COPY OF FINAL PROSPECTUS - Mirabela Nickel

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MIRABELA NICKEL LIMITED STATEMENTS OF CASH FLOWS For the six months ended 31 December 2006 31-Dec-06 31-Dec-05 AUD AUD Cash flows from operating activities Cash paid to suppliers and employees ............................................. (770,271) (380,122) Net cash from operating activities ................................................ (770,271) (380,122) Cash flows from investing activities Acquisition of property, plant and equipment ........................................ (721,758) (43,362) Payment for exploration and evaluation expenditure .................................... (11,331,105) (2,702,431) Net cash from investing activities ................................................ (12,052,863) (2,745,793) Cash flows from financing activities Proceeds from the issue of share capital ............................................ 35,180,000 2,120,000 Share issue costs ........................................................... (256,396) (8,578) Interest received ........................................................... 294,201 18,954 Net cash from financing activities ................................................ 35,217,805 2,130,376 Net increase in cash and cash equivalents ........................................... 22,394,671 (995,539) Cash and cash equivalents at 1 July ............................................... 6,427,797 1,762,998 Effect of exchange rate fluctuations on cash held ...................................... (114,199) — Cash and cash equivalents at 31 December .......................................... 28,708,269 767,459 The accompanying notes form part of these financial statements. FF-5
MIRABELA NICKEL LIMITED NOTES TO FINANCIAL STATEMENTS For the six months ended 31 December 2006 1. REPORTING ENTITY Mirabela Nickel Limited (the ‘‘Company’’) is a company domiciled in Australia. The consolidated interim financial report of the Company as at and for the six months ended 31 December 2006 comprises the Company and its subsidiary (together referred to as the ‘‘consolidated entity’’). The consolidated annual financial report of the consolidated entity as at and for the year ended 30 June 2006 is available upon request from the Company’s registered office at 8 Colin Street, 6005 West Perth, or at www.mirabelanickel.com.au. 2. STATEMENT OF COMPLIANCE The consolidated interim financial report is a general purpose financial report which has been prepared in accordance with AASB 134: Interim Financial Reporting, IAS 34: Interim Financial Reporting and the Corporations Act 2001. The consolidated interim financial report does not include all of the information required for a full annual financial report, and should be read in conjunction with the consolidated annual financial report of the consolidated entity as at and for the year ended 30 June 2006. This consolidated interim financial report was approved by the Board of Directors on 1 March 2007. 3. SIGNIFICANT ACCOUNTING POLICIES Except as described below, the accounting policies applied by the consolidated entity in this consolidated interim financial report are the same as those applied by the consolidated entity in its consolidated financial report as at and for the year ended 30 June 2006. In the prior financial year, the consolidated entity adopted AASB 132: Financial Instruments: Disclosure and Presentation and AASB 139: Financial Instruments: Recognition and Measurement in accordance with the transitional rules of AASB 1. There has been no change in the opening balance of retained earnings and reserves at 1 July 2005, upon adoption of AASB 132 and AASB 139. 4. SEGMENT REPORTING The consolidated entity operates in one business and geographical segment, namely mineral exploration in Brazil. 5. NET FINANCIAL INCOME 31-Dec-06 31-Dec-05 AUD AUD Interest received ......................................................... 297,061 18,954 Financial income ......................................................... 297,061 18,954 Unrealised foreign exchange loss ............................................... (61,739) — Financial expense ........................................................ (61,739) — Net financial income ...................................................... 235,322 18,954 6. PROPERTY, PLANT AND EQUIPMENT During the six months ended 31 December 2006, the consolidated entity acquired assets with a cost of $721,758 (six months ended 31 December 2005: $43,362). Of the acquisitions made in the period to 31 December 2006, $648,562 (2005: nil) relates to the purchase arrangements for surface rights to four properties which include the Santa Rita project area in Brazil. Under the contract arrangements a total of $7,341,766 remains to be paid as non-refundable amounts to the vendors, of which $1,609,433 is payable within 12 months. The title transfers are to take place on the sooner of the final scheduled payment date or the receipt of a valid mining permit. FF-6
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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
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Aggregated Options Exercised During
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markets and may also be terminated
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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 121 and 122: MIRABELA NICKEL LIMITED INCOME STAT
Page 123: 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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