarchy
as\u00a0defined\u00a0in IFRS 13.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-394": { "value": "DISPOSAL OF INVESTMENT IN SUBSIDIARY
Thungela owned a controlling interest in Rietvlei Mining Company Proprietary Limited (RMC), through Butsanani Energy
Investment Holdings Proprietary\u00a0Limited (Butsanani Energy), which we disposed of on 30\u00a0November\u00a02024.
Accounting policy
When the disposal of an investment results in the Group losing control of a subsidiary, all assets, liabilities and non-
controlling interests of the subsidiary are derecognised on the date of disposal. The difference between the carrying
amount of the net assets and non-controlling interests disposed of and the proceeds received will be recognised in
the\u00a0statement of profit or loss and other comprehensive income on the date of disposal.
Understanding of the transaction
Thungela owned a controlling interest in RMC through Butsanani Energy, in which we own a 67% shareholding.
Butsanani Energy owned 51% of RMC, however, economically owned only 45% of RMC based on various contractual
arrangements. Effectively, Thungela owned 34% (being 67% of 51%) of RMC. The results of RMC were, however,
reflected at an effective ownership of 30% (being 67% of 45%) to reflect the underlying contractual agreements.
In 2024, the operator and non-controlling shareholder of RMC purchased Butsanani Energy\u2019s shares in the company,
in\u00a0order to more effectively leverage the operations of RMC and its other companies in meeting its fixed-term sale
agreements. The disposal was effective on 30 November 2024, upon the completion of the sale of shares and claims
agreement and relevant conditions precedent. The total consideration received from the disposal was R120 million,
which was received by Butsanani Energy in December 2024.
As part of the disposal, preference shares held by Thungela Operations Proprietary Limited (TOPL) in RMC were also
disposed of to the purchaser for their full value of R76 million.
The results of the operations of RMC were recognised in the Group results up to the effective date of the disposal.
Carrying amount of net liabilities disposed of
The carrying value of the net liabilities of RMC which were disposed of can be analysed as follows:
Rand million
2024
Assets
Non-current assets
Property, plant and equipment
240
Financial asset investments
24
Total non-current assets
264
Current assets
Inventories
65
Trade and other receivables
119
Cash and cash equivalents
9
Total current assets
193
Total assets
457
Liabilities
Non-current liabilities
Environmental and other provisions
470
Other non-current liabilities
76
Total non-current liabilities
546
Current liabilities
Lease liabilities
45
Trade and other payables
748
Loans and borrowings
186
Current tax liability
2
Total current liabilities
981
Total liabilities
1,527
Carrying amount of net liabilities disposed of
(1,070)
Profit on disposal of investment in subsidiary
The profit on the disposal of the investment in RMC was determined by comparing the total consideration received to
the\u00a0carrying value of the net liabilities and non-controlling interest disposed of.
The profit on disposal of investment in subsidiary can be analysed as follows:
Rand million
2024
Consideration received
120
Less \u2013 transaction costs
(1)
Total consideration
119
Carrying amount of net liabilities disposed of
1,070
Non-controlling interest disposed of
(588)
Profit on disposal of investment in subsidiary
601
Tax impact
(26)
Net profit on disposal of investment in subsidiary
575
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
16.DISPOSAL OF INVESTMENT IN SUBSIDIARY CONTINUED
Impact on the statement of cash flows
The amounts recognised in the statement of cash flows relating to the disposal of the investment in RMC can be
analysed as follows:
Rand million
2024
Total consideration
119
Cash and cash equivalents disposed of
(9)
Consideration received for preference shares held by TOPL
76
Proceeds received on disposal of investment of subsidiary
186
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ClassesOfOrdinarySharesAxis": "ifrs-full:SubsidiariesWithMaterialNoncontrollingInterestsMember" } }, "f-395": { "value": "
17.OTHER NON-CURRENT ASSETS
Other non-current assets comprise biological assets.
Accounting policy
Biological assets are measured at fair value less cost to sell, with any changes recognised in profit or loss.
Other non-current assets can be analysed as follows:
Rand million
2025
2024
Biological assets
71
66
Total other non-current assets
71
66
Biological assets include different species such as buffalo, sable and cattle, which are actively managed and bred on
estates owned by the Group.
Biological assets can be analysed as follows:
Rand million
Note
2025
2024
Balance at the start of the reporting period
66
72
Acquisition of the additional interest in the Ensham Business
15
4
\u2014
Fair value gains/(losses)
3
(5)
Currency movements
(2)
(1)
Balance at the end of the reporting period
71
66
The fair value of the biological assets is measured based on auction prices (level 1 in the fair value hierarchy) obtained
at each reporting date. There is no reasonably possible change in the inputs into the fair value calculation that would
have a material impact on the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-396": { "value": "
Accounting policy
Biological assets are measured at fair value less cost to sell, with any changes recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-397": { "value": "
18.INVENTORIES
Inventories comprise consumables to be used in the production process and finished products, being coal stockpiled
at\u00a0the mine or awaiting export at the port.
Accounting policy
Inventory is measured at the lower of cost and net realisable value. The production cost of inventory includes an
appropriate proportion of depreciation and production overheads.
Cost is determined on the following basis:
\u2022 Consumables are measured at cost on either a first-in-first-out or a weighted average cost basis.
\u2022 Finished products, being coal stock held at the mine or awaiting export at the port, are measured at production costs
and transport costs, where relevant, on a weighted average cost basis.
\u2022 Where product is required to be beneficiated after extraction, run of mine stockpiles are not included in the inventory
value. This is due to the fact that the incremental costs required to convert the run of mine stock into finished products
are significant, and the product is not saleable until these are incurred.
\u2022 Where product is not required to be beneficiated after extraction, inventory is considered saleable after extraction,
and run of mine stockpiles are appropriately valued at production costs on a weighted average cost basis.
Inventory is recognised as a current asset as it is consumed within the normal business cycle.
The estimation of volumes of stock on hand and the measurement of production costs are calculated by engineers using
available industry, engineering and scientific data based on average costs in line with the production period. These are
periodically reassessed considering ongoing technical analysis and historical performance.
The net realisable value per product is estimated using actual realised prices for the month, based on the quality, grade
and calorific value of the finished products, and deducting costs to sell, including transport costs from the mine to the
port, where relevant. Any write down to net realisable value is recognised in profit or loss in the month incurred.
Inventories can be analysed as follows:
Rand million
2025
2024
Consumables
1,340
1,189
Finished products
1,739
2,255
Total inventories
3,079
3,444
The cost of inventories recognised as an expense and included in operating costs amounted to R25,678 million
(2024:\u00a0R27,322 million).
The write-down of inventories to net realisable value recognised throughout the year was not considered material, given
historical write downs based on the lower benchmark coal price environment experienced over the past number of years
(2024:\u00a0R154 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-398": { "value": "
Accounting policy
Inventory is measured at the lower of cost and net realisable value. The production cost of inventory includes an
appropriate proportion of depreciation and production overheads.
Cost is determined on the following basis:
\u2022 Consumables are measured at cost on either a first-in-first-out or a weighted average cost basis.
\u2022 Finished products, being coal stock held at the mine or awaiting export at the port, are measured at production costs
and transport costs, where relevant, on a weighted average cost basis.
\u2022 Where product is required to be beneficiated after extraction, run of mine stockpiles are not included in the inventory
value. This is due to the fact that the incremental costs required to convert the run of mine stock into finished products
are significant, and the product is not saleable until these are incurred.
\u2022 Where product is not required to be beneficiated after extraction, inventory is considered saleable after extraction,
and run of mine stockpiles are appropriately valued at production costs on a weighted average cost basis.
Inventory is recognised as a current asset as it is consumed within the normal business cycle.
The estimation of volumes of stock on hand and the measurement of production costs are calculated by engineers using
available industry, engineering and scientific data based on average costs in line with the production period. These are
periodically reassessed considering ongoing technical analysis and historical performance.
The net realisable value per product is estimated using actual realised prices for the month, based on the quality, grade
and calorific value of the finished products, and deducting costs to sell, including transport costs from the mine to the
port, where relevant. Any write down to net realisable value is recognised in profit or loss in the month incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-399": { "value": "
19.TRADE AND OTHER RECEIVABLES
Trade receivables comprise amounts due from the Group\u2019s customers for the sale of thermal coal. Other receivables
include amounts receivable for value added tax (VAT) and other indirect taxes, prepaid expenses, and amounts
receivable for other transactions not related to the sale of thermal coal.
Accounting policy
Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost. Trade
receivables do not incur any interest, are principally short term in nature, and are measured at their nominal value, net
of\u00a0the appropriate provision for expected credit losses.
Expected credit losses
For trade receivables only, the simplified expected credit loss approach included in IFRS 9 is applied, which requires
lifetime expected credit losses to be recognised from the initial recognition of the receivables. Expected credit losses
are,\u00a0in general, recognised where there is a failure to make contractual payments for a period of greater than 60
days,\u00a0along with an appropriate assessment of forward-looking information. The expected credit losses are estimated
using a\u00a0provision matrix by reference to past default experience and credit ratings, adjusted as appropriate for future
observable data.
The Group will write off trade and other receivables where there is information indicating that the customer is in severe
financial difficulty and there is no realistic prospect of recovery of the asset, for example, when the customer has been
placed under liquidation or entered into bankruptcy proceedings. Trade receivables are written off at the earlier of:
management receiving legal confirmation that the outstanding amount is irrecoverable; or when a partial settlement has
been reached with the customer; or where the cost of recovery procedures outweighs the benefit of recovering the
outstanding amount.
Trade and other receivables can be analysed as follows:
Rand million
2025
2024
Net trade receivables
2,570
3,100
Trade receivables
2,623
3,163
Provision for expected credit losses
(53)
(63)
Other tax receivables1
856
836
Prepayments
628
266
Employee benefits
237
188
Net other receivables
414
816
Other receivables2
556
916
Provision for expected credit losses
(142)
(100)
Total trade and other receivables
4,705
5,206
Classified as:
Current
4,088
4,977
Non-current
617
229
1Other tax receivables include VAT, diesel rebates and other taxes receivable from SARS and the Australian Tax Office.
2Other receivables include accrued income of Rnil (2024: R416 million) for revenue earned but not yet invoiced to domestic customers.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
19.TRADE AND OTHER RECEIVABLES CONTINUED
Trade receivables
Thungela sells directly to third-party customers through Thungela Marketing International, from the expiry of the previous
offtake agreement. The majority of export sales are supported by letters of credit or standby letters of credit, meaning
that these receivables do not carry significant credit risk. Where open credit terms are provided to customers, a rigorous
credit risk assessment is performed to manage our exposure to counterparty credit risk.
Trade receivables include receivables for export sales, from both South Africa and Australia, amounting to
R1,980\u00a0million (2024: R2,525\u00a0million), representing 75% (2024: 80%) of total trade receivables. These receivables
are supported by letters of credit or standby letters of credit, and there are no material export receivables on open terms
at the reporting date. Per the contractual terms for these receivables, the majority of trade balances are due for payment
within 30\u00a0days, or shorter, from the invoice date, and there have been no historical defaults on outstanding amounts.
Any provision for expected credit losses on export receivables at the reporting date is considered to be immaterial,
as\u00a0the credit quality of the export receivables is considered to be high. Thungela does not have a significant level
of\u00a0concentration risk on trade receivables, as a result of the marketing activities performed by Thungela Marketing
International.
Given the nature of the South African domestic customers, the amounts due from these customers are considered
recoverable. The historical level of customer default is low and as a result, the credit quality of the trade receivables
is\u00a0considered to be high.
Prepayments
Prepayments include, among other items, insurance premiums of R85 million (2024: R84 million) and software licences
to support the\u00a0ongoing operations of the Group of R55 million (2024: R88 million).
Prepayments also include R396 million (2024: Rnil) in relation to an agreement entered into with a supplier to secure
the use of a plant to perform toll washing services for coal mined at Annea. The payment was made to secure the use
of\u00a0the plant, and services of the contractor, over the current life of mine of the Annea resources, and will be unwound
as\u00a0the toll washing services are provided. The contract is not considered to contain a lease as we do not have the right
to direct the use of the plant. The amount paid to the contractor is secured by a notarial bond over the plant.
Employee benefits
Employee benefits relate to Ensham\u2019s claims for reimbursement from the Coal Long Service Leave Funding Corporation,
which is an Australian Government corporation established to regulate and manage long-service leave entitlements on
behalf of eligible employees in the black coal mining industry.
Other receivables
Other receivables include various amounts receivable by the Group which are not related to the sale of thermal coal.
No\u00a0items included in other receivables are considered individually material, other than accrued income, however
agreements with relevant counterparties are made in relation to repayment terms. A provision for expected credit losses
has been recognised on these receivables as considered appropriate in relation to the specific circumstances applicable
to each counterparty.
Provisions for expected credit losses
The provision for expected credit losses on trade receivables can be analysed as follows:
2025
Rand million
Gross carrying
amount \u2013
trade
receivables
Expected loss
rate (%)
Provision for
expected
credit losses
Current
2,560
\u2014
\u2014
Between 1 \u2013 2 months
\u2014
\u2014
\u2014
Between 3 \u2013 4 months
\u2014
\u2014
\u2014
Between 5 \u2013 12 months
\u2014
\u2014
\u2014
Greater than 12 months
63
84
(53)
Total trade receivables
2,623
2.0
(53)
2024
Rand million
Gross carrying
amount \u2013
trade
receivables
Expected loss
rate (%)
Provision for
expected
credit losses
Current
3,078
0.1
(3)
Between 1 \u2013 2 months
1
100
(1)
Between 3 \u2013 4 months
\u2014
\u2014
\u2014
Between 5 \u2013 12 months
1
100
(1)
Greater than 12 months
83
70
(58)
Total trade receivables
3,163
2.0
(63)
The movement in the provisions for expected credit losses can be analysed as follows:
Rand million
2025
2024
Balance at the start of the reporting period
(163)
(202)
Movements in provisions for expected credit losses
(36)
(17)
Trade receivables
7
14
Other receivables
(43)
(31)
Bad debts written off
4
35
Trade receivables
4
\u2014
Other receivables
\u2014
35
Disposal of investment in subsidiary1
\u2014
21
Balance at the end of the reporting period
(195)
(163)
1Refer to note 16 for further detail related to the disposal of investment in subsidiary.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-400": { "value": "
Accounting policy
Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost. Trade
receivables do not incur any interest, are principally short term in nature, and are measured at their nominal value, net
of\u00a0the appropriate provision for expected credit losses.
Expected credit losses
For trade receivables only, the simplified expected credit loss approach included in IFRS 9 is applied, which requires
lifetime expected credit losses to be recognised from the initial recognition of the receivables. Expected credit losses
are,\u00a0in general, recognised where there is a failure to make contractual payments for a period of greater than 60
days,\u00a0along with an appropriate assessment of forward-looking information. The expected credit losses are estimated
using a\u00a0provision matrix by reference to past default experience and credit ratings, adjusted as appropriate for future
observable data.
The Group will write off trade and other receivables where there is information indicating that the customer is in severe
financial difficulty and there is no realistic prospect of recovery of the asset, for example, when the customer has been
placed under liquidation or entered into bankruptcy proceedings. Trade receivables are written off at the earlier of:
management receiving legal confirmation that the outstanding amount is irrecoverable; or when a partial settlement has
been reached with the customer; or where the cost of recovery procedures outweighs the benefit of recovering the
outstanding amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-401": { "value": "
The provision for expected credit losses on trade receivables can be analysed as follows:
2025
Rand million
Gross carrying
amount \u2013
trade
receivables
Expected loss
rate (%)
Provision for
expected
credit losses
Current
2,560
\u2014
\u2014
Between 1 \u2013 2 months
\u2014
\u2014
\u2014
Between 3 \u2013 4 months
\u2014
\u2014
\u2014
Between 5 \u2013 12 months
\u2014
\u2014
\u2014
Greater than 12 months
63
84
(53)
Total trade receivables
2,623
2.0
(53)
2024
Rand million
Gross carrying
amount \u2013
trade
receivables
Expected loss
rate (%)
Provision for
expected
credit losses
Current
3,078
0.1
(3)
Between 1 \u2013 2 months
1
100
(1)
Between 3 \u2013 4 months
\u2014
\u2014
\u2014
Between 5 \u2013 12 months
1
100
(1)
Greater than 12 months
83
70
(58)
Total trade receivables
3,163
2.0
(63)
The movement in the provisions for expected credit losses can be analysed as follows:
Rand million
2025
2024
Balance at the start of the reporting period
(163)
(202)
Movements in provisions for expected credit losses
(36)
(17)
Trade receivables
7
14
Other receivables
(43)
(31)
Bad debts written off
4
35
Trade receivables
4
\u2014
Other receivables
\u2014
35
Disposal of investment in subsidiary1
\u2014
21
Balance at the end of the reporting period
(195)
(163)
1Refer to note 16 for further detail related to the disposal of investment in subsidiary.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-402": { "value": "CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash held in bank and short-term investments held with the primary purpose
of\u00a0managing the short-term liquidity requirements of the Group.
Accounting policy
Cash and cash equivalents comprise cash held in bank and short-term investments. Cash and cash equivalents are
measured at amortised cost.
Cash and cash equivalents can be analysed as follows:
Rand million
2025
2024
Short-term investments
1,308
2,864
Cash held in bank
3,746
5,807
Cash held in trusts
1,017
872
Cash held related to the acquisition of the additional interest in Ensham
\u2014
560
Total cash and cash equivalents
6,071
10,103
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
20.CASH AND CASH EQUIVALENTS CONTINUED
Short-term investments
Short-term investments are held with the primary purpose of managing the short-term liquidity requirements of the Group.
Liquidity is a key consideration when selecting appropriate investment options for the funds to ensure they can be readily
accessed for operational activity.
The investments are held in low-risk interest-bearing instruments across several South African banks and fund managers,
with an\u00a0appropriate liquidity spread to support the Group\u2019s requirements. The spread of funds between banks and fund
managers was done to partially mitigate counterparty risk. The global credit ratings for these investments range between
AA\u2013 and AA+, with investments earning interest at rates of 7.1% \u2013 8.9% (2024: 8.0% \u2013 9.9%).
Cash held in bank
Cash held in bank includes cash held in South Africa, Australia and Dubai based on the operating requirements of the
Group, with major in-country banks that have global credit ratings of between BB\u2013 to AA+.
Cash held in trusts
Cash held in trusts represents cash held in the Sisonke Employee Empowerment Scheme and the Nkulo Community
Partnership Trust, which is not available for the general use of the Group, and so is considered restricted cash.
The cash balances in the trusts are to be used at the discretion of the respective trustees, as specified in the underlying
trust deeds, for the benefit of the relevant beneficiaries.
Cash held related to the acquisition of the additional interest in Ensham
In February 2025, Thungela Resources Australia acquired the direct 15% interest in the Ensham Mine and related
companies previously held by Bowen. At 31 December 2024, the purchase consideration was held in an escrow
account\u00a0and considered restricted cash pending the completion of the transaction. Refer to note 15 for further detail.
Cash and cash equivalents held in foreign currency
Cash and cash equivalents include cash held in foreign currency in the countries where the Group operates, which can
be analysed as follows:
2025
Total
USD million
AUD million
AED million
Rand million 1
Cash held in bank
174
43
2
3,363
South Africa
102
\u2014
\u2014
1,687
Australia
13
43
\u2014
699
Dubai
59
\u2014
2
977
Total cash and cash equivalents held in
foreign\u00a0currency
174
43
2
3,363
1These amounts have been translated using the spot exchange rates at the reporting date of R16.57:USD1, R11.00:AUD1 and R4.51:AED1.
2024
Total
USD million
AUD million
AED million
Rand million 1
Cash held in bank
225
98
1
5,404
South Africa
187
\u2014
\u2014
3,532
Australia
3
98
\u2014
1,199
Dubai
35
\u2014
1
673
Cash held related to the acquisition of the
additional interest in Ensham
\u2014
48
\u2014
560
Australia
\u2014
48
\u2014
560
Total cash and cash equivalents held in
foreign\u00a0currency
225
146
1
5,964
1These amounts have been translated using the spot exchange rates at the reporting date of R18.87:USD1, R11.66:AUD1 and R5.13:AED1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-403": { "value": "
Cash and cash equivalents comprise cash held in bank and short-term investments. Cash and cash equivalents are
measured at amortised cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-404": { "value": "7.1% \u2013 8.9% (2024: 8.0% \u2013 9.9%).", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-405": { "value": "
Cash held in trusts
Cash held in trusts represents cash held in the Sisonke Employee Empowerment Scheme and the Nkulo Community
Partnership Trust, which is not available for the general use of the Group, and so is considered restricted cash.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-406": { "value": "
21. TRADE AND OTHER PAYABLES
Trade and other payables include amounts owed to suppliers, employees, tax authorities and other parties that are
typically due to be settled within one year of the reporting date.
Accounting policy
Trade and other payables are initially measured at fair value.
Trade and other payables are not interest bearing, are subsequently measured at nominal value, and are derecognised
when the associated obligation has been discharged, cancelled or has expired.
Trade and other payables can be analysed as follows:
Rand million
2025
2024
Trade payables
3,187
2,696
Accruals
1,450
1,311
Other tax and employee related payables
1,597
1,818
Other payables
207
268
Total trade and other payables
6,441
6,093
Classified as:
Current
6,414
6,093
Non-current
27
\u2014
Included within other payables is deferred income of R55 million (2024: R125 million), which represents payments
received from customers for which the associated performance obligation has not yet been satisfied. These amounts
will\u00a0be recognised as revenue as the performance obligations are satisfied. No other items included in other payables
are considered individually material.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-407": { "value": "
Accounting policy
Trade and other payables are initially measured at fair value.
Trade and other payables are not interest bearing, are subsequently measured at nominal value, and are derecognised
when the associated obligation has been discharged, cancelled or has expired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-408": { "value": "R55 million (2024: R125 million),", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-409": { "value": "
22.FINANCIAL ASSET INVESTMENTS
Financial asset investments comprise investments which do not give the Group control, joint control or significant
influence over the investees. These assets also include loans granted to investees and investments held with various
financial institutions.
Accounting policy
Investments, other than investments in subsidiaries, joint arrangements and associates, are financial assets and are
initially recognised at fair value. The Group\u2019s financial assets are classified as either debt instruments at amortised
cost\u00a0or investments at FVPL.
Financial asset investments are derecognised when the right to receive cash flows from the asset has expired, the
right\u00a0to\u00a0receive cash flows has been retained but an obligation to on pay them in full without material delay has
been\u00a0assumed, or the right to receive cash flows has been transferred together with substantially all of the risks
and\u00a0rewards of\u00a0ownership.
Financial asset investments at amortised cost comprise loans to various investees from which the Group will collect
payments of solely principal and interest.
Financial asset investments at FVPL comprise investments held in relation to the ongoing environmental obligations
of\u00a0the\u00a0Group, referred to as the green funds. The fair value movements on these investments are reinvested to further
improve our environmental liability coverage\u25b3.
Financial asset investments can be analysed as follows:
2025
Rand million
At amortised
cost
At FVPL
Total
Balance at the start of the reporting period
125
2,152
2,277
Additions
186
478
664
Disposals
(180)
\u2014
(180)
Repayment of loans by investees
(35)
\u2014
(35)
Fair value gains
\u2014
153
153
Interest capitalised
33
\u2014
33
Movement in provision for expected credit losses
(50)
\u2014
(50)
Currency movements
(7)
(60)
(67)
Balance at the end of the reporting period
72
2,723
2,795
Classified as:
Current
66
\u2014
66
Non-current
6
2,723
2,729
2024
Rand million
At amortised
cost
At FVPL
Total
Balance at the start of the reporting period
145
933
1,078
Additions
\u2014
1,179
1,179
Repayment of loans by investees
(35)
\u2014
(35)
Fair value gains
\u2014
103
103
Disposal of investment in subsidiary1
\u2014
(24)
(24)
Interest capitalised
15
\u2014
15
Currency movements
\u2014
(39)
(39)
Balance at the end of the reporting period
125
2,152
2,277
Classified as:
Current
18
\u2014
18
Non-current
107
2,152
2,259
1Refer to note 16 for further detail related to the disposal of investment in subsidiary.
Financial asset investments at amortised cost
The financial asset investments at amortised cost comprise various loans granted to investees in the normal course of
business, with counterparties which the Group has long-standing relationships.
Included in financial asset investments at amortised cost are the following amounts:
\u2022 An amount of R48 million (2024: R90 million), net of a provision for expected credit losses of R50 million (2024:
Rnil), owing by\u00a0a contractor providing services at the Annea Colliery. The provision for expected credit losses has
been raised against this loan based on an increase in our\u00a0assessment of the underlying credit risk. The remainder
of\u00a0the amount is expected to be recovered within 12\u00a0months\u00a0of the reporting date.
\u2022 An amount of R18 \u00a0million (2024: R35 million) owing by Nasonti Technical Proprietary Limited. These amounts
will\u00a0be repaid through proceeds on contractually committed saleable product to be purchased by TOPL and thus
the\u00a0credit quality of this loan is considered to be high. The contractual arrangement with Pamish Investments No.
66\u00a0Proprietary Limited (Pamish) results in TOPL obtaining all product produced by Pamish, which increases the
credit\u00a0quality of this loan.
The Group has assessed the provisions for expected credit losses required for these loans based on the expected
repayment thereof and risk of default by the counterparties, taking into account both forward-looking and historical
information available. Based on the assessment performed, we have determined that any further expected credit
losses\u00a0on these loans would not be material.
Financial asset investments at fair value through profit and loss
The financial asset investments at FVPL relate to other environmental investments, referred to as the green funds, held
in\u00a0relation to the Group\u2019s environmental rehabilitation obligations. The investments include R1,533 million (2024:
R1,209 million) held in South Africa and R1,190 million (2024: R943 million) held in Australia. Refer to note 27
for\u00a0further\u00a0detail.
23.DERIVATIVE FINANCIAL INSTRUMENTS
Derivative financial instruments consist of derivatives recognised in relation to the acquisition of the additional interest
in\u00a0the Ensham Business and assets or liabilities related to contracts for the forward sales of foreign currency.
Accounting policy
Derivative financial instruments are classified as financial instruments measured at FVPL. The fair value gains and
losses\u00a0on subsequent measurement are recognised in profit or loss each year. All derivatives are held in the statement
of\u00a0financial position and they are classified as current or non-current depending on the contractual maturity of the
derivative.
The movement in the derivative financial instruments held by the Group can be analysed as follows:
Rand million
Note
2025
2024
Balance at the start of the reporting period
(462)
66
Derivatives related to the acquisition of the additional interest
in\u00a0the\u00a0Ensham Business
(128)
\u2014
Contingent deferred consideration
15
(136)
\u2014
Favourable customer contracts
15
8
\u2014
Cash inflow on settlement of forward sales of foreign currency
(1,309)
(905)
Realised and unrealised fair value gains on forward sales of
foreign currency
9
2,281
377
Fair value losses on acquisition-related derivatives
(32)
\u2014
Contingent deferred consideration
15
(24)
\u2014
Favourable customer contracts
15
(8)
\u2014
Currency movements
5
\u2014
Balance at the end of the reporting period
355
(462)
Classified as:
Current derivative financial asset/(liability) related to forward sales of
foreign currency
508
(462)
Non-current acquisition-related derivative financial liability
15
(153)
\u2014
Acquisition-related derivatives
Derivative financial instruments have been recognised in relation to the acquisition of the additional interest in the
Ensham Business in line with the underlying contractual agreements. Refer to note 15 for further detail.
Forward sales of foreign currency
The Group is exposed to fluctuations in the exchange rate of the US dollar to both the South African rand and the
Australian dollar, as the majority of our export revenue is settled in US dollars. The expenses of the operations are
predominantly in the\u00a0underlying local currencies, meaning the amounts received in US\u00a0dollars are required to be
converted to fulfil our ongoing liquidity requirements. In order to manage our risk exposure on these conversions, various
contracts are entered into to convert the US\u00a0dollars received to South African rand or Australian dollars at future dates.
The conversions are predominantly done through foreign exchange contracts (FECs), geared collar contracts and target
redemption forwards (TARFs), which will settle at future dates. A geared collar consists of a purchased put option and
a\u00a0written call option, providing downside protection up to a certain level, while sacrificing upside gains beyond the
level of the call option. A TARF is a structured derivative instrument that provides a fixed exchange rate for a series of
future settlements, subject to a predefined strike price. The contractual commitment in the TARF is limited to a maximum
number of conversions, based on the cumulative differential between the spot rate and the strike price at each settlement
date \u2013 as a result, the full contractual commitment is unlikely to be realised.
The contracts are short term in nature, recognising the need to convert US\u00a0dollars into the local functional currency for
operational requirements. All contracts entered into during the year had minimum conversion rates above the spot rate
on the date of contracting, yielding positive cash flow returns on these contracts.
The contracts are considered to be derivative financial instruments and are measured at FVPL, with the fair value
movements being recognised in net finance income.
The fair value of the contracts on settlement is determined by comparing the spot exchange rate on the settlement date
to\u00a0the contractual conversion rate.
The fair value of open FECs is\u00a0determined by comparing the contractual rate at which the transaction was entered
into,\u00a0to the forward exchange rate curve as at the reporting date. The fair value of open geared collars and TARFs
is\u00a0determined using Black-Scholes models, taking into account market-observable inputs, including spot exchange
rates,\u00a0forward curves, implied volatilities, and discount factors. Independent valuations are obtained for these
instruments, which are reviewed against relevant available\u00a0information.
Forward sales of foreign currency settled in the year can be analysed as follows:
2025
AU$:US$
ZAR:US$
Total currency contracted (US$ million)
104
1,063
Contractual conversion rate (AU$:US$ | ZAR:US$)
1.54 \u2013 1.55
17.28 \u2013 19.91
Spot exchange rate on settlement (AU$:US$ | ZAR:US$)
1.49 \u2013 1.55
16.59 \u2013 19.77
Settlement dates (2025)
July \u2013 December
January \u2013
December
Cash inflow on settlement (Rand million)
21
1,288
2024
ZAR:US$
Total currency contracted (US$ million)
1,105
Contractual conversion rate (ZAR:US$)
18.64 \u2013 19.72
Spot exchange rate on settlement (ZAR:US$)
17.17 \u2013 19.27
Settlement dates (2024)
January \u2013
December
Cash inflow on settlement (Rand million)
905
Open forward sales of foreign currency at the reporting date can be analysed as follows:
2025
AU$:US$
ZAR:US$
Total currency contracted (US$ million)
179
1,040
Contractual conversion rate (AU$:US$ | ZAR:US$)
1.52 \u2013 1.54
18.50 \u2013 19.75
Forward exchange rate at the reporting date (AU$:US$ | ZAR:US$)
1.50
16.62 \u2013 17.05
Spot exchange rate at the reporting date (AU$:US$ | ZAR:US$)
1.49
16.57
Volatility applied at the reporting date (%)
\u2014
8.6 \u2013 11
Settlement dates (2026)
January \u2013\u00a0
October
January \u2013
December
Unrealised fair value gains on derivative financial instruments (Rand\u00a0million)
64
444
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
23.DERIVATIVE FINANCIAL INSTRUMENTS CONTINUED
Forward sales of foreign currency continued
Open forward sales of foreign currency at the reporting date can be analysed as follows continued:
2024
ZAR:US$
Total currency contracted (US$ million)
1,210
Contractual conversion rate (ZAR:US$)
18.22 \u2013 20.00
Forward exchange rate at the reporting date (ZAR:US$)
18.92 \u2013 19.49
Spot exchange rate at the reporting date (ZAR:US$)
18.87
Volatility applied at the reporting date (%)
13 \u2013 14
Settlement dates (2025)
January \u2013
December
Unrealised fair value losses on derivative financial instruments (Rand\u00a0million)
(462)
While the open forward sales of foreign currency detailed in this note reflect the maximum exposure on the underlying
contracts, it\u00a0is\u00a0unlikely that the full contractual commitment will be realised based on the market conditions up to the
settlement dates. The settlement will be based on the spot prices at the time of settlement compared to the strike prices
in\u00a0the contract.
The table below reflects our estimate of the likely settlement of these contracts at the reporting date:
2026
January \u2013
March
April \u2013
June
July \u2013
September
October \u2013
December
Total
FECs \u2013 AU$:US$
US$ million
72
46
41
20
179
AU$:US$
1.53
1.53
1.54
1.54
1.53
TARFs \u2013 ZAR:US$
US$ million
140
20
\u2014
\u2014
160
ZAR:US$
18.52
18.50
\u2014
\u2014
18.52
Geared collars \u2013 ZAR:US$
US$ million
60
20
\u2014
\u2014
80
ZAR:US$
19.50
16.35
\u2014
\u2014
18.71
24.INVESTMENT IN INSURANCE STRUCTURE
The Group has invested in a self-insurance structure with an independent financial institution through a cell captive
mechanism (the cell). This was completed through an investment in preference shares in an identifiable cell captive
with\u00a0the\u00a0financial institution.
Accounting policy
The Group does not have control of the insurance cell captive arrangement, based on the rights conferred by the
preference shares and underlying agreements. The results of the cell have not been consolidated on\u00a0this\u00a0basis.
The terms of the agreements related to the cell do not result in the Group being exposed to insurance risk, as cover
is\u00a0limited to a maximum of the amount contributed, adjusted for movements in the fair value of the cell. The transaction
is\u00a0thus considered an investment in preference shares and is a financial asset measured at FVPL.
The investment in preference shares is measured at fair value at each reporting date, with changes in the fair value
recognised in net finance income.
The investment in insurance structure can be analysed as follows:
Rand million
2025
2024
Balance at the start of the reporting period
1,489
1,445
Fair value movements
89
44
Balance at the end of the reporting period
1,578
1,489
Thungela has a self-insurance arrangement through an investment into the preference shares of a separately identifiable
cell captive structure. The cell is managed by an external financial institution and provides insurance cover for first-party
risks, up to a maximum amount of the total contributions, adjusted for changes in the fair value of the underlying
investment.
The initial investment in the cell results in a minimum period of insurance of three years, ending in 2026, which can be
extended at the end of the current term. Each year, the Group, along with the financial institution, will reassess the value
of assets held in the cell against the required levels of insurance cover, and make additional contributions as needed.
No\u00a0additional contributions have been made in the years presented. Additional contributions may also be required to
the extent that claims are made. If\u00a0the value of claims made exceed the total assets held in the cell, the Group will have
the option to either recapitalise the cell, or to unwind the structure.
The cell may enter into reinsurance agreements to cover potential losses, which will either impact the fair value of the
investment, or be expensed as incurred by the Group.
The amount contributed by the Group into the cell is pooled by the financial institution with other available funds to
maximise the return on investment. Fair value movements on the investment may include interest, dividends and capital
growth, which are offset by costs incurred, and are externally confirmed at the reporting date.
Sensitivity analysis
The Group\u2019s investment in insurance structure is exposed to interest rate fluctuations and other market factors linked to
the\u00a0contributed funds that are pooled by the financial institution.
The impact that a reasonably possible change in these inputs would have on the statement of profit or loss and other
comprehensive income can be analysed as follows:
Rand million
2025
2024
1.0% increase in interest rate
14
13
The Group is a party to a number of financial instruments, which have been disclosed throughout the consolidated
financial statements.
Accounting policy
For financial assets and liabilities that are traded on an active market, such as listed investments, fair value is determined
by reference to the market price. For non-traded financial assets and liabilities, fair value is calculated using discounted
cash flows, considered to be reasonable and consistent with those that would be used by a market participant and
based on observable market data that is readily available (for example, forward exchange rates, interest rates or
commodity price curves).
The financial instruments held by the Group can be analysed as follows:
2025
Financial assets
Financial liabilities
Total
Rand million
Notes
At amortised
cost 1
At FVPL
At amortised
cost
At FVPL
Financial assets
Environmental rehabilitation trusts
27
\u2014
5,296
\u2014
\u2014
5,296
Financial asset investments
22
72
2,723
\u2014
\u2014
2,795
Investment in insurance structure
24
\u2014
1,578
\u2014
\u2014
1,578
Derivative financial instruments
23
\u2014
508
\u2014
\u2014
508
Trade and other receivables2
19
2,984
\u2014
\u2014
\u2014
2,984
Cash and cash equivalents
20
6,071
\u2014
\u2014
\u2014
6,071
Total financial assets
9,127
10,105
\u2014
\u2014
19,232
Financial liabilities
Lease liabilities
28
\u2014
\u2014
(86)
\u2014
(86)
Derivative financial instruments
23
\u2014
\u2014
\u2014
(153)
(153)
Trade and other payables3
21
\u2014
\u2014
(4,789)
\u2014
(4,789)
Total financial liabilities
\u2014
\u2014
(4,875)
(153)
(5,028)
Net financial assets
9,127
10,105
(4,875)
(153)
14,204
1The carrying amounts of the financial assets held at amortised cost are deemed to approximate their fair values.
2Trade and other receivables exclude prepayments, other tax receivables and employee benefits.
3Trade and other payables exclude other tax and employee related payables, and deferred income.
2024
Financial assets
Financial liabilities
Total
Rand million
Notes
At amortised
cost 1
At FVPL
At amortised
cost
At FVPL
Financial assets
Environmental rehabilitation trusts
27
\u2014
4,266
\u2014
\u2014
4,266
Financial asset investments
22
125
2,152
\u2014
\u2014
2,277
Investment in insurance structure
24
\u2014
1,489
\u2014
\u2014
1,489
Trade and other receivables2
19
3,916
\u2014
\u2014
\u2014
3,916
Cash and cash equivalents
20
10,103
\u2014
\u2014
\u2014
10,103
Total financial assets
14,144
7,907
\u2014
\u2014
22,051
Financial liabilities
Lease liabilities
28
\u2014
\u2014
(50)
\u2014
(50)
Derivative financial instruments3
23
\u2014
\u2014
\u2014
(462)
(462)
Trade and other payables4
21
\u2014
\u2014
(4,150)
\u2014
(4,150)
Total financial liabilities
\u2014
\u2014
(4,200)
(462)
(4,662)
Net financial assets
14,144
7,907
(4,200)
(462)
17,389
1The carrying amounts of the financial assets held at amortised cost are deemed to approximate their fair values.
2Trade and other receivables exclude prepayments, other tax receivables and employee benefits.
3Derivative financial instruments were incorrectly reflected within financial assets at FVPL rather than financial liabilities at FVPL in the year ended\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 December 2024. The comparative has been re-presented to correctly disclose the derivative financial instruments as financial liabilities at FVPL. This
disclosure\u00a0does not impact any other lines in the consolidated financial statements.
4Trade and other payables exclude other tax and employee related payables, and deferred income.
Fair value hierarchy
IFRS 13 defines a fair value hierarchy to be applied to financial instruments measured at fair value, based on the inputs
used to measure their fair value.
The financial instruments carried at fair value can be analysed in terms of the fair value hierarchy as follows:
2025
Rand million
Notes
Level 2
Level 3
Total
Financial assets
Environmental rehabilitation trusts
27
5,296
\u2014
5,296
Financial asset investments at FVPL
22
2,723
\u2014
2,723
Investment in insurance structure
24
\u2014
1,578
1,578
Derivative financial instruments
23
508
\u2014
508
Financial liabilities
Derivative financial instruments
23
\u2014
(153)
(153)
Net financial assets carried at fair value
8,527
1,425
9,952
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
25.FINANCIAL INSTRUMENTS CONTINUED
Fair value hierarchy continued
The financial instruments carried at fair value can be analysed in terms of the fair value hierarchy as follows continued:
2024
Rand million
Notes
Level 2
Level 3
Total
Financial assets
Environmental rehabilitation trusts
27
4,266
\u2014
4,266
Financial asset investments at FVPL
22
2,152
\u2014
2,152
Investment in insurance structure
24
\u2014
1,489
1,489
Financial liabilities
Derivative financial instruments
23
(462)
\u2014
(462)
Net financial assets carried at fair value
5,956
1,489
7,445
There were no transfers of financial instruments between level 2 and level 3 in the years presented.
The fair value hierarchy as included in IFRS 13 is as follows:
Fair value hierarchy
Valuation technique
Level 1
The fair value is based on quoted prices in active markets for identical financial instruments
Level 2
The fair value is determined using directly observable inputs other than level 1 inputs
Level 3
The fair value is determined on inputs not based on observable market data
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-410": { "value": "
23.DERIVATIVE FINANCIAL INSTRUMENTS
Derivative financial instruments consist of derivatives recognised in relation to the acquisition of the additional interest
in\u00a0the Ensham Business and assets or liabilities related to contracts for the forward sales of foreign currency.
Accounting policy
Derivative financial instruments are classified as financial instruments measured at FVPL. The fair value gains and
losses\u00a0on subsequent measurement are recognised in profit or loss each year. All derivatives are held in the statement
of\u00a0financial position and they are classified as current or non-current depending on the contractual maturity of the
derivative.
The movement in the derivative financial instruments held by the Group can be analysed as follows:
Rand million
Note
2025
2024
Balance at the start of the reporting period
(462)
66
Derivatives related to the acquisition of the additional interest
in\u00a0the\u00a0Ensham Business
(128)
\u2014
Contingent deferred consideration
15
(136)
\u2014
Favourable customer contracts
15
8
\u2014
Cash inflow on settlement of forward sales of foreign currency
(1,309)
(905)
Realised and unrealised fair value gains on forward sales of
foreign currency
9
2,281
377
Fair value losses on acquisition-related derivatives
(32)
\u2014
Contingent deferred consideration
15
(24)
\u2014
Favourable customer contracts
15
(8)
\u2014
Currency movements
5
\u2014
Balance at the end of the reporting period
355
(462)
Classified as:
Current derivative financial asset/(liability) related to forward sales of
foreign currency
508
(462)
Non-current acquisition-related derivative financial liability
15
(153)
\u2014
Acquisition-related derivatives
Derivative financial instruments have been recognised in relation to the acquisition of the additional interest in the
Ensham Business in line with the underlying contractual agreements. Refer to note 15 for further detail.
Forward sales of foreign currency
The Group is exposed to fluctuations in the exchange rate of the US dollar to both the South African rand and the
Australian dollar, as the majority of our export revenue is settled in US dollars. The expenses of the operations are
predominantly in the\u00a0underlying local currencies, meaning the amounts received in US\u00a0dollars are required to be
converted to fulfil our ongoing liquidity requirements. In order to manage our risk exposure on these conversions, various
contracts are entered into to convert the US\u00a0dollars received to South African rand or Australian dollars at future dates.
The conversions are predominantly done through foreign exchange contracts (FECs), geared collar contracts and target
redemption forwards (TARFs), which will settle at future dates. A geared collar consists of a purchased put option and
a\u00a0written call option, providing downside protection up to a certain level, while sacrificing upside gains beyond the
level of the call option. A TARF is a structured derivative instrument that provides a fixed exchange rate for a series of
future settlements, subject to a predefined strike price. The contractual commitment in the TARF is limited to a maximum
number of conversions, based on the cumulative differential between the spot rate and the strike price at each settlement
date \u2013 as a result, the full contractual commitment is unlikely to be realised.
The contracts are short term in nature, recognising the need to convert US\u00a0dollars into the local functional currency for
operational requirements. All contracts entered into during the year had minimum conversion rates above the spot rate
on the date of contracting, yielding positive cash flow returns on these contracts.
The contracts are considered to be derivative financial instruments and are measured at FVPL, with the fair value
movements being recognised in net finance income.
The fair value of the contracts on settlement is determined by comparing the spot exchange rate on the settlement date
to\u00a0the contractual conversion rate.
The fair value of open FECs is\u00a0determined by comparing the contractual rate at which the transaction was entered
into,\u00a0to the forward exchange rate curve as at the reporting date. The fair value of open geared collars and TARFs
is\u00a0determined using Black-Scholes models, taking into account market-observable inputs, including spot exchange
rates,\u00a0forward curves, implied volatilities, and discount factors. Independent valuations are obtained for these
instruments, which are reviewed against relevant available\u00a0information.
Forward sales of foreign currency settled in the year can be analysed as follows:
2025
AU$:US$
ZAR:US$
Total currency contracted (US$ million)
104
1,063
Contractual conversion rate (AU$:US$ | ZAR:US$)
1.54 \u2013 1.55
17.28 \u2013 19.91
Spot exchange rate on settlement (AU$:US$ | ZAR:US$)
1.49 \u2013 1.55
16.59 \u2013 19.77
Settlement dates (2025)
July \u2013 December
January \u2013
December
Cash inflow on settlement (Rand million)
21
1,288
2024
ZAR:US$
Total currency contracted (US$ million)
1,105
Contractual conversion rate (ZAR:US$)
18.64 \u2013 19.72
Spot exchange rate on settlement (ZAR:US$)
17.17 \u2013 19.27
Settlement dates (2024)
January \u2013
December
Cash inflow on settlement (Rand million)
905
Open forward sales of foreign currency at the reporting date can be analysed as follows:
2025
AU$:US$
ZAR:US$
Total currency contracted (US$ million)
179
1,040
Contractual conversion rate (AU$:US$ | ZAR:US$)
1.52 \u2013 1.54
18.50 \u2013 19.75
Forward exchange rate at the reporting date (AU$:US$ | ZAR:US$)
1.50
16.62 \u2013 17.05
Spot exchange rate at the reporting date (AU$:US$ | ZAR:US$)
1.49
16.57
Volatility applied at the reporting date (%)
\u2014
8.6 \u2013 11
Settlement dates (2026)
January \u2013\u00a0
October
January \u2013
December
Unrealised fair value gains on derivative financial instruments (Rand\u00a0million)
64
444
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
23.DERIVATIVE FINANCIAL INSTRUMENTS CONTINUED
Forward sales of foreign currency continued
Open forward sales of foreign currency at the reporting date can be analysed as follows continued:
2024
ZAR:US$
Total currency contracted (US$ million)
1,210
Contractual conversion rate (ZAR:US$)
18.22 \u2013 20.00
Forward exchange rate at the reporting date (ZAR:US$)
18.92 \u2013 19.49
Spot exchange rate at the reporting date (ZAR:US$)
18.87
Volatility applied at the reporting date (%)
13 \u2013 14
Settlement dates (2025)
January \u2013
December
Unrealised fair value losses on derivative financial instruments (Rand\u00a0million)
(462)
While the open forward sales of foreign currency detailed in this note reflect the maximum exposure on the underlying
contracts, it\u00a0is\u00a0unlikely that the full contractual commitment will be realised based on the market conditions up to the
settlement dates. The settlement will be based on the spot prices at the time of settlement compared to the strike prices
in\u00a0the contract.
The table below reflects our estimate of the likely settlement of these contracts at the reporting date:
2026
January \u2013
March
April \u2013
June
July \u2013
September
October \u2013
December
Total
FECs \u2013 AU$:US$
US$ million
72
46
41
20
179
AU$:US$
1.53
1.53
1.54
1.54
1.53
TARFs \u2013 ZAR:US$
US$ million
140
20
\u2014
\u2014
160
ZAR:US$
18.52
18.50
\u2014
\u2014
18.52
Geared collars \u2013 ZAR:US$
US$ million
60
20
\u2014
\u2014
80
ZAR:US$
19.50
16.35
\u2014
\u2014
18.71
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-411": { "value": "
Accounting policy
Derivative financial instruments are classified as financial instruments measured at FVPL. The fair value gains and
losses\u00a0on subsequent measurement are recognised in profit or loss each year. All derivatives are held in the statement
of\u00a0financial position and they are classified as current or non-current depending on the contractual maturity of the
derivative.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-412": { "value": "
24.INVESTMENT IN INSURANCE STRUCTURE
The Group has invested in a self-insurance structure with an independent financial institution through a cell captive
mechanism (the cell). This was completed through an investment in preference shares in an identifiable cell captive
with\u00a0the\u00a0financial institution.
Accounting policy
The Group does not have control of the insurance cell captive arrangement, based on the rights conferred by the
preference shares and underlying agreements. The results of the cell have not been consolidated on\u00a0this\u00a0basis.
The terms of the agreements related to the cell do not result in the Group being exposed to insurance risk, as cover
is\u00a0limited to a maximum of the amount contributed, adjusted for movements in the fair value of the cell. The transaction
is\u00a0thus considered an investment in preference shares and is a financial asset measured at FVPL.
The investment in preference shares is measured at fair value at each reporting date, with changes in the fair value
recognised in net finance income.
The investment in insurance structure can be analysed as follows:
Rand million
2025
2024
Balance at the start of the reporting period
1,489
1,445
Fair value movements
89
44
Balance at the end of the reporting period
1,578
1,489
Thungela has a self-insurance arrangement through an investment into the preference shares of a separately identifiable
cell captive structure. The cell is managed by an external financial institution and provides insurance cover for first-party
risks, up to a maximum amount of the total contributions, adjusted for changes in the fair value of the underlying
investment.
The initial investment in the cell results in a minimum period of insurance of three years, ending in 2026, which can be
extended at the end of the current term. Each year, the Group, along with the financial institution, will reassess the value
of assets held in the cell against the required levels of insurance cover, and make additional contributions as needed.
No\u00a0additional contributions have been made in the years presented. Additional contributions may also be required to
the extent that claims are made. If\u00a0the value of claims made exceed the total assets held in the cell, the Group will have
the option to either recapitalise the cell, or to unwind the structure.
The cell may enter into reinsurance agreements to cover potential losses, which will either impact the fair value of the
investment, or be expensed as incurred by the Group.
The amount contributed by the Group into the cell is pooled by the financial institution with other available funds to
maximise the return on investment. Fair value movements on the investment may include interest, dividends and capital
growth, which are offset by costs incurred, and are externally confirmed at the reporting date.
Sensitivity analysis
The Group\u2019s investment in insurance structure is exposed to interest rate fluctuations and other market factors linked to
the\u00a0contributed funds that are pooled by the financial institution.
The impact that a reasonably possible change in these inputs would have on the statement of profit or loss and other
comprehensive income can be analysed as follows:
Rand million
2025
2024
1.0% increase in interest rate
14
13
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-413": { "value": "
Accounting policy
The Group does not have control of the insurance cell captive arrangement, based on the rights conferred by the
preference shares and underlying agreements. The results of the cell have not been consolidated on\u00a0this\u00a0basis.
The terms of the agreements related to the cell do not result in the Group being exposed to insurance risk, as cover
is\u00a0limited to a maximum of the amount contributed, adjusted for movements in the fair value of the cell. The transaction
is\u00a0thus considered an investment in preference shares and is a financial asset measured at FVPL.
The investment in preference shares is measured at fair value at each reporting date, with changes in the fair value
recognised in net finance income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-414": { "value": "
Accounting policy
For financial assets and liabilities that are traded on an active market, such as listed investments, fair value is determined
by reference to the market price. For non-traded financial assets and liabilities, fair value is calculated using discounted
cash flows, considered to be reasonable and consistent with those that would be used by a market participant and
based on observable market data that is readily available (for example, forward exchange rates, interest rates or
commodity price curves).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-415": { "value": "
Fair value hierarchy
IFRS 13 defines a fair value hierarchy to be applied to financial instruments measured at fair value, based on the inputs
used to measure their fair value.
The financial instruments carried at fair value can be analysed in terms of the fair value hierarchy as follows:
2025
Rand million
Notes
Level 2
Level 3
Total
Financial assets
Environmental rehabilitation trusts
27
5,296
\u2014
5,296
Financial asset investments at FVPL
22
2,723
\u2014
2,723
Investment in insurance structure
24
\u2014
1,578
1,578
Derivative financial instruments
23
508
\u2014
508
Financial liabilities
Derivative financial instruments
23
\u2014
(153)
(153)
Net financial assets carried at fair value
8,527
1,425
9,952
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
25.FINANCIAL INSTRUMENTS CONTINUED
Fair value hierarchy continued
The financial instruments carried at fair value can be analysed in terms of the fair value hierarchy as follows continued:
2024
Rand million
Notes
Level 2
Level 3
Total
Financial assets
Environmental rehabilitation trusts
27
4,266
\u2014
4,266
Financial asset investments at FVPL
22
2,152
\u2014
2,152
Investment in insurance structure
24
\u2014
1,489
1,489
Financial liabilities
Derivative financial instruments
23
(462)
\u2014
(462)
Net financial assets carried at fair value
5,956
1,489
7,445
There were no transfers of financial instruments between level 2 and level 3 in the years presented.
The fair value hierarchy as included in IFRS 13 is as follows:
Fair value hierarchy
Valuation technique
Level 1
The fair value is based on quoted prices in active markets for identical financial instruments
Level 2
The fair value is determined using directly observable inputs other than level 1 inputs
Level 3
The fair value is determined on inputs not based on observable market data
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-416": { "value": "
26.FINANCIAL RISK MANAGEMENT
The Thungela board and the Group executive committee approve and monitor the risk management processes,
including documented treasury policies, counterparty limits and reporting structures.
The types of risk exposure, the way such exposure is managed and quantification of the level of exposure in the
statement of financial position are monitored by the Group on an ongoing basis.
Credit risk
Credit risk is the risk that a counterparty to a financial asset may cause a loss to the Group by failing to pay
its\u00a0obligation.
The Group\u2019s maximum exposure to credit risk from our financial assets can be analysed as follows:
Rand million
Notes
2025
2024
Environmental rehabilitation trusts
27
5,296
4,266
Financial asset investments at FVPL
22
2,723
2,152
Financial asset investments at amortised cost
22
72
125
Investment in insurance structure
24
1,578
1,489
Trade and other receivables1
19
2,984
3,916
Cash and cash equivalents
20
6,071
10,103
Total financial assets exposed to credit risk
18,724
22,051
1Trade and other receivables exclude prepayments, other tax receivables and employee benefits.
The environmental rehabilitation trusts\u2019 assets are managed by a reputable fund manager under an agreed mandate.
The mandate is formulated to be consistent with the Group\u2019s risk management policies and hence investments are only
made in high-quality instruments and adequate diversity is maintained. Refer to note 27 for further detail.
Financial asset investments at FVPL, being the other environmental investments, relate to long-term investments held
in\u00a0order to secure the guarantees required to further fund the financial provisioning requirements in relation to the
environmental provisions in South Africa and Australia. Refer to note 27 for further detail.
The investment in insurance structure relates to Thungela\u2019s investment in preference shares issued by a financial institution,
in a separately identifiable cell captive structure. Refer to note 24 for further detail.
Trade and other receivables relate to receivables arising in the ordinary course of business. Details of the credit quality
and credit risk of trade receivables and the associated provisions for expected credit losses are disclosed in note 19.
Cash and cash equivalents represent cash held to fund the normal operations of the Group, including relevant short-term
investments held with banks in the countries where we operate. Refer to note 20 for further detail.
Liquidity risk
Liquidity risk is the risk that the Group may encounter difficulty in meeting the obligations associated with our financial
liabilities that are settled by delivering cash or another financial asset.
Thungela\u2019s approach to managing liquidity is to ensure, as far as possible, that we will always have sufficient liquidity
to\u00a0meet our liabilities when due, under normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Group\u2019s reputation. We review the cash flow forecasts of the Group on a regular basis, taking into
consideration the adequacy of reserves and banking facilities, including considering stressed scenarios impacted by
coal price and foreign exchange rate volatility, rail and infrastructure performance levels, and other reasonably possible
risk scenarios.
The Group has undrawn facilities of R3,200 million (2024: R3,200 million) held with reputable financial institutions.
These are unsecured facilities and are available to us until February 2028.
The ultimate responsibility for liquidity risk management rests with the Thungela board of directors, which has built
appropriate liquidity risk management tools for the management of our short, medium and long-term liquidity
management requirements. The Group has no long-term external borrowings, given our robust financial position
at\u00a031\u00a0December 2025.
The Group is exposed to liquidity risk through our financial liabilities as follows:
\u2022 The majority of our trade and other payables are due within one year. The remaining contractual cash outflows
are\u00a0the same as the carrying amount at the reporting date, as provided in note 21.
\u2022 The detailed maturity analysis, the carrying amount and undiscounted cash outflows related to lease liabilities
are\u00a0provided in note 28.
\u2022 The derivative financial instrument related to the contingent deferred consideration may be payable over the next
six\u00a0years based on sales from Ensham and certain coal price thresholds, as detailed in note 15.
Commodity risk
South Africa
Export revenue in South Africa is recognised once the coal is loaded onto the vessel at the RBCT, and is based on the
average Richards Bay Benchmark coal price for the month of loading, adjusted for specific grade and quality discounts.
Pricing is not adjusted post the month of sale, and thus trade receivables are not subject to changes in value based on
subsequent changes in the Richards Bay Benchmark coal price.
Australia
Revenue in Australia is recognised once the coal is loaded onto the vessel at the Port of Gladstone, or once coal is
delivered to the customers\u2019 premises for sales in Australia. Sales prices for selected customers are contractually fixed
each year, and are negotiated based on the Newcastle Benchmark coal price at a specific point in time. The remaining
revenue is determined with reference to the average Newcastle Benchmark coal price in the month of loading, with
various adjustments for quality, grade and calorific value. Pricing is not adjusted post the month of sale, and thus trade
receivables are not subject to changes in value based on subsequent changes in the Newcastle Benchmark coal price.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
26.FINANCIAL RISK MANAGEMENT CONTINUED
Foreign exchange risk
The Group is exposed to fluctuations in the exchange rates of various currencies, based on our ongoing operations.
Key areas of exposure arise as a result of the following:
\u2022 The export revenue, and resultant receivables, generated in South Africa being denominated and settled in
US\u00a0dollars.
\u2022 The revenue, and resultant receivables, generated in Australia being denominated and settled in either US\u00a0dollars
or\u00a0Australian dollars.
\u2022 Cash and cash equivalents held in various currencies in the countries in which we operate, as detailed in note 20.
\u2022 The consolidation of the net assets of our foreign subsidiaries and conversion of their results from their functional
currency to South African rand, which is the presentation currency of the Group.
The Group\u2019s material exposure to foreign currency risk can be analysed as follows:
US$ million
2025
2024
Trade receivables
112
133
Cash and cash equivalents
174
225
Total US$ exposure
286
358
AU$ million
2025
2024
Trade receivables
12
\u2014
Cash and cash equivalents
43
146
Net asset value of the Ensham Business1
183
287
Total AU$ exposure
238
433
1The net asset value of the Ensham Business is reflected net of trade receivables and cash and cash equivalents, which are reflected separately, and intra-group
transactions. The impact of the exposure to foreign currency risk on the net asset value would be recognised in other comprehensive income, through the foreign
currency translation reserve.
Sensitivity analysis
The following analysis is intended to illustrate the sensitivity to changes in exchange rates of relevant major currencies
to\u00a0the South African rand, with the impact on the statement of profit or loss and other comprehensive income being
as\u00a0follows:
Rand million
2025
2024
10% increase in ZAR:US$ exchange rate
473
614
10% increase in ZAR:AU$ exchange rate
262
506
The sensitivities are calculated with reference to a single moment in time and are subject to change due to a number of
factors, including fluctuating underlying balances. The effect of a 10% decrease in the exchange rates to the South
African rand will have an equal but opposite effect at the reporting date.
Capital management
The capital structure of the Group consists of cash and cash equivalents, equity attributable to the shareholders of the
Group, which comprises stated capital, retained earnings, and other reserves disclosed in the consolidated statement
of\u00a0changes in equity, as well as debt, consisting of lease liabilities.
The Group\u2019s capital management objective is to safeguard our ability to meet our liquidity requirements (including
commitments in respect of capital expenditure) and continue as a going concern.
On an annual basis, Thungela updates our long-term business plan and these outputs are then incorporated into the
budget process. The Group\u2019s capital expenditure included in the budget process is targeted to be funded from cash
generated from operations. In accordance with the credit facility agreements in place, the Group is subject to specific
covenant obligations. The credit facilities remain undrawn at the reporting date and we have complied with all
covenants for the period under review.
Any capital that exceeds the operational and liquidity requirements will be assessed against all available opportunities
by applying our investment evaluation criteria and, where appropriate, we may make additional distributions to
shareholders. These decisions will be evaluated through Thungela\u2019s internal decision-making structures before being
approved by the board where required.
Offset of financial assets and liabilities
Financial assets and liabilities are offset and the net amount is reported in the statement of financial position when there
is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or to
realise the asset and settle the liability simultaneously. No material amounts have been offset in the statement of financial
position or associated with enforceable master netting agreements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-417": { "value": "
Credit risk
Credit risk is the risk that a counterparty to a financial asset may cause a loss to the Group by failing to pay
its\u00a0obligation.
The Group\u2019s maximum exposure to credit risk from our financial assets can be analysed as follows:
Rand million
Notes
2025
2024
Environmental rehabilitation trusts
27
5,296
4,266
Financial asset investments at FVPL
22
2,723
2,152
Financial asset investments at amortised cost
22
72
125
Investment in insurance structure
24
1,578
1,489
Trade and other receivables1
19
2,984
3,916
Cash and cash equivalents
20
6,071
10,103
Total financial assets exposed to credit risk
18,724
22,051
1Trade and other receivables exclude prepayments, other tax receivables and employee benefits.
The environmental rehabilitation trusts\u2019 assets are managed by a reputable fund manager under an agreed mandate.
The mandate is formulated to be consistent with the Group\u2019s risk management policies and hence investments are only
made in high-quality instruments and adequate diversity is maintained. Refer to note 27 for further detail.
Financial asset investments at FVPL, being the other environmental investments, relate to long-term investments held
in\u00a0order to secure the guarantees required to further fund the financial provisioning requirements in relation to the
environmental provisions in South Africa and Australia. Refer to note 27 for further detail.
The investment in insurance structure relates to Thungela\u2019s investment in preference shares issued by a financial institution,
in a separately identifiable cell captive structure. Refer to note 24 for further detail.
Trade and other receivables relate to receivables arising in the ordinary course of business. Details of the credit quality
and credit risk of trade receivables and the associated provisions for expected credit losses are disclosed in note 19.
Cash and cash equivalents represent cash held to fund the normal operations of the Group, including relevant short-term
investments held with banks in the countries where we operate. Refer to note 20 for further detail.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-418": { "value": "
Liquidity risk
Liquidity risk is the risk that the Group may encounter difficulty in meeting the obligations associated with our financial
liabilities that are settled by delivering cash or another financial asset.
Thungela\u2019s approach to managing liquidity is to ensure, as far as possible, that we will always have sufficient liquidity
to\u00a0meet our liabilities when due, under normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Group\u2019s reputation. We review the cash flow forecasts of the Group on a regular basis, taking into
consideration the adequacy of reserves and banking facilities, including considering stressed scenarios impacted by
coal price and foreign exchange rate volatility, rail and infrastructure performance levels, and other reasonably possible
risk scenarios.
The Group has undrawn facilities of R3,200 million (2024: R3,200 million) held with reputable financial institutions.
These are unsecured facilities and are available to us until February 2028.
The ultimate responsibility for liquidity risk management rests with the Thungela board of directors, which has built
appropriate liquidity risk management tools for the management of our short, medium and long-term liquidity
management requirements. The Group has no long-term external borrowings, given our robust financial position
at\u00a031\u00a0December 2025.
The Group is exposed to liquidity risk through our financial liabilities as follows:
\u2022 The majority of our trade and other payables are due within one year. The remaining contractual cash outflows
are\u00a0the same as the carrying amount at the reporting date, as provided in note 21.
\u2022 The detailed maturity analysis, the carrying amount and undiscounted cash outflows related to lease liabilities
are\u00a0provided in note 28.
\u2022 The derivative financial instrument related to the contingent deferred consideration may be payable over the next
six\u00a0years based on sales from Ensham and certain coal price thresholds, as detailed in note 15.
Commodity risk
South Africa
Export revenue in South Africa is recognised once the coal is loaded onto the vessel at the RBCT, and is based on the
average Richards Bay Benchmark coal price for the month of loading, adjusted for specific grade and quality discounts.
Pricing is not adjusted post the month of sale, and thus trade receivables are not subject to changes in value based on
subsequent changes in the Richards Bay Benchmark coal price.
Australia
Revenue in Australia is recognised once the coal is loaded onto the vessel at the Port of Gladstone, or once coal is
delivered to the customers\u2019 premises for sales in Australia. Sales prices for selected customers are contractually fixed
each year, and are negotiated based on the Newcastle Benchmark coal price at a specific point in time. The remaining
revenue is determined with reference to the average Newcastle Benchmark coal price in the month of loading, with
various adjustments for quality, grade and calorific value. Pricing is not adjusted post the month of sale, and thus trade
receivables are not subject to changes in value based on subsequent changes in the Newcastle Benchmark coal price.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
26.FINANCIAL RISK MANAGEMENT CONTINUED
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-419": { "value": "
Foreign exchange risk
The Group is exposed to fluctuations in the exchange rates of various currencies, based on our ongoing operations.
Key areas of exposure arise as a result of the following:
\u2022 The export revenue, and resultant receivables, generated in South Africa being denominated and settled in
US\u00a0dollars.
\u2022 The revenue, and resultant receivables, generated in Australia being denominated and settled in either US\u00a0dollars
or\u00a0Australian dollars.
\u2022 Cash and cash equivalents held in various currencies in the countries in which we operate, as detailed in note 20.
\u2022 The consolidation of the net assets of our foreign subsidiaries and conversion of their results from their functional
currency to South African rand, which is the presentation currency of the Group.
The Group\u2019s material exposure to foreign currency risk can be analysed as follows:
US$ million
2025
2024
Trade receivables
112
133
Cash and cash equivalents
174
225
Total US$ exposure
286
358
AU$ million
2025
2024
Trade receivables
12
\u2014
Cash and cash equivalents
43
146
Net asset value of the Ensham Business1
183
287
Total AU$ exposure
238
433
1The net asset value of the Ensham Business is reflected net of trade receivables and cash and cash equivalents, which are reflected separately, and intra-group
transactions. The impact of the exposure to foreign currency risk on the net asset value would be recognised in other comprehensive income, through the foreign
currency translation reserve.
Sensitivity analysis
The following analysis is intended to illustrate the sensitivity to changes in exchange rates of relevant major currencies
to\u00a0the South African rand, with the impact on the statement of profit or loss and other comprehensive income being
as\u00a0follows:
Rand million
2025
2024
10% increase in ZAR:US$ exchange rate
473
614
10% increase in ZAR:AU$ exchange rate
262
506
The sensitivities are calculated with reference to a single moment in time and are subject to change due to a number of
factors, including fluctuating underlying balances. The effect of a 10% decrease in the exchange rates to the South
African rand will have an equal but opposite effect at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-420": { "value": "
Capital management
The capital structure of the Group consists of cash and cash equivalents, equity attributable to the shareholders of the
Group, which comprises stated capital, retained earnings, and other reserves disclosed in the consolidated statement
of\u00a0changes in equity, as well as debt, consisting of lease liabilities.
The Group\u2019s capital management objective is to safeguard our ability to meet our liquidity requirements (including
commitments in respect of capital expenditure) and continue as a going concern.
On an annual basis, Thungela updates our long-term business plan and these outputs are then incorporated into the
budget process. The Group\u2019s capital expenditure included in the budget process is targeted to be funded from cash
generated from operations. In accordance with the credit facility agreements in place, the Group is subject to specific
covenant obligations. The credit facilities remain undrawn at the reporting date and we have complied with all
covenants for the period under review.
Any capital that exceeds the operational and liquidity requirements will be assessed against all available opportunities
by applying our investment evaluation criteria and, where appropriate, we may make additional distributions to
shareholders. These decisions will be evaluated through Thungela\u2019s internal decision-making structures before being
approved by the board where required.
Offset of financial assets and liabilities
Financial assets and liabilities are offset and the net amount is reported in the statement of financial position when there
is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or to
realise the asset and settle the liability simultaneously. No material amounts have been offset in the statement of financial
position or associated with enforceable master netting agreements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-421": { "value": "
Offset of financial assets and liabilities
Financial assets and liabilities are offset and the net amount is reported in the statement of financial position when there
is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or to
realise the asset and settle the liability simultaneously. No material amounts have been offset in the statement of financial
position or associated with enforceable master netting agreements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-422": { "value": "
27.ENVIRONMENTAL AND OTHER PROVISIONS
The Group has raised several provisions in relation to our obligations at the reporting date. These comprise
environmental provisions in relation to our obligation to perform rehabilitation and decommissioning activities,
contributions to the Nkulo Community Partnership Trust, and various other provisions in relation to contractual
obligations.
Accounting policy
Environmental provisions
An obligation to incur environmental restoration, rehabilitation and decommissioning costs arises when environmental
disturbances are caused by the development or ongoing production of a mining asset. Costs for the restoration of site
disturbances, rehabilitation, remediation and environmental monitoring activities, including water treatment costs where
required, are estimated using the work of external consultants in conjunction with internal experts.
Such costs arising from the decommissioning of infrastructure and other site preparation work, discounted to their net
present value, are provided for and capitalised at the start of each project, as soon as the obligation to incur these
costs\u00a0arises. These costs are recognised in the statement of profit or loss and other comprehensive income over the life
of\u00a0the operation, through the depreciation of the asset and the unwinding of the discount on the provision. Costs for the
restoration of subsequent site disturbances, which are created on an ongoing basis during production, are provided for
at their net present values and recognised in the statement of profit or loss and other comprehensive income as
extraction progresses.
The amount recognised as a provision represents our best estimate of the costs required to complete the restoration
and\u00a0rehabilitation activities, the application of the relevant regulatory framework and the timing of expenditure. These
estimates are inherently uncertain and could materially change over time. Changes in the measurement of the provisions
relating to the decommissioning of infrastructure or other site preparation work are added to or deducted from the cost
of the related asset in the current period. If a decrease in the provision exceeds the carrying amount of the asset, the
excess is recognised immediately in the statement of profit or loss and other comprehensive income.
Environmental rehabilitation trusts
Contributions have historically been made to dedicated environmental rehabilitation trusts to fund the estimated cost
of\u00a0rehabilitation and restoration activities for premature closure and end of life closure of the relevant mines, and as
required thereafter. The Group exercises full control of these trusts and therefore the trusts are consolidated. The trusts\u2019
assets are disclosed separately in the statement of financial position as non-current assets.
The trusts\u2019 assets are held in unit trusts through a reputable investment manager and are classified as FVPL financial
assets. Fair value gains and losses are recognised as they are generated in net finance income.
Other environmental investments
The Group has agreements with financial institutions to provide financial guarantees or sureties related to funding the
costs of rehabilitation and restoration activities. A portion of the premium contributions made under these agreements
is\u00a0invested and held as collateral against the financial guarantees. Contributions are invested in either money market
funds or interest-linked corporate accounts, and are classified as FVPL financial assets.
The other environmental investments are recognised as financial asset investments, as disclosed in note 22, and fair
value gains and losses are recognised as they are generated in net finance income.
Nkulo Community Partnership Trust
The Group founded the Nkulo Community Partnership Trust (also referred to as the trust) in June 2021, which subscribed
for 5.0% of the ordinary shares, as well as a C preference share, issued by SACO. The trust is managed by a board of
trustees comprised of both Thungela and community representatives.
The C preference share entitled the trust to a preference dividend of a minimum of R6 million per annum up to
2024,\u00a0subject to the availability of cash flows in SACO. The C preference share was redeemed in the year ended
31\u00a0December 2025 in line with the underlying contractual agreements with the trust. The trust is also entitled to
5.0%\u00a0of\u00a0the dividends declared by SACO on ordinary shares. The Group recognises a provision for the constructive
obligation it has to the beneficiaries of the Nkulo Community Partnership Trust at the point that the dividends on
ordinary\u00a0shares are declared by SACO.
Other provisions
Other provisions related to contractual obligations are recognised when the Group has an obligation as a result of past
events. Other provisions are recognised at the best estimate of the expenditure required to settle the present obligation at
the reporting date, taking into account the time value of money where relevant.
Environmental and other provisions can be analysed as follows:
2025
Environmental provisions
Rand million
Environmental
rehabilitation
Decommissioning
Trust
contributions1
Other2
Total
Balance at the start of the reporting
period
11,416
534
756
213
12,919
Acquisition of the additional interest in
the Ensham Business3
761
\u2014
\u2014
3
764
Amounts (credited)/charged4
(22)
(31)
101
315
363
Adjustments to decommissioning assets
(6)
21
\u2014
\u2014
15
Unwinding of discount
869
49
\u2014
\u2014
918
Amounts applied5
(511)
\u2014
(19)
(311)
(841)
Reclassifications
\u2014
\u2014
\u2014
(31)
(31)
Disposal of operation
(28)
(3)
\u2014
\u2014
(31)
Currency movements
(278)
\u2014
\u2014
(3)
(281)
Balance at the end of the reporting
period
12,201
570
838
186
13,795
Classified as:
Current
378
3
838
179
1,398
Non-current
11,823
567
\u2014
7
12,397
1Trust contributions reflect amounts contributed to the Nkulo Community Partnership Trust, but not yet distributed to beneficiaries.
2Other provisions include amounts raised in relation to the ongoing restructuring process being undertaken by the Group.
3Refer to note 15 for further detail related to the acquisition of the additional interest in the Ensham Business.
4Amounts (credited)/charged to provisions relate to amounts recognised through the statement of profit or loss and other comprehensive income in relation
to\u00a0changes in the provisions in the reporting period.
5Amounts applied to provisions relate to cash paid to settle these obligations, which reduces the provision but is not charged through the statement of profit
or\u00a0loss\u00a0and\u00a0other comprehensive income.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
27.ENVIRONMENTAL AND OTHER PROVISIONS CONTINUED
Environmental and other provisions can be analysed as follows continued:
2024
Environmental provisions
Rand million
Environmental
rehabilitation
Decommissioning
Trust
contributions1
Other
Total
Balance at the start of the reporting
period
11,134
562
668
719
13,083
Amounts charged/(credited)2
880
(54)
94
(407)
513
Adjustments to decommissioning assets
52
(15)
\u2014
\u2014
37
Unwinding of discount
955
56
\u2014
3
1,014
Amounts applied3
(917)
\u2014
(6)
(93)
(1,016)
Disposal of investment in subsidiary4
(455)
(15)
\u2014
\u2014
(470)
Currency movements
(233)
\u2014
\u2014
(9)
(242)
Balance at the end of the reporting
period
11,416
534
756
213
12,919
Classified as:
Current
176
12
756
186
1,130
Non-current
11,240
522
\u2014
27
11,789
1Trust contributions reflect amounts contributed to the Nkulo Community Partnership Trust, but not yet distributed to beneficiaries.
2Amounts charged/(credited) to provisions relate to amounts recognised through the statement of profit or loss and other comprehensive income in relation
to\u00a0changes in the provisions in the reporting period.
3Amounts applied to provisions relate to cash paid to settle these obligations, which reduces the provision but is not charged through the statement of profit
or\u00a0loss\u00a0and other comprehensive income.
4Refer to note 16 for further detail related to the disposal of investment in subsidiary.
Environmental provisions
Thungela is obliged to undertake decommissioning, rehabilitation, remediation, closure and ongoing post-closure
monitoring activities when environmental impacts are caused by the development or ongoing production of a mining
property, as well as the decommissioning of infrastructure established on our operating sites. A provision is recognised
for the present value of\u00a0such costs, based on the Group\u2019s best estimate of the obligations that exist at the reporting date.
It is anticipated that most of these costs will be incurred over a period of up to 20 years post closure of the mines.
In\u00a0South Africa, water treatment costs may be incurred up to 50\u00a0years post closure of the mines. The environmental
rehabilitation and decommissioning provisions are collectively referred to as the \u2018environmental provisions\u2019. The
environmental provisions are determined per operating site, with the assistance of specialist independent environmental
consultants, and taking account of the current land disturbances and the expected costs of rehabilitation.
The disturbed areas and expected costs are reassessed each year and any required change in the environmental
provisions is recognised on the completion of the assessment. A non-cash credit of R53 million (2024: R826\u00a0million
charge) has been recognised in the statement of profit or loss and other comprehensive income, and a debit to the
decommissioning assets of R15 million (2024: R37 million) has been recognised related to the annual assessment
performed by the independent consultants, and other factors influencing the provisions. Across\u00a0our operations, increases
in the disturbed areas have been partially offset by the rehabilitation work performed in the year. The environmental
provisions are also impacted by the planned timing of rehabilitation activities, which factors into the net present value
recognised.
South Africa
In South Africa, the environmental provisions have been determined based on the legal obligations under the existing
Mineral and Petroleum Resources Development Regulations, 2004, published under the Mineral and Petroleum
Resources Development Act 28 of 2002 (MPRDA Regulations) as a base. This base is then adjusted for our
interpretation of the likely increase in costs required to transition to the NEMA Financial Provisioning Regulations,
for\u00a0example, costs related to the\u00a0ongoing pumping and treatment of polluted or extraneous water. The Group\u2019s
environmental provisions are in line with currently enforceable laws and regulations. The NEMA Financial Provisioning
Regulations, first published in 2015, have been subject to numerous amendments, with the latest draft thereof published
in July 2022. In 2024, the Minister in the Department of Forestry, Fisheries and the Environment published a notice of
intention to defer the transition date of these regulations, however a revised date was not published. We\u00a0await the
publication of the revised transition date.
The current draft of the NEMA Financial Provisioning Regulations intends to alter the way companies calculate the
financial provisioning required for environmental obligations, and it is likely that compliance with these regulations
will\u00a0substantially increase the required quantum of financial provisioning to be made by mining right holders with
existing operations. This likely increase is mainly attributable to the change that specifies that latent (or residual)
environmental impacts that may become known in the future will include the pumping and treatment of polluted
or\u00a0extraneous water.
It is important to note that financial provisioning as specified in the NEMA Financial Provisioning Regulations, as well
as\u00a0the currently enforceable MPRDA Regulations, does not translate into the environmental provisions as recognised in
the statement of financial position, but rather the level of cash or other funding required to be made available to fund
the\u00a0closure of our operations should the Group not be able to do so. The financial provisioning as required by the
current MPRDA Regulations amounts to\u00a0R5,061\u00a0million (2024: R4,807 million), compared to the total environmental
provisions recognised for our South African operations of R8,233 million (2024: R7,973 million). This difference is
due\u00a0to additional costs which we believe we are likely to incur through a combination of our interpretation of the
NEMA\u00a0Financial Provisioning Regulations, as well as actual costs to be incurred in the period up to, and post mine
closure, most significantly in relation to water treatment costs.
We have provided for water treatment costs using a combination of active and passive water treatment methods, based
on activities currently being performed at our operations. The NEMA Financial Provisioning Regulations require the
treatment of water to be provided for using the costs of currently available technologies which the DMPR has approved,
based on evidence that the technology is able to consistently achieve the discharge requirements.
Thungela continues actively working to prove the efficacy of passive water treatment technologies in collaboration with
academia and the relevant government departments. A 50,000 litre per day passive treatment demonstration plant,
commissioned in 2022, continues to yield positive results. We will continue to treat different water qualities to optimise
process parameters and inform the design of a full-scale plant.
Our long-term post-closure water management strategy includes nature-based solutions such as phytoremediation,
a\u00a0biological process that uses trees to stabilise water levels by taking up mine-impacted water and reducing ingress.
We\u00a0are\u00a0also creating artificial wetlands using Dongalock\u2122 technology, to improve the quality of seepage from mineral
residue facilities. This initiative has been rolled out in areas of the Goedehoop Colliery and the Kromdraai site at the
Khwezela\u00a0Colliery.
The NEMA Financial Provisioning Regulations, as well as the MPRDA Regulations, require the Group to make financial
provisioning available, which is set aside purely to fund the rehabilitation and decommissioning activities required, to
undertake the agreed work programmes, and rehabilitate the mining areas. This financial provisioning can be put aside
through a number of vehicles and cannot be accessed for the general use of the Group. Thungela currently maintains
the required financial provisioning through two mechanisms, being the environmental rehabilitation trusts and financial
guarantees held with financial institutions for the benefit of\u00a0the\u00a0DMPR.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
27.ENVIRONMENTAL AND OTHER PROVISIONS CONTINUED
Environmental provisions continued
South Africa continued
Environmental rehabilitation trusts
Investments held in the environmental rehabilitation trusts can be analysed as follows:
Rand million
2025
2024
Investments in unit trusts
5,296
4,266
Total environmental rehabilitation trusts
5,296
4,266
Balance at the start of the reporting period
4,266
3,740
Growth on assets
1,030
526
Balance at the end of the reporting period
5,296
4,266
The rehabilitation trusts aim to achieve their objectives by investing in a diversified portfolio of equity and debt securities
of predominantly South African listed companies, as well as South African sovereign and corporate debt, through unit
trust investments. Each mine\u2019s portfolio is managed separately according to each individual mine\u2019s risk and life-of-mine
profile. The fair value of the environmental rehabilitation trusts is determined based on an externally provided investment
statement, reflecting the market performance of the respective instruments in which the funds are invested.
Investments in the unit trusts are recognised as FVPL financial assets. The movement in the environmental rehabilitation
trusts\u2019 assets includes fair value movements as well as dividend and interest income, where applicable.
These funds are not available for the general use of Thungela and can only be accessed to the extent of actual
rehabilitation costs incurred, with approval from the DMPR. All income from these assets is reinvested to further
increase\u00a0the level of financial provisioning held as required by the MPRDA Regulations.
Other environmental investments
The Group also holds a significant value of guarantees to further contribute to the financial provisioning as required by
the MPRDA Regulations. These guarantees are primarily held with two financial institutions, and a portion of the annual
fee payable on these guarantees is invested into the green fund. The fair value of the other environmental investments
is\u00a0determined based on externally provided investment statements, reflecting the market performance of the underlying
money market funds in which the funds are invested. These investments are included in financial asset investments in
the\u00a0statement of financial position.
Other environmental investments in South Africa can be analysed as follows:
Rand million
2025
2024
Balance at the start of the reporting period
1,209
933
Contributions
203
209
Disposal of investment in subsidiary1
\u2014
(24)
Growth on assets
121
91
Balance at the end of the reporting period
1,533
1,209
1Refer to note 16 for further detail related to the disposal of investment in subsidiary.
The Group has invested an additional R203 million (2024: R204 million) to the long-term investments, referred to as the
green fund, with two financial institutions to secure the guarantees required to\u00a0further fund the financial provisioning as
required by the MPRDA Regulations. These investments are held as collateral in favour of the financial institutions for the
guarantees provided to the Group. The green fund requires an investment of 5.6% and 6.7% of the guarantee amounts
annually into the respective funds to reduce the value of the unfunded guarantees over the life of mine. Of the annual
investment amount required, 0.6% and 0.8%, respectively, is related to fees, which are not considered part of
the\u00a0investment.
The annual requirement for funding is expected to decrease as the investment value increases, however, the Group is
able to contribute to these funds in excess of the required annual investment amount in order to increase our financial
provisioning held, and to maximise our return on these investments.
These funds are not available for the general use of Thungela and can only be accessed to fulfil mine closure
obligations, or to the extent that the growth on these funds has exceeded the required annual investment amount.
The\u00a0growth on the funds is reinvested to further increase the level of financial provisioning held as required by the
MPRDA Regulations.
Thungela\u2019s exposure to our environmental obligations in South Africa can be analysed as follows:
Rand million
2025
2024
Environmental provisions
(8,233)
(7,973)
Environmental rehabilitation trusts
5,296
4,266
Other environmental investments
1,533
1,209
Guarantees
3,223
3,221
Total financial provisioning available
10,052
8,696
Real pre-tax discount rate (%)
4.0 \u2013 4.3
4.3 \u2013 5.0
The guarantees of R3,223 million (2024: R3,221 million) are primarily in place to meet any immediate closure
obligations under the existing MPRDA Regulations, and are issued in favour of the DMPR. Once Thungela has to
comply\u00a0with the NEMA Financial Provisioning Regulations, it is expected that the level of guarantees required to
be\u00a0held\u00a0as financial provisioning will increase, which, if required, may be sourced from the existing providers on
the\u00a0market\u00a0at similar terms to our current guarantees.
Australia
Mining companies in Queensland are required to rehabilitate land disturbed by mining to a safe, structurally stable, non-
polluting condition, which is able to sustain a post-mining land use. This rehabilitation must occur progressively
throughout the life of the mine.
Regulatory environment
Coal mining is considered an \u2018environmentally relevant activity\u2019 for the purposes of the Environmental Protection Act
1994 (Qld) (EPA). Accordingly, before a mining lease may be issued under the Mineral Resources Act 1989 (Qld)
for\u00a0the purposes of conducting coal mining, the leaseholder must, among other things, obtain an environmental authority
issued under the EPA.
One requirement for the issue of an environmental authority, in the case of large coal mines, is to submit a progressive
rehabilitation and closure plan and schedule (together \u2018the PRCP\u2019) for approval. The PRCP must include milestones for
carrying out environmentally relevant activities on the affected land in such a way that it maximises the progressive
rehabilitation of the land to a stable condition.
The PRCP must be prepared in accordance with the requirements set out in the EPA, as well as a detailed statutory
guideline issued by the Department of Environment, Science and Innovation (DESI), and may be amended, if required,
based on changes in the life-of-mine plan of the operation.
Under the EPA, the DESI must determine the environmental rehabilitation costs for the mining activity being undertaken
(environmental rehabilitation costs determination). The application must state the period to be covered in the
determination (determination period), as well as the estimate of the total cost of rehabilitation for the period, calculated
according to the methodology set out in the statutory guidelines.
The environmental rehabilitation costs determination will remain current for the determination period, unless an
application for a new determination is made at least three months before the determination period ends, in which
case\u00a0the environmental rehabilitation costs determination will remain current until the new determination has been made.
The most recent environmental rehabilitation costs determination for Ensham, which was issued in May\u00a02025 and
is\u00a0in\u00a0force\u00a0until August 2026, amounts to approximately R3,268 million (AUD297 million) (2024: R3,196 million
or\u00a0AUD274 million).
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
27.ENVIRONMENTAL AND OTHER PROVISIONS CONTINUED
Environmental provisions continued
Australia continued
Regulatory environment continued
Holders of environmental authorities for resource activities must contribute to the \u2018Financial Provisioning Scheme\u2019
established under the Mineral and Energy Resources (Financial Provisioning) Act 2018 (Qld) and the Mineral and
Energy Resources (Financial Provisioning) Regulation 2018. The nature and amount of the contribution to be made
by\u00a0a\u00a0holder is determined by the scheme manager, and will be based on the scheme manager\u2019s assessment of the
risk\u00a0of\u00a0the State of Queensland incurring costs and expenses because the holder has not rehabilitated or restored the
environment after carrying out the resource activities. The scheme manager may determine that this contribution is to
be\u00a0made by way of a payment into a pooled fund (pool), or the provision of a financial surety, or both.
To the extent that the scheme manager determines the contribution is to be made by payment into the pool, an annual
contribution into the pool of up to 2.8% of the environmental rehabilitation costs determination, depending on the risk
category allocated to the holder of the environmental authority, is required. However, to the extent that the scheme
manager determines that financial surety is required, the holder will be required to obtain this financial surety outside
of\u00a0the pool as a condition of holding the relevant mining lease. The scheme manager may be approached to reassess
the required contribution at any time.
Environmental provisions at Ensham
An assessment of the environmental liability for the rehabilitation of the Ensham Mine was prepared by an independent
third-party consultant. This assessment was done from first principles in the year ended 31 December 2024 based on
an understanding of various inputs, including the volume of material to be moved, the distance to be moved and the
method by which the rehabilitation would be completed, as well as the related costs. The costs to be incurred for
rehabilitation will be spent over the course of the PRCP as agreed with the DESI, which impacts the net present value
of\u00a0the liability recognised in the statement of financial position. Based on the assessment performed, the environmental
provisions recognised for Ensham amount to R4,538 million (2024: R3,977\u00a0million on an 85% basis).
Sungela and Thungela Resources Australia, as the owners of the mining leases related to the Ensham Mine, have not
yet\u00a0been accepted into the Queensland pool, however, this acceptance continues to be pursued. On this basis, we
are\u00a0required to\u00a0maintain financial surety for the current environmental rehabilitation costs determination of R3,268 million
or AUD297\u00a0million (2024: R3,196 million or AUD274\u00a0million).
Other environmental investments
The Group has contributed a further R275 million (2024: R970 million) to the long-term investments held through three
financial institutions to secure the required financial surety, issued in favour of the State of Queensland. These investments
are held in the name of the financial institutions to build up the required cash collateral for the rehabilitation liability over
the remaining life of mine.
The fair value of the other environmental investments is determined based on externally provided investment statements,
reflecting the net returns earned on the underlying contributions to the account in which the funds are invested. These
investments are included in financial asset investments in the statement of financial position.
Other environmental investments in Australia can be analysed as follows:
Rand million
2025
2024
Balance at the start of the reporting period
943
\u2014
Contributions
275
970
Growth on assets
32
12
Currency movements
(60)
(39)
Balance at the end of the reporting period
1,190
943
The surety agreements require an annual investment of between AUD10 million and AUD45 million over the next five
years, as well as an annual fee equivalent to 2.0% of the surety amount payable to the financial institutions, which is not
considered part of the investment. Should our application into the Queensland pool be successful, the annual investment
amounts may become discretionary, based on our assessment of the required funding.
These funds are not available for the general use of Thungela and can only be accessed to fulfil mine closure
obligations, or to the extent that the investment value has exceeded the environmental rehabilitation costs determination.
Thungela\u2019s exposure to our environmental obligations in Australia can be analysed as follows:
Rand million
2025
2024
Environmental provisions
(4,538)
(3,977)
Other environmental investments
1,190
943
Financial surety
3,268
3,196
Total financial provisioning available
4,458
4,139
Real pre-tax discount rate (%)
2.0
2.4
Thungela will continue to assess the required rehabilitation activities at the Ensham Mine, and ensure rehabilitation costs
and methods are optimised in line with our existing methods where possible.
Sensitivity analysis
The Group has determined that the expected cash flows and the discount rates used to value the environmental
provisions have a significant impact on the amounts recognised in the statement of financial position.
The impact that reasonably possible changes in these inputs, keeping all other inputs constant, would have on the
environmental provisions can be analysed as follows:
Rand million
2025
2024
5.0% increase in expected cash flows
651
666
0.5% increase in discount rate
(536)
(436)
Contingent liabilities
Thungela is subject to various claims that arise in the ordinary course of business. Additionally, Thungela has provided
indemnities against certain liabilities as part of agreements relating to sales or other disposals of business operations in
the\u00a0past. Having taken appropriate legal advice, the Group believes that any material liability arising from the
indemnities provided is remote.
Total financial guarantees amounting to R3,297 million (2024: R3,295 million) have been issued in South Africa in
favour of the DMPR and other counterparties, where relevant, including the amount identified for rehabilitation purposes
noted above. No financial guarantees are in place in Australia, other than the financial surety related to the
rehabilitation costs described above.
In 2023, Thungela was formally served with an application for certification for a class action in relation to coal workers\u2019
pneumoconiosis. The class action has not yet been certified and no provision has been raised in the consolidated
financial statements related to this matter.
No contingent liabilities were secured against the assets of Thungela for any of the years presented.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-423": { "value": "
Accounting policy
Environmental provisions
An obligation to incur environmental restoration, rehabilitation and decommissioning costs arises when environmental
disturbances are caused by the development or ongoing production of a mining asset. Costs for the restoration of site
disturbances, rehabilitation, remediation and environmental monitoring activities, including water treatment costs where
required, are estimated using the work of external consultants in conjunction with internal experts.
Such costs arising from the decommissioning of infrastructure and other site preparation work, discounted to their net
present value, are provided for and capitalised at the start of each project, as soon as the obligation to incur these
costs\u00a0arises. These costs are recognised in the statement of profit or loss and other comprehensive income over the life
of\u00a0the operation, through the depreciation of the asset and the unwinding of the discount on the provision. Costs for the
restoration of subsequent site disturbances, which are created on an ongoing basis during production, are provided for
at their net present values and recognised in the statement of profit or loss and other comprehensive income as
extraction progresses.
The amount recognised as a provision represents our best estimate of the costs required to complete the restoration
and\u00a0rehabilitation activities, the application of the relevant regulatory framework and the timing of expenditure. These
estimates are inherently uncertain and could materially change over time. Changes in the measurement of the provisions
relating to the decommissioning of infrastructure or other site preparation work are added to or deducted from the cost
of the related asset in the current period. If a decrease in the provision exceeds the carrying amount of the asset, the
excess is recognised immediately in the statement of profit or loss and other comprehensive income.
Environmental rehabilitation trusts
Contributions have historically been made to dedicated environmental rehabilitation trusts to fund the estimated cost
of\u00a0rehabilitation and restoration activities for premature closure and end of life closure of the relevant mines, and as
required thereafter. The Group exercises full control of these trusts and therefore the trusts are consolidated. The trusts\u2019
assets are disclosed separately in the statement of financial position as non-current assets.
The trusts\u2019 assets are held in unit trusts through a reputable investment manager and are classified as FVPL financial
assets. Fair value gains and losses are recognised as they are generated in net finance income.
Other environmental investments
The Group has agreements with financial institutions to provide financial guarantees or sureties related to funding the
costs of rehabilitation and restoration activities. A portion of the premium contributions made under these agreements
is\u00a0invested and held as collateral against the financial guarantees. Contributions are invested in either money market
funds or interest-linked corporate accounts, and are classified as FVPL financial assets.
The other environmental investments are recognised as financial asset investments, as disclosed in note 22, and fair
value gains and losses are recognised as they are generated in net finance income.
Nkulo Community Partnership Trust
The Group founded the Nkulo Community Partnership Trust (also referred to as the trust) in June 2021, which subscribed
for 5.0% of the ordinary shares, as well as a C preference share, issued by SACO. The trust is managed by a board of
trustees comprised of both Thungela and community representatives.
The C preference share entitled the trust to a preference dividend of a minimum of R6 million per annum up to
2024,\u00a0subject to the availability of cash flows in SACO. The C preference share was redeemed in the year ended
31\u00a0December 2025 in line with the underlying contractual agreements with the trust. The trust is also entitled to
5.0%\u00a0of\u00a0the dividends declared by SACO on ordinary shares. The Group recognises a provision for the constructive
obligation it has to the beneficiaries of the Nkulo Community Partnership Trust at the point that the dividends on
ordinary\u00a0shares are declared by SACO.
Other provisions
Other provisions related to contractual obligations are recognised when the Group has an obligation as a result of past
events. Other provisions are recognised at the best estimate of the expenditure required to settle the present obligation at
the reporting date, taking into account the time value of money where relevant.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-424": { "value": "
Contingent liabilities
Thungela is subject to various claims that arise in the ordinary course of business. Additionally, Thungela has provided
indemnities against certain liabilities as part of agreements relating to sales or other disposals of business operations in
the\u00a0past. Having taken appropriate legal advice, the Group believes that any material liability arising from the
indemnities provided is remote.
Total financial guarantees amounting to R3,297 million (2024: R3,295 million) have been issued in South Africa in
favour of the DMPR and other counterparties, where relevant, including the amount identified for rehabilitation purposes
noted above. No financial guarantees are in place in Australia, other than the financial surety related to the
rehabilitation costs described above.
In 2023, Thungela was formally served with an application for certification for a class action in relation to coal workers\u2019
pneumoconiosis. The class action has not yet been certified and no provision has been raised in the consolidated
financial statements related to this matter.
No contingent liabilities were secured against the assets of Thungela for any of the years presented.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-425": { "value": "
28.LEASE LIABILITIES
Thungela has entered into various agreements which are considered to be leases in line with the requirements of
IFRS\u00a016: Leases.
Right-of-use assets have been recognised as part of property, plant and equipment. Refer to note 13 for further detail.
Accounting policy
At the inception of a contract, we assess whether a contract is, or contains, a lease by assessing whether the contract
conveys the right to control the use of an identified asset for a period of time, in exchange for consideration.
Lease liabilities are initially measured at the present value of the future lease payments, discounted at the applicable
incremental borrowing rates. Variable lease payments are not included in the measurement of lease liabilities and are
charged to operating costs as they are incurred.
Subsequent to initial recognition, lease liabilities are measured at amortised cost using the effective interest rate method.
Lease liabilities are remeasured when there is a change to the contractual lease payments or the lease term, with an
adjustment also being made to the corresponding right-of-use assets.
Leases with a term of less than one year, or committed payments of less than R75,000, are not recognised in the
statement of financial position. The Group continues to recognise payments for these leases as an expense on a straight-
line basis over the lease term within operating costs.
The contractual payments due in relation to the lease liabilities can be analysed as follows:
Rand million
2025
2024
Contractual undiscounted cash flows
Maturity analysis of lease payments due:
Within 1 year
43
34
Between 2 \u2013 5 years
48
21
Over 5 years
11
\u2014
Total undiscounted lease payments
102
55
Impact of discounting
(16)
(5)
Total discounted lease liabilities
86
50
Classified as:
Current
37
31
Non-current
49
19
The movement in the lease liabilities can be analysed as follows:
Rand million
Notes
2025
2024
Balance at the start of the reporting period
50
66
Acquisition of the additional interest in the Ensham Business
15
6
\u2014
Additions
89
68
Disposal of investment in subsidiary
16
\u2014
(45)
Disposals
(9)
\u2014
Interest capitalised
10
9
Repayment \u2013 interest
(10)
(9)
Repayment \u2013 capital
(49)
(47)
Currency movements
(1)
(3)
Other movements
\u2014
11
Balance at the end of the reporting period
86
50
The lease liabilities were calculated by discounting contractually escalated lease payments over the lease term at the
incremental borrowing rate, derived from a market-related borrowing rate at the inception of the lease contracts. The
range of incremental borrowing rates used is 6.3% to 12% (2024: 8.6% to 12%).
The amounts recognised in the statement of profit or loss and other comprehensive income in relation to the leasing
activities can be analysed as follows:
Rand million
2025
2024
Interest expense on lease liabilities
10
9
Expenses relating to variable lease payments not included in the measurement
of\u00a0lease liabilities
515
56
Depreciation of right-of-use assets
46
57
Impairment losses
125
\u2014
Thungela has a contract for mining services and related equipment at the Annea Colliery, which is considered to
contain a lease as the Group has exclusive use of the mining equipment, and can direct the use thereof. In the year
ended 31 December 2025, the contractor was moved to the Zibulo Colliery on substantially the same contract terms.
The contract includes both lease and non-lease components and these have been separated based on the value thereof,
as specified in the contract. Payments related to the non-lease components are included in operating costs as incurred.
The payments related to the lease components are based on services performed and determined on a per tonne
extracted basis. These payments are considered fully variable, and no lease liability has been recognised on this basis.
Thungela will provide funding to the contractor for equipment to be purchased by them to fulfil the contract. The cost
of\u00a0the equipment which will need to be purchased over the contract term is estimated in the contract, but is subject to
change based on actual costs incurred by the contractor. No lease liability has been recognised for the equipment on
this basis. As equipment is purchased by the contractor, and funded by Thungela, it will be recognised as a right-of-use
asset. The contractor is no longer performing services at Annea, and ownership of the assets purchased at that mine has
now vested with Thungela. These assets have been transferred to owned assets, and will continue to be used in Annea
operations. Equipment purchased for the contractor for use at Zibulo will remain as a right-of-use asset until ownership
vests with Thungela.
Thungela entered into various mining equipment and land lease contracts at Ensham. The contracts are considered to
contain leases, as we have exclusive use of the underlying assets and can direct the use thereof.
The amounts recognised in the statement of cash flows in relation to the leasing activities can be analysed as follows:
Rand million
2025
2024
Lease liabilities \u2013 capital repayment
49
47
Lease liabilities \u2013 interest repayment (included in interest expenses paid)
10
9
Variable lease payments (included in (loss)/profit before tax)
515
56
Total cash outflow for leases
574
112
The Group is exposed to a total potential future cash outflow of R100 million (2024: R83 million) related to payments
for mining and other equipment on contracts that are not considered to contain a lease. In relation to the contractor at
the Zibulo Colliery, the Group is exposed to a maximum potential future cash outflow, related to the equipment to be
purchased, of R33 million (2024: Rnil), based on the ongoing operations of the contractor.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-426": { "value": "
30.DEFERRED TAX
The Group has recognised deferred tax assets and liabilities based on the underlying nature of various transactions
throughout the year and the related tax treatment, which may be different to the accounting treatment thereof.
Accounting policy
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities
for\u00a0financial reporting purposes and the amounts used for taxation purposes. Deferred tax liabilities are generally
recognised for all taxable temporary differences, while deferred tax assets are recognised to the extent that it is
probable that taxable income will be available against which the deductible temporary differences can be utilised.
Such\u00a0assets and liabilities are not recognised if the temporary differences arise from the initial recognition of goodwill
or\u00a0of an asset or liability in a transaction (other than in a business combination) that affects neither taxable income nor
accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, joint
arrangements and associates, except where the Group can control the reversal of the temporary difference and it is
probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from
deductible temporary differences associated with such investments and interests are only recognised to the extent that
it\u00a0is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences,
and they are expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting date and is adjusted to the extent that it is
no\u00a0longer probable that sufficient taxable income will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the
asset\u00a0is realised, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred
tax\u00a0is recognised in profit or loss, except when it relates to items recognised directly in other comprehensive income
or\u00a0in\u00a0equity, in which case the deferred tax is recognised in the same way.
Deferred tax assets and liabilities are offset by legal entity.
Deferred tax assets
The movement in the deferred tax assets can be analysed as follows:
Rand million
Notes
2025
2024
Balance at the start of the reporting period
770
471
Acquisition of the additional interest in the Ensham Business
15
11
\u2014
Credited to profit or loss
10
410
367
Credited to other comprehensive loss
10
8
2
Currency movements
(12)
8
Reclassification
(4)
(78)
Balance at the end of the reporting period
1,183
770
The consideration of the recognition of the deferred tax assets is supported by Thungela\u2019s forecasting process, which
included a detailed calculation of the estimated annual taxable income, per legal entity, for each financial year up to
2028. Where the forecast reflects that sufficient taxable income will be generated, and that there will be future taxable
temporary differences available against which to utilise these deductible temporary differences, the deferred tax asset is
recognised. Where the forecast indicates a potential risk around the availability of sufficient future taxable income and
taxable temporary differences, no deferred tax asset is recognised.
The recoverability assessment is updated at each reporting date based on the operations at each underlying statutory
entity.
The deferred tax assets at 31\u00a0December 2025 are primarily driven by deductible temporary differences arising from the
environmental and other provisions held in TOPL. These deductible temporary differences are expected to reverse in the
normal course of operations.
Deferred tax assets of R519 million (2024: Rnil) relating to Anglo American Inyosi Coal Proprietary Limited (AAIC) and
R537 million (2024: Rnil) relating to the Ensham Business have not been recognised at the reporting date, based on
our\u00a0assessment of the available future taxable income and taxable temporary differences at these underlying statutory
entities.
The deferred tax assets recognised in the statement of financial position can be analysed as follows:
Rand million
2025
2024
Environmental and other provisions
3,314
3,662
Retirement benefit obligations
122
109
Tax losses
50
12
Fair value adjustments
2
6
Share-based payments
(60)
(58)
Other temporary differences
(124)
59
Capital allowances in excess of depreciation
(720)
(1,891)
Environmental rehabilitation trusts
(1,401)
(1,129)
Total deferred tax assets
1,183
770
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
30.DEFERRED TAX CONTINUED
Deferred tax assets continued
The deferred tax credited to the statement of profit or loss and other comprehensive income can be analysed as follows:
Rand million
2025
2024
Environmental and other provisions
(505)
246
Retirement benefit obligations
5
(2)
Tax losses
59
12
Fair value adjustments
(4)
(1)
Share-based payments
(2)
(24)
Other temporary differences
(183)
17
Capital allowances in excess of depreciation
222
196
Environmental rehabilitation trusts
(272)
(139)
Impairment losses
1,090
62
Deferred tax credited to profit or loss
410
367
Deferred tax credited to other comprehensive loss
8
2
Deferred tax credited to total comprehensive (loss)/income
418
369
Deferred tax liabilities
The movement in the deferred tax liabilities can be analysed as follows:
Rand million
Note
2025
2024
Balance at the start of the reporting period
(1,567)
(1,637)
Credited/(charged) to profit or loss
10
1,068
(8)
Reclassification
4
78
Balance at the end of the reporting period
(495)
(1,567)
The deferred tax liabilities recognised in the statement of financial position can be analysed as follows:
Rand million
2025
2024
Capital allowances in excess of depreciation
(963)
(1,960)
Environmental rehabilitation trusts
(29)
(23)
Other temporary differences
(1)
4
Share-based payments
\u2014
(1)
Tax losses
248
171
Environmental and other provisions
250
242
Total deferred tax liabilities
(495)
(1,567)
The deferred tax credited/(charged) to the statement of profit or loss and other comprehensive income can be analysed
as follows:
Rand million
2025
2024
Capital allowances in excess of depreciation
(208)
(53)
Environmental rehabilitation trusts
(6)
(3)
Other temporary differences
(5)
65
Share-based payments
1
\u2014
Tax losses
65
(13)
Environmental and other provisions
8
(4)
Impairment losses
1,213
\u2014
Deferred tax credited/(charged) to profit or loss
1,068
(8)
Deferred tax credited/(charged) to total comprehensive (loss)/income
1,068
(8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-427": { "value": "
31.STATED CAPITAL
Thungela has one class of authorised and issued shares, being ordinary shares. Thungela\u2019s ordinary shares began
trading on the JSE and LSE from 7 June 2021. Thungela has 140,492,585 shares in issue, and has not issued
additional shares in the years presented.
Accounting policy
Ordinary shares are classified as equity instruments. Incremental costs directly attributable to the issue of new shares
are\u00a0shown in equity as a deduction, net of tax, from the proceeds.
Where any group entity purchases Thungela\u2019s issued shares, reflected as treasury shares for the Group, the
consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from
equity\u00a0attributable to the shareholders of the Group until the shares are cancelled or reissued. Where such ordinary
shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction
costs and the related income tax effects, is included in equity attributable to the shareholders of the Group.
The shares issued by Thungela, and the resultant stated capital, can be analysed as follows:
Number of shares
2025
2024
Authorised
\u00a0
Ordinary no par value shares
10,000,000,000
10,000,000,000
Issued
Ordinary no par value shares
140,492,585
140,492,585
Reconciliation of shares in issue
\u00a0
Shares in issue at the start of the reporting period
140,492,585
140,492,585
Shares in issue at the end of the reporting period
140,492,585
140,492,585
Adjusted for:
Treasury shares held by Group companies1
(13,708,399)
(6,925,889)
Net shares in issue at the end of the reporting period
126,784,186
133,566,696
Rand million
Balance at the start of the reporting period
11,323
11,323
Balance at the end of the reporting period
11,323
11,323
Adjusted for:
Treasury shares held by Group companies
(1,539)
(980)
Net balance at the end of the reporting period
9,784
10,343
1Treasury shares held by Group companies include 11,700,761 (2024: 5,686,373) shares held directly by subsidiaries, and 2,007,638 (2024: 1,239,516)
shares held in separate broker accounts for employees. The shares held in employee broker accounts relate to share awards granted in terms of the Thungela share
plan, or sign-on shares, which have not yet vested. These shares are considered treasury shares for accounting purposes until the awards have vested, in line with
the rules of the Thungela share plan.
Subsidiaries of the Group have purchased 3,307,455 (2024: 919,731) Thungela shares at an average price of
R94.00 per share (2024: R134.85 per share) in the year in relation to share awards granted under the Thungela
share\u00a0plan. The purchases were made in terms of Thungela\u2019s MOI and the shares are held in separate broker accounts
for employees, or in the broker accounts of the subsidiary holding the shares, in terms of the rules of the Thungela share
plan, until the vesting date. The number of treasury shares held in relation to the Thungela share plan was reduced in the
year by the vesting of awards, as detailed in note 32.
The Group also undertook share buybacks on the JSE in the year as a method of returning value to our shareholders.
The\u00a0buybacks were done in terms of the Thungela MOI, and in line with the approval granted by shareholders through
a special resolution passed at the AGM. The shares, which are considered treasury shares, were purchased by TOPL
and are currently held in a separate broker account. A total of 4,858,231 (2024: 4,510,667) shares were purchased
in relation to the share buybacks at an average price of R96.45 (2024: R132.95) per share, reflecting a total value of
R469 million (2024: R601 million).
Of the treasury shares held by Group companies, 11,700,761 (2024: 5,686,373) shares are held directly by
subsidiaries and so do not carry voting rights.
The total number of ordinary shares in issue which carry voting rights at the reporting date is 128,791,824 (2024:
134,806,212).
The resolution to place the unissued shares of Thungela, limited to 5.0% of the shares in issue, under the control of the
directors was approved by the requisite majority of votes at the AGM held on 5 June 2025, and\u00a0so the directors have
the authority to issue these shares at their discretion.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-428": { "value": "
Accounting policy
Ordinary shares are classified as equity instruments. Incremental costs directly attributable to the issue of new shares
are\u00a0shown in equity as a deduction, net of tax, from the proceeds.
Where any group entity purchases Thungela\u2019s issued shares, reflected as treasury shares for the Group, the
consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from
equity\u00a0attributable to the shareholders of the Group until the shares are cancelled or reissued. Where such ordinary
shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction
costs and the related income tax effects, is included in equity attributable to the shareholders of the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-429": { "value": "
32.SHARE-BASED PAYMENTS
The Group operates both equity and cash-settled shared-based payment arrangements, which allow certain employees
of the Group to receive Thungela shares through the Thungela share plan or share-linked units through the Thungela
cash-settled share plan.
Accounting policy
The Thungela share plan and Thungela cash-settled share plan consist of two components, as approved by the
remuneration and human resources committee:
\u2022 The award of conditional shares or share-linked units, being the LTIP awards, the vesting of which is conditional
upon\u00a0the fulfilment of certain performance conditions and an employment condition.
\u2022 The award of forfeitable shares or share-linked units, being the DBS awards, sign-on awards and retention awards,
the vesting of which is subject to the fulfilment of an employment condition.
Employees eligible for awards in our operations outside of South Africa are granted share-linked units, while those within
South Africa are granted share awards. Employees do not have a choice of settlement option on the vesting date.
The early vesting of both share awards or share-linked units is permitted as set out in the applicable Thungela share plan
and remuneration policy, based on reasons deemed as constituting no fault or good leaver status.
Equity-settled share awards
The Thungela share plan is accounted for as an equity-settled share-based payment arrangement and the grant date fair
value of the awards is recognised as an expense, with a corresponding increase in equity, over the vesting period. The
amounts recognised as expenses are adjusted to reflect the number of awards that are expected to vest, based on the
likely outcomes of the non-market performance conditions and the employment conditions.
Employees participating in the conditional share awards are entitled to receive additional share awards in lieu of
dividends declared on Thungela shares over the vesting period (the dividend equivalent shares), which are added to
the\u00a0total number of conditional shares awarded, and are subject to the same vesting conditions. The potential impact
of\u00a0the\u00a0dividend equivalent shares is included in the fair value of the share awards and so is not separately expensed.
Employees participating in the forfeitable share awards are entitled to dividends paid on Thungela shares on the
dividend payment dates throughout the vesting period. Should the share awards be forfeited, dividends already
paid\u00a0to\u00a0employees will not be required to be paid back to the Group.
For conditional share awards, which are subject to market and non-market vesting conditions, the fair value is
determined using a Monte Carlo model at the grant date, taking into account the market vesting conditions. For
forfeitable share awards, which are subject to non-market vesting conditions only, the fair value is determined based
on\u00a0the unconditional fair value of the shares at the grant date.
All share awards are issued for no consideration, with no exercise or strike price applicable on the vesting date. Each
share award will convert into one ordinary share in Thungela on vesting.
The aggregate number of shares that may be settled under the Thungela share plan may not exceed 6,815,590
shares, which reflects 5.0% of the number of issued shares of Thungela as at the date of the adoption of the plan.
At\u00a031\u00a0December 2025, the total number of shares which are deemed to have been settled under the plan amounted
to\u00a02,558,724 (2024: 1,838,340). This leaves 4,256,866 (2024: 4,977,250) shares that can still be used for
future\u00a0settlements under the plan.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
32.SHARE-BASED PAYMENTS CONTINUED
Accounting policy continued
Cash-settled share-linked units
The Thungela cash-settled share plan is treated as a cash-settled share-based payment arrangement and the fair value
of\u00a0the share-linked units is recognised as an expense over the vesting period, with a corresponding liability raised
in\u00a0the\u00a0statement of financial position. The liability is included in trade and other payables, and remeasured at each
reporting date and on settlement, with changes in the fair value of the share-linked units recognised in profit or loss.
The\u00a0expense recognised is adjusted to reflect the number of share-linked units expected to vest, based on the likely
outcomes of the performance conditions and the employment conditions.
Employees participating in the conditional share-linked units are also entitled to receive dividend equivalents in lieu of
dividends declared on Thungela shares over the vesting period. Dividend equivalents are comprised of the aggregate
value of all ordinary dividends that would have accrued on the same number of ordinary shares as the number of vested
share-linked units.
Employees participating in forfeitable share-linked units are entitled to a cash payment equivalent to the value of
the\u00a0dividends on their share-linked units. These dividend-linked payments are paid to employees in the payroll cycle
immediately following the dividend payment date. Should the share-linked units be forfeited, dividend-linked payments
already made to\u00a0employees will not be required to be paid back to the Group.
For conditional share-linked units, which are subject to market and non-market vesting conditions, the fair value is
determined using a Monte Carlo model at the reporting date, taking into account the market vesting conditions. For
forfeitable share-linked units, which are subject to non-market vesting conditions only, the fair value is determined based
on\u00a0the unconditional fair value of the Thungela shares at the reporting date.
All share-linked units are issued for no consideration and will be paid to employees in cash on the vesting date, based
on the prevailing value of the Thungela share price at that date.
Equity-settled share-based payments
The share awards that have been granted to eligible employees in the year ended 31\u00a0December 2025 consist of the
2025 LTIP awards, the 2025 DBS awards and the 2025 sign-on awards, as approved by the Thungela remuneration
and human resources committee.
LTIP awards \u2013 conditional share awards
The LTIP awards are granted each year, based on the performance in the previous year, and their vesting is subject
to\u00a0the achievement of performance conditions as well as an employment condition. The LTIP awards do not carry
voting\u00a0rights. Once vested, the LTIP awards are subject to a further two-year holding period for executive directors.
The details of the LTIP awards in place, and impacting the share-based payment expenses in the years presented,
are\u00a0as\u00a0follows:
Award
Grant date
Vesting date
Number of
awards granted
Grant date fair\u00a0value
(Rand/share award)
2025 LTIP awards
15 April 2025 and
1 August 2025
15 April 2028
1,221,837
87.97 \u2013 92.53
2024 LTIP awards
24 May 2024
24 May 2027
588,966
133.31
2023 LTIP awards
26 April 2023
26 April 2026
398,131
155.22
2022 LTIP awards
7 March 2022
7 March 2025
434,844
167.12
2021 LTIP awards
16 November 2021
16 November 2024
1,363,119
60.46
A\u00a0total of 181,231 (2024: 323,726) share awards were added to the LTIP awards related to dividend equivalent
shares for dividends declared by Thungela in the year ended 31\u00a0December 2025.
The details of the LTIP awards which have vested or were forfeited, including relevant dividend equivalent awards, in
the year are as follows:
2025
Award
Vesting date
Number of
awards vested
or restricted
Number of
awards forfeited
2022 LTIP awards
7 March 2025
720,384
4,342
Other LTIP awards forfeited1
\u2014
141,779
Total LTIP awards vested
720,384
146,121
1The other LTIP awards forfeited relate to employees deemed to be fault or bad leavers. The LTIP awards were forfeited throughout the year as employees left the
Group.
2024
Award
Vesting date
Number of
awards vested
or\u00a0restricted
Number of
awards forfeited
2021 LTIP awards
16 November 2024
1,765,603
466,511
Other LTIP awards vested or forfeited1
72,737
75,943
Total LTIP awards vested
1,838,340
542,454
1The other LTIP awards vested or forfeited relate to employees deemed to be no fault or good leavers, or fault or bad leavers, respectively. The LTIP awards were
vested or forfeited throughout the year as employees left the Group.
The 2022 LTIP awards vested on 7\u00a0March 2025, in accordance with the achievement of specific performance
conditions up to 31\u00a0December\u00a02024. Included in the share awards vested are 161,593 shares, which were allotted
to\u00a0the executive directors and are subject to a further two-year holding period from the vesting date.
The 2021 LTIP awards vested on 16\u00a0November 2024, in accordance with the achievement of specific performance
conditions up to 31 December 2023. Included in the share awards vested are 429,442 shares, which were allotted
to\u00a0the executive directors and are subject to a further two-year holding period from the vesting date.
The number of awards which were vested or forfeited was based on the achievement percentage of the performance
conditions, as approved by the Thungela remuneration and human resources committee. The awards were settled using
Thungela shares held in treasury by the Group, and a portion of the shares vested were sold to cover the tax obligations
of the employees in relation to the vesting.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
32.SHARE-BASED PAYMENTS CONTINUED
Equity-settled share-based payments continued
LTIP awards \u2013 conditional share awards continued
The performance conditions and their weightings, that will be applied at the vesting date to the LTIP awards are as
follows:
Weighting (%)
Condition
2025 LTIP
awards
2024 LTIP
awards
2023 LTIP
awards
2022 and
2021 LTIP
awards
Relative total shareholders\u2019 return peer (Local)1
\u2014
12.5
12.5
7.5
Relative total shareholders\u2019 return peer (Global)1
12.5
12.5
12.5
7.5
Absolute shareholders\u2019 return
12.5
\u2014
\u2014
\u2014
Carbon emissions
\u2014
\u2014
\u2014
10
Carbon intensity
\u2014
\u2014
10
\u2014
Cash margin per export saleable tonne
20
20
20
20
Energy intensity
10
\u2014
\u2014
\u2014
Dividend yield
\u2014
\u2014
\u2014
10
Inclusion and diversity \u2013 historically disadvantaged persons
representation (South Africa)
5
5
10
10
Inclusion and diversity \u2013 female representation (Global)
5
5
\u2014
\u2014
Life of business
15
15
15
15
Lifex capital intensity
10
10
10
10
Renewable energy implementation
\u2014
10
\u2014
\u2014
Water abstraction
10
\u2014
\u2014
\u2014
Water usage \u2013 fresh water import
\u2014
2.5
2.5
2.5
Water usage \u2013 potable water usage
\u2014
2.5
2.5
2.5
Water usage \u2013 water reuse/recycle
\u2014
2.5
2.5
2.5
Water usage \u2013 water treatment
\u2014
2.5
2.5
2.5
1Represents a market condition relevant to the LTIP awards.
The performance conditions and the level of achievement thereof in each performance period, are determined by the
Thungela remuneration and human resources committee.
The weighted average of the vesting outcomes for each measure will determine the overall vesting percentage for the
awards. This will be applied to the number of awards outstanding on the vesting date. Achievement of the non-market
conditions will be determined independently of the market performance conditions.
The performance conditions apply to both conditional share awards and conditional share-linked units in each grant
year, as appropriate.
DBS awards \u2013 forfeitable share awards
The DBS awards are granted each year, based on performance in the previous year, and their vesting is subject to
the\u00a0achievement of an employment condition. There are no performance conditions attached to these awards. The
DBS\u00a0awards carry voting rights from the grant date thereof.
The details of the DBS awards in place, and impacting the share-based payment expenses in the years presented,
are\u00a0as follows:
Award
Grant date
Vesting dates1
Number of
awards granted
Grant date
fair\u00a0value
(Rand/share
award)
2025 DBS awards
17 March 2025
17 March 2026 \u2013
17 March 2028
1,259,435
114.02
2024 DBS awards
18 March 2024
18 March 2025 \u2013
18 March 2027
893,973
112.49
2023 DBS awards
27 March 2023
27 March 2024 \u2013
27 March 2026
441,037
191.60
2022 DBS awards
22 March 2022
22 March 2023 \u2013
22 March 2025
331,300
155.67
1The awards will vest in equal tranches on an annual basis between the vesting dates specified.
The details of the DBS awards which have vested or were forfeited in the year are as follows:
2025
Award
Vesting date
Number of
awards vested
Number of
awards forfeited
2024 DBS awards tranche 1
18 March 2025
90,672
\u2014
2023 DBS awards tranche 2
27 March 2025
128,875
\u2014
2022 DBS awards tranche 3
22 March 2025
276,238
\u2014
Other DBS awards vested or forfeited 1
22,893
93,732
Total DBS awards vested
518,678
93,732
1The other DBS awards vested or forfeited relate to employees deemed to be no fault or good leavers, or fault or bad leavers, respectively. The DBS awards were
vested on a pro-rata basis or forfeited throughout the year as employees left the Group.
2024
Award
Vesting date
Number of
awards vested
Number of
awards forfeited
2023 DBS awards tranche 1
27 March 2024
149,527
\u2014
2022 DBS awards tranche 2
22 March 2024
104,548
\u2014
Other DBS awards vested or forfeited 1
539
79,901
Total DBS awards vested
254,614
79,901
1The other DBS awards vested or forfeited relate to employees deemed to be no fault or good leavers, or fault or bad leavers, respectively. The DBS awards were
vested or forfeited throughout the year as employees left the Group.
The DBS awards vested on the achievement of the relevant employment conditions, or on employees being considered
no fault or good leavers, in line with the rules of the Thungela share plan. The awards were settled using Thungela
shares purchased by the Group on the grant date of the awards, and a portion of the vested shares was sold to cover
the tax obligations of the employees in relation to the vesting.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
32.SHARE-BASED PAYMENTS CONTINUED
Equity-settled share-based payments continued
2023 retention awards \u2013 forfeitable share awards
The 2023 retention awards were granted on 1 April 2023 in relation to performance for the year ended
31 December 2022. These awards are not applicable to executive directors and prescribed officers. The number
of\u00a0awards that will vest is conditional upon the participants remaining in the employment of the Group for the vesting
period, and there are no performance conditions attached to this grant. The 2023 retention awards vested\u00a0in equal
tranches from 1 April 2023 to 1 April 2025. Once vested, these awards are subject to a further one-year payback
period, during which participants will be obligated to repay the pre-tax amount paid on a pro-rata basis, should the
employment condition not be satisfied. A total of 112,997 share awards were granted as the 2023 retention awards,
with a grant date fair value of R202.15.
Tranche 3 of these awards vested on 1\u00a0April 2025 based on the achievement of the employment condition, and
was\u00a0settled using Thungela shares purchased by the Group on the grant date. A total of 33,631 share awards vested.
Tranche 2 of these awards vested on 1\u00a0April 2024 based on the achievement of the employment condition, and
was\u00a0settled using Thungela shares purchased by the Group on the grant date. A total of 36,843 share awards vested.
Sign-on awards \u2013 forfeitable share awards
Sign-on awards are granted to employees on their employment date as approved in line with the Thungela remuneration
policies. The awards are not subject to any performance conditions and carry voting rights from the grant date thereof.
In the year ended 31\u00a0December 2025, sign-on awards of 175,190 were granted, with a grant date fair value
of\u00a0R91.47. These awards will vest\u00a0between 1\u00a0August 2026 and 1\u00a0August 2028, subject to the achievement of
the\u00a0employment condition. In the year ended 31\u00a0December 2024, 25,758 sign-on awards were granted, with
a\u00a0grant\u00a0date fair value of between R122.65 and R173.65 per share. The awards will vest between 1\u00a0May 2025
and\u00a01\u00a0December 2027, subject to the fulfilment of the employment condition.
In the year ended 31 December 2025, sign-on awards of 6,544 (2024: 4,489) vested based on the achievement
of\u00a0the employment condition, which were settled using Thungela shares purchased by the Group on the grant date.
The number of share awards outstanding at the reporting date can be analysed as follows:
2025
Number of awards
LTIP awards
DBS awards
Retention
awards
Sign-on
awards
Total
Balance at the start of the
reporting period
1,774,903
1,177,487
33,631
17,640
3,003,661
Awards granted
1,221,837
1,259,435
\u2014
175,190
2,656,462
Dividend equivalent share
awards\u00a0granted
181,231
\u2014
\u2014
\u2014
181,231
Awards vested
(720,384)
(518,678)
(33,631)
(6,544)
(1,279,237)
Awards forfeited
(146,121)
(93,732)
\u2014
(3,168)
(243,021)
Balance at the end of the
reporting period
2,311,466
1,824,512
\u2014
183,118
4,319,096
2024
Number of awards
LTIP awards
DBS awards
Retention
awards
Sign-on
awards
Total
Balance at the start of the reporting
period
3,243,005
618,029
73,695
\u2014
3,934,729
Awards granted
588,966
893,973
\u2014
25,758
1,508,697
Dividend equivalent share
awards\u00a0granted
323,726
\u2014
\u2014
\u2014
323,726
Awards vested
(1,838,340)
(254,614)
(36,843)
(4,489)
(2,134,286)
Awards forfeited
(542,454)
(79,901)
(3,221)
(3,629)
(629,205)
Balance at the end of the
reporting period
1,774,903
1,177,487
33,631
17,640
3,003,661
The inputs used in the measurement of the fair values at grant date for awards granted in terms of the Thungela share
plan are as follows:
2025
2025
LTIP awards
2025
DBS awards
Grant date
15 April and
1 August
17 March
Fair value at grant date (Rand/share award)
87.97 \u2013 92.53
114.02
Share price at grant date (Rand/share)
91.47 \u2013 98.52
114.02
Expected volatility (%)
40 \u2013 44
\u2014
Expected life (years)
2.7 \u2013 3.0
1 / 2 / 3
Expected dividend yield (%)
18 \u2013 20
30 / 25 / 21
2024
2024
LTIP awards
2024
DBS awards
Grant date
24 May
18 March
Fair value at grant date (Rand/share award)
133.31
112.49
Share price at grant date (Rand/share)
139.35
112.49
Expected volatility (%)
56
\u2014
Expected life (years)
3
1 / 2 / 3
Expected dividend yield (%)
20
37 / 39 / 37
Expected volatility is based on historical volatilities over a period of time that corresponds to the expected life of the
LTIP\u00a0awards.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
32.SHARE-BASED PAYMENTS CONTINUED
Cash-settled share-based payments
2025 LTIP units \u2013 conditional share-linked units
The 2025 LTIP share-linked units were granted on 15\u00a0April 2025, in relation to performance for the year ended
31\u00a0December 2024. The share-linked units will vest on 15\u00a0April 2028 in accordance with the achievement of
specific\u00a0performance conditions over a performance period from 1\u00a0January 2025 to 31\u00a0December 2027. A total
of\u00a0269,883 LTIP share-linked units were granted, with a fair value of R90.42 at the reporting date.
2025 DBS units \u2013 forfeitable share-linked units
The 2025 DBS share-linked units were granted on 17\u00a0March 2025 in relation to performance for the year ended
31 December 2024. The number of units that will vest is conditional upon the participants remaining in the employment
of the Group for the vesting period, and there are no performance conditions attached to this grant. The 2025 DBS
share-linked units will vest in equal tranches from 17 March 2026 to 17 March 2028. A total of 36,248 share-linked
units were granted, with a fair value of R95.80 at the reporting date.
Share-based payment expenses
The amounts recognised in the statement of profit or loss and other comprehensive income, in relation to the Thungela
share plans, can be analysed as follows:
Rand million
Note
2025
2024
Equity-settled share-based payments
177
145
LTIP awards
66
61
DBS awards
106
78
Retention awards
1
5
Sign-on awards
4
1
Cash-settled share-based payments
6
\u2014
LTIP share-linked units
4
\u2014
DBS share-linked units
2
\u2014
Total share-based payment expenses included in employee costs
6
183
145
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-430": { "value": "
Accounting policy
The Thungela share plan and Thungela cash-settled share plan consist of two components, as approved by the
remuneration and human resources committee:
\u2022 The award of conditional shares or share-linked units, being the LTIP awards, the vesting of which is conditional
upon\u00a0the fulfilment of certain performance conditions and an employment condition.
\u2022 The award of forfeitable shares or share-linked units, being the DBS awards, sign-on awards and retention awards,
the vesting of which is subject to the fulfilment of an employment condition.
Employees eligible for awards in our operations outside of South Africa are granted share-linked units, while those within
South Africa are granted share awards. Employees do not have a choice of settlement option on the vesting date.
The early vesting of both share awards or share-linked units is permitted as set out in the applicable Thungela share plan
and remuneration policy, based on reasons deemed as constituting no fault or good leaver status.
Equity-settled share awards
The Thungela share plan is accounted for as an equity-settled share-based payment arrangement and the grant date fair
value of the awards is recognised as an expense, with a corresponding increase in equity, over the vesting period. The
amounts recognised as expenses are adjusted to reflect the number of awards that are expected to vest, based on the
likely outcomes of the non-market performance conditions and the employment conditions.
Employees participating in the conditional share awards are entitled to receive additional share awards in lieu of
dividends declared on Thungela shares over the vesting period (the dividend equivalent shares), which are added to
the\u00a0total number of conditional shares awarded, and are subject to the same vesting conditions. The potential impact
of\u00a0the\u00a0dividend equivalent shares is included in the fair value of the share awards and so is not separately expensed.
Employees participating in the forfeitable share awards are entitled to dividends paid on Thungela shares on the
dividend payment dates throughout the vesting period. Should the share awards be forfeited, dividends already
paid\u00a0to\u00a0employees will not be required to be paid back to the Group.
For conditional share awards, which are subject to market and non-market vesting conditions, the fair value is
determined using a Monte Carlo model at the grant date, taking into account the market vesting conditions. For
forfeitable share awards, which are subject to non-market vesting conditions only, the fair value is determined based
on\u00a0the unconditional fair value of the shares at the grant date.
All share awards are issued for no consideration, with no exercise or strike price applicable on the vesting date. Each
share award will convert into one ordinary share in Thungela on vesting.
The aggregate number of shares that may be settled under the Thungela share plan may not exceed 6,815,590
shares, which reflects 5.0% of the number of issued shares of Thungela as at the date of the adoption of the plan.
At\u00a031\u00a0December 2025, the total number of shares which are deemed to have been settled under the plan amounted
to\u00a02,558,724 (2024: 1,838,340). This leaves 4,256,866 (2024: 4,977,250) shares that can still be used for
future\u00a0settlements under the plan.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
32.SHARE-BASED PAYMENTS CONTINUED
Accounting policy continued
Cash-settled share-linked units
The Thungela cash-settled share plan is treated as a cash-settled share-based payment arrangement and the fair value
of\u00a0the share-linked units is recognised as an expense over the vesting period, with a corresponding liability raised
in\u00a0the\u00a0statement of financial position. The liability is included in trade and other payables, and remeasured at each
reporting date and on settlement, with changes in the fair value of the share-linked units recognised in profit or loss.
The\u00a0expense recognised is adjusted to reflect the number of share-linked units expected to vest, based on the likely
outcomes of the performance conditions and the employment conditions.
Employees participating in the conditional share-linked units are also entitled to receive dividend equivalents in lieu of
dividends declared on Thungela shares over the vesting period. Dividend equivalents are comprised of the aggregate
value of all ordinary dividends that would have accrued on the same number of ordinary shares as the number of vested
share-linked units.
Employees participating in forfeitable share-linked units are entitled to a cash payment equivalent to the value of
the\u00a0dividends on their share-linked units. These dividend-linked payments are paid to employees in the payroll cycle
immediately following the dividend payment date. Should the share-linked units be forfeited, dividend-linked payments
already made to\u00a0employees will not be required to be paid back to the Group.
For conditional share-linked units, which are subject to market and non-market vesting conditions, the fair value is
determined using a Monte Carlo model at the reporting date, taking into account the market vesting conditions. For
forfeitable share-linked units, which are subject to non-market vesting conditions only, the fair value is determined based
on\u00a0the unconditional fair value of the Thungela shares at the reporting date.
All share-linked units are issued for no consideration and will be paid to employees in cash on the vesting date, based
on the prevailing value of the Thungela share price at that date.
Equity-settled share-based payments
Accounting policy
The expenses associated with the equity-settled share-based payment awards granted in accordance with the Thungela
share plan are accounted for in the employee costs of the relevant subsidiaries of the Company on the basis of the
subsidiary being the employer of record for the beneficiaries to whom the awards are granted. The share-based
payment transactions will be settled using Thungela ordinary shares, either with shares held in treasury by the Group,
or\u00a0by purchasing Thungela shares on the market at the vesting date.
In the separate financial statements, the value of the equity-settled share-based payments is considered to be an
additional investment in the relevant employer company by Thungela, with the resultant share-based payment reserve
recognised in\u00a0equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "value": "
33.DIVIDENDS
Thungela has declared and paid ordinary dividends to shareholders from retained earnings.
Accounting policy
Dividends are recognised in the year in which the dividends are declared directly in the statement of changes in equity.
Dividends proposed or declared subsequent to the reporting date are not recognised as dividends declared in the year.
Treasury shares are held by subsidiaries in respect of awards granted in terms of the Thungela share plan as detailed in
note 32. Dividends declared on shares held in relation to the forfeitable share awards are paid to the employees on the
dividend payment dates. Dividends declared on shares held in relation to the conditional share awards will be paid to
the subsidiary holding the share, in line with the rules of the Thungela share plan.
Treasury shares are also held by a subsidiary in relation to the share buybacks undertaken by Thungela. Dividends
declared on these shares are paid to the subsidiary on the dividend payment dates.
Dividend policy
Any dividend proposed by the board in respect of a financial period will be dependent on and influenced by, among
other considerations, the Group\u2019s operating results, financial condition, investment strategy, capital requirements and
strategic initiatives. The Group will seek to ensure that there is sufficient cash available in order to fund sustaining capital
expenditure\u25b3 and life extension opportunities without resorting to excessive leverage, recognising the nature of the
Group\u2019s assets and single commodity price exposure.
Thungela\u2019s dividend policy is to target a dividend payout of a minimum of 30% of adjusted operating free cash flow\u25b3.
The board is committed to delivering attractive shareholder returns, while maintaining disciplined capital allocation.
Therefore, in any given financial year, we might declare dividends above the targeted minimum 30% payout ratio,
subject to the board being satisfied that subsequent to the dividend declaration, we have adequate balance
sheet\u00a0flexibility and sufficient funding available to withstand market and coal price volatility, as well as infrastructure
constraints.
Dividends paid
Dividends paid in the year can be analysed as follows:
Rand million
2025
2024
Dividends declared to the shareholders of the Group
1,722
1,630
Dividend declared on 18 August 2025 of R2 per ordinary share
260
\u2014
Dividend declared on 17 March 2025 of R11 per ordinary share
1,462
\u2014
Dividend declared on 19 August 2024 of R2 per ordinary share
\u2014
268
Dividend declared on 18 March 2024 of R10 per ordinary share
\u2014
1,362
Dividends declared to non-controlling interests
\u2014
44
Total dividends declared
1,722
1,674
Dividends not yet paid to shareholders
(52)
\u2014
Total dividends paid
1,670
1,674
Dividend declaration
A final ordinary cash dividend relating to the year ended 31\u00a0December 2025 of R2 per share (2024: R11 per\u00a0share)
was declared by the board on 23\u00a0March 2026. The dividend, amounting to a return of R281 million to shareholders,
has not been recognised as a liability in these consolidated financial statements. The final dividend was\u00a0declared from
retained earnings and will be paid in April 2026 to shareholders on the South African register and\u00a0in May\u00a02026 to
shareholders on the UK register. Together with the interim dividend of R2 per share, this equates\u00a0to a total dividend
of\u00a0R4 per share for the year ended 31\u00a0December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-432": { "value": "
Accounting policy
Dividends are recognised in the year in which the dividends are declared directly in the statement of changes in equity.
Dividends proposed or declared subsequent to the reporting date are not recognised as dividends declared in the year.
Treasury shares are held by subsidiaries in respect of awards granted in terms of the Thungela share plan as detailed in
note 32. Dividends declared on shares held in relation to the forfeitable share awards are paid to the employees on the
dividend payment dates. Dividends declared on shares held in relation to the conditional share awards will be paid to
the subsidiary holding the share, in line with the rules of the Thungela share plan.
Treasury shares are also held by a subsidiary in relation to the share buybacks undertaken by Thungela. Dividends
declared on these shares are paid to the subsidiary on the dividend payment dates.
Dividend policy
Any dividend proposed by the board in respect of a financial period will be dependent on and influenced by, among
other considerations, the Group\u2019s operating results, financial condition, investment strategy, capital requirements and
strategic initiatives. The Group will seek to ensure that there is sufficient cash available in order to fund sustaining capital
expenditure\u25b3 and life extension opportunities without resorting to excessive leverage, recognising the nature of the
Group\u2019s assets and single commodity price exposure.
Thungela\u2019s dividend policy is to target a dividend payout of a minimum of 30% of adjusted operating free cash flow\u25b3.
The board is committed to delivering attractive shareholder returns, while maintaining disciplined capital allocation.
Therefore, in any given financial year, we might declare dividends above the targeted minimum 30% payout ratio,
subject to the board being satisfied that subsequent to the dividend declaration, we have adequate balance
sheet\u00a0flexibility and sufficient funding available to withstand market and coal price volatility, as well as infrastructure
constraints.
Accounting policy
Dividends are recognised in the year in which the dividends are declared directly in the statement of changes in equity.
Dividends proposed or declared subsequent to the reporting date are not recognised as dividends declared in the year.
Treasury shares are held by subsidiaries in respect of awards granted in terms of the Thungela share plan as detailed
in\u00a0note 32 of the consolidated financial statements. Dividends declared on shares held in relation to the forfeitable
share\u00a0awards are paid to the employees on the dividend payment dates. Dividends declared on shares held in relation
to the conditional share awards will be paid to the subsidiary holding the shares in line with the rules of the Thungela
share\u00a0plan.
Treasury shares are also held by a subsidiary in relation to the share buybacks undertaken by Thungela. Dividends
declared on these shares are paid to the subsidiary on the dividend payment dates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-433": { "value": "
Treasury shares are held by subsidiaries in respect of awards granted in terms of the Thungela share plan as detailed in
note 32. Dividends declared on shares held in relation to the forfeitable share awards are paid to the employees on the
dividend payment dates. Dividends declared on shares held in relation to the conditional share awards will be paid to
the subsidiary holding the share, in line with the rules of the Thungela share plan.
Treasury shares are also held by a subsidiary in relation to the share buybacks undertaken by Thungela. Dividends
declared on these shares are paid to the subsidiary on the dividend payment dates.
Dividend policy
Any dividend proposed by the board in respect of a financial period will be dependent on and influenced by, among
other considerations, the Group\u2019s operating results, financial condition, investment strategy, capital requirements and
strategic initiatives. The Group will seek to ensure that there is sufficient cash available in order to fund sustaining capital
expenditure\u25b3 and life extension opportunities without resorting to excessive leverage, recognising the nature of the
Group\u2019s assets and single commodity price exposure.
Thungela\u2019s dividend policy is to target a dividend payout of a minimum of 30% of adjusted operating free cash flow\u25b3.
The board is committed to delivering attractive shareholder returns, while maintaining disciplined capital allocation.
Therefore, in any given financial year, we might declare dividends above the targeted minimum 30% payout ratio,
subject to the board being satisfied that subsequent to the dividend declaration, we have adequate balance
sheet\u00a0flexibility and sufficient funding available to withstand market and coal price volatility, as well as infrastructure
constraints.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "value": "11.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:ZAR/xbrli:shares" } }, "f-435": { "value": "10.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:ZAR/xbrli:shares" } }, "f-436": { "value": "2.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:ZAR/xbrli:shares" } }, "f-437": { "value": "11.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:ZAR/xbrli:shares" } }, "f-438": { "value": "281000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:ZAR" } }, "f-439": { "value": "
34.NON-CONTROLLING INTERESTS
There are various non-controlling interests held throughout the Group, as further detailed in note 37. The material non-
controlling interests were considered to be held in Sungela Holdings, up to the purchase of the remaining interest in that
entity.
On 29 September 2025, Thungela Resources Australia acquired the remaining interest in Sungela Holdings and the
Group now owns 100% of the Ensham Business. Refer to note 15 for further detail.
In the year ended 31 December 2024, the non-controlling interest held in Butsanani Energy, including its investment in
RMC up to 30 November 2024, was no longer considered to reflect a material non-controlling interest for the Group,
following the disposal of the investment in RMC.
Accounting policy
Non-controlling interests represent the profit or loss, other comprehensive income and equity in a subsidiary not
attributable, directly or indirectly, to the equity shareholders of the Group.
For subsidiaries which are not wholly owned, non-controlling interests are presented in equity separately from the
equity\u00a0attributable to the shareholders of the Group. Profit or loss and other comprehensive income is attributed to
the\u00a0shareholders of the Group and to non-controlling interests, even if this results in the non-controlling interests having
a\u00a0negative balance.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
34.NON-CONTROLLING INTERESTS CONTINUED
The material non-controlling interests can be analysed as follows:
2025
2024
Rand million
Sungela
Holdings1
Total
Sungela
Holdings
Butsanani
Energy2
Total
(Loss)/profit for the reporting period attributable to non-
controlling interests
(22)
(22)
51
(99)
(48)
Other comprehensive loss attributable to non-controlling
interests
(4)
(4)
(21)
\u2014
(21)
Total comprehensive (loss)/income attributable to non-
controlling interests
(26)
(26)
30
(99)
(69)
Dividends paid to non-controlling interests
\u2014
\u2014
\u2014
(44)
(44)
Equity attributable to non-controlling interests
\u2014
\u2014
378
166
544
1The results of Sungela Holdings have been reflected for the nine months up to 29 September 2025, based on the acquisition of the remaining interest in this entity.
Refer to note 2A and note 15 for further\u00a0detail.
2The results of RMC have been reflected for the 11 months up to 30 November 2024, based on the disposal of the interest in this entity. Refer to note 16 for
further\u00a0detail.
The summarised financial information, without eliminating the impact of intra-group transactions, of the entities in which
material non-controlling interests are held can be analysed as follows:
2025
2024
Rand million
Sungela
Holdings1
Total
Sungela
Holdings
Butsanani
Energy2
Total
Statement of profit or loss and other comprehensive
income
Revenue
5,396
5,396
9,250
345
9,595
(Loss)/profit for the reporting period
(469)
(469)
511
16
527
Total comprehensive (loss)/income for the
reporting\u00a0period
(561)
(561)
511
16
527
Statement of financial position
Non-current assets
\u2014
\u2014
7,829
\u2014
7,829
Current assets
\u2014
\u2014
2,812
\u2014
2,812
Non-current liabilities
\u2014
\u2014
(3,988)
\u2014
(3,988)
Current liabilities
\u2014
\u2014
(1,870)
\u2014
(1,870)
Net assets
\u2014
\u2014
4,783
\u2014
4,783
Statement of cash flows
Cash flows from operating activities
(26)
(26)
1,371
(54)
1,317
Cash flows from investing activities
(302)
(302)
(1,512)
182
(1,330)
Cash flows from financing activities
(131)
(131)
(857)
(105)
(962)
Net (decrease)/increase in cash and cash equivalents3
(459)
(459)
(998)
23
(975)
1 The results of Sungela Holdings have been reflected for the nine months up to 29 September 2025, based on the acquisition of the remaining interest in this entity.
No information related to the statement of financial position has been presented, as there is no non-controlling interest in this entity at 31 December 2025. Refer to
note 2A and note 15 for further detail.
2The results of RMC have been reflected for the 11 months up to 30 November 2024, based on the disposal of the interest in this entity. No information related to
the statement of financial position has been presented, as the non-controlling interest in this entity at 31 December 2024 is not considered to be material. Refer to
note 16 for further detail.
3The results of Sungela Holdings are reflected without eliminating the impact of intra-group transactions, including the settlement of loans, which are eliminated for
Group purposes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "value": "
Accounting policy
Non-controlling interests represent the profit or loss, other comprehensive income and equity in a subsidiary not
attributable, directly or indirectly, to the equity shareholders of the Group.
For subsidiaries which are not wholly owned, non-controlling interests are presented in equity separately from the
equity\u00a0attributable to the shareholders of the Group. Profit or loss and other comprehensive income is attributed to
the\u00a0shareholders of the Group and to non-controlling interests, even if this results in the non-controlling interests having
a\u00a0negative balance.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
34.NON-CONTROLLING INTERESTS CONTINUED
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "value": "
35.COMMITMENTS
The Group is subject to a number of commitments, which have not been accounted for at the reporting date as services
have not yet been received.
The Group\u2019s commitments can be analysed as follows:
2025
Rand million
Contracted but
not provided
Port and rail
commitments
Total
Due within 1 year
267
4,060
4,327
Due between 1 \u2013 2 years
\u2014
4,097
4,097
Due between 2 \u2013 5 years
\u2014
2,201
2,201
Total commitments
267
10,358
10,625
2024
Rand million
Contracted but
not provided
Port and rail
commitments
Total
Due within 1 year
1,474
3,586
5,060
Due between 1 \u2013 2 years
\u2014
1,003
1,003
Due between 2 \u2013 5 years
\u2014
1,085
1,085
Total commitments
1,474
5,674
7,148
Contracted but not provided
Commitments contracted but not provided for are related to capital projects, which have been contracted for at the
reporting date but for which goods and services have not been received.
Port and rail commitments
South Africa
Rail commitments are related to the existing long-term agreement with Transnet Freight Rail (TFR), where the Group
has\u00a0committed to a minimum annual quantity of tonnes railed over the contractual period. The agreement with TFR
was\u00a0extended and will\u00a0now expire in March 2028.
Australia
Port commitments are related to the existing long-term agreement with Gladstone Port Corporation, where Ensham has
a\u00a0contracted minimum annual quantity of tonnes shipped over the contractual period, which expires on 30\u00a0June 2031.
Rail commitments are related to two existing long-term agreements expiring on 31\u00a0December\u00a02028, where Ensham has
a contracted minimum annual quantity of tonnes railed over the contractual period.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-442": { "value": "
36.RELATED PARTY TRANSACTIONS
Thungela has a number of related party relationships with other companies and individuals. The related parties comprise
the entities in which the Group has an investment, as disclosed in note 37, as well as the directors and prescribed
officers noted below. Transactions with these related parties are assessed on a consistent basis as those involving
other\u00a0parties.
Directors
Sango Ntsaluba (chairman)#
Moses Madondo (chief executive officer) (appointed as executive director 1 November 2025)
July Ndlovu (chief executive officer) (resigned as executive director 31 October 2025)
Deon Smith (chief financial officer)
Ben Kodisang#
Kholeka Mzondeki#
Seamus French#
Yoza Jekwa#
Tommy McKeith#
#Independent non-executive
Prescribed officers
Johan van Schalkwyk
Carina Venter (resigned 29 August 2025)
Lesego Mataboge
Leslie Martin
Mpumi Sithole
Bernard Dalton
Dan Reynolds (appointed as prescribed officer 1 January 2025)
The Group enters into various sale and purchase transactions with related parties in the ordinary course of business.
These transactions are subject to terms that are no less nor more favourable than those arranged with independent
third\u00a0parties.
Transactions and balances with related parties
The transactions undertaken with related parties in the year, and outstanding balances at the reporting date, can be
analysed as follows:
Rand million
Note
2025
2024
Loans to related parties
RBCT1
14
168
180
Transactions recognised in the statement of profit or loss and other
comprehensive income
RBCT
Expenses for services provided
(353)
(362)
1The loan to RBCT is deemed part of the equity investment in RBCT.
No transactions have been entered into with key management in the year other than their fixed and variable
remuneration, which has been disclosed in note 39.
39.DIRECTORS' AND PRESCRIBED OFFICERS' REMUNERATION
The remuneration of the directors and prescribed officers has been approved by the Thungela remuneration and
human resources committee. The remuneration is paid by subsidiaries of the Thungela Group.
Details regarding the directors\u2019 direct and indirect interests in Thungela shares are disclosed in the directors\u2019 report.
Executive directors and prescribed officers
The remuneration of the executive directors and prescribed officers can be analysed as follows:
2025
Rand thousand
Basic salary
Retirement and
benefits1
Other2
STI cash3
STI deferred
bonus4
LTIP restricted5
LTIP vested and
settled6
Sign-on
awards7
Total
remuneration
Executive directors
Moses Madondo8
3,850
608
5
2,829
1,430
\u2014
\u2014
35,356
44,078
July Ndlovu9
9,010
1,425
2,461
7,095
\u2014
12,024
\u2014
\u2014
32,015
Deon Smith
6,183
1,002
1,428
4,100
2,050
6,212
\u2014
\u2014
20,975
Total executive directors\u2019 remuneration
19,043
3,035
3,894
14,024
3,480
18,236
\u2014
35,356
97,068
Prescribed officers
Johan van Schalkwyk
4,538
745
183
2,792
1,396
\u2014
4,844
\u2014
14,498
Leslie Martin
3,942
664
1,174
2,614
1,307
\u2014
4,207
\u2014
13,908
Lesego Mataboge
2,997
516
17
1,987
994
\u2014
2,988
\u2014
9,499
Mpumi Sithole
2,994
482
17
1,842
921
\u2014
2,988
\u2014
9,244
Carina Venter10
1,995
302
1,606
\u2014
\u2014
\u2014
2,988
\u2014
6,891
Bernard Dalton
3,656
612
164
2,249
1,125
\u2014
3,582
\u2014
11,388
Dan Reynolds11
7,063
347
\u2014
4,217
2,108
\u2014
\u2014
\u2014
13,735
Total prescribed officers\u2019 remuneration
27,185
3,668
3,161
15,701
7,851
\u2014
21,597
\u2014
79,163
1Retirement and benefits include pension fund or superannuation contributions, medical aid contributions and other allowances.
2Other payments include payments such as unemployment insurance, leave encashments and long-service awards.
3Cash component of the short-term incentive (STI), which is attributable to the 2025 financial year, to be paid in the 2026 financial year.
4Deferred bonus component of the STI, which is attributable to the 2025 financial year, to be awarded in the 2026 financial year.
5 The 2022 LTIP awards were granted to executive directors on 7 March 2022. The performance was measured on 7 March 2025 and\u00a0the awards were
therefore reflected in the year in which the performance was measured. The awards to the executive directors are subject to a further\u00a0two-year holding
period before they may be disposed of.
6The 2022 LTIP awards were granted to prescribed officers on 7 March 2022, and vested on 7 March 2025\u00a0based on the achievement percentage of the
performance conditions. The awards were settled using Thungela shares held in treasury\u00a0by\u00a0the Group.
7Sign-on award granted to Moses Madondo comprised of a both a cash and deferred share award allocation.
8Moses Madondo was appointed on 1 August 2025 and remuneration reflects amounts paid to him from his appointment date.
9July Ndlovu retired in the current year. The amount reported as other payments includes the encashment of his outstanding leave and a cash retirement
award. He is eligible to receive the cash component of the STI attributable to the 2025 financial year to be paid in the 2026 financial year, but no
deferred bonus component of the STI will be allocated.
10Carina Venter resigned in August 2025 and remuneration reflects amounts paid up to her date of resignation. She is not eligible to be paid an STI for the
2025 performance year and was not paid any separation payments.
11Dan Reynolds was appointed as a prescribed officer from 1 January 2025. His salary is paid in Australian dollars and has been converted to South African
rand for disclosure purposes only.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
39.DIRECTORS' AND PRESCRIBED OFFICERS' REMUNERATION CONTINUED
Executive directors and prescribed officers continued
The remuneration of the executive directors and prescribed officers can be analysed as follows continued:
2024
Rand thousand
Basic salary
Retirement and
benefits1
Other2
STI cash3
STI deferred
bonus4
LTIP restricted5
LTIP vested and
settled6
Total
remuneration
Executive directors
July Ndlovu
8,578
1,348
29
7,456
3,767
38,607
\u2014
59,785
Deon Smith
5,539
896
25
4,055
2,027
16,185
\u2014
28,727
Total executive directors\u2019 remuneration
14,117
2,244
54
11,511
5,794
54,792
\u2014
88,512
Prescribed officers
Johan van Schalkwyk
4,319
704
25
3,162
1,581
\u2014
13,766
23,557
Leslie Martin
3,751
627
39
2,746
1,373
\u2014
12,877
21,413
Lesego Mataboge
2,758
474
125
2,019
1,009
\u2014
9,662
16,047
Mpumi Sithole
2,758
443
129
2,019
1,009
\u2014
9,543
15,901
Carina Venter
2,758
414
150
2,019
1,009
\u2014
9,184
15,534
Bernard Dalton
3,274
547
31
2,397
1,198
\u2014
12,249
19,696
Total prescribed officers\u2019 remuneration
19,618
3,209
499
14,362
7,179
\u2014
67,281
112,148
1Retirement and benefits include pension fund contributions, medical aid contributions and other allowances.
2Other payments such as unemployment insurance, leave encashments and long-service awards.
3Cash component of the STI, which is attributable to the 2024 financial year, to be paid in the 2025 financial year.
4Deferred bonus component of the STI, which is attributable to the 2024 financial year, to be awarded in the 2025 financial year.
5The 2021 LTIP awards were granted to executive directors on 16 November 2021. The performance was measured on 16 November 2024 and\u00a0the
awards were therefore reflected in the final year of the performance period. The awards to the executive directors are subject to a further\u00a0two-year holding
period before they may be disposed of.
6The 2021 LTIP awards were granted to prescribed officers on 16 November 2021, and vested on 16\u00a0November\u00a02024\u00a0based on the achievement
percentage of the performance conditions. The awards were settled using Thungela shares held in treasury\u00a0by\u00a0the Group.
39.DIRECTORS' AND PRESCRIBED OFFICERS' REMUNERATION CONTINUED
Non-executive directors
The composition of the board remains consistent with the previous year, with six independent non-executive directors.
Following the unfortunate passing of Thero Setiloane in 2024, Tommy McKeith was appointed to the board on
1\u00a0October\u00a02024.
The remuneration of the non-executive directors can be analysed as follows:
Rand
2025
2024
Sango Ntsaluba
1,829,113
1,714,858
Kholeka Mzondeki
1,361,970
1,270,557
Ben Kodisang
1,302,268
1,194,031
Thero Setiloane
\u2014
576,383
Seamus French
1,265,752
1,179,098
Yoza Jekwa
1,284,407
1,266,983
Tommy McKeith
1,290,017
305,877
Total non-executive directors\u2019 remuneration
8,333,527
7,507,787
All non-executive directors\u2019 fees were paid to the individuals in their personal capacity.
Equity-settled share awards granted to executive directors and prescribed officers
Details regarding share awards are disclosed in note 32.
The share awards granted to executive directors and prescribed officers of the Group under the Thungela share plan
can be analysed as follows:
LTIP awards \u2013 conditional share awards
2025
Number of awards
Opening
balance
Granted1
Vested and
settled or
restricted
Forfeited
Total
Executive directors
Moses Madondo
\u2014
200,435
\u2014
\u2014
200,435
July Ndlovu2
237,839
214,794
(106,548)
(644)
345,441
Deon Smith
122,870
103,886
(55,045)
(332)
171,379
Total executive directors\u2019 awards
360,709
519,115
(161,593)
(976)
717,255
Prescribed officers
Johan van Schalkwyk
95,808
66,858
(42,921)
(259)
119,486
Leslie Martin
83,212
58,074
(37,276)
(227)
103,783
Lesego Mataboge
59,734
43,905
(26,478)
(159)
77,002
Mpumi Sithole
59,734
43,874
(26,478)
(159)
76,971
Carina Venter
59,734
42,166
(26,478)
(75,422)
\u2014
Bernard Dalton
71,390
53,436
(31,740)
(192)
92,894
Total prescribed officers\u2019 awards
429,612
308,313
(191,371)
(76,418)
470,136
1The awards granted include a total of 79,511 awards added to the LTIP awards as dividend equivalent share awards granted related to the dividends paid by
Thungela in the year ended 31\u00a0December 2025 .
2All outstanding awards for July Ndlovu will be accelerated to 31 December 2025. These awards will vest based on the Thungela remuneration and human
resources committee\u2019s assessment of performance and will be time apportioned for completed months of the applicable employment period. The two-year holding
period will apply to the vested conditional shares from the vesting date. The vesting will be finalised in 2026.
2024
Number of awards
Opening
balance
Granted1
Vested and
settled or
restricted
Forfeited
Total
Executive directors
July Ndlovu
497,644
122,735
(302,589)
(79,951)
237,839
Deon Smith
223,256
59,985
(126,853)
(33,518)
122,870
Total executive directors\u2019 awards
720,900
182,720
(429,442)
(113,469)
360,709
Prescribed officers
Johan van Schalkwyk
176,824
47,051
(101,301)
(26,766)
95,808
Leslie Martin
161,357
41,652
(94,759)
(25,038)
83,212
Lesego Mataboge
118,969
30,656
(71,104)
(18,787)
59,734
Mpumi Sithole
117,961
30,554
(70,226)
(18,555)
59,734
Carina Venter
114,930
30,247
(67,585)
(17,858)
59,734
Bernard Dalton
148,244
37,099
(90,137)
(23,816)
71,390
Total prescribed officers\u2019 awards
838,285
217,259
(495,112)
(130,820)
429,612
1The awards granted include a total of 162,028 awards added to the LTIP awards as dividend equivalent share awards granted related to the dividends paid by
Thungela in the year ended 31\u00a0December 2024.
Each award converts into one ordinary share in Thungela upon vesting. The vesting of these shares is conditional on
the\u00a0achievement of approved performance conditions. The awards carry neither a right to dividends nor voting rights,
however participants are entitled to dividend equivalents accrued over the vesting period, to be converted into
additional share awards and added to the overall number of awards that will vest. The LTIP awards are subject to
a\u00a0further two-year holding period after the vesting date for executive directors. There is no option for cash settlement
of\u00a0the\u00a0awards.
The 2022 LTIP award vested on 7 March 2025, based on the achievement level of the performance conditions
approved by the Thungela remuneration and human resources committee, as reported in the 2024 Integrated Annual
Report (99.4%). Consequently, a total of 2,131 shares were forfeited, resulting in the vesting of 352,964 shares,
including the\u00a0initial allocation and associated dividend equivalent shares. These shares were settled using Thungela
shares held in\u00a0treasury by the Group, and 86,121 shares were sold to settle the tax obligations arising from the
vesting\u00a0for prescribed officers. The shares allotted to the executive directors are subject to a two-year holding period
and\u00a0will\u00a0remain restricted until 7 March 2027, at which time they will attract tax obligations.
The 2021 LTIP award vested on 16 November 2024, based on the achievement level of the performance conditions
approved by the Thungela remuneration and human resources committee, as reported in the 2023 Integrated Annual
Report (79.1%). Consequently, a total of 244,289 shares were forfeited, resulting in the vesting of 924,554 shares,
including the initial allocation and associated dividend equivalent shares. These shares were settled using Thungela
shares held in\u00a0treasury the Group, and 222,802 shares were sold to settle the tax obligations arising from the vesting
for prescribed officers. The shares allotted to the executive directors are subject to a two-year holding period and will
remain restricted until 16 November 2026, at which time they will attract tax obligations.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
39.DIRECTORS' AND PRESCRIBED OFFICERS' REMUNERATION CONTINUED
Equity-settled share awards granted to executive directors and prescribed officers continued
The share awards granted to executive directors and prescribed officers of the Group under the Thungela share plan
can be analysed as follows continued:
DBS awards \u2013 forfeitable share awards
2025
Number of awards
Opening
balance
Granted
Vested and
settled
Forfeited
Total
Executive directors
Moses Madondo
\u2014
\u2014
\u2014
\u2014
\u2014
July Ndlovu1
40,317
33,060
(18,531)
\u2014
54,846
Deon Smith
21,893
17,790
(9,966)
\u2014
29,717
Total executive directors\u2019 awards
62,210
50,850
(28,497)
\u2014
84,563
Prescribed officers
Johan van Schalkwyk
16,458
13,872
(7,474)
\u2014
22,856
Leslie Martin
14,345
12,048
(6,542)
\u2014
19,851
Lesego Mataboge
9,893
8,857
(4,600)
\u2014
14,150
Mpumi Sithole
9,887
8,857
(4,594)
\u2014
14,150
Carina Venter
9,673
8,857
(4,477)
(14,053)
\u2014
Bernard Dalton
12,112
10,515
(5,351)
\u2014
17,276
Total prescribed officers\u2019 awards
72,368
63,006
(33,038)
(14,053)
88,283
1The outstanding awards for July Ndlovu will be accelerated to 31 December 2025. These awards will vest on a time apportioned basis for completed months of
the applicable employment period. The vesting will be finalised in 2026.
2024
Number of awards
Opening
balance
Granted
Vested and
settled
Forfeited
Total
Executive directors
July Ndlovu
24,602
25,684
(9,969)
\u2014
40,317
Deon Smith
13,430
13,822
(5,359)
\u2014
21,893
Total executive directors\u2019 awards
38,032
39,506
(15,328)
\u2014
62,210
Prescribed officers
Johan van Schalkwyk
9,561
10,777
(3,880)
\u2014
16,458
Leslie Martin
8,407
9,360
(3,422)
\u2014
14,345
Lesego Mataboge
6,321
6,129
(2,557)
\u2014
9,893
Mpumi Sithole
6,308
6,129
(2,550)
\u2014
9,887
Carina Venter
5,976
6,129
(2,432)
\u2014
9,673
Bernard Dalton
6,836
7,970
(2,694)
\u2014
12,112
Total prescribed officers\u2019 awards
43,409
46,494
(17,535)
\u2014
72,368
Each award converts into one ordinary share in Thungela upon vesting. The awards carry both dividend and voting
rights. Participants will be entitled to dividends paid on the ordinary shares underlying their awards prior to the vesting
date. Should the awards lapse for any reason, dividends already received by participants will not be required to be
paid back. Dividends are paid to the award holders on the dividend payment dates.
Tranche 3 of the 2022 DBS awards vested on 22 March 2025, tranche 2 of the 2023 DBS vested on
27\u00a0March\u00a02025 and tranche 1 of the 2024 DBS awards vested on 18 March 2025, based on\u00a0the achievement
of\u00a0the employment condition, and these tranches were settled using Thungela shares purchased by the Group on
the\u00a0grant date. A total of 61,535 share awards vested, with 27,704 shares being sold on vesting to compensate
employees for the tax incurred by them on the vesting of the shares.
Tranche 2 of the 2022 DBS awards vested on 22 March 2024 and tranche 1 of the 2023 DBS vested on
27\u00a0March 2024, based on the achievement of the employment condition, and these tranches were settled
using\u00a0Thungela shares purchased by the Group on the grant date. A total of 32,863 share awards vested,
with\u00a014,798\u00a0shares\u00a0being sold on vesting to compensate employees for the tax incurred by them on the
vesting\u00a0of\u00a0the\u00a0shares.
Thungela sign-on awards \u2013 forfeitable share awards
2025
Number of awards
Opening
balance
Granted
Vested and
settled
Forfeited
Total
Executive directors
Moses Madondo
\u2014
175,190
\u2014
\u2014
175,190
Total executive directors\u2019 awards
\u2014
175,190
\u2014
\u2014
175,190
Each award converts into one ordinary share in Thungela upon vesting. The awards carry both dividend and voting
rights. Participants will be entitled to dividends paid on the ordinary shares underlying their awards prior to the vesting
date. Should the awards lapse for any reason, dividends already received by participants will not be required to be
paid back. Dividends are paid to the award holders on the dividend payment dates.
Share-linked units granted to prescribed officers
Details regarding share-linked units are disclosed in note 32.
The share-linked units granted to prescribed officers of the Group under the Thungela cash-settled share plan can be
analysed as follows:
LTIP units \u2013 conditional share-linked units
2025
Number of awards
Opening
balance
Granted
Vested and
settled
Forfeited
Total
Prescribed officers
Dan Reynolds
\u2014
98,914
\u2014
\u2014
98,914
Total prescribed officers\u2019 awards
\u2014
98,914
\u2014
\u2014
98,914
Each share-linked unit will be settled in cash based on the prevailing Thungela share price at the vesting date. The
vesting of the share-linked units is conditional on the achievement of the performance conditions as approved by the
Thungela remuneration and human resources committee. Participants in the conditional share-linked units are entitled
to\u00a0receive dividend equivalents on these units at the vesting date. Dividend equivalents are comprised of the aggregate
value of all\u00a0ordinary dividends that would have accrued on the same number of ordinary shares as the number of vested
share-linked units.
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37.INVESTMENTS IN OTHER ENTITIES
The Group holds a number of investments in other entities, which result in us obtaining control, joint control or significant
influence over the entities.
Accounting policy
Investments in subsidiaries
The results of subsidiaries are consolidated for the duration of the period in which the Group exercises control over
the\u00a0subsidiary. All intra-group transactions and resultant profits or losses between group companies are eliminated
on\u00a0consolidation.
Investments in joint operations
Joint arrangements are arrangements in which the Group shares joint control with one or more parties. Joint control is
the\u00a0contractually agreed sharing of control of an arrangement and exists only when decisions about the activities that
significantly affect the arrangement\u2019s returns require the unanimous consent of the parties sharing control. Joint
arrangements are classified as either joint operations or joint ventures, depending on the rights and obligations of
the\u00a0parties to the arrangement. In joint operations, the parties have rights to the assets and obligations for the liabilities
relating to the arrangement, whereas in joint ventures, the parties have rights to the net assets of the arrangement.
Joint arrangements that are not structured through a separate vehicle are always joint operations. Joint arrangements
that\u00a0are structured through a separate vehicle may be either joint operations or joint ventures, depending on the specific
facts and circumstances of the arrangement. In these cases, consideration is given to the legal form of the separate
vehicle, the terms of the contractual arrangement and, when relevant, other facts and circumstances. When the activities
of an arrangement are primarily designed for the provision of output to the parties, and the parties are substantially the
only source of cash flows contributing to the continuity of the operations of the arrangement, this indicates that the parties
to the arrangement have rights to the assets and obligations for the liabilities.
The joint arrangements within the Group, being Mafube Coal Mining Proprietary Limited (Mafube Coal Mining), Phola
Coal Processing Plant Proprietary Limited and Pamish, are accounted for as joint operations. These arrangements are
primarily designed for the provision of output to the parties sharing joint control, indicating that the parties have rights
to\u00a0substantially all of the economic benefits of the assets. The liabilities of the arrangements are in substance satisfied
by\u00a0cash flows received from the parties; this dependence indicates that the parties effectively have obligations for the
liabilities. It is primarily these facts and circumstances that give rise to the classification as joint operations.
The Group accounts for joint operations by recognising our share of the assets, liabilities, revenue and expenses of
the\u00a0joint operation, including our share of such items held or incurred jointly.
The investments in other entities held by the Group can be analysed as follows:
Legal entity name
Nature of business
Operation
Shareholding
%
Direct subsidiaries
South Africa Coal Operations Proprietary Limited1
Investment holding company
100
Thungela Resources Holdings Proprietary Limited
Investment holding company
100
Thungela Treasury Proprietary Limited
Investment holding company
100
Thungela International Proprietary Limited
Investment holding company
100
Indirect subsidiaries
Thungela Operations Proprietary Limited
Mining company
100
Mining operation
Isibonelo
Mining operation
Goedehoop
Mining operation
Greenside
Mining operation
Khwezela
Anglo American Inyosi Coal Proprietary Limited
Mining company
100
Mining operation
Zibulo
Mining operation
Annea
Butsanani Energy Investment Holdings
Proprietary\u00a0Limited
Investment holding company
67
Thungela Inyosi Coal Sercurityco Proprietary Limited2
Dormant
100
Newshelf 1316 Proprietary Limited
Dormant
100
Blue Steam Investments Proprietary Limited
Dormant
100
Main Street 1756 (RF) Proprietary Limited
Investment holding company
100
Thungela Resources Australia Pty Limited3
Investment holding company
100
Sungela Holdings Pty Ltd3,4
Investment holding company
100
Sungela Pty Ltd3,5
Investment holding company
100
Ensham Resources Pty Limited3,5
Mining company
100
Mining operation
Ensham Mine
Ensham Coal Sales Pty. Ltd.3,5
Marketing company
100
Nogoa Pastoral Pty. Ltd.3,5
Agricultural company
100
Agricultural operation
Nogoa
Pastoral
Thungela Marketing International Holdings Limited6
Investment holding company
100
Thungela Marketing International FZCO6,7
Marketing company
100
1Thungela holds 90% of the shares in SACO. The Sisonke Employee Empowerment Scheme and the Nkulo Community Partnership Trust, which are controlled by the
Group, hold 10% collectively of the shares in SACO. Effectively, Thungela owns 100% of SACO.
2The Group\u2019s application to deregister Thungela Inyosi Coal Securityco Proprietary Limited was submitted on 8 July 2024, and confirmation of deregistration was
received on 2 January 2025.
3The place of business and incorporation of this entity is Australia.
4Thungela Resources Australia holds 100% of the shares in Sungela Holdings from 29 September 2025. Refer to note 2A for detail related to our shareholding
in\u00a0the\u00a0Ensham Business.
5The shareholding in this entity is held through Thungela Resources Australia and Sungela Holdings as part of the Ensham Business. Refer to note 2A for detail
related\u00a0to our shareholding in the Ensham Business.
6The place of business and incorporation of this entity is Dubai.
7Thungela Marketing International changed its company suffix from DMCC to FZCO on 9 January 2026.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS CONTINUED
For the year ended 31\u00a0December 2025
37.INVESTMENTS IN OTHER ENTITIES CONTINUED
The investments in other entities held by the Group can be analysed as follows continued:
Legal entity name
Nature of business
Operation
Shareholding
%
Indirect joint operations
Mafube Coal Mining Proprietary Limited
Mining company
50
Mining operation
Mafube
Phola Coal Processing Plant Proprietary Limited
Mining company
50
Processing operation
Phola Coal
Processing
Plant
Pamish Investments No. 66 Proprietary Limited1
Mining company
49
Processing operation
Pamish plant
Indirect associates
Richards Bay Coal Terminal Proprietary Limited
Port logistics
Richards Bay
Coal Terminal
23
Colliery Training College Proprietary Limited2
Training provider for companies
in\u00a0the mining industry
23
Indirect trusts
Nkulo Community Partnership Trust
Community trust
100
Sisonke Employee Empowerment Scheme Trust
Employee trust
100
Anglo American Thermal Coal Environmental
Rehabilitation Trust
Rehabilitation trust
100
Mafube Rehabilitation Trust
Rehabilitation trust
50
1The interest in Pamish is held through TOPL. Although TOPL legally owns 49% of Pamish, the contractual agreements result in TOPL obtaining 100% of the benefits
related to the operations of Pamish.
2The investment in Colliery Training College Proprietary Limited is considered immaterial to the Group and has not been equity accounted.
The place of business and incorporation of all subsidiaries, joint operations, associates and trusts is South Africa, except
where specifically noted otherwise.
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Accounting policy
Investments in subsidiaries
The results of subsidiaries are consolidated for the duration of the period in which the Group exercises control over
the\u00a0subsidiary. All intra-group transactions and resultant profits or losses between group companies are eliminated
on\u00a0consolidation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "value": "
38.EVENTS AFTER THE REPORTING PERIOD
The Group monitors activity between the reporting date and the date of the approval of the Annual Financial Statements
to ensure that any events that may impact the Group are considered.
Accounting policy
The Group assesses relevant events that occur between the reporting date and the date that the Annual Financial
Statements are authorised for issue. An assessment will be performed to determine if the event is an adjusting or non-
adjusting event, and adjustments or disclosure may be made if required.
Escalating tensions in the Middle East
The ongoing conflict in the Middle East following the recent US-Israeli actions involving Iran in early 2026 has raised
new levels of uncertainty and has understandably caused concern. The uncertainty brought about by the conflict has,
once again, increased volatility in the energy market, impacting on the price of oil, gas and coal. We will continue to
closely monitor the situation and the impact on our employees and operating environment.
Declaration of dividend
On 23\u00a0March 2026, the board declared a final ordinary cash dividend of R2 per share, or R281 million, from
retained earnings. Combined with the interim dividend for 2025, this represents a total dividend payment of
R562\u00a0million to shareholders related to 2025. The dividend will be paid in April 2026 to shareholders on the
South\u00a0African register, and in May 2026 to shareholders on the UK register.
The ordinary cash dividend and interim share buyback in total amount to returns to shareholders of R701 million,
reflecting 177% of the adjusted operating free cash flow\u25b3 generated in the year ended 31\u00a0December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "value": "2.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:ZAR/xbrli:shares" } }, "f-447": { "value": "281000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:ZAR" } }, "f-448": { "value": "11.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:ZAR/xbrli:shares" } }, "f-449": { "value": "10.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:ZAR/xbrli:shares" } }, "f-450": { "value": "2.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:ZAR/xbrli:shares" } }, "f-451": { "value": "11.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:ZAR/xbrli:shares" } }, "f-452": { "value": "281000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:ZAR" } }, "f-453": { "value": "2.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:ZAR/xbrli:shares" } }, "f-454": { "value": "281000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:ZAR" } }, "f-455": { "value": "THUNGELA RESOURCES LIMITED", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "Republic of South Africa", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "value": "Republic of South Africa", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "value": "Limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "25 Bath Avenue Rosebank Johannesburg 2196 South Africa", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "25 Bath Avenue Rosebank Johannesburg 2196 South Africa", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800EGYK3BN3SRIF27", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }