COPY OF FINAL PROSPECTUS - Mirabela Nickel

Summary of Financial
Information:
Management expects the BFS to be completed in May 2007. There can be no
assurance that the outcome of the BFS will be positive or that additional financing
will be available at all or on terms acceptable to Mirabela to finance the balance of
the estimated US$223 million capital cost of the Santa Rita Project. Accordingly,
Mirabela may determine not to proceed with the Santa Rita Project. In such event,
any expenditure of the net proceeds would be at the discretion of management of
Mirabela, and there can be no assurance as of the date of this prospectus as to how
such funds will be expended.
Mirabela intends to hold the net proceeds of the Offering in term deposits at
major Canadian and/or Australian banks pending their expenditure.
While Mirabela intends to spend further funds available to it as stated above,
there may be circumstances where, for sound business reasons, a re-allocation of
funds may be necessary or advisable. See ‘‘Use of Proceeds’’.
The following table sets forth selected financial information for and as at the end
of the periods indicated. This financial information is derived from, and should
be read in conjunction with, the financial statements and notes thereto which are
included elsewhere in this prospectus. All of the financial information presented
herein is prepared in accordance with IFRS. Mirabela has not, and is not
required to provide a reconciliation of its financial statements to Canadian
generally accepted accounting principles. See ‘‘Selected Consolidated Financial
Information’’ and ‘‘Management’s Discussion and Analysis of Financial Condition
and Results of Operations’’.
(thousands of A$, except per share amounts,
rounded to the nearest hundredth)
Fiscal year ended Six months
June 30, ended Dec. 31,
2006 2005 (1) 2006 2005
(Audited) (Unaudited)
(thousands of A$)
Net income (loss) ......................... $ (926) $ (621) $ (714) $ (328)
Basic loss per share ........................ $ (0.02) $(0.02) $ (0.01) $(0.01)
Diluted loss per share ...................... $ (0.02) $(0.02) $ (0.01) $(0.01)
Cash and cash equivalents ................... $6,428 $1,763 $28,708 $ 767
Total assets ............................. $20,976 $6,524 $55,389 $8,596
Total long-term financial liabilities .............. Nil Nil Nil Nil
Cash dividends declared per share .............. Nil Nil Nil Nil
Note:
(1) For the sixteen month period commencing on incorporation (March 4, 2004) and ending on
June 30, 2005.
Risk Factors:
A prospective purchaser of Shares should be aware that there are various risks
that could have a material adverse effect on, among other things, the properties,
business and condition (financial or otherwise) of the Company. These risk
factors, together with all of the other information contained in this prospectus,
including information contained in the section entitled ‘‘Forward-Looking
Statements’’, should be carefully reviewed and considered before a decision to
purchase Shares is made. These risk factors include: the Company has no
definitive plans for the net proceeds of the Offering if the BFS is not positive; the
Company will require significant additional financing in the future to complete
the Santa Rita Project and no assurance can be given that such financing will be
available at all or on terms acceptable to the Company; the Company currently
depends heavily on successfully completing the BFS and achieving successful
operations and mineral recovery at Santa Rita; the price and marketability of
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