COPY OF FINAL PROSPECTUS - Mirabela Nickel

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MIRABELA NICKEL LIMITED NOTES TO FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2006 5. PR<strong>OF</strong>ESSIONAL FEES Consolidated The Company 2006 2005 2006 2005 (AUD) (AUD) (AUD) (AUD) Auditors of the Company KPMG Australia: Audit and review of financial reports .................................. 33,683 22,090 33,683 22,090 Other assurance services .......................................... 16,639 — 16,639 — Total auditors’ remuneration ....................................... 50,322 22,090 50,322 22,090 Other professional fees ........................................... 19,413 60,834 10,175 20,166 Total professional fees ........................................... 69,735 82,924 60,497 42,256 6. INCOME TAX EXPENSE Consolidated The Company 2006 2005 2006 2005 (AUD) (AUD) (AUD) (AUD) Current tax expense Current year ................................................. 7,051 — 7,051 — Adjustments for prior years ........................................ — — — — 7,051 — 7,051 — Deferred tax expense Origination and reversal of temporary differences .......................... — — — — — — — — Total income tax expense in income statement ............................ 7,051 — 7,051 — Attributable to: Continuing operations ........................................... 7,051 — 7,051 — Discontinuing operations ......................................... — — — — 7,051 — 7,051 — Numerical reconciliation between tax expense and pre-tax net profit Consolidated The Company 2006 2005 2006 2005 (AUD) (AUD) (AUD) (AUD) Profit/(loss) before tax- continuing operations ....................... (918,709) (620,741) (3,493,157) (1,485,328) Profit/(loss) before tax- discontinued operations ...................... — — — — Profit/(loss) before tax ...................................... (918,709) (620,741) (3,493,157) (1,485,328) Income tax using the domestic corporation tax rate of 30% (2005: 30%) ...... (275,613) (186,222) (1,049,947) (445,598) Increase in income tax expense due to: Non-deductible expenses .................................... 299,858 203,416 1,074,192 462,792 Effect of tax losses previously unrecognised ......................... (17,194) — (17,194) — Under/(over) provided in prior years ............................. — (17,194) — (17,194) Income tax expense on pre-tax net profit .......................... 7,051 — 7,051 — F-14
MIRABELA NICKEL LIMITED NOTES TO FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2006 7. EARNINGS PER SHARE Basic loss per share The calculation of basic loss per share at 30 June 2006 was based on the loss attributable to ordinary shareholders of $925,760 (2005: $620,741) and a weighted average number of ordinary shares outstanding during the financial year ended 30 June 2006 of 43,387,986 (2005: 28,271,014), calculated as follows: Loss attributable to ordinary shareholders Consolidated 2006 2005 (AUD) (AUD) Loss attributable to ordinary shareholders ........................................... (925,760) (620,741) Weighted average number of ordinary shares Consolidated Note 2006 2005 Issued ordinary shares at 1 July ........................................ 37,161,000 — Effect of issue of shares to 30 June 2005 ................................... — 28,271,014 Effect of October 2005 share issue ....................................... 1,458,630 — Effect of December 2005 share issue ..................................... 536,986 — Effect of February 2006 share issue ...................................... 789,041 — Effect of February 2006 share issue ...................................... 2,087,671 — Effect of April 2006 share issue ........................................ 1,164,384 — Effect of May 2006 options conversion to ordinary shares ........................ 62,877 — Effect of May 2006 share issue ......................................... 123,288 — Effect of June 2006 options conversion to ordinary shares ........................ 4,110 — Weighted average number of ordinary shares at 30 June ......................... 43,387,987 28,271,014 Basic loss per share Consolidated 2006 2005 (AUD) (AUD) Basic loss per share (cents per share) ............................................. (2.13) (2.20) 8. CASH AND CASH EQUIVALENTS Consolidated The Company 2006 2005 2006 2005 (AUD) (AUD) (AUD) (AUD) Cash at bank and on hand ................................... 1,107,978 1,762,998 695,806 1,736,806 Call deposits ............................................ 5,319,819 — 5,319,819 — Cash and cash equivalents in the statement of cash flows ................ 6,427,797 1,762,998 6,015,625 1,736,806 F-15
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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
Page 45 and 46: Fazenda Palestina Intrusion The Faz
Page 47 and 48: The Ponto Novo project area consist
Page 49 and 50: elating to the Shares computed in a
Page 51 and 52: wish to change registers and trade
Page 53 and 54: Selected Annual Financial Informati
Page 55 and 56: The carrying value of mineral prope
Page 57 and 58: Finance Activities, Liquidity and C
Page 59 and 60: Disclosure of Shareholding Informat
Page 61 and 62: PRICE RANGE AND TRADING VOLUME OF S
Page 63 and 64: Management The following is a brief
Page 65 and 66: faith with a view to the best inter
Page 67 and 68: Aggregated Options Exercised During
Page 69 and 70: markets and may also be terminated
Page 71 and 72: 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 95: MIRABELA NICKEL LIMITED NOTES TO FI
Page 121 and 122: MIRABELA NICKEL LIMITED INCOME STAT
Page 123 and 124: 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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