Ann: Quarterly Activities Report, page-3

Unfortunate timing. Hope your exit proves to be a good decision for you.

The risk of a capital raise is definitely there - but if it happens, I see it being for Merlin and not to keep the lights on. Keep in mind the cash balance did not account for the recent US $12m tender, the higher-grade areas at Lulo are now being mined, we had another high value recovery the other day, and Lucapa has stated it has stemmed the cash burn at Mothae.

It would seem unlikely that Lucapa would attempt to raise cash for Merlin before they have even released the feasibility or mine plan. I don't see it happening any time soon.

I have been smashed, like all long term holders, but call me crazy - I continue to buy. I think there is every chance we will see a trading halt in the near term on the back of a significant kimberlite discovery at Lulo. Not before time either... bring it on.