Timing of payouts

JSE Investor Services (JIS) began paying out those beneficiaries who elected to sell their shares, from March 2026.

Approximately 85% of beneficiaries have received their payouts. Efforts are ongoing to ensure all eligible beneficiaries are paid.

Remember that the amount paid into your account is the value of the shares at the average price at which the shares were sold, less the applicable administrative fees and taxes.

What if you do not receive your payment in March?

This could mean:

That you may owe money to SARS.

According to Section 179(1) of the Tax Administration Act, No.28 of 2011, SARS may initiate collection proceedings or offset any payment received from the Thusano Trust against the outstanding tax debt.
This means that JIS will have been ordered through an IT88 instruction to withhold the amount owing to SARS from the beneficiary, and will pay it over to SARS.
In such a case, JIS will provide you with an explanation, and this will be indicated on your share statement and transaction confirmation statement.
As communicated, neither JIS nor Thusano Trust can do anything for the beneficiary in this situation, and the beneficiary will have to contact SARS.

That your bank details were incomplete or unavailable

If you are the person entitled to the payout, this situation can be fixed by contacting JIS or your nearest TEBA office with your banking details and relevant FICA documents.
Once these and other details are updated, JIS will make the payment, however it may be later in March, or when the update is completed on the system.

That when JIS applied to SARS for a tax directive for you, this was declined.

This means that your records are not in order and need to be referred back to your employer if you are still employed at Gold Fields or Sibanye. Once resolved, payment can take place.
If you are no longer employed, your payment will be processed using the tax tables on their last known income scale.

If you are a foreign national

Foreign transaction may take a little longer to be processed and reflect in your account.

What if the amount received is different to what I calculated from my share statement?

The most likely explanation is that according to Section 179(1) of the Tax Administration Act, No.28 of 2011, SARS may have ordered JIS through an IT88 to collect money owed to them and this was deducted from the payment.
You can call JIS to check if SARS made the deduction, but after that, this is once again a matter the beneficiary must take up directly with SARS.
Another explanation is that you may have made the calculation of your expected payout using a share price that wasn’t the same as the final average sale price communicated after the share sales were completed in the middle of January 2026 (R739.09 for Gold Fields shares and R56.25 for Sibanye-Stillwater shares). If you are unsure, contact JIS.

Contacting SARS

Use the SARS WhatsApp number: 0800 11 7277 (save the number on your phone then start a WhatsApp conversation by sending a message ‘Hi’)
Call the SARS Contact Centre: 0800 00 7277
International callers use: +27 11 602 2093
Visit www.sars.gov.za
Visit the SARS office nearest you

Contacting JIS

Call 086 125 5525 or 086 143 3659 or
+27 11 713 0000 if outside RSA.
Email thusano@jseinvestorservices.co.za

You can view your share statement on your JIS profile https://www.investecss.co.za/thusano/account/logon.
Click here for an explanation of your share statement and transaction confirmation.

Thank you to the very many beneficiaries who took the opportunity to select how they would like to receive their shares, for being patient in the queues and providing the information you were asked for.

We also appreciate how you shared information with your past and present colleagues to ensure that those who may not have been reached by the communication channels were also aware of the vesting of the Thusano Trust.

As communicated –
payouts will be made
in March 2026

One of the big questions is: ‘What happens now?’

Please read on for answers.

We are pleased to inform you that the sale of your Gold Fields and Sibanye-Stillwater shares has been completed, in keeping with your choice made during the election process.

The traders began selling the shares after the vesting date of 1 December 2025, spreading the sales over approximately six weeks. The sale price differed from day to day, and now that the sales are complete, we have the final, average sale price per share that beneficiaries can use to calculate their payout before tax and fees.

Final average price at which shares were sold:

Gold Fields

R739.09

Sibanye-Stillwater

R56.25

You can view your share statement on your JIS profile https://www.investecss.co.za/thusano/account/logon. Use the USSD code *120*1138# on your mobile phone (for those with a South African ID), or you can make part of the calculation yourself if you know what your share allocation is:

Final price
of shares

Number of shares
allocated to you

Value due to you before tax and fees

Gold Fields

R739.09

X

=

Sibanye-Stillwater

R56.25

X

=

IMPORTANT

If you log onto your profile on the JIS system / contact the call centre to view your statement, you will note two things:

ONE:

That the system will have made the above calculation for you, as well as deducted the relevant administration fees we have been referring to. This amount shown will be your before-tax amount.

TWO:

The system refers to a 45% taxation amount. Please note: unless you are in the highest tax bracket, this is not the percentage that your payout will be taxed. We are still awaiting confirmation from South African Revenue Services (SARS) about the individual tax that will be applied to each person. When this is available, your share statement will be updated accordingly.

What could prevent me from receiving my payout?

There are some situations that are outside of the control of Thusano Trust that could prevent a beneficiary from receiving their payout. Here are some of them explained:

Reason

If you have not provided correct banking details

If you are not in good standing with SARS

Why it prevents payment

Every payment must go into a bank account that belongs to the beneficiary. That can’t happen if there are no/invalid bank account details.

Make sure you have submitted the documents relevant to you. Find out what they are here.

If a beneficiary has not submitted their tax returns and / or not paid any amounts they owe to SARS and have not made arrangements with SARS to resolve this, SARS may, according to Section 179(1) of the Tax Administration Act, No.28 of 2011, initiate collection proceedings or offset any payment received from the Thusano Trust against the outstanding tax debt.

What will happen

The payment will remain in the Thusano Trust account until bank account details are available.

SARS can instruct Thusano Trust to withhold amounts that are owed to SARS, so the beneficiary may not receive some or all of their money.

How to fix it

If you haven’t given your bank details to the JIS or you aren’t sure if your bank details on record are correct, contact JIS or TEBA to provide them.

Check with SARS (or on your Income Tax statement of account on e-filing) that you don’t have any outstanding amounts or returns owing to them. If you do contact, or go to your nearest SARS office and make arrangements for settling what you owe.