Form 8.3 -Replacement of Adriatic Metals plc

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(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	23 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.

Class of relevant security:	1p ordinary
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	4,378,445	1.27	26,470	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:	4,378,445	1.27	26,470	0.01

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

Class of relevant security	Purchase/sale	Number of securities	Price per unit
CHESS Depositary Interests	PURCHASE	7,520	5.8100 AUD
CHESS Depositary Interests	PURCHASE	6,666	5.8300 AUD
CHESS Depositary Interests	PURCHASE	5,811	5.8500 AUD
CHESS Depositary Interests	PURCHASE	9,702	5.9300 AUD
CHESS Depositary Interests	PURCHASE	220	5.9350 AUD
CHESS Depositary Interests	PURCHASE	1,437	5.9400 AUD
CHESS Depositary Interests	PURCHASE	89,940	5.9483 AUD
CHESS Depositary Interests	PURCHASE	2,055	5.9500 AUD
CHESS Depositary Interests	PURCHASE	254	5.9527 AUD
CHESS Depositary Interests	PURCHASE	4,460	5.9550 AUD
CHESS Depositary Interests	PURCHASE	1,690	5.9600 AUD
CHESS Depositary Interests	PURCHASE	402	5.9650 AUD
CHESS Depositary Interests	PURCHASE	1,844	5.9656 AUD
CHESS Depositary Interests	PURCHASE	4,399	5.9700 AUD
CHESS Depositary Interests	PURCHASE	345	5.9750 AUD
CHESS Depositary Interests	PURCHASE	3,199	5.9800 AUD
CHESS Depositary Interests	PURCHASE	3,760	5.9849 AUD
CHESS Depositary Interests	PURCHASE	4,199	5.9850 AUD
CHESS Depositary Interests	PURCHASE	4,053	5.9900 AUD
CHESS Depositary Interests	PURCHASE	200	6.0000 AUD
CHESS Depositary Interests	PURCHASE	917	6.0050 AUD
CHESS Depositary Interests	SALE	5,204	5.9300 AUD
CHESS Depositary Interests	SALE	220	5.9350 AUD
CHESS Depositary Interests	SALE	1,652	5.9400 AUD
CHESS Depositary Interests	SALE	22,509	5.9500 AUD
CHESS Depositary Interests	SALE	538	5.9550 AUD
CHESS Depositary Interests	SALE	5,866	5.9571 AUD
CHESS Depositary Interests	SALE	5,025	5.9600 AUD
CHESS Depositary Interests	SALE	882	5.9606 AUD
CHESS Depositary Interests	SALE	506	5.9631 AUD
CHESS Depositary Interests	SALE	1,000	5.9650 AUD
CHESS Depositary Interests	SALE	1,305	5.9664 AUD
CHESS Depositary Interests	SALE	5,172	5.9700 AUD
CHESS Depositary Interests	SALE	8,066	5.9706 AUD
CHESS Depositary Interests	SALE	345	5.9750 AUD
CHESS Depositary Interests	SALE	3,102	5.9800 AUD
CHESS Depositary Interests	SALE	684	5.9900 AUD
CHESS Depositary Interests	SALE	2,649	6.0000 AUD
CHESS Depositary Interests	SALE	641	6.0100 AUD
1p ordinary	PURCHASE	3,150	2.8990 GBP
1p ordinary	PURCHASE	2,420	2.9163 GBP
1p ordinary	SALE	150	2.8800 GBP
1p ordinary	SALE	3,000	2.9000 GBP
1p ordinary	SALE	600	2.9050 GBP
1p ordinary	SALE	1,820	2.9200 GBP

Date of disclosure:	25 July 2025
Contact name:	Claire Gordon
Telephone number*:	+44 141 245-8893

Date of disclosure:

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