COPY OF FINAL PROSPECTUS - Mirabela Nickel

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.
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