Annual Report 2007
Toledo Mining Corporation Plc Annual Report 2007
Toledo Mining Corporation Plc
London
Ground Floor
11 Albemarle Street
London W1S 4HH
United Kingdom
T: +44 (0) 20 7514 1480
F: +44 (0) 20 7514 1486
E: info@toledomining.com
Philippines
Third Floor, PhilAm Building
100 C. Palanca Street  
cor. Dela Rosa Street
Legaspi Village 
1229 Makati City 
Metro Manila
The Philippines
T: + 63 2 817 7104
F: + 63 2 817 2357
E: info@toledomining.com Toledo Mining is focused on nickel 
mining and development in the 
Philippines. It has significant interests 
in three nickel laterite projects on 
Palawan in the Philippines.
The Company has a 56.1% interest  
in the Berong Deposit (comprising 
the Berong, Moorsom and Long 
Point deposits) which has a 
combined pre-JORC
1
 resource of 
approximately 275 million tonnes of 
nickel ore. The Company also has a 
52% interest in the Celestial/Ipilan 
Deposit which has a pre-JORC 
resource of approximately 75 million 
tonnes of nickel ore.
1 Our pre-JORC resource, referred to throughout this Report, is 
defined as being conceptual in nature with insufficient 
exploration to define the mineral resource  and  with uncertainty 
as to whether further exploration will result in the determination 
of a mineral resource Highlights
Temporary Exploration Permit (TEP) granted on  
15 November 2005. Commenced test pitting,  
drilling, sampling, GPR, topographical survey
Environmental Clearance Certificate (ECC) granted  
on 14 June 2006
Priority Project Status granted in October 2006
Special Mines Permit granted in November 2006
Trial metallurgical shipments commenced in January 2007
MPSA granted on 8 June 2007 , covering the exploration 
of the 288 hectare area
Commercial shipments to China and Australia commenced 
May 2007
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Operati Onal Hig Hlig Hts
01 Highlights
02 Company Overview
04 Chairman’s Statement
05 Chief Executive Officer’s Statement
06 Corporate and Social Responsibility
08 Board of Directors
09 Report of the Directors
12 Statement of Directors’ Responsibilities
13 Independent Auditors’ Report
14 Consolidated Income Statement
15 Consolidated Balance Sheet
16 Company Balance Sheet
17 Statement of Changes in Equity
18 Consolidated Cash Flow Statement
19 Company Cash Flow Statement
20 Notes to the Financial Statements
36 Corporate Directory
COntents
Toledo Mining Corporation Plc
Annual Report 2007 01 Company Overview
Toledo has an interest in the Berong Deposit (comprising 
the Berong, Moorsom and Long Point deposits) as well 
as in the Celestial/Ipilan Deposit.
Initial activities are centred on developing a  
direct-shipping laterite operation at Berong, 
whereby the ore will be sold FOB Philippines to 
nickel smelters.
The Company has a 56.1% economic interest in the Berong, 
Moorsom and Long Point deposits (referred to collectively as 
the Berong Deposit), all on Palawan Island, which have a 
combined pre-JORC
1
 resource of approximately 275 million 
tonnes of nickel ore at around 1.3% nickel (Ni). 
Berong is believed to be the fourth largest nickel laterite deposit 
in the world. 
A long-term laterite ore Supply Agreement has been signed with 
Queensland Nickel Pty Ltd (QNPL), a BHP Billiton group 
company. The Supply Agreement is for a five year term with an 
option to extend for a further five years at the election of QNPL. 
The contract volume is for the supply of up to 500,000 tonnes 
per calendar year at a nickel grade of greater than 1.5% Ni. 
Individual ore shipments will be made to a maximum of 
approximately 70,000 tonnes, depending upon the size of the 
ship. Negotiations are continuing between the Company and 
several Chinese end-user customers for additional long-term 
contracts of similar volumes.
a
Berong Nickel
Overview
275
Million tonnes
56. 1 %
economic interest
Including: Berong, Moorsom and Long Point 
deposits
Berong 
Ulugan
Celestial/
Ipilan
C
a
B
B
A
C
Locations of our operations
Toledo Mining Corporation Plc
Annual Report 2007 02 The Company’s Celestial/Ipilan Nickel laterite 
property, also on Palawan Island, covers an area 
of 2,835 hectares, and has substantial permitting 
already in place.
The Company has a 52% economic interest in this project, with 
the right to increase this to 71.2% through future payments. 
Acid leach metallurgical test work has been conducted on 
the property and a pre-feasibility study has demonstrated 
economic viability, subject to more detailed work being carried 
out for a bankable feasibility study. The property has been well 
explored, yielding a current pre-JORC
1
 resource estimate of 75 
million tonnes of 1.25% Ni and 0.10% Co within an area of 800 
hectares. 
Preliminary field operations are under way and progressing 
satisfactorily following the approval by the Philippines Mines & 
Geosciences Bureau of the third extension of the Exploration 
Licence covering the project area. The re-sampling and 
evaluation programme will ensure that an accurate knowledge 
of grade, quality and value is obtained. 
A Memorandum of Understanding has been signed with 
Macroasia Corporation, a company quoted on the Philippine 
Stock Exchange, on a study of the possible joint development of 
the companies’ nickel deposits located near Brooke’s Point, 
Palawan, Philippines. The study will cover possible collaboration 
in mine development and on-site value added processing of the 
Celestial laterite nickel deposit which extends across the 
common boundary of the contiguous Mineral Production 
Sharing Agreement (MPSA) areas held by the Company and 
Macroasia. The Company and Macroasia have both been drilling 
and test pitting their respective areas to define the extent of the 
nickel laterite mineralisation. 
 
A combined resource over the two properties of over 120 million 
tonnes of mineralisation would be more than sufficient to justify 
a processing plant suited to the dominantly limonitic ore type.
The Company owns a 58% economic interest in 
the Ulugan Nickel project.
This deposit is also located on the island of Palawan and consists 
of two Exploration Permit applications covering more than 
16,000 hectares. Pending granting of the Exploration Permits 
little work has been undertaken on this property. 
Together, Berong, Celestial/Ipilan and Ulugan represent world 
class projects with a combined pre-JORC
1 
resource of some 
350 million tonnes at 1.3% Ni and an estimated total nickel 
content of more than 4.5 million tonnes. The deposits offer the 
potential to recover both limonite and saprolite ore.
C
Celestial/Ipilan Nickel 
Overview
Ulugan Nickel
Overview
B
75
Million tonnes
1.25% Ni and 0.10% Co within 
an area of 800 hectares.
52%
economic interest
58%
economic interest
Locations of our operations
Toledo Mining Corporation Plc
Annual Report 2007 03 Chairman’s
statement
the Celestial/Ipilan orebody, on the 
eastern side, is largely limonite. This 
allows us to consider all of the available 
options for value added processing on 
site. SNC Lavalin has been appointed to 
work with us to evaluate these options. 
 
With the experience the Company is 
gaining in China in the pig nickel industry, 
we are looking closely at participating 
with some of our customers in further 
developing their pig nickel businesses. 
We feel that this will give us valuable 
experience to build similar facilities in the 
Philippines. We have recently appointed 
CIBC World Markets to assist us evaluate 
future financing options and to provide 
other advisory and banking services.
We have now signed our first long-term 
supply agreement with Queensland 
Nickel Pty Ltd, a wholly owned subsidiary 
of BHP Billiton, for up to 500,000 tonnes 
of ore per annum which is another 
milestone for the Company. However, 
demand for similar grade nickel ore 
remains very strong from Chinese 
customers and we do see our developing 
relationships here as also very important. 
We expect that until we have developed 
our own value added processing on site, 
the majority of our exports will be to 
Chinese customers. Long-term contracts 
with a number of these existing customers 
are being negotiated.
For calendar 2007 we anticipate 
producing 850,000 tonnes of ore and, 
subject to the vagaries of the weather 
and availability of vessels, shipping 
700,000 tonnes. Annualised production 
is now running in excess of 1 million 
tonnes with a target of 1.5 million tonnes 
for calendar 2008.
 
Demand for nickel remains strong world-
wide and particularly from China and 
India, with stainless steel production 
being the major driver. Most analysts see 
the supply-demand gap increasing in the 
future with limited supply and increasing 
demand. Whilst the Company’s view is 
one of cautious optimism, given the grade 
of our orebodies and their size, we expect 
to be able to weather any downturns, 
whilst being in a position to reap 
considerable rewards during positive 
market conditions.
In March 2007, I was very pleased to 
welcome Reg Eccles as an independent 
Non-Executive Director. Mr Eccles has 
extensive experience in the mining 
industry, specialising in the areas of 
planning, strategy and finance. He has 
worked for major international mining 
houses (Anglo American Corporation and 
Consolidated Goldfields plc), co-founded 
a successful minerals consultancy and 
publishing business and served as Head 
of Global Mining Equities for both SBC 
Warburg (now UBS) and ABN Amro.
 
During the year Merfyn Roberts resigned 
as a Non-Executive Director of the 
Company due to other work commitments. 
I would like to express my heartfelt thanks 
to Mr Roberts for his significant 
contribution to the Company.
Chris Kyriakou
26 September 2007
Demand for nickel 
remains strong 
worldwide, particularly 
from China and India, 
with stainless steel 
production being  
the major driver.
In the year under review, Toledo Mining 
Corporation’s activities continued to be 
focused on the development and 
evaluation of several large laterite nickel 
orebodies on Palawan Island in the 
Philippines.
Without doubt the most exciting time for 
a developing mining company is when it 
commences production and achieves 
positive cash flow. In January 2007 we 
delivered our first shipment of laterite ore 
from our Berong Deposit, a milestone for 
the Company. Other shipments followed, 
all from the Berong orebody and almost 
all has been shipped to China.
What makes this a particularly significant 
achievement is that it was done in less 
than three years from the Company’s 
formation, an outstanding achievement 
and one of which we are extremely proud. 
The Company’s management team, led 
by CEO George Bujtor, and workforce, 
must indeed be congratulated for this 
achievement.
 
Our orebodies are, in total, amongst the 
largest in the world, with a pre-JORC
1
 
resource of over 350 million tonnes of 
1.3% Ni and 0.1% Co, containing about 
4.5 million tonnes of Ni, with an in-situ 
value in excess of US$127 billion at the 
current price of nickel. Given the relatively 
high grade of the deposits compared to 
most other nickel laterite ore bodies 
around the world, the Philippines pro-
mining attitude and the sheer size of the 
orebodies, it is reasonable to expect that 
they will be developed well ahead of most 
others. We also have the advantage that 
the Berong orebodies on the western 
side of Palawan are largely saprolite and 
Toledo Mining Corporation Plc
Annual Report 2007 04 Chief executive Officer’s
statement
The Company is setting 
new standards in 
responsible mining in  
the Philippines and, 
pleasingly, is being 
recognised as a role 
model for other mining 
operations.
place included the coastal stockpile and 
drying areas, the off-shore ship anchorage 
area and the 50 kilometre approach 
channel lined with eight navigational 
buoys, and mine site environmental 
structures.
For the coming year, permanent facilities 
to be constructed include heavy 
equipment workshops, accommodation 
facilities, offices, assay laboratory, and 
the Dangla road. Still under evaluation are 
the trestle/pylon conveyor and ship 
loader, and development of Dangla Bay 
as an additional stockpile area and barge 
loading facility.
Operationally, mining activities have been 
concentrated on the trial metallurgical 
sample areas defined to best test the 
various ore types in customers’ plants. 
Whilst these areas were not the highest 
grade areas, the mining practices and 
grade sampling procedures were 
established and tested. Ore dilution is 
less than 10% of the grade, and is 
expected to decrease to less than 3% 
through learning and better operator 
training. This is not unexpected 
considering much of the operation is 
contractor based.
The Company is setting new standards in 
responsible mining in the Philippines and, 
pleasingly, is being recognised as a role 
model for other mining operations. 
Berong Nickel Corporation takes its 
environmental/safety/health and social 
licence very seriously. The Company is 
developing the systems for international 
certification in Environmental Management 
Systems ISO 14001 and Occupational 
Health and Safety Systems ISO 18001. 
An MOU was signed with the local 
indigenous peoples on how the mandated 
1% gross royalty is to be spent for the 
benefit of current and future generations. 
Similarly, a Social Development and 
Management Plan is being developed 
with spending directed at priority 
community and livelihood projects. The 
Company is also an active member of the 
Kabuhayan, Kaunlaran, Kalikasan, Inc 
which acts as an advocacy group on 
responsible mining on Palawan, and 
offers benefits to those people not directly 
impacted by mining operations.
The primary markets for Berong laterite 
nickel ore include Japan, China, Europe 
and Australia. With historically high nickel 
prices reflecting a shortage of primary 
nickel, the Chinese market has developed 
exponentially though the innovative use of 
blast furnace technology to produce a 
nickel pig iron for the stainless steel sector. 
Many smaller steel plants in China have 
converted to nickel pig iron production 
and this has led to the rapid increase in 
demand for laterite nickel ore. Most 
shipments to date from Berong have been 
sold to China on a spot basis, targeting the 
blast furnace producers and the electric 
arc furnace producers. Longer term 
contracts will be negotiated once 
operations stabilise. Value added 
processing within the Philippines is seen 
as a critical component in leveraging off 
the large pre-JORC
1
 resource of over 350 
million tonnes of nickel laterite managed 
by the Company on Palawan. Samples of 
the various ore types have been taken and 
will be tested in the laboratory to assess 
the most viable processing options. The 
processing options to be assessed include 
leaching (atmospheric and high 
temperature), the Chinese blast furnace 
process, and ferro-nickel production. 
Exploration and permitting activities in 
the tenement areas adjacent to the 
Berong project, and at the Celestial/Ipilan 
project area, continued in parallel with 
development activities. The detailed work 
programme for the Celestial/Ipilan project 
was scoped with test pitting and drilling 
commencing in May 2007. 
As at the time of writing this review, total 
shipments from Berong amount to 
approximately 452,595 tonnes at an 
average grade of 1.53% Ni. The operation 
is currently running at an annualised rate 
of approximately 1 million tonnes, and is 
well on the way to the target of 1.5 million 
tonnes planned for year 2008. 
We look forward to another equally 
successful year ahead.
g eorge Bujtor
26 September 2007
The key achievement in the year under 
review was the successful development 
and bringing into production of the 
Berong Nickel project. Mining of laterite 
nickel ore for trial metallurgical samples 
commenced in November 2006 and, 
significantly, less than one year after the 
start of test pitting and drilling of the ore 
body within the 288 hectare MPSA area. 
The first metallurgical sample was 
shipped out in late January 2007 as a 
partial shipment of 18,819 tonnes, with 
the first full shipment of 51,103 tonnes in 
late February 2007. Laterite ore shipped 
to the end of March 2007 amounted to 
approximately 121,390 tonnes at an 
average grade of 1.53% Ni.
Testing and evaluation of the laterite nickel 
ore body was undertaken using test 
pitting, diamond drilling and industry 
standard software packages. 
Approximately 10,529 metres of test pitting 
and 7,627 metres of diamond drilling was 
completed. Normal check assaying and 
duplicate samples were taken to ensure 
the statistical accuracy of the results. 
Snowden Mining Industry Consultants 
estimated a JORC compliant ore resource 
of 9.92 million tonnes at a 1.55% Ni grade 
using a 1% Ni cut-off grade.
The overriding philosophy in the 
development of the project was “speed 
into production” to capture the benefits of 
the historically high nickel prices. To this 
extent, many of the facilities put into place 
were of a temporary nature and included 
the barge causeway, the Barangay–Sorex 
road linking the mine to the coastal 
facilities, and the accommodation 
facilities. Permanent facilities put into 
Toledo Mining Corporation Plc
Annual Report 2007 05 Corporate and social 
r esponsibility
As a Company, we believe CSR is a tool 
that can be used for ensuring more  
responsible approaches to managing 
social and environmental impacts in the 
mining industry. There are respective 
roles that different stakeholders can  
play to improve corporate social 
responsibility practises of mining 
companies operating in the Philippines. 
Through the integration of economic 
progress, responsible social development 
and effective environmental management, 
Toledo Mining is committed to contributing 
to the sustained growth and prosperity of  
current and future generations in the  
Philippines. 
The foundation of this commitment is the 
concept of a “social licence to operate”. 
Simply defined, this licence is an unwritten 
social contract within the communities 
where our Company operates, beyond 
compliance with government regulation. 
For Toledo, it is about operating in a 
manner that is attuned to the 
community. 
The Berong Nickel project has achieved 
the following: 
Construction of two world class water 
treatment systems at its stockpile  
facilities that treat wastewater that is 
high in suspended solids and provides 
clean water to local agricultural 
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“The concept of CSR is based on the recognition that 
businesses are part of society and that they have the 
potential to make a positive contribution to societal 
goals and aspirations in ways that are both good for 
business and good for development.”
Toledo Mining Corporation Plc
Annual Report 2007 06 providers. The same system retention 
storage areas have been designed for 
post-mining use in freshwater fish 
farming. 
Development of a sophisticated water 
management system for the mining 
activities that has not impacted on 
downstream environments and, in 
fact, provides water that is 10 times 
cleaner than the receiving 
environment. 
Development of a coconut husk 
matting industry to provide the 
product to the mining industry. This 
will employ approximately 50 families 
in the project. 
Development of a Berong Nickel–
Palawan State University research 
facility in the mining areas for future 
rehabilitation and sustainable 
development options. 
Commencement of its progressive 
rehabilitation programme which 
consists of 12 projects employing 
over 70 people. The Berong Nickel 
project is the first mining operation in 
the Philippines to commence 
rehabilitation within six months of 
operation. Berong Nickel has planted 
78,000 trees and 65,000 stands of 
grass for slope stabilisation. There are 
plans for another 100,000 trees and 
100,000 grasses to be planted over 
the forthcoming year. 
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Initiation of the Berong Nickel–
Palawan State University Bio Fence 
project where the Berong Nickel 
project will provide 40,000 trees to 
the Palawan State University to fence 
the perimeter of all its university 
campuses with local tree species. 
Development of a state-of-the-art 
nursery facility to provide the species 
development for rehabilitation, local 
agriculture, exotic timbers and 
projects such as bio-diesel 
opportunities. 
Development of a community park 
which will be constructed on 1.5 
hectares of Ancestral Lands formally 
used as a temporary Waste Rock 
Stockpile Area. 
The park will consist of: 
– botanic gardens 
– meeting areas 
– outdoor cinema 
– food preparation area
– local artwork and carvings display
All works here will be done by the 
local community, the Berong Nickel 
project rehabilitation team and 
Students and Advisors from the 
PalawanState University. 
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A reverse Osmosis Potable Water 
System providing clean drinking water 
to the community.
A medical centre.
A community bridge over the Berong 
River.
The ongoing development of an 
Environment, Safety and Health 
Management System that will be 
certified to ISO14001 and ISO18001.
Assessment of the Berong project’s 
sustainable development initiatives 
and environmental management by 
auditors of JP Morgan, whilst being 
assessed against the Equator 
Principles, rated the Berong Nickel 
project operations from this 
perspective as the “best in Asia”.
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Toledo Mining Corporation Plc
Annual Report 2007 07 Board of Directors
Chris Kyriakou 
Chairman
Chris qualified as a lawyer in 1973 and was in private practice for 
six years before starting Pan D’Or Mining Company, now 
Investika Ltd. Chris has been continuously involved in the mining 
industry and has extensive experience in Australia, Canada, 
Africa and Mexico. He has been responsible for the development 
of a number of mines from exploration through to project finance 
and commissioning. He has been an executive director of a 
number of mining companies including Giant Yellowknife Mines, 
Pamour Mines, West Witwatersrand Gold Holdings, Bow River 
Diamonds and Minera Roca Roja amongst others.
r oger s hakesby
Non-Executive Director
Roger has a degree in Geology and Geography and began his 
career as a geologist working in Australia and the Philippines. In 
1971 he joined Gold Fields, where he was involved in and 
eventually managed the exploration programme for Australia, 
Philippines, Indonesia and Papua New Guinea. In 1982 he was 
appointed the General Manager for Exploration for Renison 
Goldfields Consolidated. Since 1998 he has been a consulting 
economic geologist working in Australia, Russia, the Philippines 
and Chile.
r eginald eccles
Non-Executive Director
Reg has extensive experience in the mining industry, specialising 
in the areas of planning, strategy and finance. He has worked for 
major international mining houses (Anglo American Corporation 
and Consolidated Goldfields plc), co-founded a successful 
minerals consultancy and publishing business and served as 
head of global mining equities for both SBC Warburg (now UBS) 
and ABN Amro.
g eorge Bujtor
Chief Executive Officer
George has more than 25 years’ experience in the mining and 
metals industry and has held senior positions with Rio Tinto, 
including that of managing director of base metals development 
and managing director external affairs, energy and environment. 
He was previously CEO of Aldoga Aluminium Smelter Pty Ltd, 
and prior to that he co-led the A$1.5 billion Comalco Alumina 
Refinery project.
r obert Cleary
Non-Executive Director
Bob graduated as a chemical engineer from the University of 
New South Wales, Australia and has had numerous operational 
and management roles across the petrochemical and mining 
industries. In his 18 years’ mining industry experience he has 
held senior positions in operations management, government 
liaison, major project investment evaluation, capital project 
management and administration.
Toledo Mining Corporation Plc
Annual Report 2007 08 Report of the Directors
for the year ended 31 March 2007
The directors present their report with the audited Group 
financial statements for the year ended 31 March 2007.
PRinci Pal activities an D Review of business
The principal activity of the Group is investment directly and 
indirectly in, and operation of mining exploration and development 
projects.
During the year the Company’s main undertaking was the 
continuing investment in the Berong nickel project, in which the 
Company has a 56.1% economic interest, the Celestial/Ipilan 
nickel project, in which the Company has a 52% economic 
interest and the Ulugan nickel project in which the Company has 
a 58% economic interest. 
The Company commenced direct shipping operations from its 
Berong nickel project in January 2007. A total of approximately 
121,390 tonnes of laterite nickel ore was shipped to China in the 
financial year ended 31 March 2007. A JORC compliant mineral 
resource prepared by Snowdens Mining Industry Consultants, 
Australia was completed. The measured, indicated and inferred 
resource within the 288 hectare MPSA area is estimated at 
9.92m tonnes at an average grade of 1.55% Ni using a 1% nickel 
cut-off grade. Drilling within the MPSA area is ongoing and is 
aimed at delineating additional tonnage. The assessment of 
processing options to add value to the large Berong lateritic 
resource continued. SNC Lavalin is undertaking this work and 
covers the metallurgical testing of the various ore types and 
assessing the most suitable processing options covering high 
pressure acid leaching, vat leaching, ferro-nickel smelting and 
the Chinese nickel pig iron process. 
In respect of the Celestial/Ipilan nickel project, the Company 
expended £672,642 on project related items thereby meeting its 
commitment to spend US$2 million on project development 
activities by mid-January 2007. Field exploration and evaluation 
activities continued throughout the year. Development concepts 
and options for an initial Direct Shipping Operation continue to 
be assessed and costed. 
In respect of the Ulugan nickel project, limited work was 
undertaken over the financial year.
On 12 April 2006, the Company announced that it had negotiated 
to subscribe for up to US$5 million in a three-year Loan Note in 
Atlas Consolidated Mining and Development Corporation 
(“ACMDC”), secured over ACMDC’s share of the Berong nickel 
project. The Note bears interest at the rate of 10% per annum 
and is repayable out of ACMDC’s share of the Berong nickel 
project cash flow or is convertible into ACMDC shares (at the 
election of the Company). During the year, the Company 
advanced US$2,753,250 on behalf of ACMDC to the Berong 
nickel project. Subsequent to 31 March 2007, Berong Nickel 
Corporation repaid amounts advanced to the project in excess 
of capital contributions and at that time the Company elected to 
convert its loan to ACMDC into shares in that company.
The Company agreed to make a loan facility available to Brooks 
Nickel Ventures Inc (“Brooks”) of up to US$3 million to enable 
that company to meet its funding requirements under the 
Celestial joint venture agreement, secured over Brooks’ share of 
the Ipilan nickel project. The loan bears interest at the rate of 
10% per annum and is repayable out of Brooks’ share of the 
Ipilan nickel project cash flow. By 31 March 2007, US$585,191 
(£340,119) had been advanced under this facility.
On 4 April 2006, the Company successfully completed a placing 
to raise £8.5 million. This was achieved through placing 7,870,370 
ordinary shares at £1.08 each. On 12 April 2006, the Company 
placed 1,704,630 ordinary shares at £1.08 each to raise 
£1,841,000. The raising was on deferred settlement terms with 
settlement due and received in November 2006.
In the period January to March 2007, the Company allotted 
1,040,000 ordinary shares to raise £1,335,000, following the 
exercise of options and warrants.
On 6 February 2007, the Company participated in the formation 
of China Nickel Corporation, a company which has the same 
ownership structure as the Berong nickel project and which 
provides marketing support services to that project. 
Further details are set out in the Chairman’s and Chief Executive 
Officer’s Statements.
Results an D Divi Den Ds
The loss for the year from ordinary activities before tax amounted 
to £1,264,416 (2006: £723,633). The directors do not recommend 
the payment of a dividend.
s ha Re ca Pital
Details of share capital are given in note 21 to the financial 
statements.
Risk management
See note 30 to the financial statements.
f utu Re Develo Pments
The directors anticipate the Company’s major future 
developments will revolve around further investment in and 
development of the Berong, Ipilan and Ulugan nickel projects. In 
particular, the Company is planning, subject to receipt of all 
required permits and approvals to ramp-up production at the 
Berong nickel project and to commence commercial direct 
shipping operations at the Ipilan nickel project during the 2008 
financial year.
PRinci Pal Risks an D unce Rtainties facing  
the gR ou P
The principal risks faced by the Company are as follows:
The exploration for and development of mineral deposits 
involves significant risks, which even a combination of careful 
evaluation, experience and knowledge may not eliminate. 
There can be no guarantee that the estimates of quantities 
and grades of minerals disclosed will be available to extract. 
With all mining operations there is uncertainty and, therefore, 
risk associated with operating parameters and costs resulting 
from the scaling up of extraction methods tested in pilot 
conditions.
The operations of the Company may be disrupted by a 
variety of risks and hazards which are beyond the control of 
the Company. These may include geological, geotechnical 
and seismic factors, environmental hazards, industrial 
accidents, occupational and health hazards, technical 
failures, labour disputes, unusual or unexpected rock 
formations, flooding and extended interruptions due to 
inclement or hazardous weather conditions, explosions and 
other acts. These risks and hazards could also result in 
damage to, or destruction of, production facilities, personal 
injury, environmental damage, business interruption, 
monetary losses and possible legal liability.
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Toledo Mining Corporation Plc
Annual Report 2007 09 Report of the Directors
for the year ended 31 March 2007
The Company’s future success is substantially dependent on the continued services and performance of its key personnel. Their 
loss or the inability to recruit personnel of the appropriate calibre could have a significant adverse effect of the business of the 
Company.
The selling price of the nickel ore produced by the Company’s operations varies in line with movements of the price of nickel as 
quoted on the London Metal Exchange.
Some or all of the operating and exploration licences issued in respect of the projects may be subject to conditions which, if not 
satisfied, may lead to the revocation of such licences.
The Company may have minority interests in the companies, partnerships and ventures in which it invests and may be unable to 
exercise control over the operations of such companies.
The operations of the Group are located in the Philippines where there may be a number of associated risks over which it will 
have no control. These may include economic, social or political instability or change, terrorism, hyperinflation, currency non-
convertibility or instability, changes of laws affecting foreign ownership, government participation, taxation, working conditions, 
rates of exchange, exchange control, and exploration licensing.
The Company’s total return and net assets can be significantly affected by currency movements.
Di Recto Rs an D thei R inte Rests
The directors who served during the year and their interests in the Company’s ordinary shares were were as follows:
 5p ordinary shares
       At date of
    at 31 march appointment/
  Appointed Resigned 2007 1 April 2006
C Kyriakou    1,400,000 1,000,000
G Bujtor    37,037 –
R Eccles  13 March 2007   – –
R Cleary    200,000 –
J M Roberts   20 December 2006 – –
R Shakesby    9,260 –
During the year the following options were granted to the directors:
     Exercise
  Date Granted Number price Expiry date
C Kyriakou  22 December 2006 50,000 £1.50 30 November 2011*
G Bujtor  22 December 2006 150,000 £1.50 30 November 2011*
R Cleary  22 December 2006 100,000 £1.50 30 November 2011*
R Eccles  13 March 2007 100,000 £1.75 30 November 2011*
Options held by directors at 31 March 2007 are as follows:
     Exercise
    Number price Expiry date
C Kyriakou    50,000 £1.50 30 November 2011*
G Bujtor    350,000 £1.50 30 November 2007*
G Bujtor    150,000 £1.50 30 November 2011*
R Cleary    100,000 £1.50 30 November 2011*
R Eccles    100,000 £1.75 30 November 2011*
R Shakesby    100,000 £1.00 7 April 2007*
* Or 90 days after the director ceases to be engaged by the Company if earlier.
e vents since the bal ance sheet Date
Subsequent to 31 March 2007, the Company has:
recovered US$6,129,259 (£3,129,522), of funds advanced to the Berong nickel project;
elected to convert its loan to ACMDC of US$2,753,250 into shares in that company;
advanced a further US$1.9 million to Brooks, bringing the total amount advanced to that company under the loan facility to 
US$2.5 million; 
allotted 600,000 ordinary shares to raise £875,000 following the exercise of options and warrants.
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Toledo Mining Corporation Plc
Annual Report 2007 10 s ubstantial sha Rehol Dings
On 31 March 2007 the following shareholders held 3% or more 
of the issued share capital of the Company:
  Percentage
 Number of issued
 ordinary shares ordinary shares
AXA SA 3,445,000 12.1%
Investika Limited 3,191,019 11.1%
FMR Corporation 1,764,544 6.2%
Barclays PLC 1,443,868 5.1%
Chris Kyriakou 1,400,000 4.9%
Throgmorton Trust Plc 1,400,000 4.9%
Alfredo Ramos 1,300,000 4.5%
MF Global UK Limited 1,162,300 4.1%
Man Financial Limited 1,156,200 4.0%
Presidio Capital Holdings Limited 1,024,762 3.6%
c o RPo R ate g ove Rnance
As Toledo Mining Corporation Plc is not a fully listed company, it 
is not required to comply with the Code of Best Practice 
published by the Committee on the Financial Aspects of 
Corporate Governance (“the Combined Code”). However, the 
directors do place a high degree of importance on ensuring that 
high standards of corporate governance are maintained. As a 
result, most of the relevant principles set out in the Combined 
Code have been adopted during the period and these are 
summarised below.
Di Recto Rs
The Company supports the concept of an effective board 
leading and controlling the Company. The Board is responsible 
for approving the Company’s policies and strategies. It meets 
frequently and receives and reviews on a timely basis financial 
and operating information appropriate to being able to discharge 
its duties. Directors are free to seek any further information they 
consider necessary. All directors submit themselves for re-
election every three years by rotation in accordance with the 
Articles of Association. Given the size of the Company it is not 
considered appropriate that there should be a separate 
nomination committee. It is the view of the Board that the 
appointment of new directors should be a matter for consideration 
by the Board as a whole. All appointments to the Board are 
subject to confirmation by shareholders at the following Annual 
General Meeting.
Rel ations with s ha Rehol De Rs
The Company values the views of its shareholders and 
recognises their interest in the Company’s strategy and 
performance. The Board is available to discuss current events 
with its institutional and private shareholders and positively 
encourages attendance at General Meetings.
a u Dit c ommit tee
The Company has established an Audit Committee comprised 
of the non-executive directors. It is responsible for making 
recommendations to the Board on the appointment of auditors 
and the audit fee, is responsible for ensuring that the financial 
performance of the Company is properly monitored and reported 
on, and receives and reviews reports from management and the 
auditors relating to the Interim Report, the Annual Report and 
Accounts and the internal control systems of the Company.
Remune R ation c ommit tee
The Company has established a Remuneration Committee 
comprised of the non-executive directors. It is responsible for 
the review and recommendation of the scale and structure of 
remuneration for key management personnel, including any 
bonus arrangements or the award of share options. Details of 
the directors’ emoluments are set out in the financial statements. 
However, there is no separate report of the Remuneration 
Committee. It is the Company’s policy that the remuneration of 
directors should be commensurate with services provided by 
them to the Company.
i nte Rnal f inancial c ont Rol 
an D Risk management
The directors are responsible for the Company’s system of 
internal financial control and also for identifying the major 
business risks faced by the Company. The system of internal 
financial control is designed to provide reasonable, but not 
absolute, assurance against material misstatement or loss. In 
fulfilling these responsibilities, the Board has reviewed the 
effectiveness of the system of internal financial control. The 
directors have established procedures for planning, budgeting 
and for monitoring, on a regular basis, the performance of the 
Company and for determining the appropriate course of action 
to manage any major business risks. The Board has considered 
the need for an internal audit function but has decided the size 
of the Company does not justify it at present. This decision will 
be reviewed annually.
s u PPlie R Payment Policy
It is the Company’s policy to agree terms of payment with all 
suppliers at the time of the transaction and to pay suppliers as 
and when they fall due for payment or alternatively to agree 
revised terms of payment. No distinction is made between 
different classes of suppliers. At the year end trade payables 
amounted to 26 days (2006: 32 days).
Political an D cha Ritable Donations
No political or charitable donations were made during the year.
a u Dito Rs
Sawin & Edwards have indicated their willingness to continue in 
office. A resolution to reappoint Sawin & Edwards for the ensuing 
year will be proposed at the Annual General Meeting in 
accordance with Section 385 of the Companies Act 1985.
By order of the Board.
J Reynolds
Company Secretary
26 September 2007
Toledo Mining Corporation Plc
Annual Report 2007 11 The directors are responsible for preparing the Annual Report 
and the financial statements in accordance with applicable law 
and regulations.
Company law requires the directors to prepare financial 
statements for each financial year. Under that law the directors 
have elected to prepare the financial statements in accordance 
with International Financial Reporting Standards and applicable 
law. The financial statements are required by law to give a true 
and fair view of the state of affairs of the Company and Group 
and of the profit or loss of the Group for that period. In preparing 
those financial statements, the directors are required to:
a) select suitable accounting policies and then apply them 
consistently;
b) make judgements and estimates that are reasonable and 
prudent;
c) state whether applicable accounting standards have been 
followed, subject to any material departures disclosed and 
explained in the financial statements; and
d) prepare the financial statements on the going concern basis 
unless it is inappropriate to presume that the Company and 
Group will continue in business. 
statement of Directors’ Responsibilities
for the year ended 31 March 2007
The directors are responsible for keeping proper accounting 
records that disclose with reasonable accuracy at any time the 
financial position of the Company and of the Group and to 
enable them to ensure that the financial statements comply with 
the Companies Act 1985. They are also responsible for 
safeguarding the assets of the Company and Group and hence 
for taking reasonable steps for the prevention and detection of 
fraud and other irregularities.
 
The directors are responsible for the maintenance and integrity 
of the corporate and financial information included on the 
Company website. Legislation in the United Kingdom governing 
the preparation and dissemination of financial statements may 
differ from legislation in other jurisdictions.
The directors confirm that so far as they are aware, there is no 
relevant audit information (as defined by section 234ZA of the 
Companies Act 1985) of which the Company’s auditors are 
unaware. They have taken all the steps that they ought to have 
taken as directors in order to make themselves aware of any 
relevant audit information and to establish that the Company’s 
auditors are aware of that information.
Toledo Mining Corporation Plc
Annual Report 2007 12 We have audited the Group and parent company financial 
statements of Toledo Mining Corporation Plc for the year ended 
31 March 2007 which comprise the Consolidated Income 
Statement, the Consolidated and Company Balance Sheets, the 
Statements of Changes in Equity, the Consolidated and 
Company Cash Flow Statements and the related notes 
numbered 1 to 33. These financial statements have been 
prepared under the accounting policies set out therein.
This report is made solely to the Company’s members, as a 
body, in accordance with Section 235 of the Companies Act 
1985. Our audit work has been undertaken so that we might 
state to the Company’s members those matters we are required 
to state to them in an auditor’s report and for no other purpose. 
To the fullest extent permitted by law, we do not accept or 
assume responsibility to anyone other than the Company and 
the Company’s members as a body, for our audit work, for this 
report, or for the opinions we have formed.
Res Pective Res Ponsibilities of Di Recto Rs 
an D au Dito Rs
As described in the Statement of Directors’ Responsibilities the 
Company’s directors are responsible for the preparation of the 
financial statements in accordance with applicable law and 
International Financial Reporting Standards (IFRSs) as adopted 
for use in the European Union. 
Our responsibility is to audit the financial statements in 
accordance with relevant legal and regulatory requirements and 
International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial 
statements give a true and fair view and are properly prepared in 
accordance with the Companies Act 1985. We also report to 
you if, in our opinion, the Company has not kept proper 
accounting records, if we have not received all of the information 
and explanations we require for our audit, or if information 
specified by law regarding directors’ remuneration and 
transactions with the Company is not disclosed.
We report to you whether in our opinion the information given  
in the Directors’ Report is consistent with the financial 
statements.
We read other information contained in the Annual Report, and 
consider whether it is consistent with the audited financial 
statements. This other information comprises only the Chairman’s 
and the Chief Executive Officer’s Statements. We consider the 
implications for our report if we become aware of any apparent 
misstatements or material inconsistencies with the financial 
statements. Our responsibilities do not extend to any other 
information.
b asis of au Dit o Pinion
We conducted our audit in accordance with International 
Standards on Auditing (UK and Ireland) issued by the Auditing 
Practices Board. An audit includes an examination on a test 
basis, of evidence relevant to the amounts and disclosures in 
the financial statements. It also includes an assessment of the 
significant estimates and judgements made by the directors in 
the preparation of the financial statements, and of whether the 
accounting policies are appropriate to the Company’s 
circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the 
information and explanations which we considered necessary in 
order to provide us with sufficient evidence to give reasonable 
assurance that the financial statements are free from material 
misstatement, whether caused by fraud or other irregularity or 
error. In forming our opinion we also evaluated the overall 
adequacy of the presentation of information in the financial 
statements.
oP inion
In our opinion the financial statements:
give a true and fair view, in accordance with IFRSs as 
adopted for use in the European Union, of the state of the 
Group and the Company’s affairs as at 31 March 2007 and 
of the Group’s loss for the year then ended;
have been properly prepared in accordance with the 
Companies Act 1985; and
the information given in the Directors’ Report is consistent 
with the financial statements.
sawin & edwards 
Chartered Accountants & Registered Auditors 
15 Southampton Place
London WC1A 2AJ
26 September 2007
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independent auditors’ Report to the shareholders  
of t oledo mining c orporation Plc
Toledo Mining Corporation Plc
Annual Report 2007 13 c onsolidated income statement
for the year ended 31 March 2007
      year ended Year ended
      31 march  31 March
      2007 2006
     Notes £ £
Revenue     3 186,229 187,345
Gross profit      186,229 187,345
Administration expenses      (2,098,316) (1,511,007)
Other operating income      143,448 132,022
Realised/unrealised gains/(losses) on current asset investments    (93,543) 721,731
Share of results of associates      276,289 (388,865)
Loss from operations     4 (1,585,893) (858,774)
Investment income     7 321,477 135,141
Loss before taxation      (1,264,416) (723,633)
Income tax expense     8 – –
l oss for the year      (1,264,416) (723,633)
Attributable to:
Equity holders of the parent      (1,300,374) (723,633)
Minority interest      35,958 –
      (1,264,416) (723,633)
l oss per share (pence) – including share of associates’ results 
Basic     9 (4.72) (4.79)
Diluted     9 (4.48) (3.98)
l oss per share (pence) – excluding share of associates results
Basic     9 (5.73) (2.22)
Diluted     9 (5.43) (1.84)
The Company has taken advantage of section 230 of the Companies Act 1985 not to publish its own income statement account.
Toledo Mining Corporation Plc
Annual Report 2007 14       31 march 31 March
       2007 2006
     Notes £ £
assets
non-current assets
Intangible assets     10 – 50,048
Property, plant and equipment     11 33,397 58,784
Investments in associated undertakings     13 10,353,674 10,077,385
Loans and receivables     14 1,812,274 –
Trade and other receivables     15 38,450 38,450
t otal non-current assets      12,237,795 10,224,667
c urrent assets
Trade and other receivables     16 490,282 139,531
Loans and receivables     17 3,129,520 –
Current investments     18 915,568 897,000
Cash and cash equivalents     19 8,031,291 2,847,749
t otal current assets      12,566,661 3,884,280
t otal assets      24,804,456 14,108,947
equity an D liabilities
c urrent liabilities
Trade and other payables     20 1,659,721 1,516,599
t otal current liabilities      1,659,721 1,516,599
t otal liabilities      1,659,721 1,516,599
equity 
Share capital     21 1,429,417 898,667
Share premium account     22 23,062,908 12,523,833
Share based payments reserve     23 1,107,326 360,571
Retained loss      (2,491,097) (1,190,723)
equity attributable to equity holders of the parent     23,108,554 12,592,348
minority interest     24 36,181 –
t otal equity      23,144,735 12,592,348
t otal equity an D liabilities      24,804,456 14,108,947
The financial statements were approved by the Board of Directors on 26 September 2007 and signed on their behalf by: 
c k yriakou
Chairman
c onsolidated balance sheet
as at 31 March 2007
Toledo Mining Corporation Plc
Annual Report 2007 15       31 march  31 March
      2007 2006
     Notes £ £
assets
non-current assets
Intangible assets     10 – 50,048
Property, plant and equipment     11 33,397 58,784
Investments in subsidiary undertakings     12 286 –
Investments in associated undertakings     13 10,466,250 10,466,250
Loans and receivables     14 1,812,274  –
Trade and other receivables     15 38,450 38,450
t otal non-current assets      12,350,657 10,613,532
c urrent assets
Trade and other receivables     16 407,734 139,531
Loans and receivables     17 3,129,520 –
Current investments     18 915,568 897,000
Cash and cash equivalents     19 8,030,768 2,847,749
t otal current assets      12,483,590 3,884,280
t otal assets      24,834,247 14,497,812
equity an D liabilities
c urrent liabilities
Trade and other payables     20 1,659,068 1,516,599
t otal current liabilities      1,659,068 1,516,599
t otal liabilities      1,659,068 1,516,599
equity 
Share capital     21 1,429,417 898,667
Share premium account     22 23,062,908 12,523,833
Share based payments reserve     23 1,107,326 360,571
Retained loss      (2,424,472) (801,858)
equity attributable to equity holders of the parent     23,175,179 12,981,213
t otal equity      23,175,179 12,981,213
t otal equity an D liabilities      24,834,247 14,497,812
The financial statements were approved by the Board of Directors on 26 September 2007 and signed on their behalf by: 
c k yriakou
Chairman
c ompany balance sheet
as at 31 March 2007
Toledo Mining Corporation Plc
Annual Report 2007 16      Share based
   Share Share payments Retained
   capital premium reserve loss Total
Group   £ £ £ £ £
Balance at 1 April 2006   898,667 12,523,833 – (1,202,229) 12,220,271
IFRS Transition adjustments (see note 31)   – – 360,571 11,506 372,077
Restated balances 1 April 2006   898,667 12,523,833 360,571 (1,190,723) 12,592,348
Share issue   530,750 10,539,075 – – 11,069,825
Loss for the period   – – – (1,300,374) (1,300,374)
Share based payments   – – 746,755 – 746,755
balance at 31 march 2007   1,429,417 23,062,908 1,107,326 (2,491,097) 23,108,554
     Share based
   Share Share payments Retained
   capital premium reserve loss Total
Company   £ £ £ £ £
Balance at 1 April 2006   898,667 12,523,833 – (813,364) 12,609,136
IFRS Transition adjustments (see note 31)   – – 360,571 11,506 372,077
Restated balances 1 April 2006   898,667 12,523,833 360,571 (801,858) 12,981,213
Share issue   530,750 10,539,075 – – 11,069,825
Loss for the period   – – – (1,622,614) (1,622,614)
Share based payments   – – 746,755 – 746,755 
balance at 31 march 2007   1,429,417 23,062,908 1,107,326 (2,424,472) 23,175,179
     Share based
   Share Share payments Retained
   capital premium reserve loss Total
Group   £ £ £ £ £
Balance at 1 April 2005   688,667 7,393,833 – (467,090) 7,615,410
Share issue   210,000 5,130,000 – – 5,340,000
Loss for the period   – – – (346,274) (346,274)
Share of associates’ results   – – – (388,865) (388,865)
Balance at 31 March 2006   898,667 12,523,833 – (1,202,229) 12,220,271
IFRS Transition adjustments (see note 31)   – – 360,571 11,506 372,077
Restated balances at 31 March 2006   898,667 12,523,833 360,571 (1,190,723) 12,592,348
     Share based
   Share Share payments Retained
   capital premium reserve loss Total
Company   £ £ £ £ £
Balance at 1 April 2005   688,667 7,393,833 – (467,090) 7,615,410
Share issue   210,000 5,130,000 – – 5,340,000
Loss for the period   – – – (346,274) (346,274)
Balance at 31 March 2006   898,667 12,523,833 – (813,364) 12,609,136
IFRS Transition adjustments (see note 31)   – – 360,571  11,506 372,077
Restated balances at 31 March 2006   898,667 12,523,833 360,571 (801,858) 12,981,213
statement of c hanges in equity
for the year ended 31 March 2007
Toledo Mining Corporation Plc
Annual Report 2007 17       year ended Year ended
      31 march  31 March
      2007 2006
     Notes  £ £
n et cash outflow from operating activities    25 (1,143,095) (412,679)
investing activities
Investment income      193,843 107,623
Purchase of property, plant and equipment      (11,939) (66,126)
Investments in associated companies      – (6,370,060)
Loan investments (advanced)/repaid      (4,925,092) 270,000
Development expenditure      – (50,048)
Net cash outflow from investing activities      (4,743,188) (6,108,611)
f inancing activities
Issue of equity share capital      11,069,825 5,340,000
Net cash inflow from financing activities      11,069,825 5,340,000
n et increase/(decrease) in cash and cash equivalents    5,183,542 (1,181,290)
Cash and cash equivalents at 1 April      2,847,749 4,029,039
Cash and cash equivalents at 31 March     19 8,031,291 2,847,749
c onsolidated c ash f low statement
for the year ended 31 March 2007
Toledo Mining Corporation Plc
Annual Report 2007 18       year ended Year ended
      31 march  31 March
      2007 2006
     Notes  £ £
n et cash outflow from operating activities    25 (1,143,331) (412,679)
investing activities
Investment income      193,842 107,623
Purchase of property, plant and equipment      (11,939) (66,126)
Investments in associated companies      – (6,370,060)
Investment in subsidiary      (286) –
Loan investments (advanced)/repaid      (4,925,092) 270,000
Development expenditure      – (50,048)
Net cash outflow from investing activities      (4,743,475) (6,108,611)
f inancing activities
Issue of equity share capital      11,069,825 5,340,000
Net cash inflow from financing activities      11,069,825 5,340,000
n et increase/(decrease) in cash and cash equivalents    5,183,019 (1,181,290)
Cash and cash equivalents at 1 April       2,847,749 4,029,039 
Cash and cash equivalents at 31 March      19 8,030,768 2,847,749
c ompany c ash f low statement
for the year ended 31 March 2007
Toledo Mining Corporation Plc
Annual Report 2007 19 1. g ene R al info Rmation
Toledo Mining Corporation Plc is a company incorporated in England and Wales under the Companies Act 1985. The Company’s 
registered office is 11 Albemarle Street, London W1S 4HH.
The principal activity of the Group is the investment in and exploration and development of mining projects, specifically in the 
Philippines.
The Group’s principal activity is carried out in US dollars. The financial statements are presented in pounds sterling as this is the 
currency of the country (the UK) from which the Group operates.
The Board of directors has authorised the issue of these financial statements on the date of the statement as set out on page 15.
2 . a ccounting Policies
basis of accounting
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) for the first 
time. The disclosures required by IFRS 1 concerning the transition from UK GAAP to IFRSs are given in note 31 to the financial 
statements.
The financial statements have been prepared on the historical cost basis except that certain financial instruments are accounted for 
at fair values. The principal accounting policies adopted are set out below.
basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and all Group undertakings. Control is 
achieved when the Company has the power to govern the financial and operating policies of an investee entity so as to obtain 
benefits from its activities.
On acquisition, the assets and liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of 
acquisition. Any excess of the cost of acquisition over the fair value of the identifiable net assets acquired is recognised as goodwill. 
Any deficiency of the cost of acquisition below the fair value of the identifiable net assets acquired (i.e. discount on acquisition) is 
credited to profit and loss in the period of acquisition. The interest of minority shareholders is stated at the minority’s proportion of 
the fair values of the assets and liabilities recognised. Subsequently, any losses applicable to the minority interest in excess of the 
minority interest are allocated against the interests of the parent.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the 
effective date of acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line 
with those used by the Group.
All intra-Group transactions, balances, income and expenses are eliminated on consolidation.
investments in associates
An associate is an entity over which the Group is in a position to exercise significant influence, but not control or joint control, through 
participation in the financial and operating policy decisions of the investee.
The results and assets and liabilities of associates are incorporated in these financial statements using the equity method of 
accounting. Investments in associates are carried in the balance sheet at cost as adjusted by post-acquisition changes in the 
Group’s share of the net assets of the associate, less any impairment in the value of individual investments. Losses of the associates 
in excess of the Group’s interest in those associates are not recognised.
Where a Group company transacts with an associate of the Group, profits and losses are eliminated to the extent of the Group’s 
interest in the relevant associate. Losses may provide evidence of an impairment of the asset transferred in which case appropriate 
provision is made for impairment.
Revenue recognition
Revenue and other operating income represents the provision of consultancy, management and office services for the year.
Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, 
which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s 
net carrying amount.
Gains and losses on current asset investments represent realised and unrealised gains/(losses).
notes to the f inancial statements
for the year ended 31 March 2007
Toledo Mining Corporation Plc
Annual Report 2007 20 2 . a ccounting Policies continued
f oreign currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing on the dates of the individual 
transactions. For practical reasons, a rate that approximates to the actual rate at the date of the transaction is often used. At each 
balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing 
on the balance sheet date. Non-monetary assets and liabilities that are denominated in foreign currencies are retranslated at the 
rates prevailing at the balance sheet date. Gains and losses arising on retranslation are included in net profit or loss for the period. 
On consolidation, the assets and liabilities of the Group’s overseas operations are translated at exchange rates prevailing on the 
balance sheet date. Income and expense items are translated at the average exchange rates for the period unless exchange rates 
fluctuate significantly. Exchange differences arising, if any, are classified as equity and transferred to the Group’s translation reserve. 
Such translation differences are recognised as income or as expenses in the period in which the operation is disposed of.
Deferred taxation
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities 
in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using 
the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred 
tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary 
differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the original 
recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. 
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer 
probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. 
Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, 
in which case the deferred tax is also dealt with in equity.
No recognition has been made for the deferred tax asset arising in respect of current losses as the directors are of the opinion that 
this may not be realisable in the foreseeable future.
f inancial instruments
Financial assets and financial liabilities are recognised on the balance sheet when the Company becomes a party to the contractual 
provisions of the instrument.
n on-current intangible assets
Non-current intangible assets are shown at cost less any provisions made in respect of impairment. 
asset impairments
Non-current intangible assets are reviewed for impairments if events or changes in circumstances indicate that the carrying amount 
may not be recoverable. When a review is conducted, the recoverable amount is assessed by reference to the net present value of 
expected future cash flows of the relevant income generating unit or disposal value, if higher.
If an asset is impaired, a provision is made to reduce the carrying amount to its estimated recoverable amount.
n on-current asset investments
Loan investments are shown at cost less provision for any permanent diminution in value. Loan investments are recognised as an 
asset when sums are advanced.
Property, plant and equipment
Office equipment and furniture are shown at cost less accumulated depreciation and any recognised impairment loss. Depreciation 
is charged so as to write off the cost of assets over their estimated useful lives, using the straight-line method on the following 
basis:
Office furniture and fittings        33%–50%
Computer and office equipment        33%–100%
c ash and cash equivalents
Cash and cash equivalents comprise cash held at bank and on short-term deposits.
f inancial liabilities and equity
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An 
equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Toledo Mining Corporation Plc
Annual Report 2007 21 2 . a ccounting Policies continued
t rade payables
Trade payables are not interest bearing and are stated at their nominal value.
t rade receivables 
Trade receivables do not carry any interest and are stated at their nominal value as reduced by appropriate allowances for estimated 
irrecoverable amounts.
equity instruments
Equity instruments issued by the Company are recorded at the proceeds received except where those proceeds appear to be less 
than the fair value of the equity instruments issued, in which case the equity instruments are recorded at fair value. The difference 
between the proceeds received and the fair value is reflected in the share based payments reserve.
The costs of issuing new equity are charged against the share premium account.
o perating leases
Rental costs under operating leases are changed to the income statement on a straight-line basis over the term of the lease. Where 
an incentive to sign the lease has been taken the incentive is spread on a straight-line basis over the lease term.
Pension costs
The Company makes defined contributions to the independent pension scheme of its employees.
s hare-based payments
The Group has applied the requirements of IFRS 2 Share-based Payments.
The Group issues equity-settled based payments to directors, staff and certain professional advisors of the Group. Equity-settled 
share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-
settled share-based payment is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of shares 
that will eventually vest.
Fair value is measured using a Black-Scholes model. The expected life used in the model has been adjusted, based on management’s 
best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.
3. s egmental analysis
The turnover and loss before tax are attributable to the principal activities of the Group.
 
Segmental information on a geographical basis is set out below:
 year ended 31 march  2007
    uk Philippines c hina t otal
    £ £ £ £
Turnover    103,681 – 82,548 186,229
(Loss)/profit for the year    (1,622,613) 276,289 81,908 (1,264,416)
Net assets     8,925,618 14,136,699 82,418 23,144,735
 Year ended 31 March  2006
    UK Philippines China Total
    £ £ £ £
Turnover    187,345 – – 187,345
Loss for the year    (334,768) (388,865) – (723,633)
Net assets     2,464,915 10,127,433 – 12,592,348
notes to the f inancial statements continued
for the year ended 31 March 2007
Toledo Mining Corporation Plc
Annual Report 2007 22 4. n et loss f Rom o Pe R ations
Net loss from operations is stated after charging/(crediting):
      year ended Year ended
      31 march 31 March
      2007 2006
      £ £
Auditors’ remuneration:
 as auditors      27,300 26,000
 as reporting accountants      11,700 15,900
 taxation compliance      2,000 2,990
Audit fees – other auditor      9,441 –
Operating lease – office rent      69,298 65,982
Realised gains on current asset investments     – (349,654)
Unrealised losses/(gains) on current asset investments     93,543 (372,077)
Depreciation      37,326 27,874
5. Pa Rticul a Rs of em Ployees
The average number of staff employed by the Group during the financial year amounted to:
      year ended Year ended
      31 march  31 March
      2007 2006
      n o. No.
Administrative staff      2 3
The aggregate costs of the above were:
      £ £
Wages and salaries      85,001 154,354
Social security costs      8,629 17,375
Pension costs – defined contribution      2,350 3,700
Share based payments      35,078 –
      131,058 175,429
6. Di Recto Rs’ emoluments
The Company also employed six (2006: five) directors during the year with aggregate emoluments in respect of qualifying services 
as follows:
      year ended Year ended
      31 march  31 March
      2007 2006
      £ £
Directors’ fees      15,000 15,000
Amounts paid to third parties for the provision of directors’ services    87,000 134,995
Share based payments      342,050 –
      444,050 149,995
Number of directors who exercised share options during the year    3 –
7. i nvestment income 
      year ended Year ended
      31 march 31 March
       2007 2006
      c ompany Company
      and g roup and Group
      £ £
Interest on bank deposits      302,482 112,989
Interest on loan investments       16,703 –
Other interest      2,292 22,152
      321,477 135,141
Toledo Mining Corporation Plc
Annual Report 2007 23 8. i ncome ta x e x Pense
 Group
      year ended Year ended
      31 march  31 March
      2007 2006
      £ £
Taxation charge      – –
Due to the taxable losses arising there is no charge to UK corporation tax
Current tax reconciliation
Loss for the year before taxation      (1,264,416) (723,633)
Loss for the year multiplied by standard rate of UK corporation tax 30%    (379,325) (217,089)
Effects of:
Expenses not deductible for tax purposes      223,355 126,693
Non taxable income/tax allowable expenses     – (162,644)
Overseas profits      (24,573) –
Share of associate results      (82,887) 116,660
Increase in potential tax credits      263,430 136,380
Tax charge      – –
No recognition has been made of the deferred tax asset in respect of the losses shown above as the directors are of the opinion that 
this may not be realisable in the foreseeable future.
9. l oss Pe R sha Re – inclu Ding sha Re of associates Results
Loss per share has been calculated by dividing the loss for the year after taxation including share of associates’ profits of £276,289 
(2006: loss £388,865) attributable to the equity holders of the parent company of £1,300,374 (2006: £723,633) by the weighted 
average number of shares in issue at the year end of 27,529,424 (2006: 15,096,621).
Diluted loss per share has been calculated using the weighted average number of shares in issue at the year end, diluted for the 
effect of share options in existence at the year end of 1,495,000 (2006: 3,075,000).
l oss Pe R sha Re – e xclu Ding sha Re of associates Results
Loss per share has been calculated by dividing the loss for the year after taxation excluding share of associates’ profits of £276,289 
(2006: loss £388,865) attributable to the equity holders of the parent company of £1,576,663 (2006: £334,768) by the weighted 
average number of shares in issue at the year end of 27,529,424 (2006: 15,096,621).
Diluted loss per share has been calculated using the weighted average number of shares in issue at the year end, diluted for the 
effect of share options in existence at the year end of 1,495,000 (2006: 3,075,000).
10. i ntangible assets
      2007 2006
Company and Group      £ £
exploration expenditure
c ost
Balance brought forward      50,048 3,132,887
Additions       – 7,643,909
Transferred to investments in associate companies     – (10,464,306)
Disposal      – (262,442)
Write down      (50,048) –
Balance carried forward      – 50,048
notes to the f inancial statements continued
for the year ended 31 March 2007
Toledo Mining Corporation Plc
Annual Report 2007 24 10. i ntangible assets continued
      2007 2006
Company and Group      £ £
impairment
Balance brought forward      – 262,442
Disposal      – (262,442)
Balance carried forward      – –
n et book value      – 50,048
The exploration expenditure relates to the Company’s development costs and qualifying expenditure under the Company’s Venture 
Agreements relating to the Berong, Celestial/Ipilan and Ulugan nickel projects. During the year ended 31 March 2006, the Company’s 
interests in these projects vested and the total cost of these investments at that date was transferred to fixed asset investments (refer 
note 13). Additional expenditure incurred of £50,048 has been charged to the income statement.
11. PRo Pe Rt y, Pl ant an D equi Pment
     Computer  Furniture,
     and office  fixtures and
     equipment fittings Total
Company and Group     £ £ £
c ost
Balance at 1 April 2006     52,391 36,185 88,576
Additions     7,699 4,240 11,939
Disposals     (13,252) – (13,252)
balance at 31 march 2007      46,838 40,425 87,263
Depreciation
Balance at 1 April 2006     18,647 11,145 29,792
Charge for the year     23,016 14,310 37,326
Disposals     (13,252) – (13,252)
balance at 31 march 2007     28,411 25,455 53,866
n et book value
at 31 march 2007     18,427 14,970 33,397
At 31 March 2006     33,744 25,040 58,784
     Computer  Furniture,
     and office  fixtures and
     equipment fittings Total
Company and Group     £ £ £
c ost
Balance at 1 April 2005     17,450 5,000 22,450
Additions     34,941 31,185 66,126
Balance at 31 March 2006     52,391 36,185 88,576
Depreciation
Balance at 1 April 2005     1,778 140 1,918
Charge for the year     16,869 11,005 27,874
Balance at 31 March 2006     18,647 11,145 29,792
n et book value
At 31 March 2006     33,744 25,040 58,784
At 31 March 2005     15,672 4,860 20,532
Toledo Mining Corporation Plc
Annual Report 2007 25 12 . i nvestment in gR ou P u n De Rtakings
       Subsidiary 
       undertakings
Company       £
Balance at 1 April 2006       –
Additions       286
balance at 31 march 2007       286
   Proportion  
 Country of  of voting  
Subsidiary undertaking incorporation Holding shares held Nature of Business
China Nickel Corporation British Virgin Islands Ordinary shares 56.1% Consultancy Services
During the year the Company acquired 56.1% of a newly formed company, China Nickel Corporation.
13. i nvestments in a ssociate D u n De Rtakings
      2007 2006
Company      £ £
c ost
Balance brought forward      10,466,250 1,944
Transferred from intangibles      – 10,464,306
Balance carried forward      10,466,250 10,466,250
      2007 2006
Group      £ £
c ost
Balance brought forward      10,077,385 1,944
Transferred from intangibles      – 10,464,306
Share of associate undertakings’ results      276,289 (388,865)
Balance carried forward      10,353,674 10,077,385
14. l oans an D Receivables
      2007 2006
Company and Group      £ £
Balance brought forward      – 270,000
Additions      1,812,274 –
Disposals      – (270,000)
Balance carried forward      1,812,274 –
On 12 April 2006, the Company announced that it had negotiated to subscribe for up to US$5 million in a three-year Loan Note in 
Atlas Consolidated Mining and Development Corporation (“ACMDC”), secured over ACMDC’s share of the Berong nickel project. 
The Note bears interest at the rate of 10% per annum and is repayable out of ACMDC’s share of the Berong nickel project cash flow 
or is convertible into ACMDC shares (at the election of the Company). The total amount advanced at 31 March 2007 including 
accrued interest of US$32,737 was US$2,785,987 (£1,472,155).
In May 2007, under the terms of the loan agreement, the Company elected to convert the loan into shares in ACMDC.
The Company entered into an agreement to make a loan facility available to Brooks Nickel Ventures Inc. (Brooks) of up to US$3 
million, secured over Brooks’ share of the Ipilan nickel project. The loan bears interest at 10% per annum and is repayable out of 
Brooks’ share of the Ipilan nickel project cash flow. The total amount advanced at 31 March 2007 was US$585,191 (£340,119).
notes to the f inancial statements continued
for the year ended 31 March 2007
Toledo Mining Corporation Plc
Annual Report 2007 26 15. tR a De an D othe R Receivables – non-cu RRent
      2007 2006
Company and Group      £ £
Rent deposit      38,450 38,450
16. tR a De an D othe R Receivables – cu RRent
    g roup c ompany Group Company
    2007 2007 2006 2006
    £ £ £ £
Trade receivables    316,144 233,596 23,576 23,576
Prepayments and accrued income    174,138 174,138 115,955 115,955
    490,282 407,734 139,531 139,531
17. l oans an D Receivables – cu RRent
    g roup c ompany Group Company
    2007 2007 2006 2006
    £ £ £ £
Balance brought forward    – – – –
Loan amounts advanced    3,129,520 3,129,520 – –
Balance carried forward    3,129,520 3,129,520 – –
During the year the Company advanced £3,129,520 (US$6,129,258) to Berong Nickel Corporation to meet the Company’s pro rata 
share of expenditure on the Berong nickel project. This amount was repaid to the Company in May and June 2007.
18. c u RRent investments
    g roup c ompany Group Company
    2007 2007 2006 2006
    £ £ £ £
Listed investments- market value    915,568 915,568 897,000 897,000
19. c ash an D cash equivalents
    g roup c ompany Group Company
    2007 2007 2006 2006
    £ £ £ £
Cash held in trust bank account    29,957 29,957 174,514 174,514
Cash at bank and in hand    8,001,334 8,000,811 2,673,235 2,673,235
    8,031,291 8,030,768 2,847,749 2,847,749
The carrying amount of these approximates to their fair values.
2 0. tR a De an D othe R Payables
    g roup c ompany Group Company
    2007 2007 2006 2006
    £ £ £ £
Trade payables    103,689 103,036 100,906 100,906
Taxation    2,929 2,929 16,368 16,368
Accruals    360,937 360,937 175,525 175,525
Project expenditure payables    636,473 636,473 – –
Other payables    555,693 555,693 1,223,800 1,223,800
    1,659,721 1,659,068 1,516,599 1,516,599
Toledo Mining Corporation Plc
Annual Report 2007 27 2 0. tR a De an D othe R Payables continued
Other payables relate to the Company’s remaining expenditure commitments which have been capitalised as part of the cost of 
acquiring the equity interests in the fixed asset investments as follows:
      2007 2006
       £ £
Celestial/Ipilan nickel project      – 672,800
Ulugan nickel project      555,693 551,000
      555,693 1,223,800
21. c alle D u P sha Re ca Pital – com Pany an D g Rou P
    n umber £ Number £
Authorised    2007 2007 2006 2006
Ordinary shares of 5p each    40,000,000 2,000,000 40,000,000 2,000,000
Allotted and fully paid    28,588,333 1,429,417 17,973,333 898,667
During the year the Company issued the following shares:
      Nominal  Share
Date    Number Price value premium
4 April 2006    7,870,370 £1.08 £393,519 £8,106,481
12 April 2006    1,704,630 £1.08 £85,231 £1,755,769
17 January 2007     300,000 £1.25 £15,000 £360,000
12 February 2007     50,000 £1.00 £2,500 £47,500
13 March 2007     200,000 £1.00 £10,000 £190,000
13 March 2007     240,000 £1.50 £12,000 £348,000
22 March 2007    50,000 £1.00 £2,500 £47,500
23 March 2007     200,000 £1.50 £10,000 £290,000
t otal    10,615,000  £530,750 £11,145,250
The Company has one class of ordinary shares which carry no right to fixed income.
Share options and warrants in existence at 31 March 2007 are as follows:
    Exercise 
Number   Description price Expiry date
100,000   ordinary shares £1.00 7 April 2007*
425,000   ordinary shares  £1.50 30 November 2007*
250,000   ordinary shares  £1.50 7 March 2009
620,000   ordinary shares  £1.50 30 November 2011*
100,000   ordinary shares  £1.75 30 November 2011*
* Or 90 days after the optionholder ceases to be engaged by the Company, if earlier.
22 . s ha Re PRemium account
      2007  2006
Company and Group      £ £
Balance brought forward      12,523,833 7,393,833
Premium arising on issue of equity shares      11,145,250 5,130,000
Placing commission      (450,908) –
Placing commission – share warrants granted     (155,267) –
Balance carried forward      23,062,908 12,523,833
notes to the f inancial statements continued
for the year ended 31 March 2007
Toledo Mining Corporation Plc
Annual Report 2007 28 23. s ha Re base D Payments Rese Rve
      2007  2006
Company and Group      £ £
Balance brought forward      360,571 –
Options issued to directors, staff and professional advisors and charged to the income statement  591,488 360,571
Options issued to professional advisors and charged to share premium account   155,267 –
Balance carried forward      1,107,326 360,571
24. mino Rit y inte Rest
The minority interest is in relation to a 43.9% share in China Nickel Corporation. 
      2007 2006
Group      £ £
Share of current assets      36,468 –
Share of current liabilities      (287) –
      36,181 –
25. c ash flows f Rom o Pe R ating activities
      2007 2006
Group      £ £
Net loss from operations      (1,585,893) (858,774)
Adjustments for:
(Increase)/decrease in trade and other receivables     (239,596) 273,844
Increase in trade and other payables      143,122 171,191
Write down of intangible expenditure      50,048 –
Share based payments      746,755 360,571
Share of associate undertakings (profits)/losses     (276,289) 388,865
Increase in current investments      (18,568) (776,250)
Depreciation      37,326 27,874
Net cash outflow from operating activities      (1,143,095) (412,679)
      2007 2006
Company      £ £
Net loss from operations      (1,944,090) (469,909)
Adjustments for:
Increase/(decrease) in trade and other receivables     (157,271) 273,844
Increase in trade and other payables      142,469 171,191
Write down of intangible expenditure       50,048 –
Share based payments      746,755 360,571
Increase in current investments      (18,568) (776,250)
Depreciation      37,326 27,874
Net cash outflow from operating activities      (1,143,331) (412,679)
26. c ont Rolling Pa Rt y
There is no ultimate controlling party of the Company.
Toledo Mining Corporation Plc
Annual Report 2007 29 27. Rel ate D Pa Rt y t R ansactions
C Kyriakou, R Cleary and R Shakesby are directors, and R Eccles was a director, of Tarquin Resources Plc.
The Company provided and recharged to Tarquin Resources Plc, office, support staff and expenses of £64,463 (2006: £67,055).
Tarquin Resources Plc provided support and consultancy services to the Company for £14,205 (2006: £2,758).
At the year end Tarquin Resources Plc owed the Company £6,084 (2006: £8,225).
C Kyriakou and R Cleary are directors of Investika Limited, an Australian investment company.
Investika Limited provided and recharged to the Company support staff and expenses of £61,372 (2006: £80,776) and £nil (2006: 
£3,745) for the provision of the director services of R Cleary.
The Company owed £nil (2006: £29,506) to Investika Limited and which is shown in trade payables.
The Company was charged £nil (2006: £90,000) by Capma Pty Ltd for the provision of the services of C Kyriakou as director of  
the Company. Capma Pty Ltd paid expenses on behalf of the Company of £96,121 (2006: £198,369) which was recharged  
to the Company.
At the year end the Company owed £13,994 (2006: £nil) to Capma Pty Ltd.
The Company was charged £60,000 (2006: £15,000) by Resource Capital Partners Inc. for the provision of services of C Kyriakou 
as Director of the Company.
The Company was charged £41,557 (2006: £26,078) by Accomplishments Pty Ltd for the provision of services of R Cleary; £15,000 
(2006: £11,250) for services as Director of the Company and £26,557 (2006: £14,828) for services as a consultant to the 
Company.
The Company was charged £11,250 (2006: £15,000) by Match Number Limited for the provision of J M Roberts as Director of the 
Company.
The Company was charged £750 (2006: £nil) by Metal Analysis Limited for the provision of R Eccles as Director of the Company.
The Company was charged £15,000 (2006: £15,000) by R Shakesby for the provision of director services.
The Company was charged £192,733 (2006: £70,312) by G Bujtor as consultant and which are included in accruals.
The Company was charged £64,665 (2006: £nil) for the services of G Bujtor as consultant by Global Resources & Marketing 
Services SA.
The Company was charged £2,956 (2006: £nil) for the services of G Bujtor as consultant by Resource & Project Commercialisation 
Pty Ltd.
C Kyriakou, R Cleary and G Bujtor are directors, and J M Roberts was a director, of UMC Energy Plc.
The Company provided and recharged to UMC Energy Plc office, support staff and expenses of £64,462 (2006: £78,963).
UMC Energy Plc provided support staff to the Company for £7,161 (2006: £nil).
At the year end the Company was owed £6,084 by UMC Energy Plc.
C Kyriakou, G Bujtor and R Eccles are directors of Belitung Zinc Corporation Plc.
The Company provided and recharged to Belitung Zinc Corporation Plc office, support staff and expenses of £64,482 (2006: 
£20,678).
Belitung Zinc Corporation Plc provided support staff to the Company for £7,161 (2006: £nil).
At the year end the Company was owed £6,084 (2006: £nil) by Belitung Zinc Corporation Plc.
The Company is joint venture partner with Atlas Consolidated Mining and Development Corporation (“ACMDC”) under the Berong 
Venture Agreement. 
Under the Berong, Celestial and Ulugan Venture agreements, the Company has through the expenditure of qualifying costs of 
£10,464,306 (2006: £10,464,306) acquired equity interests in the following Philippines’ registered companies.
notes to the f inancial statements continued
for the year ended 31 March 2007
Toledo Mining Corporation Plc
Annual Report 2007 30 27. Rel ate D Pa Rt y t R ansactions continued
  Ulugan  Nickeline Nickel 
 TMM  Resources Ulugan Resources Laterite  Ipilan
 Management Holdings Nickel Holdings Resources Berong Nickel
  Inc Inc Corp. Inc  Inc Nickel Corp. Corp.
Direct 40% 30% 40% 40% 20% 21.3% 40%
Indirect – – 18% 18% – 34.8% 12%
Total 40% 30% 58% 58% 20% 56.1% 52%
In April 2006, the Company entered into an agreement to subscribe for up to US$5 million, in a three-year Loan Note in Atlas 
Consolidated Mining and Development Corporation (“ACMDC”) secured over ACMDC’s share of the Berong nickel project cash 
flows. The Note bears interest at the rate of 10% per annum and is repayable out of ACMDC’s share of the Berong nickel project 
cash flow or is convertible into ACMDC shares (at the election of the Company). In order to fund the Note, the Company placed 
1,704,630 new ordinary shares at £1.08 per share to raise £1,841,000.
The Company advanced US$2,753,250 to ACMDC under the Loan Note. This amount together with accrued interest of US$32,737 
is shown under non-current loan investments at £1,472,155 (see note 14). Accrued interest of US$100,000 arising on the loan note 
was waived during the year.
In May 2007, the Company consummated an arrangement whereby it agreed to make a loan facility available to Brooks Nickel 
Ventures Inc (“Brooks”) of up to US$3 million to enable that company to meet its funding requirements to Ipilan Nickel Corporation 
under the Celestial joint venture agreement. Brooks confirmed that the £340,119 (US$585,191) already advanced by the Company 
in excess of its US$2 million funding commitment would be subject to the terms of the agreement. This amount is shown under non 
current loan investments (see note 14).
The Company, under the Celestial venture agreement, advanced the remainder of its expenditure commitments of US$1,160,000 
(£672,800).
At the year end the Company’s expenditure commitment under the Ulugan venture agreement is $950,000 (£551,256).
Under the Berong venture agreement the Company has advanced funds to Berong Nickel Corporation to meet ongoing mine 
development costs.
The total amount advanced at the year end was £3,129,520 (US$6,129,258) and is shown in current loans and receivables (see note 
17). This amount was repaid by June 2007.
Celestial Nickel Mining Exploration Corporation (“CNMEC”) owns 40% of the issued share capital of Nickel Laterite Resources Inc. 
There is a royalty agreement in place such that the Company has a commitment to make certain payments to CNMEC as follows:
 
Upon completion of a feasibility study       US$200,000
Upon completion of a positive bankable feasibility study      US$500,000
Upon the commencement of construction of plant      US$1,200,000
28. c ommitments
Under a royalty agreement the Company has made a commitment to make certain payments to Celestial Nickel Mining Exploration 
Corporation as follows:
 
Upon completion of a feasibility study       US$200,000
Upon completion of a positive bankable feasibility study      US$500,000
Upon the commencement of construction of plant      US$1,200,000
2 9. Post bal ance sheet events
Subsequent to 31 March 2007, the Company has:
recovered US$6,129,259 (£3,129,522) of funds advanced to the Berong Nickel project;
elected to convert its loan to ACMDC of US$2,753,250 into shares in that company;
advanced a further US$1.9 million to Brooks, bringing the total amount advanced to that company under the loan facility to 
US$2.5 million; 
allotted 600,000 ordinary shares to raise £875,000 following the exercise of options and warrants.
u
u
u
u
Toledo Mining Corporation Plc
Annual Report 2007 31 30. f inancial assets an D liabilities
The Group’s financial instruments comprise cash and cash equivalents, intangible assets, loan investments and financial assets and 
various items such as trade receivables, trade payables, accruals and prepayments that arise directly from its operations.
The main purpose of these financial instruments is to finance the Group’s operations.
The Board regularly reviews and agrees policies for managing the level of risk arising from the Group’s financial instruments. These 
are summarised below:
f oreign currency risk – The Group undertakes transactions principally in sterling and US dollars. While the Group continually 
monitors its exposure to movements in currency rates, it does not utilise hedging instruments to protect against currency risks. The 
main currency exposure risk to the Company is in relation to the US dollar loan investments which are repayable in US dollars.
interest rate risk – The Group utilises cash deposits at variable rates of interest for a variety of short-term periods, depending on 
cash requirements. The rates are reviewed regularly and the best rate obtained in the context of the Group’s needs. 
 
l iquidity risk – The Group’s policy throughout the period has been to ensure that it has adequate liquidity by careful management 
of its working capital.
c redit risk – The Group’s credit risk is primarily attributable to its loan investments. The amounts presented in the balance sheet 
are considered by the Group’s management to be recoverable in full.
extent and nature of financial instruments
The Group held the following financial assets at the year end:
      2007 2006
      £ £
Intangible assets      – 50,048
Tangible assets      33,397 58,784
Investments in associate undertakings      10,353,674 10,077,385
Loans and receivables      4,941,794 –
Trade and other receivables      528,732 177,981
Investments in listed securities      915,568 897,000
Short-term deposits      6,915,102 2,506,000
Cash at bank and in hand      1,116,189 341,749
t otal      24,804,456 14,108,947
Short-term deposits are held on Call Money Market accounts. The weighted average rate of interest earned on these deposits was 
4%. No funds are held on fixed rate terms.
The Group held the following financial liabilities at the year end:
      2007 2006
      £ £
Trade and other payables      464,626 276,431
Tax liabilities      2,929 16,368
Project related payables      1,192,166 1,223,800
      1,659,721 1,516,599
notes to the f inancial statements continued
for the year ended 31 March 2007
Toledo Mining Corporation Plc
Annual Report 2007 32 31. f i Rst time a Do Ption of if Rs 
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) for the first 
time.
A reconciliation between the 2006 Income Statement and Balance Sheet as shown under UK GAAP is shown below and comprises 
the following reconciling items:
       £
Share based payments       (360,571)
Increase in current asset investments from cost to market value     372,077
Net decrease in retained loss       (11,506)
i ncome s tatement
     Year ended  Year ended
     31 March   31 March
     2006 Reconciling 2006
     IFRS items UK GAAP
     £ £ £
Revenue     187,345  187,345
Gross profit     187,345  187,345
Administration expenses     (1,511,007) (360,571) (1,150,436)
Other operating income     132,022  132,022
Movement/gains on current asset investments    721,731 372,077 349,654
Share of results of associates     (388,865)  (388,865)
Loss from operations     (858,774)  (870,280)
Investment income     135,141  135,141
Loss before taxation     (723,633)  (735,139)
Income tax expense     –  –
Loss for the year     (723,633)  (735,139)
Toledo Mining Corporation Plc
Annual Report 2007 33 31. f i Rst time a Do Ption of if Rs continued 
b al ance s heet
     As at  As at
     31 March   31 March
     2006 Reconciling 2006
     IFRS items UK GAAP
     £ £ £
assets
non-current assets
Intangible assets      50,048   50,048
Property, plant and equipment      58,784   58,784
Investments in associate undertakings      10,077,385  10,077,385
Loans and receivables     –  –
Trade and other receivables      38,450  38,450
t otal non-current assets     10,224,667  10,224,667
c urrent assets
Trade and other receivables     139,531  139,531
Loans and receivables     –  –
Current investments     897,000 372,077 524,923
Cash and cash equivalents     2,847,749  2,847,749
t otal current assets     3,884,280  3,512,203
t otal assets     14,108,947  13,736,870
equity an D liabilities     
c urrent liabilities
Trade and other payables     1,516,599  1,516,599
t otal current liabilities     1,516,599  1,516,599
t otal liabilities     1,516,599  1,516,599
equity 
Share capital      898,667  898,667
Share premium account     12,523,833  12,523,833
Share based payments reserve     360,571 360,571 –
Retained loss     (1,190,723) 11,506 (1,202,229)
equity attributable to equity holders of the parent    12,592,348  12,220,271
t otal equity and liabilities     14,108,947  13,736,870
notes to the f inancial statements continued
for the year ended 31 March 2007
Toledo Mining Corporation Plc
Annual Report 2007 34 32 . a ssociate u n De Rtakings
The Company has equity holdings in the following associate undertakings:
  Ulugan  Nickeline Nickel  
 TMM Resources Ulugan Resources Laterite Berong Ipilan
 Management Holdings Nickel Holdings Resources Nickel Nickel
 Inc Inc Corp. Inc Inc Corp. Corp.
Direct 40% 30% 40% 40% 20% 21.3% 40%
Indirect – – 18% 18% – 34.8% 12%
t otal 40% 30% 58% 58% 20% 56.1% 52%
Summarised results of the associate undertakings as translated in sterling are as follows:
year ended 31 march 2007
    Berong Ipilan  
    Nickel  Nickel Remaining 
    Corporation Corporation Associates Total
    £ £ £ £
Revenue    2,910,323 – 13,926 2,924,249
Profit/(loss) for the year    566,039 (59,829) (15,517) 490,693
Total assets    9,797,642 1,518,015 227,332 11,542,989
Total liabilities    7,692,443 140,901 68,571 7,901,915
year ended 31 march 2006
    £ £ £ £
Revenue    – – 5,505 5,505
Loss for the year    (350,818) (359,573) (14,959) (725,350) 
Total assets    2,085,276 464,996 238,530 2,788,802 
Total liabilities    102,647 4,008 128,318 234,973 
33. oP e R ating le ase commitments
The Company and Group had outstanding operating lease commitments falling due as follows:
      2007  2006
      £  £
Land and buildings 
Within one year      76,895 76,895
Within 2–5 years      153,790 230,685
Total      230,685 307,580
Toledo Mining Corporation Plc
Annual Report 2007 35 Di Recto Rs 
Chrisilios Kyriakou (Chairman)
George Bujtor (Chief Executive Officer)
Robert Cleary (Non-Executive Director)
Reg Eccles (Non-Executive Director)
Roger Shakesby (Non-Executive Director)
s ec Reta Ry
Jonathan Reynolds
Registe Re D o ffice
11 Albemarle Street 
London
W1S 4HH
n ominate D aD vise R
Nabarro Wells & Co Limited
Saddlers House
Gutter Lane
London
EC2V 6HS  
bR oke R
W H Ireland Limited
24 Martin Lane
London
EC4R 0DR   
s olicito Rs 
Beshoffs Solicitors
12 Walker Avenue 
Stratford Office Village, Wolverton Mill
Milton Keynes
MK12 5TW 
a u Dito Rs
Sawin & Edwards
15 Southampton Place
London
WC1A 2AJ
PRinci Pal b anke Rs
Coutts & Co
188 Fleet Street
London
EC4A 2HT
 
Regist R a Rs
Capita IRG PLC
Bourne House
34 Beckenham Road
Beckenham
Kent
BR3 4TU
c orporate Directory
Toledo Mining Corporation Plc
Annual Report 2007 36 Toledo Mining is focused on nickel 
mining and development in the 
Philippines. It has significant interests 
in three nickel laterite projects on 
Palawan in the Philippines.
The Company has a 56.1% interest  
in the Berong Deposit (comprising 
the Berong, Moorsom and Long 
Point deposits) which has a 
combined pre-JORC
1
 resource of 
approximately 275 million tonnes of 
nickel ore. The Company also has a 
52% interest in the Celestial/Ipilan 
Deposit which has a pre-JORC 
resource of approximately 75 million 
tonnes of nickel ore.
1 Our pre-JORC resource, referred to throughout this Report, is 
defined as being conceptual in nature with insufficient 
exploration to define the mineral resource  and  with uncertainty 
as to whether further exploration will result in the determination 
of a mineral resource Annual Report 2007
Toledo Mining Corporation Plc Annual Report 2007
Toledo Mining Corporation Plc
London
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11 Albemarle Street
London W1S 4HH
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T: +44 (0) 20 7514 1480
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E: info@toledomining.com
Philippines
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1229 Makati City 
Metro Manila
The Philippines
T: + 63 2 817 7104
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