Thungela Resources GAAP EPS of R 1.92, revenue of R 14.81B; reaffirms FY outlook

* Thungela Resources press release [https://www.thungela.com/sites/default/files/2025-08/Thungela%20Interim%20Results%20Announcement%2030%20June%202025.pdf] (OTCPK:TNGRF [https://seekingalpha.com/symbol/TNGRF]): 1H GAAP EPS of R 1.92.
* Revenue of R 14.81B (-11.6% Y/Y).
* Adjusted operating free cash flow of R484 million for the period and net cash of R6.3 billion at 30 June 2025, after capital expenditure of R1.2 billion.
* Declaration of an ordinary interim cash dividend of R2 per share and a share buyback of up to R140 million.
* The Group remains on track to achieve full year guidance.
* Full year guidance for export saleable production of 12.8Mt to 13.6Mt remains appropriate, as production is seasonally weighted towards the second half of the year. Consequently, guidance for FOB cost per export tonne excluding royalties of R1,210 to R1,290 also remains appropriate.
* "We expect production at Ensham to improve in the second half of the year, however, given the geological conditions experienced, production is likely to be closer to the lower end of the guidance range of 3.7Mt to 4.1Mt. Consequently, FOB cost per export tonne excluding royalties will be at the upper end of the full-year guidance range of R1,470 to R1,580."

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