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 23. RELATED PARTIES (Continued) Primary Equity Consulting Share based Executives remuneration — 2005 services payments Total David Chapman, Operations Manager ................................... 29,330 — 29,330 Paulo Oliva, Mine Manager ......................................... 88,331 — 88,331 Brett Mitchell, Company Secretary ..................................... 36,000 — 36,000 153,661 — 153,661 Remuneration payments to Mr Burton were made to a related entity, Verona Capital Pty Ltd. Remuneration payments to Mr Poll were made to a related entity, Delacroix Pty Ltd. Remuneration payments to Mr Clough were made to a related entity, WM Clough Pty Ltd. Remuneration payments to Mr Chapman were made to a related entity, Parati Pty Ltd. Remuneration payments to Mr Olivia were made to a related entity, Proliva Geologica Ltda. Remuneration payments to Mr Hills were made to a related entity Jaluni Pty Ltd. Options granted as compensation Details on options over ordinary shares in the Company that were granted as compensation to each key management person during the reporting period and details on options that were vested during the reporting period are as follows: Number of Fair value per Exercise options Number of option at grant price per 2006 granted during options vested date option Directors and executives 2006 Grant date during 2006 $ $ Expiry date Stephen Hills ............. 300,000 24/04/2006 75,000 0.41 0.95 30/04/2010 Chief Financial Officer David Chapman ........... 200,000 24/04/2006 308,333 0.41 0.95 30/04/2010 Operations Manager Number of Fair value per Exercise options Number of option at grant price per 2005 granted during options vested date option Directors and executives 2005 Grant date during 2005 $ $ Expiry date Nick Poll ............... 400,000 16/06/2005 — 0.38 0.60 30/06/2009 Managing Director David Chapman ........... 400,000 25/05/2005 — 0.38 0.60 30/06/2009 Operations Manager Paulo Oliva .............. 400,000 25/05/2005 — 0.38 0.60 30/06/2009 Mine Manager F-28
MIRABELA NICKEL LIMITED NOTES TO FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2006 23. RELATED PARTIES (Continued) Vesting conditions Contractual Number of life of Grant Date Employee Entitled instruments Vesting conditions options 25 May 2005 Consultants Options .... 400,000 Pro-rata over 3 years ................ 4 years Paulo Oliva 25 May 2005 Consultants Options .... 400,000 Pro-rata over 2 years ................ 4 years David Chapman 16 June 2005 Directors Options ...... 100,000 The first commercial shipment of saprolite ore Nick Poll by the company .................... 4 years 16 June 2005 Directors Options ...... 100,000 Completion of a bankable feasibility study on Nick Poll the Santa Rita nickel project ............ 4 years 16 June 2005 Directors’ Options ...... 200,000 Completion of financing for the development Nick Poll of Santa Rita project ................ 4 years 24 April 2006 Consultants Options .... 200,000 Probable reserve and mine design ........ 4 years David Chapman 24 April 2006 Consultants Options .... 100,000 Project financing ................... 4 years Stephen Hills 24 April 2006 Consultants Options .... 100,000 Listing on TSX .................... 4 years Stephen Hills 24 April 2006 Consultants Options .... 100,000 Two years remaining on the project ....... 4 years Stephen Hills Total share options ..... 1,700,000 No options were granted since the end of the financial year. The options were provided at no cost to the recipients. No terms of equity-settled share-based payment transactions have been altered or modified during the reporting period. During the reporting period no shares were issued on the exercise of options previously granted as compensation. All options expire on the earlier or of their expiry date or on termination of the individual’s employment. The options are exercisable on annual basis four years from grant date. F-29
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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
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The carrying value of mineral prope
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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 109: 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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