COPY OF FINAL PROSPECTUS - Mirabela Nickel

MIRABELA NICKEL LIMITED
NOTES TO FINANCIAL STATEMENTS (Continued)
For the year ended 30 June 2006
15. PROVISIONS
Consolidated The Company
2006 2005 2006 2005
AUD AUD AUD AUD
Annual leave provision-current
Balance at the commencement of the financial period ........................ — — — —
Provision made during the financial period ............................... 5,498 — 5,498 —
Balance at 30 June .............................................. 5,498 — 5,498 —
Provision for income tax
Balance at the commencement of the financial period ........................ — — — —
Provision made during the financial period ............................... 7,051 — 7,051 —
Balance at 30 June .............................................. 7,051 — 7,051 —
12,549 — 12,549 —
16. CONTRIBUTED EQUITY
Share capital
The Company
Number of securities Value in AUD
2006 2005 2006 2005
Ordinary shares ........................................ 65,950,000 37,150,000 20,687,000 6,786,000
Performance shares ...................................... — 11,000 — 11,000
Share issue cost ........................................ — (624,486) (349,903)
Total paid up capital ..................................... 65,950,000 37,161,000 20,062,514 6,447,097
Movement in share capital for the period ended 30 June 2005
Number of
Ordinary shares shares Issue price AUD
Balance at incorporation .............................. — —
4 March 2004 Issue of ordinary shares fully paid ......................... 21,000,000 $0.001 21,000
19 April 2004 Issue of ordinary shares fully paid ......................... 1,000,000 $0.001 1,000
4 May 2004 Cancellation/conversion of ordinary shares ................... (11,000,000) $0.001 (11,000)
6 May 2004 Issue of ordinary shares fully paid ......................... 4,500,000 $0.100 450,000
9 July 2004 Issue of ordinary shares fully paid ......................... 15,000,000 $0.200 3,000,000
31 March 2005 Issue of ordinary shares fully paid ......................... 4,500,000 $0.500 2,250,000
25 May 2005 Issue of ordinary shares fully paid ......................... 2,150,000 $0.500 1,075,000
30 June 2005 Closing balance .................................... 37,150,000 6,786,000
Convertible performance shares
Balance at incorporation .............................. — —
4 May 2004 Issue of performance shares fully paid ...................... 11,000 $1.000 11,000
30 June 2005 . Closing balance 11,000 11,000
Less:
Share issue costs ................................... (349,903)
6,447,097
F-20