COPY OF FINAL PROSPECTUS - Mirabela Nickel

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MIRABELA NICKEL LIMITED NOTES TO FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2006 19. CAPITAL AND OTHER COMMITMENTS Employee remuneration commitments Consolidated The Company 2006 2005 2006 2005 AUD AUD AUD AUD Commitments under the Executive Services contracts (Managing Director) not provided for in the financial statements and payable: Within one year .............................................. 190,000 150,000 190,000 150,000 190,000 150,000 190,000 150,000 Operating lease commitments Commitments under lease agreements not provided for in the financial statements and payable: Within one year .............................................. 104,000 65,000 104,000 95,000 104,000 65,000 104,000 95,000 Exploration expenditure commitments Commitments for rental fees under exploration licence agreements: Within one year .............................................. 79,550 30,000 — — 79,550 30,000 — — 20. CONTINGENT LIABILITIES The directors are of the opinion that provisions are not required in respect of these matters, as it is not probable that a future sacrifice of economic benefits will be required or the amount is not capable of reliable measurement. Consolidated Parent Entity 2006 2005 2006 2005 AUD AUD AUD AUD Contingent liabilities considered remote: (i) Compensation payable to CBPM* if the Company’s acts or omissions result in the loss of mineral rights ......................................... 310,035 278,567 — — (ii) Transfer premium payable to CBPM* and/or Rio Salitre upon entering into a mining lease in favour of the Company. If not paid the Company’s rights to the respective tenement will be relinquished. ............................ 316,236 284,138 — — (iii) Penalty payable upon termination of the mining lease. ................... 310,035 278,567 — — 936,306 841,272 — — * CBPM (Companhia Bahiana de Pesquisa Mineral) is one of the parties to the Exploration and Mining Lease Agreement for Mirabela Project in Brazil. 21. CONSOLIDATED ENTITIES Country of Class of Ownership interest Name of entity incorporation shares 2006 2004 % % Parent entity Mirabela Nickel Ltd ......................................... Australia Ordinary Preference Subsidiary Mirabela Mineracao Brasil Ltda .................................. Brazil Ordinary 100 100 F-24
MIRABELA NICKEL LIMITED NOTES TO FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2006 22. RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES Consolidated The Company Notes 2006 2005 2006 2005 (AUD) (AUD) (AUD) (AUD) Cash flows from operating activities Profit for the period ............................... (925,760) (620,741) (3,500,208) (1,485,328) Adjustments for: Depreciation and amortisation ......................... 28,311 26,545 21,031 24,211 Written off exploration expenses ........................ — 13,325 — 13,325 Interest income .................................. (161,918) (86,490) (161,893) (86,483) Equity-settled share-based payment expenses ................ 242,339 — 242,339 — Income tax expense ................................ 7,051 — 7,051 — Operating profit before changes in working capital and provisions . . (809,977) (667,361) (3,391,680) (1,534,275) Increase in trade and other receivables ................... (721,154) (87,055) (68,437) (71,148) Increase in trade and other payables ..................... 246,122 228,417 227,297 227,573 Increase in reserves ................................ — 39,453 — 720 Increase in provisions .............................. 5,498 — 5,498 — (1,279,511) (486,546) (3,227,322) (1,377,130) Income taxes paid ................................. — — — — Net cash from operating activities ...................... (1,279,511) (486,546) (3,227,322) (1,377,130) 23. RELATED PARTIES The following were key management personnel of the consolidated entity at any time during the reporting period and unless otherwise indicated were key management personnel for the entire period: Non-executive directors Executive director Executives Bill Clough Nick Poll Stephen Hills (Chief Financial Officer, appointed 1 Jun 2006) Craig Burton David Chapman (Operations Manager) Paulo Oliva (Mine Manager, Mirabela Mineracao Brasil Ltda) Brett Mitchell (Company Secretary) Key management personnel compensation The key management personnel compensation included in ‘personnel expenses’ and ‘contractor expenses’ are as follows: Consolidated The Company 2006 2005 2006 2005 (AUD) (AUD) (AUD) (AUD) Short-term employee benefits .................................... 834,560 439,530 834,560 439,530 Other long term benefits ....................................... — — — — Post-employment benefits ...................................... — — — — Termination benefits ......................................... — — — — Equity compensation benefits .................................... 169,664 — 169,664 — 1,004,224 439,530 1,004,224 439,530 F-25
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ABN 23 108 161 593 Ground⋅Floor,
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(continued from cover) Unless other
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FORWARD-LOOKING STATEMENTS This pro
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PROSPECTUS SUMMARY The following is
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Recent Developments: Drilling and E
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Summary of Financial Information: M
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CORPORATE STRUCTURE Mirabela Nickel
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The Santa Rita Project The Santa Ri
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which a final exploration report ha
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and R$4.2 million, payable in insta
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esources by holders of mining conce
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Management believes this mineraliza
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THE NICKEL MARKET The following sum
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27MAR200712114903 Source: World Bur
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A mining concession may only be gra
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Property Description The Santa Rita
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Accessibility, Climate, Local Resou
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25MAR200710211038 The ultramafic zo
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completed in October 2006. The RC d
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sample of approximately two kilogra
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Metallurgy The Santa Rita deposit c
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Operating Costs GRD Minproc estimat
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Fazenda Palestina Intrusion The Faz
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The Ponto Novo project area consist
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elating to the Shares computed in a
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wish to change registers and trade
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Selected Annual Financial Informati
Page 55 and 56: The carrying value of mineral prope
Page 57 and 58: Finance Activities, Liquidity and C
Page 59 and 60: Disclosure of Shareholding Informat
Page 61 and 62: PRICE RANGE AND TRADING VOLUME OF S
Page 63 and 64: Management The following is a brief
Page 65 and 66: faith with a view to the best inter
Page 67 and 68: Aggregated Options Exercised During
Page 69 and 70: markets and may also be terminated
Page 71 and 72: Mirabela currently depends heavily
Page 73 and 74: disposal of solid and hazardous was
Page 75 and 76: Stock Exchange Prices The market pr
Page 77 and 78: MATERIAL CONTRACTS Except for contr
Page 79 and 80: GLOSSARY OF TECHNICAL TERMS The fol
Page 81 and 82: mackinawite ............. magmatic
Page 83 and 84: Mirabela Nickel Limited Consolidate
Page 85 and 86: AUDITOR’S REPORT IN RESPECT OF CO
Page 87 and 88: MIRABELA NICKEL LIMITED STATEMENTS
Page 89 and 90: MIRABELA NICKEL LIMITED STATEMENTS
Page 91 and 92: MIRABELA NICKEL LIMITED NOTES TO FI
Page 105: MIRABELA NICKEL LIMITED NOTES TO FI
Page 121 and 122: MIRABELA NICKEL LIMITED INCOME STAT
Page 123 and 124: MIRABELA NICKEL LIMITED BALANCE SHE
Page 127 and 128: CERTIFICATE OF THE COMPANY Dated: A
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COPY OF FINAL PROSPECTUS - Mirabela Nickel

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