<div id="readability-page-1"><div>RNS Number : 6470T Morgan Stanley 01 August 2025 FORM 8.3PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BYA PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORERule 8.3 of the Takeover Code (the &#34;Code&#34;)1. KEY INFORMATION<div><table><tbody><tr><td>(a) Full name of discloser:</td><td>Morgan Stanley</td></tr><tr><td>(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.</td><td>Morgan Stanley Australia Securities LimitedMorgan Stanley Europe SE</td></tr><tr><td>(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree</td><td>Adriatic Metals plc</td></tr><tr><td>(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:</td><td>N/A</td></tr><tr><td>(e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure</td><td>31 July 2025</td></tr><tr><td>(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 &#34;N/A&#34;</td><td>YES - Dundee Precious Metals Inc.</td></tr></tbody></table></div>2. POSITIONS OF THE PERSON MAKING THE DISCLOSUREIf 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)<div><table><tbody><tr><td>Class of relevant security:</td><td colspan="4">1p ordinary</td></tr><tr><td></td><td colspan="2">Interests</td><td colspan="2">Short positions</td></tr><tr><td></td><td>Number</td><td>%</td><td>Number</td><td>%</td></tr><tr><td>(1) Relevant securities owned and/or controlled:</td><td>4,502,226</td><td>1.30</td><td>23,361</td><td>0.01</td></tr><tr><td>(2) Cash-settled derivatives:</td><td>0</td><td>0.00</td><td>0</td><td>0.00</td></tr><tr><td>(3) Stock-settled derivatives (including options) and agreements to purchase/sell:</td><td>0</td><td>0.00</td><td>0</td><td>0.00</td></tr><tr><td> TOTAL:</td><td>4,502,226</td><td>1.30</td><td>23,361</td><td>0.01</td></tr></tbody></table></div>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<div><table><tbody><tr><td>Class of relevant security in relation to which subscription right exists:</td><td>NO</td></tr><tr><td>Details, including nature of the rights concerned and relevant percentages:</td><td>NO</td></tr></tbody></table></div>3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSUREWhere 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<div><table><tbody><tr><td>Class of relevant security</td><td>Purchase/sale</td><td>Number of securities</td><td>Price per unit</td></tr><tr><td>CHESS Depositary Interests</td><td>PURCHASE</td><td>249</td><td>5.6500 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>PURCHASE</td><td>1,104</td><td>5.6550 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>PURCHASE</td><td>246</td><td>5.6600 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>PURCHASE</td><td>1,042</td><td>5.6700 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>PURCHASE</td><td>428</td><td>5.6750 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>PURCHASE</td><td>3,289</td><td>5.6800 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>PURCHASE</td><td>22,956</td><td>5.6850 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>PURCHASE</td><td>100,000</td><td>5.6879 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>PURCHASE</td><td>2,274</td><td>5.6900 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>PURCHASE</td><td>1,068</td><td>5.6950 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>PURCHASE</td><td>2,225</td><td>5.7000 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>PURCHASE</td><td>270</td><td>5.7100 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>PURCHASE</td><td>345</td><td>5.7200 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>PURCHASE</td><td>478</td><td>5.7700 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>PURCHASE</td><td>499</td><td>5.7800 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>SALE</td><td>425</td><td>5.6500 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>SALE</td><td>2,460</td><td>5.6550 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>SALE</td><td>456</td><td>5.6600 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>SALE</td><td>310</td><td>5.6700 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>SALE</td><td>2,856</td><td>5.6750 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>SALE</td><td>9,038</td><td>5.6800 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>SALE</td><td>8,660</td><td>5.6825 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>SALE</td><td>24,047</td><td>5.6850 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>SALE</td><td>8,202</td><td>5.6900 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>SALE</td><td>10,061</td><td>5.6934 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>SALE</td><td>2,274</td><td>5.6950 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>SALE</td><td>1,389</td><td>5.7000 AUD</td></tr><tr><td>1p ordinary</td><td>PURCHASE</td><td>4,445</td><td>2.7900 GBP</td></tr><tr><td>1p ordinary</td><td>PURCHASE</td><td>1,851</td><td>2.8150 GBP</td></tr><tr><td>1p ordinary</td><td>PURCHASE</td><td>1,200</td><td>2.8400 GBP</td></tr><tr><td>1p ordinary</td><td>SALE</td><td>6,296</td><td>2.7974 GBP</td></tr><tr><td>1p ordinary</td><td>SALE</td><td>1,200</td><td>2.8400 GBP</td></tr><tr><td>CHESS Depositary Interests</td><td>PURCHASE</td><td>1,000</td><td>5.7000 AUD</td></tr><tr><td>CHESS Depositary Interests</td><td>SALE</td><td>1,000</td><td>5.7000 AUD</td></tr></tbody></table></div>(b) Cash-settled derivative transactions<div><table><tbody><tr><td>Class of relevant security</td><td>N/A</td></tr><tr><td>Product descriptione.g. CFD</td><td>N/A</td></tr><tr><td>Nature of dealinge.g. opening/closing a long/short position, increasing/reducing a long/short position</td><td>N/A</td></tr><tr><td>Number of reference securities</td><td>N/A</td></tr><tr><td>Price per unit</td><td>N/A</td></tr></tbody></table></div>(c) Stock-settled derivative transactions (including options)(i) Writing, selling, purchasing or varying<div><table><tbody><tr><td>Class of relevant security</td><td>N/A</td></tr><tr><td>Product description e.g. call option</td><td>N/A</td></tr><tr><td>Writing, purchasing, selling, varying etc.</td><td>N/A</td></tr><tr><td>Number of securities to which option relates</td><td>N/A</td></tr><tr><td>Exercise price per unit</td><td>N/A</td></tr><tr><td>Typee.g. American, European etc.</td><td>N/A</td></tr><tr><td>Expiry date</td><td>N/A</td></tr><tr><td>Option money paid/ received per unit</td><td>N/A</td></tr></tbody></table></div>(ii) Exercise<div><table><tbody><tr><td>Class of relevant security</td><td>N/A</td></tr><tr><td>Product descriptione.g. call option</td><td>N/A</td></tr><tr><td>Exercising/ exercised against</td><td>N/A</td></tr><tr><td>Number of securities</td><td>N/A</td></tr><tr><td>Exercise price per unit</td><td>N/A</td></tr></tbody></table></div>(d) Other dealings (including subscribing for new securities)<div><table><tbody><tr><td>Class of relevant security</td><td>N/A</td></tr><tr><td>Nature of dealinge.g. subscription, conversion</td><td>N/A</td></tr><tr><td>Details</td><td>N/A</td></tr><tr><td>Price per unit (if applicable)</td><td>N/A</td></tr></tbody></table></div>4. OTHER INFORMATION(a) Indemnity and other dealing arrangements<ul><li>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 &#34;none&#34;</li><li>NONE</li></ul>(b) Agreements, arrangements or understandings relating to options or derivatives<ul><li>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 &#34;none&#34;</li><li>NONE</li></ul>(c) Attachments<ul><li>Is a Supplemental Form 8 (Open Positions) attached?</li><li>NO</li></ul><div><table><tbody><tr><td>Date of disclosure:</td><td>01 August 2025</td></tr><tr><td>Contact name:</td><td>Claire Gordon</td></tr><tr><td>Telephone number*:</td><td>+44 141 245-8893</td></tr></tbody></table></div>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.This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END RETFLFLITRILIIE</div></div>

ADT1

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.

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