MINING CORPORATION PLC ANNUAL REPORT & ACCOUNTS 2008 TOLEDO MINING IS FOCUSED ON NICKEL 
MINING AND DEVELOPMENT IN THE PHILIPPINES. 
IT HAS SIGNIFICANT INTERESTS IN TWO MAJOR 
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.
Toledo Mining Corporation Plc
Annual Report 2008
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
June 2007 MPSA granted 
Sept 2007 Ore Supply Agreement signed with BHP/QNI
Nov 2007 MPSA (Commercial) granted (i.e. Declaration of Mine Feasibility granted)
Jan 2008 Tree cutting permit granted for Mine area
June 2008 European Nickel becomes largest shareholder of TMC
June 2008 MOU signed with Jiangxi on Leach Processing plant
01 Toledo Mining Corporation Plc
Annual Report 2008
Contents
01 Highlights
02 Company Overview
04 Chairman’s Statement
06 Chief Executive Officer’s Statement
08 Corporate and Social Responsibility
10 Board of Directors
11 Report of Directors
15 Statement of Directors’ Responsibilities
16 Independent Auditors’ Report
17 Consolidated Income St atement
18 Consolidated Balance Sheet
19 Company Balance Sheet
20 Consolidated Statement of Changes in Equity
21 Company Statement of Changes in Equity
22 Consolidated Cash Flow Statement
23 Company Cash Flow Statement
24 Notes to the Financial Statements
44 Corporate Directory COMPANY OVERVIEW
Berong Nickel
Overview
The Berong Nickel Mine is believed to be the fourth
largest nickel laterite deposit in the world.  The Berong
Nickel Mine has made shipments of laterite ore to
Chinese and Australian customers. For the full year,
approximately 467,278 tonnes of ore at an average grade
of 1.52%Ni was mined and shipped.   Since September
2007, approximately 293,410 tonnes of ore has been
shipped to BHP Billiton under the agreement, with the
remainder of the ore shipments sold opportunistically to
Chinese customers. Additional long term contracts are
being sought in China.
Whilst the direct sale of lateritic nickel ore has been a
success, the long term future of the Company rests with
in-country value added processing to leverage off the
large pre-JORC resource of nickel laterite managed by
the Company.
In June 2008, a strategic partnership was formed with
European Nickel, providing access to simple, low cost
heap leaching.
02 Toledo Mining Corporation Plc
Annual Report 2008
TOLEDO MINING HAS AN INTEREST IN 
THE BERONG, CELESTIAL/IPILAN 
AND ULUGAN DEPOSITS ON PALAWAN 
ISLAND IN THE PHILIPPINES.
Berong
Celestial/Ipilan
Ulugan
275
56. 1 %
A combined pre-JORC resource of
approximately 275 million tonnes of 
nickel ore at around 1.3% nickel (Ni).
Economic interest Including: Berong,
Moorsom and Long Point deposits
Barge being loaded with laterite ore 03 Toledo Mining Corporation Plc
Annual Report 2008
Celestial/Ipilan Nickel
Overview
The Celestial deposit/Ipilan Project is located on the east
coast of Palawan. In July 2008, a Memorandum of
Understanding (MOU) was signed with Jiangxi Rare Earth
and Rare Metals Tungsten Group Co. Ltd (JXTC) to
develop the project, demonstrating China's continued
interest in the finished nickel and cobalt metal products.
The MOU covers the initial building of a pilot plant in
China, and thereafter a Joint Venture atmospheric leach
(AL) plant or high pressure acid leach (HPAL) plant at the
mine site with a design capacity of of up to 40,000 tonnes
per year mixed nickel-cobalt hydroxide product. JXTC will
fund the feasibility study as well as arrange a qualified
Chinese engineering company to manage the EPCM
contract. This will transform the Company into a mid-tier,
vertically integrated nickel producer . The Celestial/Ipilan
deposit has been drilled and test pitted on a grid spacing of
essentially 25m x 25m. The nickel laterite mineralisation
averages between 10 to 15 metres in thickness over an
area of less than 1000 hectares. Snowden Mining Industry
Consultants (Perth) are currently preparing a JORC
compliant resource estimate, which is expected to be
released during the third quarter of 2008. A 25 year
Mineral Production Sharing Agreement (MPSA) is 
already in place.
75
52%
Current resource estimate of 75 million
tonnes of 1.25% nickel and 0.10% cobalt
within an area of 800 hectares.
Economic interest
Ulugan Nickel
Overview
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 three Exploration
Permit applications covering more than 16,000 hectares.
Pending granting of the Exploration Permits little work
has been undertaken on this property.
58% Economic interest
STRATEGICALLY, THE LONG TERM FUTURE OF TOLEDO RESTS
WITH VALUE ADDED PROCESSING WHERE LATERITE ORE IS
PROCESSED ON SITE. CURRENT OPERATIONS ARE CONFINED 
TO MINING AND SHIPPING UNPROCESSED ORE, BUT A PILOT
LEACH PLANT WILL BE BUILT IN CHINA BY Q4 2009.  
IPILAN WILL BE THE SOLE SUPPLIER OF ORE TO THE PILOT
PLANT AND CONSTRUCTION OF A FULL SCALE PLANT IS
EXPECTED TO COMMENCE LATE 2010/EARLY 2011. CHAIRMAN‘S STATEMENT
It has always been your Company’s intention to
maximise the value of its large nickel resource base
through product beneficiation. It is very pleasing
therefore, to report that shortly after the end of the
year under review, we signed a memorandum of
understanding with Jiangxi Rare Earth and Rare
Metals Tungsten Group, a major, State owned,
Chinese metals producer, for the financing and
construction of a, jointly owned, nickel cobalt leaching
plant and associated refinery. The leaching plant, 
with an annual capacity of up to 40,000 tonnes mixed
hydroxide product, will be sited in the Philippines and
will treat ore from our Ipilan deposit located on the
east coast of Palawan island. The refinery will be
located in China. 
As to the year under review, the first year of full
operations at our Berong nickel mine on the west
coast of Palawan proved challenging for local
management. In addition to learning to cope with the
impact of severe weather conditions on production
and shipping, the market price for nickel more than
halved during the year and Chinese demand for direct
shipping ore from the Philippines declined significantly
in preference for higher grade Indonesian ore. 
Fortunately, the Berong operations are in a near unique
position with a secure offtake contract with BHP
Billiton for the supply of 500,000 tonnes per annum
direct shipping ore to its nickel refinery in Queensland,
Australia. Moreover, should market conditions warrant,
Berong can produce and ship at least twice this
amount for negligible additional capital expenditure.
Meantime and as mentioned previously, we continue
to progress our plans to add value to our large nickel
resources through beneficiation.
An important development in this regard occurred in
June 2008, when we welcomed European Nickel plc 
to our register as the single largest shareholder
(19.3%) and also as a partner (18.7%) in Berong Nickel
Corporation. This followed a transaction between
European Nickel, Investika Ltd of Australia and our
then Chairman, Chris Kyriakou. 
OUR ULTIMATE AIM REMAINS THE SAME AS
EVER: TO MAXIMISE SHAREHOLDER RETURNS
FROM BEING A SIGNIFICANT, PROFITABLE
PLAYER IN THE NICKEL INDUSTRY.
04 Toledo Mining Corporation Plc
Annual Report 2008 Our principal local Philippine partner, Atlas Consolidated
Mining and Development Corporation, signalled its
support for the European Nickel transaction by
waiving its pre-emptive rights to Investika’s interest in
Berong Nickel Corporation. Atlas Consolidated is a
major company in its own right and remains an
important and valued ally for Toledo.
European Nickel has leading edge experience in the
heap leaching of laterite ores and is applying its
proprietary technology to the development of its Caldag
nickel deposit in western Turkey. Additionally, the
company’s extensive exploration portfolio includes a
joint venture on Rusina Mining’s Acoje nickel deposit in
the Philippines where European Nickel also operates
a leaching test facility.
Following European Nickel’s purchase of its interest in
your Company, Chris Kyriakou, Bob Cleary and Roger
Shakesby resigned as directors to be replaced by
Simon Purkiss and Felix Pole. I would like to extend
my sincere thanks to Messrs Cleary and Shakesby for
their contribution to the development of the Company
and especially to Chris Kyriakou, who, as Executive
Chairman, played a lead role in securing and developing
our nickel interests.
Simon Purkiss is a co-founder and Managing Director
of European Nickel. Simon is a metallurgical engineer
with over 25 years’ operational and management
experience in the metals industries with particular
emphasis on the mining and treatment of nickel.
Felix Pole was a co-founder of European Nickel and
remains advisor to that company. Felix has a broad
financial and industrial background including having
been a director of Titan Resources NL, a nickel miner
which, through Pacific Ore Technology, developed the
Bioheap bacterial leaching process for nickel and
copper sulphide ores. 
We are fortunate to be able to welcome Simon and
Felix to the Board and we can only benefit from their
considerable industry specific experience and
demonstrated business acumen. Likewise, I have no
doubt that European Nickel will be a supportive and
beneficial shareholder . Already, the application of
European Nickel’s leaching technology to Berong’s
ore is under active investigation and a test program is
underway at European Nickel’s Philippine test facility. 
Our operating plan for the year ahead assumes that
the nickel price will remain around current levels and
that Chinese demand for Philippine direct shipping ore
will continue to be muted. We will, nonetheless,
maintain continuous dialogue with our customer base
with a view to the profitable utilisation of presently
spare productive capacity at Berong whilst, at the
same time, pursuing further, sensible, operating cost
reductions. We will, of course, focus our efforts on
meeting our obligations under the recently signed
memorandum of understanding and we will progress
further value adding opportunities. 
That we are able to move forward so positively is due
in no small measure to the efforts of our management
team and Philippine workforce, led most capably by
our Chief Executive, George Bujtor . Thanks to them,
we have managed not only to secure our operating
base in the Philippines, underpinned by the offtake
contract with BHP Billiton, but also taken a significant
step in adding value to our nickel resources through
beneficiation. I wish to congratulate George and his
staff for this achievement.
Our ultimate aim remains the same as ever: to
maximise shareholder returns from being a significant,
profitable player in the nickel industry.
Reginald Eccles
12 August 2008
Berong operations are in a near unique position with a 
secure offtake contract with BHP Billiton for the supply of 
500,000 tonnes per annum direct shipping ore to its nickel 
refinery in Queensland, Australia.
+
500,000
05 Toledo Mining Corporation Plc
Annual Report 2008
Supervision of trucks at coastal stockpile area CHIEF EXECUTIVE 
OFFICER’S STATEMENT
The Berong Nickel Mine has been in operation for just
over one year and has successfully made shipments
of laterite ore to Chinese and Australian customers.
For the full year April 1 2007 through March 31 2008,
approximately 467,278 tonnes of ore at an average
grade of 1.52% Ni was shipped. From the
commencement of trial metallurgical shipments in
January 2007 until the end of June 2008, approximately
815,000 tonnes of ore at an average grade of 1.52% 
Ni was shipped into the market place.
Many of the temporary facilities put into place to
capture the benefits of historically high nickel prices
have been replaced by permanent facilities. These
include the office complex, accommodation facilities,
the laboratory, the heavy equipment workshops and
environmental structures. The Dangla Road which
was planned for construction for 2007 was deferred
until 2008 due to the delays in gaining all the
necessary approvals. Still under evaluation are the
trestle/pylon conveyor and ship loader, and the
development of the Dangla Bay as an additional
stockpile area and barge loading facility. 
Operationally, wet weather and rough sea conditions
have had greatest impact on mine production and ship
loading, respectively. The extreme wet conditions, with
over 4 meters of annual rainfall at the mine site, make
mining and drying of the laterite ore difficult. Similarly,
the rough sea conditions during the period October
through February make the trans-shipment of laterite
ore from barge to the ocean going vessel unsafe and
difficult. Without a trestle conveyor, ship loading is
restricted to about 7 months of the year .
Notwithstanding the elements, mine production is
being progressively ramped up and optimized at an
output rate of greater than 1 million tonnes per
annum using the existing infrastructure.
The Company continues to set new standards in
responsible mining in the Philippines, and is being
given full recognition as a role model for the mining
industry. The development of systems for international
certification in environmental management (ISO14001)
and occupational health and safety (ISO 18001)
continue to make good progress. Rehabilitation of the
initial mined out areas had been undertaken, and a
research area planted with various tree species.
Rehabilitation around the coastal stockpile areas has
also been undertaken. Over 112,000 endemic and
value added trees (mahogany, rubber, jatropha), more
than 230,000 stands of vetiver and other grasses, over
1,240 fruit trees, 5,500 pineapples, and 2,000
vegetables have been planted to meet our obligations
of 50 new trees planted for every tree cut. In addition,
over 175,000 wildlings have been collected for 
on-going progressive rehabilitation.
Under the Company’s MOU with the local indigenous
peoples, approximately US$360,000 was paid as part
of the mandated royalty payments of 1% of gross
revenue from laterite ore sales. Funds from the royalty
payment are being used to establish essential
community services as well as livelihood projects.
Under the Company’s Social Development and
Management Plan, spending has been directed at
community projects like potable water systems,
footbridge over the Berong River, school buildings,
health clinic, medical services and ambulance coverage.
WHILST THE DIRECT SALE OF LATERITIC 
NICKEL ORE HAS BEEN A SUCCESS, THE 
LONG TERM FUTURE OF THE COMPANY RESTS
WITH IN-COUNTRY VALUE ADDED PROCESSING 
TO LEVERAGE OFF THE LARGE PRE-JORC
RESOURCE OF OVER 350 MILLION TONNES 
OF NICKEL LATERITE.
06 Toledo Mining Corporation Plc
Annual Report 2008 The markets for Berong laterite nickel ore include
dominantly China and Australia. In mid-2007 the
Company signed a 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. Since September 2007, approximately 293,410
tonnes of ore has been shipped to BHP Billiton under
the agreement, with the remainder of the ore
shipments sold opportunistically to Chinese
customers. Additional long term contracts are being
sought in China.
The Chinese market for laterite nickel ore has split
into two segments. The production of nickel pig iron
for the stainless steel sector can be sourced from
either the blast furnace process (requiring medium
grade nickel ore with associated high iron grades) or
the electric arc furnace process (requiring high grade
nickel ore with associated low iron grades). Berong is
well positioned to supply both ore types. In the
medium term, the market for blast furnace feed is
expected to decline in line with the Chinese
Government policy to shut down all the small blast
furnaces by year 2010. This is likely to lead to
increased production from electric arc furnaces and
hence demand for higher grade nickel laterite ores. 
Whilst the direct sale of lateritic nickel ore has been a
success, the long term future of the Company rests
with in-country value added processing to leverage off
the large pre-JORC resource of over 350 million
tonnes of nickel laterite managed by the Company. 
Considerable metallurgical sampling and testing has
been undertaken on the various ore types at both
Berong and Ipilan. The leaching processes tested
include high pressure acid leaching (HPAL),
atmospheric leaching (AL) and heap leaching (HL).
Nickel and cobalt extraction rates under all three
leaching processes have produced excellent results.
SNC Lavalin has produced estimates of the capital
and operating costs of all three leaching processes
and the results are being evaluated as to the best
processing option to employ.
European Nickel became a major shareholder and
joint venture partner mid-way through 2008. This is
seen as positive as the company has leading edge
experience in heap leaching which will be invaluable 
in assessing the processing options most suitable for
the Berong ore bodies. The recently signed MOU with
Jiangxi Rare Earth and Rare Metals Tungsten Group
Co. Ltd on the Celestial deposit provides an early
opportunity to produce a mixed hydroxide product
using either AL or HPAL. 
Exploration and permitting activities in the tenement
areas adjacent to the Berong mine, and the Celestial
deposit, continued in parallel with mining and shipping
activities. The Celestial deposit was extensively drilled
and test pitted with over 80,000 meters of sampling
undertaken. Internal estimates suggest a geological
resource of approximately 75 million tonnes of laterite
ore  at an estimated grade of around 1.25% nickel.
Snowdens Mining Industry Consultants is currently
preparing the JORC compliant report. Studies
continue on the development of a ‘Direct Shipping
Operation’ to compliment the ore currently being
shipped out from Berong. The Celestial deposit/Ipilan
Project is located on the east coast of Palawan and
will therefore benefit from year round shipping without
interruption.
The achievements over the last year would not have
been possible without the dedicated efforts of all our
people, and the support of the local community, the
Local Government Units, the Provincial Government,
and the National Government. I congratulate them all
and look forward to another successful year ahead.
George Bujtor
12 August 2008
07 Toledo Mining Corporation Plc
Annual Report 2008
Drill cores of mineralised nickel laterite profile Excavator loading ore at Berong mine CORPORATE AND 
SOCIAL RESPONSIBILITY
Toledo has adopted best industry practice for
environmental protection on an island celebrated for
pristine natural beauty. The Company is committed 
to contributing to the economic development whilst
improving the quality of life of the workforce and 
their families as well as the local community and 
future generations.
Toledo's Berong operation on the Island of Palawan has
implemented processes, practices and facilities for
the environmental protection of the region in which it
operates. It’s excellence for Best Practice has been
recognised by the National and Regional Government 
in the Philippines.
08 Toledo Mining Corporation Plc
Annual Report 2008 Progress since last year includes:
The planting of over 500,000 plant species as part of progressive rehabilitation;
The establishment of a Rehabilitation Research Facility to better understand 
alternative land uses (as seen in the backdrop);
Construction of the Berong River Footbridge (children lost up to 70 days of school 
each year on average due to being unable to cross the river during flooding);
A Medical Centre staffed with 2 doctors;
The commencement of a 5.5 ha Nursery and Research Facility which will include:
•  Research Office for Local Students;
•  Rice Farming Research Project
•  Honey Production Project
•  Fish Farming Research
•  Plant Growing
•  Botanic Garden Research
•  Coconut Bio Matting Project
•  Animal Rescue Centre
▼ ▼ ▼ ▼ ▼
09 Toledo Mining Corporation Plc
Annual Report 2008 1. Reginald Eccles
Non-Executive Director/Acting Chairman
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.
3. Simon Purkiss
Non-Executive Director
Mr Purkiss is a metallurgical engineer with over 25 years’
experience in the base metals and platinum group metals
industries in various operational and business development roles
at Impala Platinum Ltd and BHP Billiton. He has specialised in
developing new processing routes to treat deposits that have not
been able to be treated by conventional processes and has
brought a number of these companies to the market. Mr Purkiss
was one of the founders of European Nickel plc, a UK registered
company which has developed the heap leach process for
application to nickel laterites, and has been Managing Director 
of that company since its formation.
2. George 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$1.5bn Comalco Alumina
refinery Project.
4. Felix Pole
Non-Executive Director
Mr Pole is an economist with a broad financial management
background in the mining, oil and aviation industries. He was 
one of the founders, and first Chairman, of European Nickel plc.
Previously Mr Pole was a Director of Titan Resources NL,
producing nickel concentrate for its customer Western Mining
(now BHP Billiton) which, through Pacific Ore Technology,
developed the Bioheap bacterial leaching process for nickel 
and copper sulphide ores.
BOARD OF DIRECTORS
12
34
10 Toledo Mining Corporation Plc
Annual Report 2008 11 Toledo Mining Corporation Plc
Annual Report 2008
The directors present their report with the audited Group financial statements for the year ended 31 March 2008.
Principal activities and 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 Group’s main undertaking was the continuing development of the Berong nickel project, in which the Company has a 56.1%
economic interest, the 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. 
A total of approximately 467,277 tonnes of laterite nickel ore was shipped to China and Australia in twelve separate shipments.  These shipments
generated revenue of US$29.09 million.  The Group was fortunate that a number of these shipments occurred at a time when the nickel price was
experiencing record levels.
An agreement was reached with BHP Billiton for the long term supply of laterite ore to the Yabulu plant in Queensland, Australia.  The agreement is
for the supply of up to 500,000 wet metric tons of ore per year, and runs for 5 years with BHP Billiton having the option to extend this for a further 5
years.  The Company has the ability to supply to BHP Billiton more ore than the contracted quantities.  Discussions are underway with several Chinese
customers for similar long term supply agreements.
During the period, a JORC compliant mineral resource prepared by Snowdens Mining Industry Consultants from Perth, Australia was completed.  
The following is a summary of the JORC compliant mineral resource : The measured, indicated and inferred resource within the 288 ha MPSA area is
estimated at 9.92 million 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 Company has continued to advance its pro-rata share of funds as required to meet the ongoing mine development costs.  In mid-2007, the
Company recovered £3,129,520 (US$6,129,259), being funds previously advanced to Berong Nickel Corporation (BNC) in excess of the Company’s 
$2 million commitment.  In order to fund working and fixed capital requirements of the mine for the 2008 mining season, in early 2008, the Company
advanced £2 million (US$4 million) to BNC.  These funds have been advanced as interest-free, unsecured loans and have no fixed terms of repayment.
In early 2008, the Company advanced £0.9 million (US$1.8 million) to Atlas Consolidated Mining and Development Corporation (ACMDC) under the
loan facility arrangement in place with that company.  These funds were advanced to enable ACMDC to meets its share of working and fixed capital
requirements of the mine for the 2008 mining season.
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 $2.5 million to enable that company to meet its funding requirements to Ipilan Nickel Corporation under the Celestial joint venture agreement.
Subsequently, the facility was increased to $8 million.  The facility is for a three year term and loan drawdowns bear interest at the rate of 10% per
annum, compounded annually.  The loan is secured by a first charge over Brooks’ share of earnings from the Ipilan nickel project and is repayable out
of Brooks’ share of the Ipilan nickel project cashflows.  Over the year ended 31 March 2008, the Company advanced £2.5 million ($5 million) to Brooks
under this facility.
Under the Celestial joint venture agreement, the Company has the option to take a 40% holding in Celestial Nickel Mining and Exploration
Corporation.  During the year, the Board agreed to an advance of £0.45 million ($0.9 million) against the option exercise amount.
With respect to the Ulugan nickel project, the exploration permits required to enable the Company to proceed with exploration activities have yet to be
granted by the Philippine authorities.  Accordingly, the directors have taken a prudent view and have fully impaired the carrying value of this
investment, resulting in an exceptional charge in the current year of £583,433.
Over the year, following the exercise of options and warrants, the Company allotted 950,000 ordinary shares to raise £1.4 million.
In August 2007, the Company incorporated China Nickel & Steel Corporation (CNSC) as a wholly-owned subsidiary to investigate the acquisition of a
blast furnace business in China with the intention of producing pig nickel.  The investigation did not proceed satisfactorily and CNSC remains dormant.
Further details of the Company’s activities for the current year are set out in the Chairman’s and Chief Executive Officer’s Statements.
Results and dividends
The profit for the year from ordinary activities before tax amounted to £1,206,702 (2007 loss: £1,264,416). The directors do not recommend the payment
of a dividend.
Share capital
Details of share capital are given in note 24 to the financial statements.
Risk management
See note 33 to the financial statements.
REPORT OF THE DIRECTORS
for the year ended 31 March 2008 REPORT OF THE DIRECTORS
for the year ended 31 March 2008
12 Toledo Mining Corporation Plc
Annual Report 2008
Future developments
The directors anticipate the Company’s major future developments will revolve around further investment in and development of the Berong and Ipilan
nickel projects.  In particular, the Company is planning to continue direct shipping operations at the Berong nickel project while simultaneously
evaluating and progressing in-country value added processing opportunities to leverage off the large pre-JORC resource managed by the Company.
Principal risks and uncertainties facing the Group
The principal risks faced by the Group 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 Group may be disrupted by a variety of risks and hazards which are beyond the control of the Group. 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.
• The Group’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 Group.
• The selling price of the nickel ore produced by the Group’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 Group 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 Group’s total return and net assets can be significantly affected by currency movements.
Directors and their interests
The directors who served during the year and their interests in the Company’s ordinary shares were as follows:
5p ordinary shares
At 31 March At 31 March 
Resigned 2008 2007
C Kyriakou 27 June 2008 1,550,000 1,400,000
G Bujtor 387,037 37,037
R Eccles 25,000 —
R Cleary 27 June 2008 100,000 200,000
R Shakesby 27 June 2008 54,760 9,260
No options were granted to the directors during the year .
Options held by directors at 31 March 2008 are as follows:
Exercise
Number price Expiry date
C Kyriakou 50,000 £1.50 27 June 2009
G Bujtor 150,000 £1.50 30 November 2011*
R Cleary 100,000 £1.50 27 June 2009
* Or 90 days after the director ceases to be engaged by the Company if earlier . 13 Toledo Mining Corporation Plc
Annual Report 2008
Events since the balance sheet date
Subsequent to 31 March 2008, the Company generated proceeds of £555,907 from the sale of non-core listed investments.  In addition, the Company
has advanced a further:
• £271,740 (US$536,312) to Berong Nickel Corporation as an interest free, unsecured advance under the Berong Venture Agreement;
• £121,248 (US$238,799) to Atlas Consolidated Mining and Development Corporation to meet that company’s share of Berong project expenditure; and
• £655,203 (US$1,333,703) to Brooks Nickel Ventures Inc. to meet that company’s share of Ipilan project expenditure.
On 27 June 2008, European Nickel plc acquired a 19.3% interest in the Company. This acquisition included the entire holding of 11.5% of Natasa Mining
Limited (formerly Investika Limited) and the entire holding of 5.2% of Chris Kyriakou. Following the acquisition by European Nickel of its 19.3% holding,
there was a restructure of the Board of directors with the effect that Chris Kyriakou, Bob Cleary and Roger Shakesby resigned as directors on the 27
June 2008. On the same date, Simon Purkiss and Felix Pole were appointed as directors of the Company.
Substantial shareholdings
On 31 March 2008 the following shareholders held 3% or more of the issued share capital of the Company:
Number of Percentage issued
Ordinary Shares Ordinary Shares
AXA SA 2,691,780 9.1%
Natasa Mining Ltd (formerly Investika Ltd) 3,391,019 11.5%
RAB Energy Fund Limited 2,725,000 9.2%
TPG Axon Capital Management 1,912,789 6.5%
FMR LLC 1,542,804 5.2%
Baker Steel Capital Managers LLP 1,456,000 4.9%
Barclays PLC 1,443,868 4.9%
Chris Kyriakou 1,550,000 5.2%
Throgmorton Trust Plc 1,400,000 4.7%
Alfredo Ramos 1,300,000 4.4%
MF Global UK Limited 1,162,300 3.9%
Man Financial Limited 1,156,200 3.9%
See post balance sheet event note above for material movements on significant holdings.
Corporate Governance
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.
Directors
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.  All appointments to the Board are subject to confirmation by shareholders at the
following AGM.
Relations with Shareholders
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.
Nomination Committee
In July 2008, the Company established an nomination committee comprised of the non-executive directors.  It is responsible for overseeing the
appointment of directors and the selection, appointment and succession planning of the Company’s Chief Executive Officer .  The committee makes
recommendations to the Board on the appropriate skill mix, personal qualities, expertise and diversity of each position. 
Audit Committee
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. REPORT OF THE DIRECTORS
for the year ended 31 March 2008
14 Toledo Mining Corporation Plc
Annual Report 2008
Remuneration Committee
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.
Internal Financial Control and 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.
Supplier 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 10 days (2007: 26 days).
Political and charitable donations
No political or charitable donations were made during the year .
Indemnity provision
Directors and officers insurance are in place to indemnify the directors against liabilities arising from the discharge of their duties as directors of the
Company.
Auditors
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 2008 Annual General Meeting.
By order of the Board
J Reynolds
Company Secretary
12 August 2008 15 Toledo Mining Corporation Plc
Annual Report 2008
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
for the year ended 31 March 2008
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  
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 
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. 16 Toledo Mining Corporation Plc
Annual Report 2008
INDEPENDENT AUDITORS’ REPORT TO THE SHAREHOLDERS 
OF TOLEDO MINING CORPORATION PLC
We have audited the Group and parent Company financial statements of Toledo Mining Corporation Plc for the year ended 31 March 2008
which comprise the Consolidated Income Statement, the Consolidated and Company Balance Sheets, the Consolidated and Company
Statements of Changes in Equity, the Consolidated and Company Cash Flow Statements and the related notes numbered 1 to 35. 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.
Respective responsibilities of directors and auditors
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.
Basis of audit opinion
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.
Opinion
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 2008 and of the Group’s profit for the year then ended;  
• the financial statements 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
12 August 2008 17 Toledo Mining Corporation Plc
Annual Report 2008
CONSOLIDATED INCOME STATEMENT
for the year ended 31 March 2008
Year ended Year ended
31 March 2008 31 March 2007
Notes £ £
Revenue 3 981,487 186,229
Gross profit 981,487 186,229
Administration expenses (2,416,266) (2,098,316)
Exceptional item 4 (583,433) —
Other operating income 104,804 143,448
Realised and unrealised losses on current asset investments (221,298) (93,543)
Share of results of associates 2,649,630 276,289
Profit / (loss ) from operations 5 514,924 (1,585,893)
Investment income 8 691,778 321,477
Profit / (loss) before taxation 1,206,702 (1,264,416)
Income tax expense 9 — —
Profit / (loss) for the year 1,206,702 (1,264,416)
Attributable to:
Equity holders of the parent 1,003,144 (1,300,374)
Minority interest 203,558 35,958
1,206,702 (1,264,416)
Earnings / (loss) per share (pence) - including share of associates results 
Basic 10 3.43 (4.72)
Diluted 10 3.36 (4.48)
Loss per share (pence) - excluding share of associates results
Basic 10 (5.62) (5.73)
Diluted 10 (5.52) (5.43)
The Company has taken advantage of section 230 of the Companies Act 1985 not to publish its own income statement account 18 Toledo Mining Corporation Plc
Annual Report 2008
CONSOLIDATED BALANCE SHEET
for the year ended 31 March 2008
Year ended Year ended
31 March 2008 31 March 2007
Notes £ £
ASSETS
Non-current assets
Intangible assets 11 — —
Property, plant and equipment 12 8,429 33,397
Investment in associated undertakings 14 12,408,531 10,353,674
Loans and receivables 15 7,625,613 1,812,274
Trade and other receivables 16 38,450 38,450
Total non-current assets 20,081,023 12,237,795
Current assets
Trade and other receivables 17 567,651 490,282
Taxation 18 23,928 —
Loans and receivables 19 — 3,129,520
Current investments 20 413,616 915,568
Cash and cash equivalents 21 5,458,262 8,031,291
Total current assets 6,463,457 12,566,661
TOTAL ASSETS 26,544,480 24,804,456
EQUITY AND LIABILITIES
Current liabilities
Trade and other payables 22 622,770 1,656,792
Taxation 23 171,583 2,929
Total current liabilities 794,353 1,659,721
Total liabilities 794,353 1,659,721
Equity 
Share capital 24 1,476,917 1,429,417
Share premium account 25 24,508,568 23,062,908
Share based payments reserve 26 408,980 1,107,326
Translation reserve (735) —
Retained loss (882,767) (2,491,097)
Equity attributable to equity holders of the parent 25,510,963 23,108,554
Minority Interest 27 239,164 36,181
Total equity 25,750,127 23,144,735
TOTAL EQUITY AND LIABILITIES 26,544,480 24,804,456
The financial statements were approved by the Board of directors on 12 August 2008 and signed on their behalf by: 
R Eccles
Director 19 Toledo Mining Corporation Plc
Annual Report 2008
COMPANY BALANCE SHEET
for the year ended 31 March 2008
Year ended Year ended
31 March 2008 31 March 2007
Notes £ £
ASSETS
Non-current assets
Intangible assets 11 — —
Property, plant and equipment 12 8,429 33,397
Investment in subsidiary undertaking 13 10,286 286
Investment in associated undertakings 14 9,871,477 10,466,250
Loans and receivables 15 7,625,613 1,812,274
Trade and other receivables 16 38,450 38,450
Total non-current assets 17,554,255 12,350,657
Current assets
Trade and other receivables 17 177,772 407,734
Taxation 18 23,928 —
Loans and receivables 19 — 3,129,520
Current investments 20 413,616 915,568
Cash and cash equivalents 21 5,249,534 8,030,768
Total current assets 5,864,850 12,483,590
TOTAL ASSETS 23,419,105 24,834,247
EQUITY AND LIABILITIES
Current liabilities
Trade and other payables 22 578,958 1,656,139
Taxation 23 171,583 2,929
Total current liabilities 750,541 1,659,068
Total liabilities 750,541 1,659,068
Equity 
Share capital 24 1,476,917 1,429,417
Share premium account 25 24,508,568 23,062,908
Share based payments reserve 26 408,980 1,107,326
Retained loss (3,725,901) (2,424,472)
Equity attributable to equity holders of the parent 22,668,564 23,175,179
Total equity 22,668,564 23,175,179
TOTAL EQUITY AND LIABILITIES 23,419,105 24,834,247
The financial statements were approved by the Board of directors on 12 August 2008 and signed on their behalf by: 
R Eccles
Director 20 Toledo Mining Corporation Plc
Annual Report 2008
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2008
Share Based Translation
Share Share Payments Retained Minority Exchange
Capital Premium Reserve Loss Interest Reserve Total
£££££££
Balance at 1 April 2007 1,429,417 23,062,908 1,107,326 (2,491,097) 36,181 — 23,144,735
Share issue 47,500 1,352,500 - — — — 1,400,000
Transfer from reserve — 93,160 (698,346) 605,186———
Translation movement — - — — (575) (735) (1,310)
Profit for the year — — — 1,003,144 203,558 — 1,206,702
Balance at 31 March 2008 1,476,917 24,508,568 408,980 (882,767) 239,164 (735) 25,750,127
Balance at 1 April 2006 898,667 12,523,833 360,571 (1,190,723) — 12,592,348
Share issue 530,750 10,539,075 — — 224 11,070,049
Share based payment — — 746,755 — — 746,755
Profit / (loss) for the year — — — (1,300,374) 35,957 (1,264,417)
Balance at 31 March 2007 1,429,417 23,062,908 1,107,326 (2,491,097) 36,181 23,144,735 21 Toledo Mining Corporation Plc
Annual Report 2008
COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2008
Share based
Share Share Payments Retained
Capital Premium Reserve Loss Total
£££££
Balance at 1 April 2007 1,429,417 23,062,908 1,107,326 (2,424,472) 23,175,179
Share issue 47,500 1,352,500 — — 1,400,000
Transfer from reserve — 93,160 (698,346) 605,186 —
Loss for the year — — — (1,906,615) (1,906,615)
Balance at 31 March 2008 1,476,917 24,508,568 408,980 (3,725,901) 22,668,564
Balance at 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
Share based payment — — 746,755 — 746,755
Loss for the year — — — (1,622,614) (1,622,614)
Balance at 31 March 2007 1,429,417 23,062,908 1,107,326 (2,424,472) 23,175,179 22 Toledo Mining Corporation Plc
Annual Report 2008
CONSOLIDATED CASHFLOW STATEMENT
for the year ended 31 March 2008
Year ended Year ended
31 March 2008 31 March 2007
Notes £ £
Net cash outflow from operating activities 28 (2,098,744) (1,143,095)
Investing activities
Investment income 406,784 193,843
Purchase of property, plant & equipment (3,871) (11,939)
Sale of current investments 280,654 —
Loan investments advanced (5,687,372) (4,925,092)
Loan investments repaid 3,129,520 —
Net cash outflow from investing activities (1,874,285) (4,743,188)
Financing activities
Issue of equity share capital 1,400,000 11,069,825
Net cash inflow from financing activities 1,400,000 11,069,825
Net (decrease) / increase in cash and cash equivalents (2,573,029) 5,183,542
Cash and cash equivalents at 1 April 8,031,291 2,847,749
Cash and cash equivalents at 31 March 21 5,458,262 8,031,291 23 Toledo Mining Corporation Plc
Annual Report 2008
COMPANY CASHFLOW STATEMENT
for the year ended 31 March 2008
Year ended Year ended
31 March 2008 31 March 2007
Notes £ £
Net cash outflow from operating activities 28 (2,293,298) (1,143,331)
Investing activities
Investment income 403,133 193,842
Purchase of property, plant & equipment (3,871) (11,939)
Sale of current investments 280,654 —
Investment in subsidiary (10,000) (286)
Loan investments advanced (5,687,372) (4,925,092)
Loan investments repaid 3,129,520 —
Net cash outflow from investing activities (1,887,936) (4,743,475)
Financing activities
Issue of equity share capital 1,400,000 11,069,825
Net cash inflow from financing activities 1,400,000 11,069,825
Net (decrease) / increase in cash and cash equivalents (2,781,234) 5,183,019
Cash and cash equivalents at 1 April 8,030,768 2,847,749            
Cash and cash equivalents at 31 March 21 5,249,534 8,030,768 24 Toledo Mining Corporation Plc
Annual Report 2008
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2008
1. General information
Toledo Mining Corporation Plc is a company incorporated in England and Wales under the Companies Act 1985. The Company’s registered 
office is Ground Floor, 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) where the Company is incorporated and its ordinary shares admitted for trading.
The Board of directors has authorised the issue of these financial statements on the date of the statement as set out on page 16.
2. Accounting policies
Basis of accounting
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs).
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.
Standards effective in the current year
In the current year, the Group has adopted IFRS 7 Financial Instruments: Disclosures which is effective for annual reporting periods 
beginning on or after 1 January 2007, and the consequential amendments to IAS 1 Presentation of Financial Statements.
The impact of the adoption of IFRS 7 and the changes to IAS 1 has been to expand the disclosures provided in these financial statements 
regarding the Group’s financial instruments and management of capital (see note 33).
Standards in issue not yet adopted
At the date of authorisation of these financial statements, the Group had not yet adopted IFRS 8: Operating Segments which is effective 
for annual accounting periods beginning on or after 1 January 2009. The directors anticipate that IFRS 8 will be adopted in the Group’s 
financial statements for the period commencing 1 April 2009 and that the adoption of this standard will have no material impact on 
the financial statements of the Group in the period of initial application.
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 the income statement 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. 25 Toledo Mining Corporation Plc
Annual Report 2008
2. Accounting policies (continued)
Where a Group company transacts with an associate of the Group, unrealised 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.
Upon commencement of commercial production operation of a mining property, the investment in the associate company relating to that property 
is amortised on the basis of ore body extracted as a proportion of the ore body estimate of that property.
Revenue recognition
Revenue and other operating income represent 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).
Foreign 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.
Taxation
The income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for 
the year . Taxable profit differs from net profit as reported in the income statement, because it excludes items of income or expense that are taxable 
or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated 
using tax rates that have been enacted or substantively enacted by the balance sheet date.
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.
Financial 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.
Non-current intangible assets
Non-current intangible assets are shown at cost less any provisions made in respect of impairment.  26 Toledo Mining Corporation Plc
Annual Report 2008
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2008
2. Accounting policies (continued)
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.
Non-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%
Cash and cash equivalents
Cash and cash equivalents comprise cash held at bank and on short term deposits.
Financial 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.
Trade payables
Trade payables are not interest bearing and are stated at their nominal value.
Trade receivables 
Trade receivables do not carry any interest and are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable 
amounts.
Investments
Investments are recognised and derecognised on a trade date where a purchase or sale of an investment is under a contract whose terms require 
delivery of the investment within the timeframe established by the market concerned, and are initially measured at cost, including transaction costs. 
Investments are classified as held-for-trading and are measured at subsequent reporting dates at fair value. Where securities are held for 
trading purposes, gains and losses arising from changes in fair value are included in net profit or loss for the period.
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.
Operating Leases
Rental costs under operating leases are charged 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. 27 Toledo Mining Corporation Plc
Annual Report 2008
2. Accounting policies (continued)
Share 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. Segmental 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 2008
UK Philippines China Total
££££
Revenue 99,225 — 882,262 981,487
(Loss)/profit for the year (1,906,614) — 463,686 (1,442,928)
Share of associates results — 2,649,630 — 2,649,630
Depreciation / Amortisation — 40,179 — 40,179
Impairment - investments — 583,433 — 583,433
Total assets 5,903,300 20,042,573 598,607 26,544,480
Total liabilities 399,491 351,050 43,813 794,354
Tangible assets additions — 3,871 — 3,871
Loan investment additions — 5,986,823 — 5,986,823
Year ended 31 March 2007
UK Philippines China Total
££££
Revenue 103,681 — 82,548 186,229
(Loss)/ profit for the year (1,622,613) — 81,908 (1,540,705)
Share of associates results — 276,289 — 276,289
Depreciation — 37,326 — 37,326
Impairment intangibles — 50,048 — 50,048
Total assets 9,392,520 15,328,865 83,071 24,804,456
Total liabilities 466,902 1,192,166 653 1,659,721
Tangible assets additions — 11,939 — 11,939
Loan investment additions — 1,812,274 — 1,812,274
Details of associated company’s results are shown in note 34.
4. Exceptional item
Year ended Year ended
31 March 2008 31 March 2007
£ £
Impairment write down - investment in associate 583,433 —
The directors, having carried out an impairment review have considered that the investment in the Ulugan nickel project should be subject 
to an impairment charge of £583,433 (100%) and accordingly investments in associates have been written down by this amount. 28 Toledo Mining Corporation Plc
Annual Report 2008
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2008
5. Profit / (loss) from operations
Profit / (loss) from operations is stated after charging / (crediting):
Year ended Year ended
31 March 2008 31 March 2007
£ £
Auditors remuneration:
- as auditors 28,060 27,300
- as reporting accountants 16,740 11,700
- taxation compliance 2,000 2,000
Audit fees - other auditor 38,723 9,441
Operating lease - office rent 69,298 69,298
Realised gains on current asset investments (4,090) —
Unrealised losses on current asset investments 225,388 93,543
Foreign exchange loss 98,722 —
Depreciation 28,839 37,326
Amortisation 11,340 —
6. Particulars of employees
The average number of staff employed by the Group during the financial year amounted to:
Year ended Year ended
31 March 2008 31 March 2007
No. No.
Administrative staff 2 2
The aggregate costs of the above were:
£ £
Wages and salaries 108,647 85,001
Social security costs 17,631 8,629
Pension costs - defined contribution 5,142 2,350
Share based payments — 35,078
131,420 131,058
7. Directors’ emoluments
The Company also employed five (2007: six) directors during the year with aggregate emoluments in respect of qualifying services as follows:
Year ended Year ended
31 March 2008 31 March 2007
£ £
Directors’ fees 15,000 15,000
Amounts paid to third parties for the provision of directors’ services 104,250 87,000
Share based payments and related costs 127,296 342,050
246,546 444,050
Highest paid director 84,995 60,000
Share options exercised by highest paid director 100,000 400,000
Number of directors who exercised share options during the year 3 3
Amounts paid in respect of professional consulting services not included above are disclosed in the related party note (note 30). 29 Toledo Mining Corporation Plc
Annual Report 2008
8. Investment income 
Year ended Year ended
31 March 2008 31 March 2007
Group Group
£ £
Interest on bank deposits 389,783 302,482
Interest on loan investments 299,452 16,703
Other interest 18 2,292
Dividends 2,525 —
691,778 321,477
9. Income tax expense
Group Group
Year ended Year ended
31 March 2008 31 March 2007
£ £
Taxation charge — —
Due to the taxable losses arising there is no charge to UK corporation tax.
Current tax reconciliation
Profit / (loss) for the year before taxation 1,206,702 (1,264,416)
Profit / (loss) for the year multiplied by standard
rate of UK corporation tax 30% 362,011 (379,325)
Effects of:
Expenses not deductible for tax purposes 268,717 223,355
Non taxable income (758) —
Overseas profits (139,106) (24,573)
Share of associate results (794,889) (82,887)
Increase in potential tax credits 304,025 263,430
Tax charge — —
Potential UK tax credits available multiplied by standard rate of corporation tax 30% 789,044 485,019
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.
10.Earnings / (loss) per share – including share of associates results
Earnings / (loss) per share has been calculated by dividing the profit / (loss) for the year after taxation including share of associates profits 
of £2,649,630 (2007: £276,289) attributable to the equity holders of the parent company of £1,003,144 (2007: loss £1,300,374) by the weighted 
average number of shares in issue at the year end of 29,278,552 (2007: 27,529,424).
Diluted earnings / (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 545,000 (2007: 1,495,000).
Loss per share – excluding share of associates results
Loss per share has been calculated by dividing the loss for the year after taxation excluding share of associates profits of £2,649,630 
(2007: £276,289) attributable to the equity holders of the parent company of £1,646,486 (2007: £1,576,663) by the weighted average number 
of shares in issue at the year end of 29,278,552 (2007: 27,529,424).
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 545,000 (2007: 1,495,000). 30 Toledo Mining Corporation Plc
Annual Report 2008
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2008
11.Intangible assets
2008 2007
Company and Group £ £
Exploration expenditure
Cost
Balance brought forward — 50,048
Write down — (50,048)
Balance carried forward — —
Net book value — —
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 14).  Additional expenditure incurred in the year ended 31 March 2007 of £50,048 has been charged to the income statement.
12.Property, plant and equipment
Computer and Furniture, fixtures
office equipment and fittings Total
Company and Group £££
Cost
Balance at 1 April 2007 46,838 40,425 87,263
Additions 3,871 — 3,871
Disposals (8,431) — (8,431)
Balance at 31 March 2008 42,278 40,425 82,703
Depreciation
Balance at 1 April 2007 28,411 25,455 53,866
Charge for the year 18,100 10,739 28,839
Disposals (8,431) — (8,431)
Balance at 31 March 2008 38,080 36,194 74,274
Net book value
At 31 March 2008 4,198 4,231 8,429
At 31 March 2007 18,427 14,970 33,397
Cost
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
Net book value
At 31 March 2007 18,427 14,970 33,397
At 31 March 2006 33,744 25,040 58,784 31 Toledo Mining Corporation Plc
Annual Report 2008
13.Investment in subsidiary undertakings
2008 2007
Company £ £
Cost
Balance brought forward 286 —
Additions 10,000 286
Balance carried forward 10,286 286
Subsidiary Country of Proportion of Nature of
Undertaking incorporation Holding voting shares held Business
China Nickel Corporation British Virgin Islands Ordinary shares 56.1% Consultancy Services
China Nickel & Steel Corporation British Virgin Islands Ordinary shares 100% Dormant
During the year the Company acquired 100% of a newly formed company, China Nickel and Steel Corporation as a cost of £10,000.
14. Investment in Associated Undertakings
2008 2007
Company £ £
Cost
Balance brought forward 10,466,250 10,466,250
Balance carried forward 10,466,250 10,466,250
Amortisation / Impairment
Balance brought forward — —
Impairment charge 583,433 —
Amortisation 11,340 —
Balance carried forward 594,773 —
Net book value 9,871,477 10,466,250
2008 2007
Group £ £
Cost
Balance brought forward 10,353,674 10,077,385
Share of associate undertakings results 2,649,630 276,289
Balance carried forward 13,003,304 10,353,674
Amortisation / Impairment
Balance brought forward — —
Impairment charge 583,433 —
Amortisation 11,340 —
Balance carried forward 594,773 —
Net book value 12,408,531 10,353,674 32 Toledo Mining Corporation Plc
Annual Report 2008
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2008
15.Loans and receivables
2008 2007
Company and Group £ £
Balance brought forward 1,812,274 —
Additions 5,986,823 1,812,274
Translation exchange movement (173,484) —
Balance carried forward 7,625,613 1,812,274
In 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 2008 including accrued interest of US$343,646 
(2007: US$32,737) was US$4,908,463 (£2,461,594) (2007: US$2,785,987 (£1,472,155)). 
In May 2007, the Company entered into an agreement to make a loan facility available to Brooks Nickel Ventures, Inc. (Brooks) of up to 
US$2.5 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. During the year the loan facility was increased to US$8 million. The total amount 
advanced at 31 March 2008 including accrued interest of US$289,929 was US$5,289,901 (£2,654,603) (2007: US$585,191 (£340,119)).
As repayments are linked to successful commercial exploitation of the Berong and Ipilan nickel projects respectively, the directors are of 
the opinion that it would be impractical to predict when these repayments might occur . The receivables are therefore shown at historical cost.
Under the Celestial joint venture agreement, the Company has the option to take a 40% holding in Celestial Nickel Mining and Exploration 
Corporation (CNMEC). In August 2007, the Board agreed to an advance of US$900,000 (£451,349) against the option exercise amount. If the 
Company decides not to exercise the option to purchase, or is prevented by any cause from exercising the option to purchase, then the borrowers 
are required to reimburse the advance. The advance is interest free and guaranteed by CNMEC but is otherwise unsecured. Due to the uncertainty 
as to when, or if, the Company will exercise this option, the receivable has been shown at historical cost.
Company and Group
Under the Berong venture agreement the Company has advanced funds to Berong Nickel Corporation (BNC) to meet ongoing mine 
development costs. The total amount advanced at 31 March 2008 was US$4,162,740 (£2,058,067). The loan amounts advanced are interest 
free, unsecured and have no fixed terms of repayment. (See also note 19 for current loan advances to BNC). As repayments are linked to 
successful commercial exploitation of the Berong nickel project, the directors are of the opinion that it would be impractical to predict when 
this receivable will be repaid and it is therefore shown at historical cost.
16.Trade and other receivables – non-current
2008 2007
Company and Group £ £
Rent deposit 38,450 38,450
17.Trade and other receivables – current
Group Company Group Company
2008 2008 2007 2007
££ ££
Trade receivables 403,373 13,494 316,144 233,596
Prepayments and accrued income 164,278 164,278 174,138 174,138
567,651 177,772 490,282 407,734
18.Taxation
Group Company Group Company
2008 2008 2007 2007
££ ££
VAT recoverable 23,928 23,928 —— 33 Toledo Mining Corporation Plc
Annual Report 2008
19.Loans and receivables – current
Group Company Group Company
2008 2008 2007 2007
££ ££
Balance brought forward 3,129,250 3,129,250 ——
Loan amounts (repaid) / advanced (3,129,250) (3,129,250) 3,129,250 3,129,250
Balance carried forward —— 3,129,250 3,129,250
During the year ended 31 March 2007, 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.
20.Current investments
Group Company Group Company
2008 2008 2007 2007
££ ££
Listed investments - market value 413,616 413,616 915,568 915,568
21.Cash and cash equivalents
Group Company Group Company
2008 2008 2007 2007
££ ££
Cash held in trust bank account 29,547 29,547 29,957 29,957
Cash at bank and in hand 5,428,715 5,219,987 8,001,334 8,000,811
5,458,262 5,249,534 8,031,291 8,030,768
22.Trade and other payables
Group Company Group Company
2008 2008 2007 2007
££ ££
Trade payables 104,390 61,349 103,689 103,036
Accruals 167,330 166,559 360,937 360,937
Project expenditure payables —— 636,473 636,473
Other payables 351,050 351,050 555,693 555,693
622,770 578,958 1,656,792 1,656,139
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:
Group Company Group Company
2008 2008 2007 2007
££ ££
Ulugan nickel project 351,050 351,050 555,693 555,693
23.Taxation
Group Company Group Company
2008 2008 2007 2007
££ ££
Payroll taxes 171,583 171,583 2,929 2,929 34 Toledo Mining Corporation Plc
Annual Report 2008
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2008
24.Called up share capital – Company and Group
Number £ Number £
Authorised 2008 2008 2007 2007
Ordinary shares of 5p each 40,000,000 2,000,000 40,000,000 2,000,000
Allotted and fully paid 29,538,333 1,476,917 28,588,333 1,429,417
During the year the Company issued the following shares:
Nominal
Date Number Price Value Share premium
4 April 2007 100,000 £1.00 £5,000 £95,000
9 May 2007 110,000 £1.50 £5,500 £159,500
9 May 2007 100,000 £1.75 £5,000 £170,000
22 May 2007 15,000 £1.50 £750 £21,750
22 May 2007 100,000 £1.50 £5,000 £145,000
14 June 2007 50,000 £1.50 £2,500 £72,500
21 June 2007 125,000 £1.50 £6,250 £181,250
9 October 2007 350,000 £1.50 £17,500 £507,500
Total 950,000 £47,500 1,352,500
The Company has one class of ordinary shares which carry no right to fixed income.
Share options and warrants in existence at 31 March 2008 are as follows:
Number Description Exercise price Expiry date
150,000 Ordinary shares £1.50 27 June 2009
95,000 Ordinary shares £1.50 31 August 2009
100,000 Ordinary shares £1.50 7 March 2009
200,000 Ordinary shares £1.50 30 November 2011*
* Or 90 days after the option holder ceases to be engaged by the Company if earlier.
25.Share premium account
2008 2007
Company and Group £ £
Balance brought forward 23,062,908 12,523,833
Premium arising on issue of equity shares 1,352,500 11,145,250
Placing commission — (450,908)
Placing commission - share warrants granted — (155,267)
Transfer from share based payment reserve 93,160 —
Balance carried forward 24,508,568 23,062,908 35 Toledo Mining Corporation Plc
Annual Report 2008
26. Share based payments reserve
2008 2007
Company and Group £ £
Balance brought forward 1,107,326 360,571
Options issued to directors, staff and professional advisors and charged to the income statement — 591,488
Options issued to professional advisors and charged to share premium account — 155,267
Transfer to retained loss (605,186) —
Transfer to share premium account (93,160) —
Balance carried forward 408,980 1,107,326
The share based payments reserve relates to share options granted to directors, staff and certain professional advisors.
The share options vested on grant and are capable of being exercised at any time between the date of grant and the expiry date, subject to that, 
unless exercised, these share options expire within 90 days of the grantee ceasing to be an executive / consultant of the Company (see note 24).
Movement on share options was as follows:
2008 2007
No of options No of options
Options at beginning of year 1,495,000 3,075,000
Options granted — 970,000
Options lapsed — (1,510,000)
Options exercised (950,000) (1,040,000)           
Options at end of year 545,000 1,495,000
Options granted included in the above and which are subject to IFRS 2 Share Based Payments — 970,000
Options exercisable at year end 545,000 1,495,000
Weighted average exercise prices were as follows:
2008 2007
Options at beginning of year £1.48 £1.31
Options granted — £1.53
Options lapsed — £1.30
Options exercised £1.47 £1.28
Options at end of year £1.50 £1.48
Options exercisable at year end £1.50 £1.48
Weighted average share price at date of exercise for options exercised during the year £3.41 £1.53
Weighted average remaining contracted life of options outstanding at the year end 3.2 years 2.8 years
Exercise prices of options outstanding at the year end
2008 2007
Exercise price per share No of options No of options
£1.75 — 100,000
£1.50 545,000 1,295,000
£1.00 — 100,000
545,000 1,495,000 26. Share based payments reserve (continued)
2008 2007
Weighted average fair value of options granted in year — £0.77
The option pricing model used in calculating the fair value of options granted was the Black Scholes model.
Inputs in the model for share options granted were as follows:
Weighted average share price — £1.20
Weighted average exercise price — £1.53
Average expected volatility — 97%
Average option life — 4.7 years
Average risk free rate — 5.17%
Expected dividends — Nil
Expected volatility was determined by calculating the actual volatility of the Company’s share price based on a historical 25 week period and
ending on the grant date of the option.
27.Minority interest - Group
The minority interest is in relation to a 43.9% share in China Nickel Corporation.
2008 2007
£ £
Share of current assets 258,397 36,468
Share of current liabilities (19,233) (287)
239,164 36,181
28.Cash flows from operating activities
2008 2007
Group £ £
Net profit / (loss) from operations 514,924 (1,585,893)
Adjustments for:
Write down of intangible expenditure — 50,048
Impairment write down 583,433 —
Share based payments — 746,755
Share of associate undertakings profits (2,649,630) (276,289)
Decrease / (increase) in current investments 221,298 (18,568)
Foreign exchange movements 172,172 —
Amortisation 11,340 —
Depreciation 28,839 37,326
Operating cash flows before movements in working capital (1,117,624) (1,046,621)
Increase in trade and other receivables (115,752) (239,596)
(Decrease) / increase in trade and other payables (865,368) 143,122
Net cash outflow from operating activities (2,098,744) (1,143,095)
Toledo Mining Corporation Plc
Annual Report 2008
36
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2008 37 Toledo Mining Corporation Plc
Annual Report 2008
28.Cash flows from operating activities (continued)
2008 2007
Company £ £
Net loss from operations (2,594,741) (1,944,090)
Adjustments for:
Write down of intangible expenditure — 50,048
Impairment write down 583,433 —
Share based payments — 746,755
Decrease / (increase) in current investments 221,298 (18,568)
Foreign exchange movements 173,482 —
Amortisation 11,340 —
Depreciation 28,839 37,326
(1,576,349) 1,128,529
Decrease / (increase) in trade and other receivables 191,578 (157,271)
(Decrease) / increase in trade and other payables (908,527) 142,469
Net cash outflow from operating activities (2,293,298) (1,143,331)
29.Controlling party
There is no ultimate controlling party of the Company.
30.Related party transactions
C Kyriakou and R Shakesby are directors, and R Cleary was a director, of Tarquin Resources Plc.
The Company provided and recharged to Tarquin Resources Plc office, support staff and expenses of £45,625 (2007: £64,463).
Tarquin Resources Plc provided support and consultancy services to the Company for £7,395 (2007: £14,205).
At the year end Tarquin Resources Plc owed the Company £2,116 (2007: £6,084).
C Kyriakou and R Cleary are directors of Natasa Mining Limited (formerly Investika Limited), an Australian resources company.
Natasa Mining Limited provided and recharged to the Company support staff and expenses of £nil (2007: £61,372).
Capma Pty Ltd, a company in which C Kyriakou has an interest, paid expenses on behalf of the Company of £143,325 (2007: £96,121) which 
was re-charged to the Company.
At the year end the Company owed £16,126 (2007: £13,994) to Capma Pty Ltd.
The Company was charged £72,000 (2007: £60,000) by Resource Capital Partners Inc. for the provision of services of C Kyriakou as Director 
of the Company.
The Company was charged £51,124 (2007: £41,557) by Accomplishments Pty Ltd for the provision of services of R Cleary; £15,000 
(2007: £15,000) for services as Director of the Company and £36,124 (2007: £26,557) for services as a consultant to the Company.
The Company was charged £42,403 (2007: £750) by Metal Analysis Limited for the provision of services of R Eccles, £17,250 (2007: £750) for 
services as Director of the Company and £25,153 (2007: £nil) for services as a consultant to the Company.
The Company was charged £20,545 (2007: £15,000) by R Shakesby, £15,000 (2007: £15,000) for services as Director of the Company and 
£5,545 (2007: £nil) for services as consultant to the Company.
The Company was charged £332,001 (2007: £257,398) for the services of G Bujtor as consultant by Global Resources & Marketing Services 
SA. G Bujtor incurred and recharged expenses to the Company for £66,954 (2007: £166,248).
The Company was charged £62,983 (2007: £2,956) for the services of G Bujtor as consultant by Resource & Project Commercialisation Pty 
Ltd. The subsidiary, China Nickel Corporation, was charged £37,346 (2007: £nil) for the services of G Bujtor as consultant by Resource & 
Project Commercialisation Pty Ltd.
C Kyriakou is, and R Cleary and G Bujtor were, directors of UMC Energy Plc. NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2008
38 Toledo Mining Corporation Plc
Annual Report 2008
30.Related party transactions (continued)
The Company provided and recharged to UMC Energy Plc office, support staff and expenses of £63,475 (2007: £64,462).
UMC Energy Plc provided support staff to the Company for £8,680 (2007: £7,161).
At the year end the Company was owed £6,173 (2007: £6,084) by UMC Energy Plc.
C Kyriakou is, and G Bujtor and R Eccles were, directors of Belitung Zinc Corporation Plc.
The Company provided and recharged to Belitung Zinc Corporation Plc office, support staff and expenses of £38,625 (2007: £64,482).
Belitung Zinc Corporation Plc provided support staff to the Company for £7,395 (2007: £7,161).
At the year end the Company was owed £1,528 (2007: £6,084) by Belitung Zinc Corporation Plc.
During the year, share based payments and related costs for key management totalled £127,296 (2007: £342,050). 
The Company has two subsidiaries, details of which are given in note 13.
Atlas Consolidated Mining and Development Corporation (ACMDC) and European Nickel plc are, and Natasa Mining Limited was, joint 
venture partners with the Company under the Berong Venture Agreement.
Brooks Nickel Ventures, Inc. (Brooks) and Celestial Nickel Mining and Exploration Corporation (CNMEC) are joint venture partners with the 
Company under the Celestial/Ipilan Venture Agreement.  
Atlas Consolidated Mining and Development Corporation (ACMDC) is joint venture partner with the Company under the Ulugan Venture Agreement.
Under the Berong, Celestial and Ulugan Venture Agreements, the Company has through the expenditure of qualifying costs of £10,464,306 
(2007: £10,464,306) acquired equity interests in the following Philippines’ registered companies.
TMM Ulugan Nickeline 
Management Resources Ulugan Nickel Resources Nickel Laterite Berong Nickel Ipilan Nickel 
Inc Holdings Inc Corp. Holdings Inc Resources Inc 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 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). 
During the year, the Company advanced US$1,811,567 (2007: US$2,753,250) to ACMDC under the Loan Note. This amount together with 
accrued interest of US$310,909 (2007: US$32,737) is shown under non-current loan investments at £2,461,594 (2007: £1,472,155)
(see note 15). Accrued interest of US$ nil (2007: US$100,000) arising on the loan note was waived during the year.
In May 2007, the Company entered into an agreement to make a loan facility available to Brooks of up to US$2.5 million. 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 loan facility was subsequently increased to US$8 million. During the year, the Company advanced a 
further US$4,414,781 to Brooks. This amount together with accrued interest of US$289,929 is shown under non-current loan investments 
at £2,654,603 (see note 15). The loan facility bears interest at 10%, is repayable on the third anniversary of each drawdown, is secured over 
Brooks’ share of earnings from the Ipilan nickel project and is repayable out of Brooks’ share of the Ipilan nickel project cash flows.
Under the Celestial joint venture agreement, the Company has the option to take a 40% holding in CNMEC. During the year the Company 
agreed to an advance of $900,000 (£444,418), as shown in note 14, against the option exercise amount. If the Company decides not to 
exercise the option to purchase, or is prevented by any cause from exercising the option to purchase, then the borrowers are required to 
reimburse the US$900,000. The advance is interest free and guaranteed by CNMEC but is otherwise unsecured. 39 Toledo Mining Corporation Plc
Annual Report 2008
30.Related party transactions (continued)
The Company, under the Celestial Venture Agreement, advanced the remainder of its expenditure commitments of US$nil 
(2007: US$1,160,000 (£672,800)).
The Company’s expenditure commitment under the Ulugan Venture Agreement at the year end is US$700,000 (£351,050) (2007: $950,000 
(£555,693).
Under the Berong Venture Agreement, the Company has advanced funds to Berong Nickel Corporation (BNC) to meet ongoing mine 
development costs. The total amount advanced at the 31 March 2007 was US$6,129,258 (£3,129,520). This amount was repaid in May and 
June 2007. During the year, the Company advanced US$4,162,740 to BNC, which amount is shown under non-current loan investments at 
£2,058,067 (see note 15). The loan amounts advanced are interest free, unsecured and have no fixed terms of repayment.
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 described in note 31.
31.Commitments and contingencies
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 positive bankable feasibility study US$500,000
Upon the commencement of construction of plant US$1,200,000
A potential claim for an unspecified sum for breach of contract has been notified to the Company in respect of a dispute with Celestial 
Nickel Mining Exploration Corporation. The directors are firmly of the opinion that the claim is without foundation and no provision has 
been made in these accounts in respect of this.
32.Post balance sheet events
Subsequent to 31 March 2008, the Company generated proceeds of £555,907 from the sale of non-core listed investments. In addition, the 
Company has advanced a further:
• £271,740 (US$536,312) to Berong Nickel Corporation as an interest free, unsecured advance under the Berong Venture Agreement;
• £121,248 (US$238,799) to Atlas Consolidated Mining and Development Corporation under the loan facility with that company to meet that 
company’s share of Berong project expenditure; and
• £655,203 (US$1,333,703) to Brooks Nickel Ventures Inc.under the loan facility with that company to meet that company’s share of Ipilan 
project expenditure.
On 27 June 2008, European Nickel plc acquired a 19.3% interest in the Company. This acquisition included the entire holding of 11.5% of 
Natasa Mining Limited (formerly Investika Limited) and the entire holding of 5.2% of C Kyriakou. 
Following the acquisition by European Nickel plc of its 19.3% holding, there was a restructure of the Board of directors with the effect that 
C Kyriakou, R Cleary and R Shakesby resigned as directors on 27 June 2008. On the same date Simon Purkiss and Felix Pole were 
appointed as directors of the Company. 40 Toledo Mining Corporation Plc
Annual Report 2008
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2008
33. Financial assets and liabilities
The Group’s financial instruments comprise cash and cash equivalents, 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:
Credit risk 
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company and 
Group, and arises principally from the consolidated entity’s loan receivables which are considered by the directors to be recoverable in full.
The carrying amounts of the financial assets recognised in the balance sheet best represents the Company and Group’s maximum 
exposure to credit risk at the reporting date. In respect of certain of the loans receivable the amounts are repayable from the borrower’s 
share of cash flows from the related mining projects (see note 15). No other collateral or security is held by the Company or Group in 
respect of these assets. The credit quality of all financial assets that are neither past due nor impaired is appropriate and is consistently 
monitored in order to identify any potential adverse changes in credit quality. There are no financial assets that have had renegotiated 
terms that would otherwise, without that renegotiation, have been past due or impaired.
Liquidity risk
Liquidity risk is the risk that the Company and Group will not be able to meet its financial obligations as they fall due. 
The Company and Group’s policy throughout the year has been to ensure that it has adequate liquidity to meet its liabilities when due by 
careful management of its working capital.
The following are the contractual maturities of financial liabilities:
Carrying 3 months Greater than
Group amount Cash flows or less one year
31 March 2008 ££££
Trade and other payables 271,720 271,720 271,720 —
Project expenditure commitment 351,050 351,050 — 351,050
Tax liabilities 171,583 171,583 171,583 —
794,353 794,353 443,303 351,050
Carrying 3 months Greater than
Group amount Cash flows or less one year
31 March 2007 ££££
Trade and other payables 464,626 464,626 464,626 —
Project expenditure payables 636,473 636,473 636,473 —
Project expenditure commitment 555,693 555,693 — 555,693
Tax liabilities 2,929 2,929 2,929 —
1,659,721 1,659,721 1,104,028 555,693 41 Toledo Mining Corporation Plc
Annual Report 2008
33. Financial assets and liabilities (continued)
Contractual maturities of financial liabilities:
Carrying 3 months Greater than
Group amount Cash flows or less one year
31 March 2008 ££££
Trade and other payables 227,908 227,908 227,908 —
Project expenditure commitment 351,050 351,050 — 351,050
Tax liabilities 171,583 171,583 171,583 —
750,541 750,541 399,491 351,050
Carrying 3 months Greater than
Group amount Cash flows or less one year
31 March 2007 ££££
Trade and other payables 463,973 463,973 463,973 —
Project expenditure payables 636,473 636,473 636,473 —
Project expenditure commitments 555,693 555,693 — 555,693
Tax liabilities 2,929 2,929 2,929 —
1,659,068 1,659,068 1,103,375 555,693
Market risk
Market risk is the risk that changes in market prices, such as commodity prices, foreign  exchange rates, interest rates and equity prices 
will affect the Company’s and Group’s income or value of it’s holdings in financial instruments.
Commodity price risk
The principal activity of the Company and the Group is the development of nickel mining properties in the Philippines and the principal 
market risk facing the Group is an adverse movement in the commodity price of nickel.
Any long term adverse movement in this price would affect the commercial viability of the mining properties and hence the value of 
investments by the Company and the Group as a whole.
Foreign 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.  33. Financial assets and liabilities (continued)
Extent and nature of financial instruments
The financial assets and liabilities held by the Company and Group at the period end are shown below together with their fair values. 
Fair values have been arrived at after due and careful consideration by the Company’s directors. 
Carrying amount Net fair value Carrying amount Net fair value
31 March 31 March 31 March 31 March 
2008 2008 2007 2007
Group assets ££ ££
Loans and receivables 7,625,613 7,625,613 4,941,794 4,941,794
Trade and other receivables 606,101 606,101 528,732 528,732
Taxation 23,928 23,928 ——
Current investments 413,616 413,616 915,568 915,568
Short term deposits 4,965,103 4,965,103 6,915,103 6,915,103
Cash at bank and in hand 493,159 493,159 1,116,188 1,116,188
14,127,520 14,127,520 14,417,385 14,417,385
Carrying amount Net fair value Carrying amount Net fair value
31 March 31 March 31 March 31 March 
2008 2008 2007 2007
Group liabilities ££ ££
Trade and other payables 271,720 271,720 464,626 464,626
Project expenditure commitment 351,050 351,050 555,693 555,693
Project expenditure payables —— 636,473 636,473
Taxation 171,583 171,583 2,929 2,929
794,353 794,353 1,659,721 1,659,721
Carrying amount Net fair value Carrying amount Net fair value
31 March 31 March 31 March 31 March 
2008 2008 2007 2007
Company assets ££ ££
Loans and receivables 7,625,613 7,625,613 4,941,794 4,941,794
Trade and other receivables 216,222 216,222 446,184 446,184
Taxation 23,928 23,928 ——
Current investments 413,616 413,616 915,568 915,568
Short term deposits 4,965,103 4,965,103 4,965,103 4,965,103
Cash at bank and in hand 284,431 284,431 3,065,665 3,065,665
13,528,913 13,528,913 14,334,314 14,334,314
Carrying amount Net fair value Carrying amount Net fair value
31 March 31 March 31 March 31 March 
2008 2008 2007 2007
Company liabilities ££ ££
Trade and other payables 227,908 227,908 463,973 463,973
Project expenditure commitment 351,050 351,050 555,693 555,693
Project expenditure payables —— 636,473 636,473
Taxation 171,583 171,583 2,929 2,929
750,541 750,541 1,659,068 1,659,068
Capital Management
The Company’s capital consists wholly of ordinary shares. There are no other categories of shares in issue and the Company does not use 
any other financial instruments as capital substitutes or quasi capital. The Company manages its issued capital by considering future 
capital requirements of the Group which are largely dictated by the exploration and development of the mining properties in the Philippines 
and the head office overhead costs of the Company in London. The Company’s board of directors as a whole manages the capital by 
considering the need to raise further capital to meet the above costs on a rolling 12 month basis so as to enable the accounts to be 
prepared on a going concern basis but without unnecessary dilution of existing shareholder interests. The Board always place a priority 
on maximising the return to existing shareholders before raising further capital.
There are no externally imposed capital requirements on the Company.
Details of the ordinary share capital are set out in note 24.
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2008
42 Toledo Mining Corporation Plc
Annual Report 2008 43 Toledo Mining Corporation Plc
Annual Report 2008
34.Associate Undertakings
The Company has equity holdings in the following associate undertakings:
TMM Ulugan Nickeline 
Management Resources Ulugan Nickel Resources Nickel Laterite Berong Nickel Ipilan Nickel 
Inc Holdings Inc Corp. Holdings Inc Resources Inc 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%
The principal place of business and country of incorporation of the associate undertakings is the Philippines.
Summarised results of the associate undertakings as translated in sterling are as follows:
Berong Nickel Ipilan Nickel Remaining 
Corporation Corporation Associates Total
Year ended 31 March 2008 ££££
Revenue 12,156,404 — 55,375 12,211,779
Profit / (loss) for the year 4,721,657 12,469 (13,360) 4,720,766
Total assets 12,932,631 4,172,280 1,694,733 18,799,644
Total liabilities 5,323,397 390,061 1,352,296 7,065,754
Year ended 31 March 2007 ££££
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
35. Operating lease commitments
The Company and Group had outstanding operating lease commitments falling due as follows:
2008 2007
Land and buildings £ £
Within one year 76,895 76,895
Within 2 – 5 years 76,895 153,790
Total 153,790 230,685 44 Toledo Mining Corporation Plc
Annual Report 2008
Directors
Reg Eccles (Non-Executive Chairman)
George Bujtor (Chief Executive Officer)
Felix Pole (Non-Executive Director)
Simon Purkiss (Non-Executive Director)
Secretary
Jonathan Reynolds
Registered Office
Ground Floor, 11 Albemarle Street 
London, W1S 4HH
Nominated Adviser
Ambrian Partners Limited
Old Change House
128 Queen Victoria Street
London, EC4V 4BJ
Broker
Ambrian Partners Limited
Old Change House
128 Queen Victoria Street
London, EC4V 4BJ
Solicitors
Beshoffs Solicitors
12 Walker Avenue 
Stratford Office Village
Wolverton Mill
Milton Keynes, MK12 5TW 
Auditors
Sawin & Edwards
15 Southampton Place
London, WC1A 2AJ
Principal Bankers
Coutts & Co
188 Fleet Street
London, EC4A 2HT
Registrars
Capita IRG PLC
Bourne House
34 Beckenham Road
Beckenham
Kent, BR3 4TU
CORPORATE DIRECTORY Design and production
www.ckdcorp.co.uk
Telephone 020 7566 0190
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