PAINCHEK LTD — Capital/Financing Update 2012

Apr 26, 2012

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ASX Circular

Date : 27 April 2012

MERAH RESOURCES LIMITED – COMMENCEMENT OF OFFICIAL QUOTATION

Key topics

1. Merah Resources Limited

2. ASX Code: MEH

3. Quotation Commences: 12.00 pm E.S.T(10.00 am WST) on Tuesday, 1 May 2012.

Merah Resources Limited (the “Company”) was admitted to the Official List of ASX Limited on Friday, 27 April 2012.

Official quotation of the Company’s securities will commence on Tuesday, 1 May 2012. The Company raised $2,819,000 under the Offer by the issue of 14,095,000 fully paid ordinary shares at an issue price of $0.20.

Reading List

Client Advisers Corporate Advisory DTR Operators Institutions Listing Officers ASX Settlement Participants Office Managers Operations Managers (back office) Research Analysts Share Registries ASX Clear Participants Market Participants

Quoted Securities: 15,270,001 fully paid ordinary shares

ASX Code: MEH Time: 12.00 pm E.S.T (10.00 am WST) Date: 1 May 2012 ASX Trade Abbreviation: MERAH ISIN: AU000000MEH5 Home Branch: Perth Industry Classification: 1510 Materials Registered Office: Level 2, 79 Hay Street Subiaco, WA 6008 Company Secretary: Suzie Foreman Share Registry: Security Transfer Registrars Pty Limited

Authorised by

Fiona Murphy

Contact

Fiona Murphy

Telephone

(08) 9224 0054

ASX Limited ABN 98 008 624 691 Exchange Centre Share Registry: 20 Bridge Street Alexandrea House Suite 1 Sydney NSW 2000 PO Box H224 Australia Square NSW 1215 150 Stirling Highway 770 Canning Highway APPLECROSS WA 6153 Internet: http://www.asx.com.au Ph: (08) 9315 2333

Fax: (08) 9315 2233

Balance Date: 30 June

No responsibility is accepted for any inaccuracies contained in the matter published.

CHESS:

Participating. The Company will also operate an issuer sponsored subregister.

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State of Incorporation:

Western Australia

Dividend Policy: Refer to page 17 of the prospectus.

Activities: Mineral exploration for gold and base metals in Western Australia.

ASX Restricted Securities: 9,225,000 fully paid ordinary shares classified by ASX as restricted securities and to be held in escrow for a period of 24 months from commencement of official quotation.

1,350,000 fully paid ordinary shares classified by ASX as restricted securities and to be held in escrow for a period of 12 months from the date of issue being 4 May 2011.

500,000 fully paid ordinary shares classified by ASX as restricted securities and to be held in escrow for a period of 12 months from the date of issue being 25 August 2011.

150,000 fully paid ordinary shares classified by ASX as restricted securities and to be held in escrow for a period of 12 months from the date of issue being 17 April 2012.

7,000,000 unquoted options exercisable at $0.20 each on or before 31 August 2015 classified by ASX as restricted securities and to be held in escrow for a period of 24 months from commencement of official quotation.

1,000,000 unquoted performance rights A expiring on 31 October 2013 classified by ASX as restricted securities and to be held in escrow for a period of 24 months from commencement of official quotation.

1,000,000 unquoted performance rights B expiring on 31 October 2015 classified by ASX as restricted securities and to be held in escrow for a period of 24 months from commencement of official quotation.

1,000,000 unquoted performance rights C expiring on 31 October 2016 classified by ASX as restricted securities and to be held in escrow for a period of 24 months from commencement of official quotation.

For further information please refer to the Company’s prospectus dated 2 February 2012.

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