I'm sorry but that is just one photo (from 43 deer culled I think was stated.) That, I'm guessing, shows the bullet in the most favourable light.
Where the bullet slipped between the ribs on the way in. Then it appears did a good job inside and exiting, without the hand grenade effect.
If it had hit bone on the way in through the ribcage, which is probably a 30:70 chance, I'd be interested to see what those results looked like, together with the distance and probable terminal velocity. Surely that must have happened a few times.
The explosive results of shooting the Roe at 50m or so may have been exacerbated by the fact that it went in through the brisket and appears to have hit some bone in the sternum. I think that you say the Merlin is designed to open up/fragment over a good range of terminal (not muzzle) velocities. If so, why should it not do much the same at say 200m rather than 50m, if it strikes bone on the way in ?
I would also appreciate some basic idea of an approximate BC. I realise that it isn't going to be great, but surely you must have some sort of idea by now.
I don't expect that the shooter took photos of all the other 42 carcasses shot on Skye, if so there might be a more nuanced story. Not just a best-case photo of one where it seems to have done a good job.
I truly do appreciate what you are doing and look forward to trying some out, but I am only an occasional recreational stalker, so would never put them to use enough to properly understand the pros and cons from my own experience. Which is why I am watching this thread. in the hopes of seeing more than just the two photo sets so far posted.