Macquarie Australia Conference
May 2012
Ian Purdy – Managing Director and Chief Executive Officer
Disclaimers
Competent Persons
The information in this presentation that relates to pre-mining Ore Reserves, Mining Production and Cost Estimation for the Santa Rita Nickel Deposit is based on information compiled by
Mr. Carlos Guzmán who is a Member of The Australasian Institute of Mining and Metallurgy. Mr. Guzmán is a Mining Engineer, Principal and Project Director with NCL Brasil Ltda and is
a consultant to Mirabela Nickel Limited. Mr. Guzman qualifies as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves’ (JORC Code) and is a Qualified Person in accordance with NI 43-101. Mr. Guzmán consents to the inclusion in the presentation of the matters
based on his information in the form and context in which it appears.
The information in this report that relates to Exploration Results is based on information compiled by Mr Lauritz Barnes who is a consultant to Mirabela Nickel Limited. Mr Lauritz Barnes
is a Member of both The Australian Institute of Geoscientists and The Australasian Institute of Mining and Metallurgy. Mr Barnes has sufficient experience which is relevant to the style
of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined in the 2004 Edition of the
“Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Barnes consents to the inclusion in the report of the matters based on the information
in the form and context in which it appears.
Forward Looking Information
Certain information in this presentation, including all statements that are not historical facts, constitutes forward-looking information within the meaning of applicable Canadian securities
laws. Such forward-looking information includes, but is not limited to, information which reflect management’s expectations regarding Mirabela’s future growth, results of operations
(including, without limitation, future production and capital expenditures), performance (both operational and financial) and business prospects (including the timing and development of
new deposits and the success of exploration activities) and opportunities. Often, this information includes words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes” or variations of such words and phrases or statements that certain actions, events or
results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
In making and providing the forward-looking information included in this presentation, the Company has made numerous assumptions. These assumptions include among other things:
(i) assumptions about the price of nickel and other base metals; (ii) that there are no material delays in the optimisation of operations at the Santa Rita Operation; (iii) assumptions about
operating costs and expenditures; (iv) assumptions about future production and recovery; (v) that the supply and demand for nickel develops as expected; (vi) that there is no
unanticipated fluctuation in interest rates and foreign exchange rates; and (vii) that there is no material deterioration in general economic conditions. Although management believes that
the assumptions made and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate.
By its nature, forward-looking information is based on assumptions and involves known and unknown risks, uncertainties and other factors that may cause the Company’s actual results,
performance or achievements, or results, to be materially different from future results, performance or achievements expressed or implied by such forward-looking information. Such
risks, uncertainties and other factors include among other things the following: (i) decreases in the price of nickel and copper; (ii) the risk that the Company will continue to have negative
operating cash flow; (iii) the risk that additional financing will not be obtained as and when required; (iv) material increases in operating costs; (v) adverse fluctuations in foreign exchange
rates; (vi) the risk that concentrate produced will not meet certain minimum specifications; (vii) production estimates may not be accurate; (viii) environmental risks and changes in
environmental legislation; (ix) failure to comply with restrictions and covenants under the Unsecured Senior Notes; and; (x) changes in the terms of the Leasing Facility in order to
achieve successful syndication.
The Company’s MD&A and the annual information form contain information on risks, uncertainties and other factors relating to the forward-looking information. Although the Company
has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking information, there may be other factors
that cause actual results, performances, achievements or events not to be anticipated, estimated or intended. Also, many of the factors are beyond the Company’s control. Accordingly,
readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to reissue or update forward-looking information as a result of new
information or events after the date of this presentation except as may be required by law. All forward-looking information disclosed in this presentation is qualified by this cautionary
statement.
2
Mirabela highlights

World class nickel operation with a 22 year reserve life and potential to expand

Targeting production of between 19,000 and 21,000 tonnes of nickel in concentrate in 2012, with C1 cash costs expected to move towards US$6.00/lb by year end

Mirabela has successfully delivered the Santa Rita project and optimisation has commenced with an aggressive cost reduction program underway

Off‐take agreements secured for 100% of concentrate production until end of 2014

Exciting organic growth portfolio

Strong management team

Excellent safety and environmental record
3
Safety, environment & community
Excellent Health & Safety Record

Mirabela has achieved an excellent safety record during the ramp‐up of the operation

Mirabela is focused on safety training, and the implementation of best practices through the “Zero Accident + Prevention” (ZAP) program
2.0
1.5
1.0
1.40 1.50 1.21 1.23 1.06 1.27 1.05 0.64 1.14 0.85 0.5
‐
4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12
12 MMA LTIFR (Mirabela + Contractors)
Strong Environmental, Government & Community Programs

100% in compliance with all environmental operating requirements 
Strong government and community engagement

Major employer in the region

Royalties used for local infrastructure 4
Key achievements in 2011

Achieved production within guidance of 15,854 tonnes of nickel in concentrate
–

Including record monthly production in December of 2,003 tonnes of contained nickel in concentrate, at 63% recovery
Achieved ramp‐up goals in 2011
–
Completed mine pre‐strip
–
Completed the plant upgrade to 7.2 Mtpa on budget
–
Upgraded the mining and drilling fleet to 40 Mtpa capacity

Commenced construction of second primary crushing line and desliming circuit scheduled to be operational in Q2 2012

Strengthened the balance sheet through the issue of US$395 million Senior Unsecured Notes

Closed out Mirabela’s legacy project financing, customer financing and all hedge positions 
Commenced review of operations ahead of current cost reduction program
5
Mirabela has delivered a world class operation in two years
Total material mined and ore grade
Waste mined (kt)
Ore mined (kt)
Ore milled, grade processed and nickel recovery
Ore milled (kt)
Nickel grade (%)
Nickel feed grade (%)
Nickel recovery (%)
2,000
14,000
0.60%
12,000
0.55%
10,000
0.55%
0.56%
1,693
924 8,000
663 6,000
846 1,774 976
0.48%
0.50%
0.48%
0.49%
4,000
1,000
0.45%
600
400
2,000
4,803 6,436 6,578 8,155 8,067
7,825
8,742
10,166 8,944 ‐
200
0.40%
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
56%
55%
0.51%
800
0.43%
58%
1,400
1,200
0.48%
653 0.55%
1,295
60%
60%
1,600
1,997 0.55%
62%
1,800
0.52%
0.52%
0.52%
0.50%
0.48%
52%
778
840
942
1,244
1,070
1,295
1,441
1,567
1,535
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
0
C1 cash costs (US$/lb Nickel)
Cash Cost US$/lb
10
5,155
1.90
8.12 5,000
3,909
3,104
2,505
3,000
BRL/USD
Nickel in concentrate sold (t)
6,000
4,000
48%
0.47%
49%
48%
Nickel in concentrate produced and sold
Nickel in concentrate produced (t)
0.53%
4,228
4,155
8
7.85 7.62 6.76 6.45 6.97 7.42 7.37 6.71 1.80
6
1.70
4
1.60
2
1.50
2,084
2,359
1,987
2,000
1,000
1,991
2,304
2,405
3,676
2,825
3,395
4,605 5,029 4,245 1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
0
0
4Q11
1Q12
1.40
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
6
Overview of March 2012 quarter

Production of 4,245 tonnes of nickel in concentrate
–


Mining material moved of 10.7 million tonnes in accordance with the mine plan
–
Mining activities focused on establishing a sustainable platform to deliver planned ore feed
–
Completed update of geological resource model, expected to result in an improved mine plan and reconciliation
Average nickel recovery of 58% and average plant nickel feed grade of 0.48%
–

Nickel recovery on expectation relative to ore quality
C1 cash costs of US$7.37/lb
–

Low grades mined during the quarter impacted production
Cost reduction programme underway with organisational restructure removing over 100 staff positions
Appointed Anthony Kocken as Corporate Chief Operating Officer
–
Previously General Mining Manager and Senior Site Executive of Mount Isa Mine (Xstrata Zinc)
–
Mining engineer with an MBA in Business Administration
–
Currently based full‐time in Brazil
7
2012 production & cost guidance



Production of between 19,000 and 21,000 tonnes of contained nickel in concentrate
–
Production guidance range reduced by 1,000 tonnes in response to low grades mined during Q1 2012 –
Production levels higher in the second half of the year due to ore grade profile, increased plant throughput, and benefits to metal recovery from the desliming circuit
C1 cash costs to move towards US$6.00/lb by year end –
Primarily driven by expected increase in production through increased mined grade and plant throughput
–
Cost savings are already starting to show results
2012 capital expenditure budget of US$60 million
–
US$18.5m spent to 31 March 2012
8
Mine ramp up achieved and now on sequence
Total Material Moved 1

Mine ramp up to full production achieved

Geological resource model has been updated to include detailed ore zone and faulting information 
Mine now on sequence to mine plan

Mine will be one continuous pit by year end
Mt
45
40
35
30
25
20
15
10
5
‐
Q1 Actual
2009
2010
2011
2012
1: Actuals for 2009, 2010, 2011, Forecast for 2012 (Actual Q1)
Mirabela’s 40 Mtpa Open Pit Mining Operation
9
Desliming circuit and primary crusher upgrade operational in Q2 2012 Desliming Circuit

Desliming plant start‐up in March 2012

Commissioning and ramp‐up completed in April 2012

Optimisation ongoing during Q2

Performance report to be released with Q2 quarterly results
Second Primary Crusher Line (Expected Completion During Q2)
10
Mirabela continues to deliver a high quality concentrate to its offtake partners Norilsk Shipment at Ilheus Port
Mantyluoto Port, Finland

First nickel concentrate delivery to Votorantim in November 2009

167,091 dmt of concentrate has been delivered to Votoranim

First nickel shipment to Norilsk sailed in January 2011

7 ships have been sent to Norilsk totalling 61,268 dmt of concentrate

All concentrate sold has been within offtake specifications
11
Mirabela Growth Strategy
PHASE 2
PHASE 1
RAMP‐UP & OPTIMISATION
Processing Plant Ramp‐Up

Mining Ramp‐Up

Nickel Recovery Stabilization 
Build Operating Capability

Develop Support Systems

Strengthen Balance Sheet

Complete Pre‐Stripping

7.2 Mtpa Plant Expansion

Desliming Circuit

Second Crusher
Q2 2012
Mine & Plant Optimization
Ongoing
OPERATION DELIVERED
PHASE 3
SELF‐FUNDED
ORGANIC GROWTH
EXTERNAL GROWTH
9 Mtpa Open Pit & Plant Expansion
‐ Pre‐feasibility study started 
‐ Open‐pit extension drilling 
program underway
‐ Study completion expected Q1, 2013
Regional Tenement Maintenance
‐ Ongoing
Underground Project & Near Mine Exploration ‐ Drilling programs defined
‐ Programs will commence once Company financials improve
GROWTH RESTARTED
Maintain Independence
Base Metal Focus

Leverage Strong Brazilian Platform FRAMEWORK DEFINED
12
Exploration drilling has recommenced
Schematic Longitudinal Projection
Composite results from Pit Extension Drilling (1)
Hole ID
From (m)
MBS‐623
MBS‐624
MBS‐625 (2)
MBS‐626
MBS‐629
MBS‐630
MBS‐631
MBS‐632
MBS‐633
MBS‐634
492
519
542
691
635
438
508
608
502
464
Composite down‐hole width (m)
95
42
13
82
45
60
66
49
8
97
Ni%
0.86
0.76
0.53
0.83
0.86
0.68
0.72
0.56
0.54
0.75
Cu%
0.20
0.19
0.16
0.25
0.21
0.19
0.16
0.13
0.18
0.19

Current program consists of 15 drill holes focusing on extension of the Open Pit

10 completed holes to date closely match our resource interpretation 
Results show the continuation of the ore‐body underneath the North Pit and support the trend of improving widths and grades at depth

Full results expected during Q2

Updated In‐pit Resource expected in Q3
(1) 0.4% Ni cut‐off grade, 4m minimum mining width
(2) Fault affected – intersected fault in position of expected mineralised zone
Note: The standard assay method ME‐ICP61 (four acid digest with an ICP‐AES finish) has been used for all the drill results included in the above table. This method tends to be slightly conservative for results above 0.6% nickel and samples with a result above this are currently being assayed using an ore grade method. All the holes included in the table above will be re‐reported to include the ore‐grade assays with the remaining four holes during the second quarter.
13
Current uncertainty in the nickel market leading to high price volatility
Short term softness / Long term shortages
Chinese imports of nickel ore (k wmt)
Refined Nickel Supply/Demand* (k t)
3000
Indonesian imports underpin Chinese NPI market
150
2500
100
2000
50
1500
0
1000
‐50
500
‐100
‐150
0
2008
2010
Balance
2012
2014
2016
2018
2020
Actual/forecast refined output
2022
2024
Consumption
Source: Brook Hunt (A Wood Mackenzie Company) ‐ Nickel Market Service March 2012
NPI cost average between US$8 – US$10 per lb
Mid‐term shortage of nickel sulphides projected
C1 cash costs for nickel pig iron production (2011$ terms, process averages)
Nickel Sulphide Concentrate Demand & Supply Projections
Source: Brook Hunt (A Wood Mackenzie Company)
14
Short term pressure on nickel prices; long term shortage projected


Short Term Ni Price Pressure 
Indonesia Supply Risk
‐
Market sentiment appears to be having a disproportionate impact on pricing ‐
Reported plan by Indonesian government to revoke mine export licenses during 2012
‐
According to Brook Hunt the Ni market is finely balanced (20 kt surplus projected for 2012)1
‐
Mines need to demonstrate viable plans for attached in country processing to retain license
‐
Price volatility expected due to high level of uncertainty ‐
Indonesia currently underpins the supply of high grade laterite ore to NPI producers
Short /MidTerm Oversupply Projections
‐
Remains dependent on the success of HPAL projects (i.e. Goro, Ambatovy, Ramu)
‐
Also dependent on global and China growth prospects , including certainty in European ‐
Potential reduction in higher cost NPI blast furnace production currently 100kt pa

Long Term Nickel Shortage Projections
‐
610kt of yet unidentified new nickel projects required to meet long term demand (11 x Goro’s)1
‐
Brook Hunt incentive price for these new projects is US$16.5 to 17.5/lb (2011 terms) 1
‐
Brook Hunt long term nickel price stands at US$13.0/lb (2011 terms) 1
Source: Brook Hunt (A Wood Mackenzie Company) ‐ Nickel Market Service March 2012
15
Conclusions

Mirabela has successfully delivered the Santa Rita project and optimisation has commenced with an aggressive cost reduction program underway

Mirabela is targeting production of between 19,000 and 21,000 tonnes of nickel in concentrate in 2012, with C1 cash costs expected to move towards US$6.00/lb by year end

Organic growth activities continuing with 9Mt feasibility study and a successful exploration program

Mirabela is well positioned to take full advantage of a strengthening nickel market
16
APPENDICES
Mirabela corporate information
ASX Price and Volume
1 May 2012
Share Price (A$)
0.48
52 Week High/Low(A$)
2.20/0.46
Shares Outstanding (mill)
492.6
Market Cap (A$ mill)
Source: bigcharts.com, 16 February 2012
234
Cash (US$ mill)*
60
Debt (US$ mill)*
473
Average Volume
(50 day)
2,482,167 (MBN:ASX)
695,072 (MNB:TSX)
Top Shareholders1
* As at 31 March, 2012
Investor
Shares Held
%
Perpetual Investments
56.6M
11.5
Lancaster Park
50.9M
10.3
Shareholders by Region1
50%
40%
30%
Mr Robert Disbrow
32.5M
6.6
Deans Knight Capital Mgt
32.3M
6.5
10%
L1 Capital
23.1M
4.7
0%
20%
Australia North Central
America America
1: Orient Capital Pty. Ltd. as at 30 March 2012
UK
Europe
(Ex UK)
Asia
New
Zealand
18
Long life world class nickel producer
Mirabela Nickel is an international nickel producer

World class asset located in a pro‐mining jurisdiction with strong infrastructure

100% owned Santa Rita nickel sulphide mine in Brazil

Largest nickel sulphide project commissioned in the last decade

Simple, proven open pit mine and conventional sulphide processing plant 
Project is well situated, with access to grid power, water and logistics

Stable political environment with strong economic growth

Excellent mining skills, access to service providers and infrastructure 
Project development from resource drilling to commercial production in 5 years
Aratu Port
50km
Brazil
Brazil
Ipiau
Salvador
Atlantic Ocean
Santa Rita
Ex‐mine gate to Votorantim’s
Fortaleza de Minas smelter,
1,375km by road
Ilheus Port
CIF Norilsk
Harjavalta Smelter,
Manty luoto, Finland
19
Substantial reserves and resources –
22 year mine life based on reserves
JORC mineral reserves and resources1
Classification2,7
Open‐cut reserves
Proven
Probable
Total Open‐cut resources5,7
Measured Indicated
Inferred
Total
Underground resources6,7
Inferred
Tonnes (M)
Nickel grade (%)3
Copper grade (%)
Recovered Nickel (t)4
16.7
142.6
159.3
0.57%
0.52%
0.52%
0.14%
0.13%
0.13%
64,100
505,700
569,800
16.3
156.0
25.7
198.0
0.57%
0.51%
0.53%
0.52%
0.14%
0.13%
0.14%
0.14%
n/a
n/a
n/a
n/a
87.5
0.79%
0.23%
690,0002
¹ Mineral reserves referred to in this document are reported in accordance with the JORC Code. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Reserves are included in resources.
² Reflects strip ratio of 5.0:1
³ Contained nickel tonnes of 829,800 4 Weighted average recovery of 68.7%
5 Based on a weighted average cut‐off grade of 0.25% nickel
6 Based on a weighted average cut‐off grade of 0.50% nickel
7 As of December 31, 2010

494 drill holes used in resource calculation totaling 131,695m of drilling

Open Pit extension drilling program underway

Updated in‐pit resource expected in Q3 2012
Source: Santa Rita Project, Brazil Technical Report (22nd March 2011)
20
Mirabela mobile equipment fleet
Front End Loader (x3):
‐ 992K (x1);
‐ 994K (x1);
‐ 994F (x1).
Drill Rigs (x12):
‐ Rock L8 (x5);
‐ Pit Viper 271 (x2);
‐ DML45 HP (x5).
Dozers (x8):
‐ CAT D9T (x2);
‐ CAT D10T (x2);
‐ Komatsu 375 (x4).
Excavators (x7):
‐ O&K RH90‐C (x1);
‐ O&K RH120‐E (x3);
‐ CAT 345D (x1);
‐ Liebherr (x2) (phasing out).
Other
Graders CAT 16M (x3);
Wheel Tractors CAT 834H (x2);
Retro excavators 416E;
Contractor – 6 trucks plus 2 loaders.
Trucks (x18):
‐ CAT 777F (x6);
‐ CAT 785D (x12).
21
Process plant flow sheet
Trucking
Flotation Circuit
Rougher / Scavenger
/ Cleaner
Pebble
Crushers
Operational
Q2 2012
Primary
Cyclones
Primary Crusher
Primary
~80% Crusher
passing 250mm
~80% passing
Tailings
Thickner
~80% passing
125 µm
Tailings
Concentrate
Thickner
250mm
Deslime
Circuit
SAG
Mill
Ball Mill
~80% passing
125 µm
Concentrate
Tank
Larox
Filters
Thickener Overflow
Water Reservoir
Crusher
Stock Pile
Mill Sump
& Pump
Nickel Concentrate
(13% Nickel, 4.6% Cu, 0.2% Co)
22
Debt and hedging overview
Mirabela’s Debt Position:

Debt re‐financing ‐ April 2011
US$ mm
US$ 395 million bond issue with an 8.75% semi‐annual coupon
400
One bullet payment in April 2018
300
Senior Unsecured Notes
Banco Bradesco S.A. facility ‐ January 2012
250
Banco Bradesco Facility
200
Caterpillar Facility
−
−

−
−


Current maturity profile (US$M)
US$ 50 million unsubordinated debt with Interest payable semi‐annually at LIBOR +6% 350
150
Bullet payment in April 2018
Atlas Copco Facility
100
50% of principal due in month 12, and then repayable in equal instalments in months 24, 30 and 35
50
0
2012
2013
2014
2015
2016
2017
2018
Caterpillar Financial Services Corp. facility – March 2009
−
60 month leasing facility with interest paid at US$ LIBOR + COF + 2.75%
−
Currently US$23 million outstanding
Atlas Copco Customer Finance facility – January 2012
−
US$ 5.2 million equipment finance facility with interest paid semi‐annually, fixed at 6%
−
Principal is paid semi‐annually in equal instalments over 36 months. Currently US$4.4 million outstanding
Mirabela’s Hedge Position:

In 2011 Mirabela closed out all its legacy hedge positions, and is completely unhedged
23