RNS

11:29 Mon 16 Jun 2025

Morgan Stanley

Morgan Stanley - Form 8.3 - Dundee Precious Metals Inc.

RNS Number : 0124N

Morgan Stanley

16 June 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 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	13 June 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

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:	1,364,576	0.82	1,182,914	0.71
(2) Cash-settled derivatives:	1,060,372	0.63	1,389,334	0.83
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	0	0.00	0	0.00
TOTAL:	2,424,948	1.45	2,572,248	1.54

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	1,600	20.9813 CAD
Common	PURCHASE	300	21.0233 CAD
Common	PURCHASE	178	21.1257 CAD
Common	PURCHASE	8,200	21.2338 CAD
Common	PURCHASE	8,200	21.3233 CAD
Common	PURCHASE	1	21.3400 CAD
Common	PURCHASE	22,100	21.3410 CAD
Common	PURCHASE	46,981	21.3737 CAD
Common	PURCHASE	3,500	21.3900 CAD
Common	PURCHASE	14,900	21.4025 CAD
Common	SALE	78,943	20.6306 CAD
Common	SALE	22,633	21.1416 CAD
Common	SALE	36,000	21.2604 CAD
Common	SALE	10,900	21.2732 CAD
Common	SALE	41,922	21.2905 CAD
Common	SALE	6,800	21.2966 CAD
Common	SALE	2,500	21.3172 CAD
Common	SALE	820	21.3827 CAD
Common	SALE	9,700	21.4273 CAD
Common	PURCHASE	100	20.9250 CAD
Common	PURCHASE	7	21.2100 CAD
Common	SALE	100	20.9250 CAD
Common	SALE	7	21.2100 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	20,610	20.6306 CAD
Common	CFD	increasing a long position	33,623	20.6306 CAD
Common	CFD	increasing a long position	2,118	20.6306 CAD
Common	CFD	increasing a long position	9,019	20.6306 CAD
Common	CFD	increasing a long position	1,846	20.6306 CAD
Common	CFD	increasing a long position	11,727	20.6306 CAD
Common	CFD	increasing a long position	22,633	21.1416 CAD
Common	CFD	increasing a long position	10,900	21.2732 CAD
Common	CFD	increasing a long position	2,500	21.3172 CAD
Common	CFD	increasing a long position	820	21.3827 CAD
Common	CFD	increasing a short position	1,300	20.6700 CAD
Common	CFD	increasing a short position	600	20.9540 CAD
Common	CFD	increasing a short position	1,000	20.9976 CAD
Common	CFD	increasing a short position	72	21.2400 CAD
Common	CFD	increasing a short position	6,900	21.3400 CAD
Common	CFD	increasing a short position	3,500	21.3900 CAD
Common	CFD	increasing a short position	14,900	21.4025 CAD
Common	CFD	reducing a long position	300	21.0233 CAD
Common	CFD	reducing a long position	106	21.0482 CAD
Common	CFD	reducing a long position	8,200	21.3233 CAD
Common	CFD	reducing a long position	510	21.3400 CAD
Common	CFD	reducing a long position	253	21.3400 CAD
Common	CFD	reducing a long position	131	21.3400 CAD
Common	CFD	reducing a long position	38	21.3400 CAD
Common	CFD	reducing a long position	22,100	21.3410 CAD
Common	CFD	reducing a long position	6,505	21.3744 CAD
Common	CFD	reducing a long position	1,897	21.3744 CAD
Common	CFD	reducing a long position	12,513	21.3744 CAD
Common	CFD	reducing a long position	25,134	21.3744 CAD
Common	CFD	reducing a short position	26,600	21.2467 CAD
Common	CFD	reducing a short position	10,722	21.2875 CAD
Common	CFD	reducing a short position	31,200	21.2915 CAD
Common	CFD	reducing a short position	6,800	21.2966 CAD
Common	CFD	reducing a short position	9,400	21.2990 CAD
Common	CFD	reducing a short position	9,700	21.4273 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:	16 June 2025
Contact name:	Craig Horsley
Telephone number*:	+44 141 245-7736

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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