COPY OF FINAL PROSPECTUS - Mirabela Nickel

The mineralized zone extends from one side of the Fazenda Mirabela Intrusion to the other, averaging
35 metres in width over a 1.5 kilometres strike length, and has been tested down dip to depths exceeding
500 metres.
The sulphide mineralization shows strong lithostratigraphic control, concentrated within the peridotite and
upwards into the pyroxenite. The mineralization has a primary disseminated nature, originating from
accumulation of sulphide liquid within the cumulate silicate phase as post-cumulus sulphides, and comprises
predominantly pentlandite (52% with 7% violarite) intimately associated with chalcopyrite (14%), pyrite (14%)
and pyrrhotite (9%). Traces of PGE are also intimately associated with the sulphides, either as a distinct mineral
phase (not yet identified) or included within the structure of the principal sulphides.
The mode of occurrence of the sulphides is as granular aggregates comprising pentlandite and/or violarite,
chalcopyrite, pyrrhotite and various forms of pyrite. Sulphides are commonly fine-grained, with individual
samples often containing sulphide aggregates no more than 0.5 millimetre to one millimetre in size, however
larger lenses to 30 millimetres occur locally with sulphide aggregates. Finer and more widely disseminated grains
of sulphide seem to include more abundant chalcopyrite than relatively coarser scattered aggregates. Sulphides
occurring as veinlets and fine filaments in micro-fractures, with or without serpentine, are mostly copper-rich
(chalcopyrite), with or without pentlandite or violarite, and rarely include low-temperature secondary pyrite.
Composite grains of nickel-rich sulphides are commonly equant or elongate, being up to one millimetre to
two millimetres in diameter or length, and interstitial to olivine and/or chromite. Minor sulphides include
mackinawite, millerite, poorly defined low-temperature Fe sulphides, cubanite, bornite and chalcocite, along
with trace native copper. Millerite and more complex nickel-copper suphides occur in some samples. Low
temperature pyrite is less abundant and is rarely colloform or lamellar in texture.
The bulk sulphide composition (tenor = grade recalculated to 100% sulphide) has been calculated to be
18.9% Ni, 6.1% Cu, 36.2% Fe, 38.8% S in 2.57% by weight sulphide. No discrete PGE mineral phase has been
identified. This is largely due to the average Pt+Pd content of the ore being only 105ppb, suggesting that the
PGE may be contained within the structure of the principal sulphides.
The principal alteration exhibited by differentiates comprising the Fazenda Mirabela Intrusion is
serpentinization. During this process both the olivine and orthopyroxene are strongly altered along fractures and
grain boundaries to a fibrous chrysotile, associated with blebs and dendritic exsolutions of secondary magnetite.
In olivine cumulates, coronas with an inner rim of orthopyroxene and an outer rim of clinopyroxene occur
around olivine grains in contact with interstitial plagioclase (kelyphitic texture).
Exploration
Prior to commencement of the Mirabela exploration programs, exploration was completed by operators
Mineração Nhambú Limitada, Caraíba Metais SA and CBPM. Recent Mirabela programs focussed primarily on
drilling the sulphide mineralization to understand the geological controls, to collect metallurgical and
geotechnical data, and to define a high confidence mineral resource. This strategy has been successful, with the
drilling confirming the continuity of the mineralization and expanding the known extents of the deposit. RSG
Global considers it likely that on-going exploration will continue to identify extensions to existing mineralization
or new mineralization elsewhere within the project.
Exploration surveys and interpretations completed to date have been largely planned, executed and
supervised by expatriate and national Mirabela personnel, supplemented by consultants and contractors for
more specialized or technical roles. The Technical Report provides that the data is considered to be of good
quality and the current Mirabela team considered to be well qualified to fulfil the responsibilities of on-going
exploration programs.
Drilling
Diamond core and reverse circulation (‘‘RC’’) has been completed at the Santa Rita deposit. A subset of the
total database, comprising all drillholes available at the time, was used for the resource estimation studies
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