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)
Options and rights over equity instruments granted as compensation
The movement during the reporting period in the number of options over ordinary shares in Mirabela Nickel Limited held, directly,
indirectly or beneficially, by each key management person, including their related parties, is as follows:
Vested Vested and
Held at Granted as Other Held at during the exercisable at
2006 — Directors 1 July 2005 compensation Exercised changes* 30 June 2006 year 30 June 2006
Bill Clough .................. — — — — — — —
Craig Burton ................. — — — — — — —
Nick Poll ................... 400,000 — — — 400,000 280,000 280,000
400,000 — — — 400,000 280,000 280,000
Vested Vested and
Held at Granted as Other Held at during the exercisable at
2005 — Directors 1 July 2004 compensation Exercised changes* 30 June 2005 year 30 June 2005
Bill Clough .................. — — — — — — —
Craig Burton ................. — — — — — — —
Nick Poll ................... — 400,000 — — 400,000 — —
— 400,000 — — 400,000 — —
Vested Vested and
Held at Granted as Other Held at during the exercisable at
Executives — 2006 1 July 2005 compensation Exercised changes* 30 June 2006 year 30 June 2006
Stephen Hills ................. — 300,000 — — 300,000 75,000 75,000
David Chapman ............... 400,000 200,000 — — 600,000 308,333 300,000
Paulo Oliva .................. 400,000 — — — 400,000 333,333 333,333
800,000 500,000 — — 1,300,000 716,666 708,333
Vested Vested and
Held at Granted as Other Held at during the exercisable at
Executives — 2005 1 July 2004 compensation Exercised changes* 30 June 2005 year 30 June 2005
David Chapman ............... — 400,000 — — 400,000 — —
Paulo Oliva .................. — 400,000 — — 400,000 — —
— 800,000 — — 800,000 — —
* Other changes represent options that expired or were forfeited during the year.
No options held by key management personnel are vested but not exercisable.
Movement in options — other than options granted as compensation
Held at
Held at
Directors — 2006 1 July 2005 Acquired Exercised 30 June 2006
Nick Poll .......................................... 2,000,000 — 2,000,000
2,000,000 — — 2,000,000
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