Morgan Stanley becomes substantial holder in West African Resources

As of December 3, 2025, Morgan Stanley and its associated entities collectively became a substantial holder in West African Resources Limited (ACN/ARSN 121 539 375). The group's total voting power stands at 7.96%, attributed to 90,881,381 ordinary shares. The awareness date for this substantial holding was December 5, 2025.

The relevant interests are held across several Morgan Stanley entities. Morgan Stanley & Co. International plc holds 63,426,404 ordinary shares through securities lending or prime brokerage agreements. Morgan Stanley Australia Securities Limited holds 35,220 ordinary shares under lending agreements and 27,397,481 ordinary shares where it can control disposal. Morgan Stanley & Co. LLC accounts for 19,776 ordinary shares with disposal control, and Morgan Stanley Smith Barney LLC holds 2,500 ordinary shares under similar control.

The consideration for these acquisitions involved numerous "Buy" transactions, with various cash amounts and corresponding ordinary shares acquired by Morgan Stanley Australia Securities Limited between August 4, 2025, and December 3, 2025. Additionally, significant shares were acquired via "Borrow" transactions by Morgan Stanley & Co. LLC and Morgan Stanley & Co. International plc, particularly through prime brokerage and securities lending agreements.