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 25. EXPLANATION OF TRANSITION TO AUSTRALIAN EQUIVALENTS TO IFRS (Continued) 2) Reconciliation of profit for the year ended 30 June 2005 Consolidated The Company Effect of Effect of Previous transition to Previous transition to Note GAAP AIFRSs AIFRSs GAAP AIFRSs AIFRSs (AUD) (AUD) (AUD) (AUD) (AUD) (AUD) Professional fees ...................... 5 (82,924) (82,924) (42,256) (42,256) Personnel expenses ..................... 4 (77,915) (77,915) (77,915) (77,915) Contractor expenses .................... (254,336) (254,336) (254,336) (254,336) Depreciation expense ................... 12 (26,545) (26,545) (24,211) (24,211) Exploration expenditure .................. (13,325) (13,325) (13,325) (913,551) (926,876) Property lease and overheads .............. (195,663) (195,663) (198,798) (198,798) Printing, stationery and postage ............. (5,458) (5,458) (5,458) (5,458) Other ............................. (12,332) (38,733) (51,065) (44,355) (44,355) Results from operating activities ............ (668,498) (38,733) (707,231) (660,654) (913,551) (1,574,205) Financial Income ...................... 3 86,490 86,490 88,877 88,877 Financial Expenses ..................... — — — — — — Net financing income ................... 86,490 — 86,490 88,877 — 88,877 Profit/(loss) before tax ................... (582,008) (38,733) (620,741) (571,777) (913,551) (1,485,328) Income tax expense .................... — — Profit/(loss) for the year attributable to equity holders of the parent .................. (582,008) (38,733) (620,741) (571,777) (913,551) (1,485,328) 3) Reconciliation of cash flow statement for the year ended 30 June 2005 The adoption of AIFRS has not resulted in any material adjustments to the cash flow statement. 4) Notes to reconciliations a) Foreign currency translation reserve: cumulative translation differences The consolidated entity has applied AASB 121 ‘‘The Effects of Changes in Foreign Exchange Rates’’ in respect of the translation for reporting purposes of its foreign operation. Under the requirements of AASB 121 the Assets and Liabilities of the group’s foreign operations are translated at the rate of exchange at the balance date, with items of income and expense being translated at the rates of exchange at the date of the transaction. Previously the groups controlled entities were considered to be integrated operations, with certain non-monetary assets being translated at historical rates of exchange and all exchange differences being recognised through the Profit and Loss. Under AASB 121, the gain or losses arising from the translation of these operations will be recognised through the Foreign Currency Translation Reserve as a component of equity. This has resulted in an adjustment as at 30 June 2005 as follows: Property Plant and Equipment ................................................... 2,672 Exploration Expenditure ....................................................... 427,499 Foreign Exchange Gain/Loss (Income Statement) ....................................... 430,171 Foreign Exchange Gain/Loss (Income Statement) ....................................... (468,904) Foreign Currency Translation Reserve .............................................. 468,904 F-36
MIRABELA NICKEL LIMITED NOTES TO FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2006 25. EXPLANATION OF TRANSITION TO AUSTRALIAN EQUIVALENTS TO IFRS (Continued) Deferred tax asset and deferred tax liability Under AIFRS the balance sheet method of tax effect accounting is adopted rather than the liability method previously applied under GAAP. Under the balance sheet approach, income tax on the profit and loss for the year comprises current and deferred taxes. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at reporting date, and any adjustments to tax payable in respect of previous years. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The Group presently offsets deferred tax assets and deferred tax liabilities relating to the same taxation authority. The residual of any deferred tax assets are not presently recognised as they do not meet the ‘highly probable’ requirements of AASB 112. Deferred tax assets will be reduced to the extent it is no longer probable that the related tax benefit will be realised. b) Restatement of exploration expenditure in the Company In the prior year, certain expenditure incurred by the Company was treated as an investment in a subsidiary, as the intent of the Group was for such costs to be transferred to the wholly owned controlled entity. As those costs were not transferred they have now been recognised as an expense in the records of the parent entity. This results in a difference between amounts reported in accordance with previous GAAP and AIFRS, as under previous AGAAP corrections are adjusted in the year in which they are identified without restatement of the prior year financial statements, as is required under AIFRS. At 30 June 2005, this has resulted in a decrease in investments in controlled entities and an increase in retained losses, as follows: The Company Year ended 30 June 2005 Investments (Balance Sheet) .............................................. (913,551) Exploration expenditure (Income Statement) .................................... 913,551 26. CHANGE OF ACCOUNTING POLICY In the current financial year the Company and the consolidated entity have adopted AASB 132 Financial Instruments: Disclosure and Presentation and AASB 139 Financial Instruments: Recognition and Measurement. This change in accounting policy has been adopted in accordance with the transition rule contained in AASB 1, which does not require the restatement of comparative information for financial instruments within the scope of AASB 132 and AASB 139. There is no impact on the balance sheet at 1 July 2005 from this change. F-37
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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
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Disclosure of Shareholding Informat
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PRICE RANGE AND TRADING VOLUME OF S
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Management The following is a brief
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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 117: 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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