COPY OF FINAL PROSPECTUS - Mirabela Nickel

MIRABELA NICKEL LIMITED
STATEMENTS OF CHANGES IN EQUITY
For the six months ended 31 December 2006
Issued Accumulated Total
Half- year ended 31 December 2006 capital losses Reserves equity
AUD AUD AUD AUD
Balance at 1 July 2006 ..................................... 20,062,514 (1,546,501) 1,973,320 20,489,333
Equity settled share based payment transactions ..................... — — 86,149 86,149
Share issue net of issue costs ................................. 34,924,324 — — 34,924,324
Reversal of option reserves on conversion of 1,000,000 options ........... — (720) (720)
Effect of translation of foreign operations to group presentation currency ..... — — (563,685) (563,685)
Net loss for the period ..................................... — (713,898) — (713,898)
Balance at 31 December 2006 ................................ 54,986,838 (2,260,399) 1,495,064 54,221,503
Issued Accumulated Total
Half- year ended 31 December 2006 capital losses Reserves equity
AUD AUD AUD AUD
Opening balance as at 1 July 2005 ............................. 6,447,097 (620,741) 720 5,827,076
Equity settled share based payment transactions ..................... — — 125,336 125,336
Share issue net of issue costs ................................. 2,111,422 — — 2,111,422
Effect of translation of foreign operations to group presentation currency ..... — — 672,254 672,254
Net loss for the period ..................................... — (328,360) (328,360)
Balance at 31 December 2005 ................................ 8,558,519 (949,101) 798,310 8,407,728
The accompanying notes form part of these financial statements.
FF-3