PAINCHEK LTD — Capital/Financing Update 2012

Apr 26, 2012

MERAH RESOURCES LTD ACN 146 035 127 T +61 892004436 Level 2 F +61 8 92004437 79 Hay Street E admin@merahresources.com.au SUBIACO, WESTERN AUSTRALIA, 6008 W merahresources.com.au

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18 April 2012

Fiona Murphy Australian Securities Exchange Limited Exchange Plaza 2 The Esplanade PERTH WA 6000

Dear Fiona,

REVISED PRO FORMA STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2011

		Reviewed
		Proforma
	Reviewed	$2.819 million
	Actual	capital raising
	$	$
CURRENT ASSETS
Cash and cash equivalents	133,410	2,659,179
Other assets	32,190	3,154
TOTAL CURRENT ASSETS	165,600	2,662,333
NON CURRENT ASSETS
Exploration and evaluation expenditure	37,052	67,052
TOTAL NON-CURRENT ASSETS	37,052	67,052
TOTAL ASSETS	202,652	2,729,385
CURRENT LIABILITIES
Trade and other payables	106,776	77,740
TOTAL CURRENT LIABILITIES	106,776	77,740
TOTAL LIABILITIES	106,776	77,740
NET ASSETS	95,876	2,651,645
EQUITY
Issued capital	245,001	2,800,770
Reserves	6,278	6,278
Accumulated losses	(155,403)	(155,403)
TOTAL EQUITY	95,876	2,651,645

Yours faithfully,

David Deloub Managing Director