Ann: Responses to ASX Queries, page-9

As dodgy as some of these responses are, it is certainly not new to the market. This was the same show as the 2017 annual report and ASX said zip. The late annual report has triggered this probe, if the annual report was issued on time Merlin would be trading as normal. If anything good for shareholders comes of this it is that ASX and ASIC may be putting Gutnick & Co on notice regarding some of the questionable schemes involving AXIS. A positive for shareholders going forward if these schemes tighten up.

Looking forward there are bound to be some updates from management regarding processing from Excalibur pit and the upgrade to processing capacity. Along with more detail on the Antwerp sales channel and sales strategy. Expecting a more detailed quarterly report!