COPY OF FINAL PROSPECTUS - Mirabela Nickel

Risks and Uncertainties
The financial performance of the Company is expected to be affected by ongoing exploration activities
being conducted on its properties, and the proposed development of the Santa Rita Project. Until such time as
commercial production is achieved, the Company will continue to incur administration costs and exploration and
development expenditures that are either deferred or expensed, depending upon the nature of those
expenditures, resulting in continuing operating losses.
Should the development of the Santa Rita Project occur, the financial performance of the Company will be
closely linked to the price of nickel concentrate produced by the Company. Commodity price fluctuations will
significantly affect the results of operations once mining commences and the economics of mineral deposits. The
monitoring of price movements and trend for nickel is essential to monitor the viability of the Company’s assets.
The Company reports its financial results in Australian dollars. The Company’s costs, however, are in
Australian dollars, United States dollars, and Brazilian Reals. If the Santa Rita Project, as expected by
management, commence production in early 2009, or any of the Company’s other properties commence
production, future metal sales revenue will be in United States dollars. Fluctuations in these exchange rates may
therefore significantly affect the results of the operations of the Company.
The Company has not hedged against changes in metal prices or exchange rates to date though the
Company may enter into hedge contracts at some future date.
The exploration and development of the Company’s properties will require substantial additional financing
and the capital required for the development of the Santa Rita Project is estimated to be approximately
US$223 million. Failure to obtain sufficient financing in the future may result in the delay or indefinite
postponement of the development of the Santa Rita Project, and the exploration, development or production on
any or all of the Company’s other properties. There can be no assurance that bank financing or other types of
financing will be available when needed or that, if available, the terms of such financing will be acceptable to
the Company.
See ‘‘Risk Factors’’ for a further discussion of these and other risk factors associated with the Company and
any investment in the Shares.
Summary of Half Year Results
Over the past three half-year periods, the Company’s expenses have been increasing as a result of the
matters described in ‘‘Six Months Ended December 31, 2006 Compared to Six Months Ended December 31, 2005’’
and ‘‘Twelve Months Ended June 30, 2006 Compared to Sixteen Months Ended June 30, 2005’’ set out above.
The following table sets out the financial results for each of the Company’s three most recently completed
half-year periods since its incorporation. The half-year financial results are in accordance with IFRS applied on
the same basis as the annual financial statements included herein.
(thousands of A$, except per share amounts,
rounded to the nearest hundredth)
(Unaudited)
Six Month Periods Ending (1)
December 31, 2006 June 30, 2006 December 31, 2005
Net Income (loss) .................................... $ (714) $ (597) $ (328)
Basic loss per share ................................... $ (0.01) $ (0.01) $(0,01)
Diluted loss per share .................................. $ (0.01) $ (0.01) $(0.01)
Cash and cash equivalents ............................... $28,708 $ 6,428 $ 767
Total assets ......................................... $55,389 $20,976 $8,596
Total long-term financial liabilities .......................... Nil Nil Nil
Cash dividends declared per share .......................... Nil Nil Nil
Note:
(1) Quarterly financial statements have not been prepared by Mirabela as they are not required under the Australian Corporations Act 2001
(Cth) or the ASX Listing Rules.
No dividends have been declared by Mirabela since incorporation.
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