Form 8.3 - Replacement of Dundee Precious Metals – Company Announcement

Morgan Stanley

Form 8.3 - Replacement of Dundee Precious Metals

Aug 11 2025 18:32 BSTSource: RNS

RNS Number : 8739U

Morgan Stanley

11 August 2025

AMENDMENT(3(b))

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 Canada 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	Dundee Precious Metals Inc.
(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	07 August 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 - Adriatic Metals plc

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:	Common
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	2,135,707	1.28	2,135,707	1.28
(2) Cash-settled derivatives:	2,096,739	1.26	548,311	0.33
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	0	0.00	0	0.00
TOTAL:	4,232,446	2.54	2,684,018	1.61

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
Common	PURCHASE	2,000	23.9800 CAD
Common	PURCHASE	19,653	24.1100 CAD
Common	PURCHASE	4,100	24.1118 CAD
Common	PURCHASE	6,600	24.1142 CAD
Common	PURCHASE	5,800	24.1552 CAD
Common	PURCHASE	200	24.1900 CAD
Common	PURCHASE	1,300	24.2015 CAD
Common	PURCHASE	2,600	24.2019 CAD
Common	SALE	100	24.0400 CAD
Common	SALE	2,497	24.1100 CAD
Common	SALE	10,922	24.1693 CAD
Common	SALE	14,534	24.1994 CAD
Common	SALE	3,500	24.2080 CAD
Common	SALE	400	24.2275 CAD
Common	SALE	10,300	24.2527 CAD
Common	PURCHASE	284	23.9800 CAD
Common	PURCHASE	60	24.1900 CAD
Common	PURCHASE	206	24.3357 CAD
Common	SALE	284	23.9800 CAD
Common	SALE	60	24.1900 CAD
Common	SALE	206	24.3357 CAD

(b) Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
Common	CFD	increasing a long position	91	23.8824 CAD
Common	CFD	increasing a long position	809	23.8849 CAD
Common	CFD	increasing a long position	261	23.8849 CAD
Common	CFD	increasing a long position	503	23.8849 CAD
Common	CFD	increasing a long position	393	23.8849 CAD
Common	CFD	increasing a long position	816	23.8849 CAD
Common	CFD	increasing a long position	131	23.8849 CAD
Common	CFD	increasing a long position	367	23.8849 CAD
Common	CFD	increasing a long position	151	23.8924 CAD
Common	CFD	increasing a long position	100	24.0400 CAD
Common	CFD	increasing a long position	2,000	24.1100 CAD
Common	CFD	increasing a long position	2,100	24.1100 CAD
Common	CFD	increasing a long position	3,500	24.2080 CAD
Common	CFD	increasing a long position	12,300	24.2143 CAD
Common	CFD	increasing a long position	400	24.2275 CAD
Common	CFD	increasing a long position	134	24.2343 CAD
Common	CFD	increasing a long position	192	24.3058 CAD
Common	CFD	increasing a long position	1,715	24.3083 CAD
Common	CFD	increasing a long position	826	24.3083 CAD
Common	CFD	increasing a long position	771	24.3083 CAD
Common	CFD	increasing a long position	549	24.3083 CAD
Common	CFD	increasing a long position	274	24.3083 CAD
Common	CFD	increasing a long position	1,700	24.3083 CAD
Common	CFD	increasing a long position	1,056	24.3083 CAD
Common	CFD	increasing a long position	317	24.3158 CAD
Common	CFD	increasing a short position	4,000	24.1099 CAD
Common	CFD	increasing a short position	100	24.1900 CAD
Common	CFD	increasing a short position	100	24.1900 CAD
Common	CFD	increasing a short position	1,300	24.2015 CAD
Common	CFD	reducing a long position	2,000	23.9800 CAD
Common	CFD	reducing a long position	5,878	24.1058 CAD
Common	CFD	reducing a long position	5,800	24.1552 CAD
Common	CFD	reducing a long position	722	24.1823 CAD
Common	CFD	reducing a long position	100	24.1900 CAD
Common	CFD	reducing a long position	2,600	24.2019 CAD
Common	CFD	reducing a short position	10,300	24.2527 CAD

(i) Writing, selling, purchasing or varying

Class of relevant security

Product description e.g. call option

Writing, purchasing, selling, varying etc.

Number of securities to which option relates

Exercise price per unit

Type

e.g. American, European etc.

Expiry date

Option money paid/ received per unit

N/A

(ii) Exercise

Class of relevant security

Product description

e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

N/A

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

Class of relevant security

Nature of dealing

e.g. subscription, conversion

Details

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?

Date of disclosure:	11 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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END

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Form 8.3 - Replacement of Dundee Precious Metals

Date of disclosure:

Contact name:

Telephone number*: