REG - Morgan Stanley Adriatic Metals - Form 8.3

Morgan Stanley disclosed its position in Adriatic Metals plc, reporting ownership of 4,502,226 relevant securities (1.30%) and short positions of 23,361 (0.01%). The disclosure, made under Rule 8.3 of the Takeover Code, includes details of recent purchases and sales of CHESS Depositary Interests and ordinary shares. The report indicates ongoing dealings with Dundee Precious Metals Inc. The disclosure date is August 1, 2025, with the position held as of July 31, 2025.

RNS Number : 6470T Morgan Stanley 01 August 2025

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY

A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE

Rule 8.3 of the Takeover Code (the "Code")

1. KEY INFORMATION

(a) Full name of discloser:	Morgan Stanley
(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.	Morgan Stanley Australia Securities Limited Morgan Stanley Europe SE
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	Adriatic Metals plc
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:	N/A
(e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure	31 July 2025
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state "N/A"	YES - Dundee Precious Metals Inc.

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:	1p ordinary
	Interests	Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	4,502,226	1.30	23,361	0.01
(2) Cash-settled derivatives:	0	0.00	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	0	0.00	0	0.00
TOTAL:	4,502,226	1.30	23,361	0.01

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors' and other employee options

Class of relevant security in relation to which subscription right exists:	NO
Details, including nature of the rights concerned and relevant percentages:	NO

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security	Purchase/sale	Number of securities	Price per unit
CHESS Depositary Interests	PURCHASE	249	5.6500 AUD
CHESS Depositary Interests	PURCHASE	1,104	5.6550 AUD
CHESS Depositary Interests	PURCHASE	246	5.6600 AUD
CHESS Depositary Interests	PURCHASE	1,042	5.6700 AUD
CHESS Depositary Interests	PURCHASE	428	5.6750 AUD
CHESS Depositary Interests	PURCHASE	3,289	5.6800 AUD
CHESS Depositary Interests	PURCHASE	22,956	5.6850 AUD
CHESS Depositary Interests	PURCHASE	100,000	5.6879 AUD
CHESS Depositary Interests	PURCHASE	2,274	5.6900 AUD
CHESS Depositary Interests	PURCHASE	1,068	5.6950 AUD
CHESS Depositary Interests	PURCHASE	2,225	5.7000 AUD
CHESS Depositary Interests	PURCHASE	270	5.7100 AUD
CHESS Depositary Interests	PURCHASE	345	5.7200 AUD
CHESS Depositary Interests	PURCHASE	478	5.7700 AUD
CHESS Depositary Interests	PURCHASE	499	5.7800 AUD
CHESS Depositary Interests	SALE	425	5.6500 AUD
CHESS Depositary Interests	SALE	2,460	5.6550 AUD
CHESS Depositary Interests	SALE	456	5.6600 AUD
CHESS Depositary Interests	SALE	310	5.6700 AUD
CHESS Depositary Interests	SALE	2,856	5.6750 AUD
CHESS Depositary Interests	SALE	9,038	5.6800 AUD
CHESS Depositary Interests	SALE	8,660	5.6825 AUD
CHESS Depositary Interests	SALE	24,047	5.6850 AUD
CHESS Depositary Interests	SALE	8,202	5.6900 AUD
CHESS Depositary Interests	SALE	10,061	5.6934 AUD
CHESS Depositary Interests	SALE	2,274	5.6950 AUD
CHESS Depositary Interests	SALE	1,389	5.7000 AUD
1p ordinary	PURCHASE	4,445	2.7900 GBP
1p ordinary	PURCHASE	1,851	2.8150 GBP
1p ordinary	PURCHASE	1,200	2.8400 GBP
1p ordinary	SALE	6,296	2.7974 GBP
1p ordinary	SALE	1,200	2.8400 GBP
CHESS Depositary Interests	PURCHASE	1,000	5.7000 AUD
CHESS Depositary Interests	SALE	1,000	5.7000 AUD

(b) Cash-settled derivative transactions

Class of relevant security	N/A
Product description e.g. CFD	N/A
Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	N/A
Number of reference securities	N/A
Price per unit	N/A

(i) Writing, selling, purchasing or varying

Class of relevant security	N/A
Product description e.g. call option	N/A
Writing, purchasing, selling, varying etc.	N/A
Number of securities to which option relates	N/A
Exercise price per unit	N/A
Type e.g. American, European etc.	N/A
Expiry date	N/A
Option money paid/ received per unit	N/A

(ii) Exercise

Class of relevant security	N/A
Product description e.g. call option	N/A
Exercising/ exercised against	N/A
Number of securities	N/A
Exercise price per unit	N/A

(d) Other dealings (including subscribing for new securities)

Class of relevant security	N/A
Nature of dealing e.g. subscription, conversion	N/A
Details	N/A
Price per unit (if applicable)	N/A

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none"
NONE

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:(i) the voting rights of any relevant securities under any option; or(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:If there are no such agreements, arrangements or understandings, state "none"
NONE

Is a Supplemental Form 8 (Open Positions) attached?
NO

Date of disclosure:	01 August 2025
Contact name:	Claire Gordon
Telephone number*:	+44 141 245-8893

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0) 20 7638 0129.

*If the discloser is a natural person, a telephone number does not need to be included, provided contact information has been provided to the Panel's Market Surveillance Unit.

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.

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REG - Morgan Stanley Adriatic Metals - Form 8.3 - Adriatic Metals plc