COPY OF FINAL PROSPECTUS - Mirabela Nickel

SELECTED CONSOLIDATED FINANCIAL INFORMATION
The following table presents selected financial information of Mirabela as at the date and for the periods
indicated. The information set forth below is derived from the financial statements of the Company and the
related notes, and should be read in conjunction with the financial statements of Mirabela and related notes
included elsewhere in this prospectus. All financial information presented herein is prepared in accordance with
to IFRS. Mirabela has not, and is not required to provide a reconciliation of its financial statements to Canadian
generally accepted accounting principles.
(thousands of A$, except per share amounts,
rounded to the nearest hundredth)
Financial year Six months ended
ended June 30, Dec. 31,
2006 2005 (1) 2006 2005
(Audited)
(Unaudited)
Net Income (loss) ........................................... $ (926) $ (621) $ (714) $ (328)
Basic loss per share (cents per share) .............................. $ (0.02) $(0.02) $ (0.01) $(0.01)
Diluted loss per share (cents per share) ............................. $ (0.02) $(0.02) $ (0.01) $(0.01)
Cash and cash equivalents ...................................... $6,428 $1,763 $28,708 $ 767
Total assets ................................................ $20,976 $6,524 $55,389 $8,596
Total long-term financial liabilities ................................ Nil Nil Nil Nil
Cash dividends declared per share ................................ Nil Nil Nil Nil
Notes:
(1) For the sixteen month period commencing on incorporation (March 4, 2004) and ending on June 30, 2005.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations
(‘‘MD&A’’) should be read in conjunction with the financial statements of Mirabela and the related notes
thereto included in this prospectus (the ‘‘Financial Statements’’). This discussion is current at the date of this
prospectus. The Financial Statements (and the financial information contained in the related MD&A) were
prepared in accordance with IFRS rather than Canadian generally accepted accounting principles. From
December 31, 2005, Australian financial statements are required under the Australian Corporations Act 2001
(Cth) to be prepared in accordance with Australian equivalents to IFRS.
The following discussion contains forward-looking statements that involve numerous risks and
uncertainties. Actual results of the Company could differ materially from those discussed in such forwardlooking
statements as a result of these risks and uncertainties, including those set forth in this prospectus under
‘‘Forward-Looking Statements’’ and under ‘‘Risk Factors’’.
Overview
Mirabela is in the exploration and evaluation stage of development and has not yet commenced mining
operations on any of its properties. Accordingly, the Company does not currently have any mining revenues.
Until the successful completion of the proposed development of the Santa Rita Project, the Company is not
expected to have any mining revenues.
Mirabela currently has no long term debt obligations.
As at March 23, 2007, Mirabela had 88,450,000 ordinary shares issued and outstanding and 4,850,000
unlisted options exercisable for an equivalent number of shares, subject to various strike prices, exercise dates
and performance objectives. In addition, on February 27, 2007, Mirabela’s board of directors authorized the
grant of 1,800,000 options. However, pursuant to the ASX listing rules and the Corporations Act 2001 (Cth), the
grant of these options is subject to shareholder approval. As at April 20, 2007 Mirabela’s market capitalization
(based on its trading price on the ASX) is approximately A$526 million (approximately A$553 million calculated
on a fully diluted basis including in-the-money options less related option exercise amounts and not including
this Offering).
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