Toledo Mining Corporation plc  Annual Report and Financial Statements for the year ended 31 March 2012
developing sustainable operations 
based on responsible 
mining practices 
Annual Report and Financial Statements 
for the year ended 31 March 2012
Toledo Mining Corporation plc TMM Management Inc.
London Third Floor, Corinthian Plaza
First Floor 121 Paseo de Roxas Street
10 Dover Street Legaspi Village, 1229
London Makati City, Metro Manila
W1S 4LQ The Philippines
Tel: +44 20 7290 3100 Tel: + 63 2 817 2058
Fax: +44 20 7290 3109 Fax: + 63 2 817 2357
info@toledomining.com info@tmmphil.com
www.toledomining.com www.tmmphil.com At a glance 2
Highlights 4
Letter to shareholders 5
Chief Executive Officer’s review 6
Environment, Health and Safety 11
Corporate Social Responsibility 13
Directors and senior management 16
Report of the directors 17
Statement of directors’ 
responsibilities 22
Independent auditors’ report 23
Consolidated income statement 24
Consolidated statement 
of comprehensive income 25
Consolidated balance sheet 26
Company balance sheet 27
Consolidated statement 
of changes in equity 28
Company statement of 
changes in equity 29
Consolidated cash flow statement 30
Company cash flow statement 31
Notes to the financial statements 32
Glossary 56
Corporate directory 57
Toledo Mining Corporation is an investment holding company with
strategic interests in two privately owned joint venture nickel companies in
the Philippines: Berong Nickel Corporation and Ipilan Nickel Corporation. 
The Company’s objective is to support these companies in building 
a sizeable nickel business through the provision of financial and
technical input including the implementation of downstream
value-added processing.
Responsible and sustainable mining is key to the successful development 
of any mining business and Toledo ensures that best industry practice
is upheld for the benefit of all the communities with which it 
is associated.
Toledo Mining Corporation is listed on the AIM market of the London 
Stock Exchange under the symbol TMC.
page 57
Directors Constantine Thanassoulas  (Chairman)
Victor Kolesnikov (Chief Executive Officer)
Simon Purkiss (Non-executive Director)
Jason Cheng (Non-executive Director)
Secretary Adrian Harvey FCCA
Registered office First Floor, 10 Dover Street 
London
W1S 4LQ
Nominated adviser and broker RFC Ambrian
Old Change House
128 Queen Victoria Street
London
EC4V 4BJ
Solicitors Thrings LLP
Kinnaird House 
1 Pall Mall East
London
SW1Y 5AU
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
Website www.toledomining.com
Corporate directory
CONTENTS page 1
unlocking value, benefiting 
local communities  
                
         
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page 2 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
PALAWAN ISLAND
Long Point 
Moorsom 
Berong 
Ipilan
Toledo
ENK 
Atlas
Toledo
Celestial
Brooks
BNC INC
BNC
INC
Ipilan Nickel Corporation (INC) Berong Nickel Corporation (BNC)
Economic interest
Competent person statement 
The resource information in this report is based on information reviewed by Mr Pierre Charlent, Chief Operating Officer of Toledo Mining Corporation, who is a Member of the Australasian Institute of Mining &
Metallurgy. Mr Charlent has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activities undertaken, to qualify as a Competent Person as defined 
in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). Mr Charlent consents to the inclusion in this report of the matters
based on this information, in the form and context in which they appear. page 3
PROJECTS RESOu RCE BASE
AS Of AT 31 mARCh 2012
million tonnes
(all resources reported as dry tonnes)
Ni 
%
using 
cut-off grade
%
Toledo
economic 
interest
%
JORC
Resource
Potential
Resources
Berong
8.84 mt 1.55 1.0
56.1
120
1 
mt 1.34 0.9
Long Point & Moorsom 120
1 
mt 1.27 0.9 56.1
Ipilan 43.37 mt 1.20 0.5 52.0
1 Potential Resources are extracted from estimates  by previous explorers and tenement owners, and are defined as being conceptual in nature with insufficient exploration to define the Mineral Resources
and with uncertainty as to whether further exploration will result in the confirmation of the Mineral Resource.
The Company has strategic interests in four large nickel deposits 
on the island of Palawan. These deposits contain a total potential
resource of approximately 3.8 million tonnes nickel metal.
The Berong nickel mine, in which Toledo has an economic interest of 56.1%, exports saprolite and limonite ores to customers in China
where it is used in the production of ferronickel and nickel pig iron, both utilised in the manufacture of stainless steel. 
As the nickel deposit at Berong is relatively shallow, the mining technique used is essentially free digging i.e. it only requires the use of
basic equipment (excavators, tractors and dump trucks). There is no chemical treatment process and consequently there are no complex
waste management issues. The ore contains 40% water when it is first mined and has to be assayed, sorted, dried and blended before
being sent to the coastal stockpiles prior to shipping. The mine’s proximity to the sea enables relatively straightforward trucking, 
barging and shipping. The Company does not have a port facility large enough, nor is the water deep enough to allow sizeable vessels 
to dock near the mine. Instead the ore is loaded on to barges from a causeway and transported out to the waiting ship for onward
transportation to China.
Rehabilitation of the areas that have been mined is an important part of the whole process and we are proud that Berong has achieved
recognition for the considerable efforts it has made in this area. 
Moorsom and Long Point are two other properties that lie to the north east of Berong. Some drilling has been carried out at Moorsom
but both projects are currently awaiting permitting.
The Company has interests in an additional laterite property – Ipilan – in which the Company holds a 52% economic interest. Ipilan 
is also located on Palawan Island. It covers an area of 2,835 hectares and permitting is at an advanced stage.
         
 
                 
Planning & Investment Mining, Grading, Stockpiling & Trucking Ore Loading & Shipping Rehabilitation
 
Environmental management planning & implementation, effective capacity building for social responsibility programmes and embedded health & safety practices page 4 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
h ighlights
For the year ended 31 March 2012
Direct ore shipments to China
resumed in July 2011
BNC recommenced operations in may 2011
Direct ore shipments to China of 420,527 wmt at an average grade
of 1.69% yielding 4,850 tonnes of contained nickel
Consolidated loss before tax: £0.5 million (2011: £4.4 million)
Loss per share including associates: 0.84p (2011: 10.16p)
Settlement of Atlas loan: total of u S$ 4.5 million repaid to Toledo
Cash balance at 31 march 2012: £2.6 million (2011: £1.9 million) page 5
I should like to begin my message with a tribute to our previous chairman, Reg Eccles who guided 
our Company over the past five years with energy and dedication in pursuit of building Toledo’s mining
investments into significant nickel businesses in the Philippines. Reg steered the Company through
some difficult and testing times and it is now our keen objective to build on the experience of those
challenging years and to advance the Company to a point where it can continue to benefit the
communities of the Philippines in which it operates, while generating rewards for its shareholders. 
The board of directors joins me in thanking Reg for his invaluable contribution and we wish him well 
in his future endeavours.
The vision for Toledo remains the same and will be pursued with new vigour. We shall continue, along
with our partners, to make this vision a reality through the development of our significant resources
and by pursuing the longer term objective of utilising leaching technologies to produce a value-added
final product. Arrangements are in hand to conduct technical and environmental studies into the
feasibility of employing this technology. 
Victor Kolesnikov was appointed CEO in March 2011 and under his stewardship the Berong mine 
has been brought back into production and we have focused on mining higher grade nickel ore as this
commands a significant premium. There have been a total of 16 shipments of ore to China over the
past 14 months generating revenue to Berong Nickel Corporation (BNC) of over US$33 million 
(£21 million) and yielding approximately 9,400 tonnes of contained nickel. 
These encouraging results are in spite of a moratorium that was placed on the granting of all types of
mining licences and permits pending the publication of a new presidential Executive Order governing
the current mining laws in the Philippines. A delay in the granting of an extension to the tree cutting
permit necessitated a remodelling of the mining plan in order that Berong could continue to service 
its Chinese customers and this was achieved quickly and competently by Victor and his team. 
The new Executive Order has now been published and is a positive step for responsible mining and
particularly important for decisions on investments in the Philippines. Details of how the new rules 
and regulations are to be implemented are expected to be released in two months’ time. Toledo, along
with its partners, is monitoring all developments associated with the new Order and is in a position 
to adjust to the new environment and thus minimise any impact on its operations.
On behalf of the Board, I should like to extend my thanks to all our shareholders for their loyal 
and enduring support. In May 2012, Toledo’s previously largest shareholder, ENK plc (ENK) sold its
remaining 5.1% stake in the Company to World Fund. At the same time ENK announced its intention
to sell its 18.7% holding in BNC. This represented a significant opportunity for Toledo to increase 
its direct interest in its principal investment and the Board has exercised the Company’s pre-emption
right over this holding.
I should also like to take this opportunity on behalf of my fellow directors to thank all our staff both 
in the Philippines and in London for all their hard work and commitment over the past year. 
The next twelve months will continue to be challenging, not least because of the difficulties being
endured by many of the world’s major economies. However, China continues to be an engine of growth
with strong demand for stainless steel and by taking advantage of this situation, we are cushioned to
some degree from the worst aspects of the continuing downturn. 
I look to all our stakeholders for their steady support and assistance in continuing to build a mutually 
rewarding business. 
Constantine Thanassoulas
Chairman
24 August 2012
Letter to shareholders
Constantine
Thanassoulas page 6 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
f inancial
For the financial year to 31 March 2012, Toledo reported a pre-tax loss of £0.5 million, a decrease of
£3.9 million compared with a loss of £4.4 million in the previous year. This improvement is principally
attributable to our £1.1 million share of profit in our associated company, Berong Nickel Corporation
(BNC) (2011: £1.2 million share of loss) and a substantially reduced impairment charge of £0.3 million
in respect of the carrying value of our investment in Ipilan Nickel Corporation (INC) (2011: £0.9 million
impairment of INC and £0.7 million impairment of Atlas Consolidated Mining and Development
Corporation (Atlas) loan).
During the year Toledo received full negotiated settlement of the Atlas loan of US$4.5 million. Cash 
at the end of the financial year totalled £2.6 million (2011: £1.9 million).
Berong
The strategy agreed with our partners in BNC to target production of ore containing 1.8% nickel resulted
in the Berong mine successfully recommencing operations in May 2011 at a time of favourable market
conditions for high grade saprolite ore. The mine ramped up to targeted production capacity in June 2011
and by the end of March 2012 626,955 wet metric tonnes (wmt) of run-of-mine ore grading 1.84%
nickel had been mined. 
Direct ore shipping to China recommenced in July 2011 and during the period under review, eight
shipments were successfully completed totalling 420,527 wmt of ore yielding approximately 4,850
tonnes of contained nickel. Total shipped tonnages from July 2011 to date amounted to 839,000 wmt 
(16 vessels) and will yield approximately 9,400 tonnes of contained nickel. With this level of nickel
production capacity, Berong has regained its position as a notable player in the nickel market.
BNC reported audited profit after tax for the year ended 31 March 2012 amounting to PHP 141.8 million
(£2.1 million) and is currently self-financing from operations. Toledo has a 56.1% economic interest 
in BNC.
Chief Executive Officer’s review
Victor Kolesnikov
developing operations
based on responsible
practices  page 7
Operations for 2012 proceeded in accordance with plans, until a moratorium on the granting of new
licences and permits was imposed, pending the publication of a new presidential Executive Order. This
Order is designed to harmonise government policies on mining, the environment and the mandate of
Local Government Units in the Philippines. This resulted in a delay in the granting of our subsequent
tree cutting permit and consequently we were forced to revise our mining plan to include mining
grades lower than 1.8% to maximise our export tonnages during the 2012 shipping window. 
Following publication of the new Executive Order, BNC’s application for a special tree cutting permit
has now been favourably recommended to the Department of Environment and Natural Resources
(DENR), the final approving authority, and we are optimistic that a new permit will be received soon.
This will enable us to resume mining the high grade 1.8% ore and return to our previously stated
objective of an annual production capacity of 750,000 wmt. At this production rate, the Berong mine
has sufficient known reserves of 1.8% grade ore for up to nine years of operation. However, it is our
intention to ensure that long before these reserves are depleted, exploration in this highly prospective
region will have added significant resources. 
The coastal portion of the Long Point prospect located some 30 kilometres north-east of the Berong
mine is the most prospective area for exploration. This area lies within an Environmental Critical Area
Network (ECAN) within which exploration is not currently permitted. A pre-requisite for the exclusion 
of the Long Point tenement from the ECAN is a revision of the land use map and to that end the local
council passed a Municipal Ordnance on 29 June 2010. We remain hopeful, therefore, that with the
support of the local council, we shall be granted permission to explore. It should be noted that the
south-eastern half of the mining tenement being applied for is outside the ECAN zone. During the last
accounting period, data from previous exploration work carried out in the 1970’s became available to
BNC. We are currently re-evaluating this data and expect it to increase our confidence in the earlier
assessment of the potential resources.
Our 2011 marketing strategy to focus on taking advantage of strong spot market prices as a result of
increased demand from China for high grade ore, has proven to be the right course of action. Despite
the recent drop in refined nickel prices, the payable factor of nickel content in the high grade ore has
increased significantly this year. Coupled with continued strong demand from China, this gives us
increased confidence for the future of our direct ore shipping operations at Berong. As soon as we 
have secured our tree cutting permit, we shall continue to move forward in close and constant
co-operation with potential customers for long term contracts.
Plans to extend the causeway in the port area are being finalised and will be submitted shortly for
approval by the local authorities. Whilst the causeway extension will not prolong the shipping window, 
it will greatly improve barge-loading efficiency.
Berong has regained
its position as a
notable player in 
the nickel market
total shipped tonnages
to date amounted 
to 839,346 wmt which
will yield 9,400 tonnes 
of contained nickel
Berong has sufficient known
reserves of 1.8% grade ore for 
up to nine years of operation page 8 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
we continue to 
assess the viability 
of value-added
technologies for 
our lower grade
limonitic ore 
market conditions
It is very important to highlight that we are currently witnessing a significant change in Chinese stainless
steel production practice which has positive implications for the future of Berong’s high grade ore product. 
This new development involves the integration of electric arc furnace ferronickel production directly into
stainless steel operations. Ferronickel in liquid form goes directly into converters for stainless steel slab
production and this provides significant energy savings. In this instance, high grade saprolite ore, which
has an average iron content of between 15-20%, becomes the ultimate source of both the nickel and
the iron required for stainless steel production. In the current difficult market conditions, the integration
of stainless steel production directly from saprolitic ore presents a new opportunity for Berong as the
iron in the ore has an intrinsic value. This gives us greater confidence in sustainable demand for our high
grade saprolitic ore from low cost integrated ferronickel/stainless steel producers. In addition, Berong’s
close proximity to China gives it a geographical advantage compared with Indonesian and New
Caledonian producers. Moreover, Indonesia has restricted direct ore shipping operations with producers
from the Philippines being the principal beneficiaries.
Value-added opportunities
While the market in our high grade ore will be sufficient to provide BNC with a robust return to its
shareholders, we continue to assess the viability of value-added technologies for the lower grade
limonitic ore, which makes up a substantial proportion of BNC’s resources. Past studies conducted by
SNC-Lavalin (a highly regarded global engineering and technical organisation) confirmed that the most
suitable and proven technology for this type of low grade ore is high pressure acid leaching (HPAL). At
the same time, we shall continue to monitor all new developments in China to ensure that the strategy
is constantly refined and reviewed to align with market demands. SNC-Lavalin has been retained to
update its study and GHD, a renowned firm of Australian engineering consultants, has also been
retained to conduct an environmental engineering study.
It is worth mentioning here that the majority of nickel analysts’ reports on HPAL technology only 
seem to focus on two significant HPAL projects: Vale’s Goro project in New Caledonia and Ambatovy 
in Madagascar. Rarely is mention given to the highly successful HPAL project, Coral Bay (a joint venture
between Sumitomo Metal Mining and Nickel Asia) located on Palawan Island in the Philippines. In 2006,
Coral Bay’s first line of 10,000 tonnes of nickel per annum was ramped up to full capacity in just eight
months and in 2009, its second line of 12,000 tonnes of nickel per annum took less than two months
to reach full production.
Coral Bay is one of the most successful HPAL plants in the world and having such highly proven
technology on our doorstep in Palawan, not only provides a precedent, but gives us further assurance
that this technology is both suitable and offers a great opportunity for Berong to realise value from 
its limonitic ore.
Chief Executive Officer’s review (continued) BNC’s commitment to the 
National Greening Programme is 
to rehabilitate 65 ha. of open areas
within three years
Berong continues 
to set the regional
benchmark in 
best practice for 
its environmental
protection and safety 
page 9
Environment, h ealth & Safety and Corporate Social Responsibility
Berong continues to set the regional benchmark in best practice for its environmental protection 
and safety. The high standards of environmental protection and enhancement activities are used 
as a yardstick for other mining companies in the Philippines. 
Funds from the Company’s Social Development and Management Programme (SDMP) and royalty
payments made to the indigenous people, continue to provide essential services to the community 
as well as establishing livelihood projects, which aim to empower the local community in generating 
its own sustainable income. 
Acquisition of interest in BNC from ENK
ENK plc (ENK) announced in May 2012 that it intended to sell its 18.7% interest in BNC for
US$6,552,000. ENK had also sold its remaining 5.1% interest in Toledo, advising the market that 
these assets were no longer core to its strategic interests. Toledo’s board of directors has exercised 
the Company’s pre-emption right under the Berong Shareholders Agreement to acquire ENK’s interest 
in BNC and a deposit of 10% of the sale price has been paid to ENK by Toledo with the balance of
US$5,895,000 being due on completion by the end of December. The Board is presently considering 
all options for the funding of this acquisition. Given the joint venture structure, the decision to increase
our direct holding in BNC is a positive step for Toledo. 
Ipilan
The Company was approached by Jinchuan Group, China's largest nickel producer and an offer was
made to purchase the joint venture partners' interests in INC. The due diligence period expired and the
parties were unable to agree terms. Despite this outcome, the offer process established an open market
valuation for the project and the evaluation work conducted by Jinchuan through its due diligence has
given us renewed confidence in the value of retaining this asset for development.
The Declaration of Mining Feasibility (DMF) and its associated documents for approval to mine 
at Ipilan were lodged in November 2010. During 2011, additional consultations with the residents of
impacted communities were carried out as required by the MGB. Activities during 2012 have focused
on finalising the requirements for the DMF and the final reports should be available by the end of
October. Meanwhile development concepts for the project are continuing.
An updated tree inventory covering the mining area has been completed and the corresponding
application for a special tree cutting permit is now lodged with the DENR. All critical documentation is
being updated to conform to the requirements of the MGB. Full compliance is anticipated by November
2012 when the boundary survey, requiring three months of field work, will have been completed. page 10 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
Subsequent activities will include the detailed project engineering, the preparation of a bankable
feasibility study and the securing of all construction and related business permits.
Board and management changes
We are grateful to Reg Eccles for his contribution and leadership during this period of transition 
for the Company and look forward to continuing our progress under the chairmanship of 
Constantine Thanassoulas.
We have also taken steps during the year to strengthen our management team with the appointment
of Adrian Harvey as Chief Financial Officer and Pierre Charlent as Chief Operating Officer. 
Outlook
We remain upbeat about the prospects for BNC on the back of the significant changes occurring in 
the development of Chinese ferronickel and stainless steel production.
We believe the market for our high grade ore is solid and has the potential to generate substantial
income for BNC which can then be invested in advancing the value-added processing project. Despite
difficult economic conditions and the relative weakness in the nickel price, the long term outlook for
nickel is robust and supports our ambition to pursue this value-added opportunity.
All of these activities and our aspirations for the future would not be possible without the dedicated
and unceasing support of our staff and management, both in the Philippines and in the UK and I offer
my sincerest thanks to you all. In addition, I wish to acknowledge the co-operation and support of 
the local community in the Philippines, the Local Government Units and the Provincial and National
Governments as our operations continue to forge strong relationships. Last but not least, I extend 
my thanks to our shareholders for their continued support.
We look to the year ahead with growing confidence and optimism.
Victor Kolesnikov
Chief Executive Officer
24 August 2012
Chief Executive Officer’s review (continued) page 11
In recognition of its unique and ecologically sensitive surroundings, Berong Nickel Corporation 
(BNC) continues to set the regional benchmark in best practice for its environmental work within
the community. Toledo is committed to supporting BNC in maintaining excellent relationships with
all local government units in an effort to uphold, and indeed surpass, the regulatory environmental
responsibilities placed upon it. During the year, BNC received a letter from the Mines and Geosciences
Bureau (MGB) advising that the Berong mine had been chosen by MGB as an example of high
standards of environmental protection and enhancement activities and will be used as a yardstick
for other mining companies in the Philippines.
Rehabilitation programmes
The National Greening Programme (NP) is one of President Aquino’s priority programmes aimed at
rehabilitating denuded forest lands. It requires all mining companies to rehabilitate an area equivalent to
one and a half times the area occupied by the company. BNC’s commitment towards this programme is 
to rehabilitate a minimum of 65 hectares of open areas (excluding mined-out areas) within three years. 
By June 2012, BNC had already completed a tree planting programme covering 5.7 hectares of forest land.
In addition, the totally mined-out area covering 4.5 hectares was fully rehabilitated by the Company using
indigenous plant species. The re-colonisation of several endemic species has been observed, which is an
indicator of the success of the pilot rehabilitation project. Rubber trees were also introduced to the area to
provide alternative livelihood opportunities to the local communities after the cessation of mining activities. 
The newly constructed BNC Nursery and Research Area covers two hectares and has the capacity to
produce 100,000 seedlings per year. Propagation of indigenous plant species for the NP and other
environmental projects is being prioritised by the Company.
mine Water/Water management Systems
BNC has more than 30 Mine Water Systems (MWS) composed of gabion dams, sump pits and silt fences.
These structures were established in various locations as mitigating measures to capture sediments carried
by run-off water coming from mining activities. In addition, BNC has two major retention/settling ponds to
accumulate the silt carried by run-off water coming from the stockpile areas. The retention ponds were
Environment, h ealth and Safety
setting the benchmark
in best practice for
environmental work 
BNC employees
participated in the
Tree Planting Activity
held in May. Around
500 seedlings of
indigenous forest
trees, such as narra,
ipil and agoho 
were planted page 12 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
designed for zero discharge to any bodies of water. The Company also maintains a settling pond near
the loading area to prevent the direct flow of run-off water into the sea. 
All water management structures are regularly monitored and de-silted to maintain their efficiency. 
The introduction of tilapia to one of the ponds to serve as bio-indicators of water quality, has been very
successful and given rise to the Tilapia Festival which has become an annual highlight with a cooking
contest using tilapia as the main ingredient. The primary objective of this activity is to demonstrate
that the Water Management Systems designed by BNC are not only effective sediment removal
mechanisms, but also a potential sustainable post mining opportunity for the local community.
Other potential uses of the stored water include: irrigation for rehabilitation; provision of water to the
BNC Nursery and Research Area; supply of water in the wash pad area; aquaculture research; provision
of clean water to local rice producers and in emergency fire-fighting response.
Environmental monitoring
The quarterly monitoring of water quality, air and noise is conducted in compliance with the
Environmental Compliance Certificate issued by the Department for Environment and Natural
Resources (DENR) for the Berong nickel mining project. Monitoring of different sampling stations for
surface water, ground water, marine water, air and noise level monitoring is done in co-ordination 
with independent third party consultants who conduct the actual sampling in all monitoring stations.
Water samples are analysed at a DENR-accredited laboratory and, based on the 2011 results, the
Company is compliant with all monitoring standards set by the government.
In addition, a Multipartite Monitoring Team (MMT) comprising both national and local government
bodies, NGOs and local community groups conduct quarterly monitoring inspections to evaluate the
compliances and accomplishments of the Company. MMT records show that BNC has complied with 
all regulatory standards. No major issues have been filed by the MMT against the Company since it
began operations.
h ealth and Safety
BNC believes that the health and safety of its employees and contractors is first priority and that the
workforce is its principal asset. In order to achieve the highest level of safety, the company is rolling 
out an effective implementation of its designed health and safety programme.
‘Educate, Implement and Enforce’ is the basic guiding principle in the implementation process. In order
to prevent injury or loss of life or property, each employee must be personally involved, responsible and
committed to the safety and well being of everyone and everything around them, including our
contractors, subcontractors and members of the local community.
In the year under review, BNC was officially granted a Certificate of Achievement by MGB for three
million man hours without lost-time incident.
Environment, h ealth and Safety (continued)
introduction of 
Tilapia to one of the
ponds to serve as
bio-indicators of
water quality page 13
Corporate Social Responsibility
Toledo is committed to managing the environmental and social impact of the mining operations
in which it is invested in a responsible and sensitive manner. All businesses are part of wider
society and have a duty, responsibility and capability to make a positive contribution towards
the communities in which they operate.
Toledo’s principal investment, Berong Nickel Corporation (BNC) recognises that the efficient operation
of its business depends on the support of the local authorities and the welfare of the community as a
whole and seeks to provide significant and sustainable benefits through its presence. In addition to
upholding strict environmental best practices, BNC strives to improve lives through the provision of
social facilities, education, health initiatives and other beneficial enterprises. There are currently two
main focus areas for these projects – the Social Development and Management Programme (SDMP)
and Community programmes.
SDmP , Community programmes and projects
The ‘local first’ policy is key to the employment strategy of the Company with a significant number 
of employees coming from the Berong district. Since its inception in 2007 and following an extensive
consultation process with the community and local government, the SDMP at Berong has funded a
number of successful initiatives anchored on the principles of sustainability, impact, social acceptability
and equitable sharing of benefits.  
To achieve these goals BNC seeks to address areas of concern that include the provision of the minimum
basic needs of the community (education, health, infrastructures); the enhancement of human resources
(skills enhancement training and seminars); the development and implementation of sustainable
livelihood projects; protection of the environment and promotion of the indigenous communities’
cultural values.
Education
Education is the legacy of BNC to the community with its commitment to promote and contribute 
as much as it can to the education of the children and youth of Berong.
contributing to 
capacity building and
sustainable futures
the ‘local first’ 
policy is key to the
employment strategy 
of the Company 
with a significant
number of employees
coming from the
Berong district page 14 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
Corporate Social Responsibility
BNC’s community
relations programme
ensures everyone
within the local
community has 
a say in identifying 
and participating 
in projects
Scholarship programme This provides support to 15 students each year, seven of whom have now
graduated and are working in various government and private institutions including two positions
within BNC. In addition to providing financial support to cover their accommodation, tuition fees,
transport costs etc., the students are also provided with training in computer literacy, team-building 
and leadership to equip them with the skills they will need post graduation. The Company also helps 
in various sports activities, educational trips and promotion of science and technology.
Para-teachers programme Para-teachers are qualified teachers who are on the waiting list for a vacant
position in the Department of Education. Growth in the BNC labour force led to a rapid increase in the
enrolment of children in school. In response, BNC hired and employed ten para-teachers to provide
additional resources at both elementary and secondary local schools.
Alternative Learning System This BNC programme aims to address the increasing number of ‘out-of-
school youths’ (OSYs) that drop out of school for reasons related to extreme poverty. A total of 198
OSYs enrolled in the programme of which 80% belong to the indigenous community. They study for
ten months before taking a government-supervised exam which, if they pass, enables them to move on
to higher education. It is hoped that this programme will reduce illiteracy and encourage more young
people to seek out a good education.
h ealth
Mobile medical consultation BNC brings health services to the people who are physically incapable
of travelling to the clinic. There are many remote villages in the district and for the inhabitants of these
villages, this service is a lifeline.
Health education The Company partnered with the medical staff to improve health education in the
community. With the use of visual aids and demonstrations, a gradual change is taking place with
families now free from illness owing to improved hygiene and better sanitation.
Supplemental feeding/cooking contest Around 30% of pre-school pupils are malnourished 
caused by extreme poverty and by their parents’ lack of education. BNC implemented a 120-day
supplemental feeding programme which, in addition to improving the children’s weight, also trained
mothers to prepare and cook nutritious food for their children. Cooking contests were also held to
teach the community to be creative in their food preparation by utilising resources found within 
their surroundings.
Infrastructure
Water pumps installation Many of the residents of Berong are located in remote and hilly areas 
and access to potable water is a major problem. To address the scarcity of water supply in the Berong
district, 20 water pumps have been installed in the villages. The water pumps are now providing clean
and potable water to the residents of the community. regular demonstrations to children
range from brushing teeth, combing 
hair, cutting nails to washing hands –
personal hygiene kits are distributed
to pre-school pupils
Community transport
f ree transport service to and from
school benefits 100-150 students
every day. The time saved in walking 
to school is now put to more productive
use. While students are in school,
80-90 community members also 
avail themselves of the service.
Technical skills training 
BNC provided some 80 young people 
with a three-month apprenticeship 
in automotive servicing and welding.
The trainees received remuneration
during this period and were given work
experience by BNC after their training
had finished.
Vegetable garden 
Past and present BNC employees have
been offered parcels of land to plant
vegetables. The project showcases
BNC’s efficient environmental
management as most of the land is
located close to the Company’s settling
ponds and stockyard. Backyard
gardening has also been encouraged
and is now an important source of
food and income generation.
Indigenous culture 
Handicraft is an innate skill of the
indigenous community. BNC offers
training, particularly to women, who
make intricately designed mats and
bags in order to earn daily income.
These items are becoming increasingly
popular so financial management and
marketing are also being taught to
reduce dependency on BNC.
Waste management
programme 
This programme is pursuant to the
Republic Act 9003 which requires all
local government units to implement
proper waste segregation and recycling.
The ‘No Plastic’ policy is also being
enforced and as an alternative, the
use of ‘Bayong’ (an alternative bag)
is being encouraged.
Vinegar making 
‘Tuba’ is an extract from the coconut
bud used to make wine or vinegar.
The OSYs buy vinegar from a local
tuba maker, bottle, label and sell it 
to local stores at a rate of 100-200
bottles per week.
Construction of 
Badlisan church 
A church located near the mine camp
was inaugurated in February with a 
first mass sponsored by BNC. The
company provided all the materials
and labour for its construction and
symbolises the commitment by BNC 
to provide spiritual as well as physical
welfare to the community.
f ormation of a co-operative
The co-operative was initiated through
training provided by the Co-operative
Development Authority. Thirty eight
women signed up for membership. BNC
constructed a building that serves as
their grocery store and restaurant and
provided the Ph P 50,000 start-up
capital. Today it is a flourishing
business serving the community.
School equipment 
BNC has donated IT equipment to
Berong Elementary School to assist
with student learning and also for 
the use by teachers for submission of
reports to the Department of Education.
This is in addition to other regular school
supplies and learning materials.
The Community programmes are wide ranging and are selected and run with the active
involvement of members of the community.
page 15 page 16 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
Board of directors
Constantine Thanassoulas
Chairman
Mr Thanassoulas was the Chief Executive Officer of Larco SA, 
the largest ferronickel company in Europe, from 2004 – 2008. 
Prior to this, he held a number of senior positions in the 
banking industry. Mr Thanassoulas is currently a partner of 
Eilon Associates Ltd, an investment banking consultancy, and 
is a past President of the European Finance Association and
President of the European Financial Management Association.
Victor Kolesnikov
Chief Executive Officer
Mr Kolesnikov is a qualified metallurgical engineer with over 
23 years’ experience in the non-ferrous metals industry, including
eight years with Norilsk Nickel, the world’s largest nickel producer.
Although based in London, he spends extended periods in the
Philippines working with the local management and joint 
venture partners.
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. He has held various operational and business
development roles at Impala Platinum Ltd and BHP Billiton. 
Mr Purkiss was one of the founders of European Nickel plc.
Jason Cheng
Non-executive Director
Mr Cheng is based in Hong Kong and is the Managing Director 
of Kerogen Capital Ltd, a private equity firm which invests in 
the energy sector. Previously, he worked in investment banking in 
the resources sector at Schroders and at JP Morgan in Australia,
and was also based in Beijing, undertaking investment and
advisory activities at Jade International Capital Partners. 
Mr Cheng holds a Bachelor of Commerce from Melbourne
University and a Masters of Commerce from Sydney University. 
Senior management – u nited Kingdom
Adrian h arvey f CCA
Chief f inancial Officer and Company Secretary
Mr Harvey is a Certified Accountant with over 25 years’ experience
in senior financial management roles. Following 10 years in public
practice, he spent 12 years in international power and general
engineering, working on generation and distribution projects in the
UK, USA, Africa and Asia, before moving into the natural resources
and energy sectors. He spent 5 years as Group Financial Controller
and Company Secretary of Max Petroleum plc and most recently
was Company Secretary of RusPetro plc.
Senior management – The Philippines
Pierre Charlent
Chief Operating Officer
Mr Charlent is a geologist and mining engineer with over 
25 years’ experience including 14 years with nickel laterite
exploration, mine development and mining in New Caledonia.
His experience covers project generation, exploration, resource
and reserves calculations, mine design, development and
optimisation, mine planning, mine management for direct
shipping ore and onsite processing. He holds a Masters in
Geology and Geophysics from the University of Montpellier 
and a degree in Mining Engineering from École des Mines d’Alès,
France, and is a member of the Australasian Institute of Mining
and Metallurgy and a member of the Society of Economic
Geologists (USA).
Rufo S. Cabanlig Jr
General manager for Projects
Employed by TMM, Mr Cabanlig has been a mining engineer 
for over 30 years and has extensive experience in the design,
engineering and operations of surface mines. He was previously
Head of Operations for Philippines Pyrite Corporation, a wholly
owned subsidiary of the state-owned Philippines Phosphate
Fertiliser Corporation, and also held senior positions with 
the Philippines National Oil Company and its subsidiaries. 
He undertook postgraduate studies in Mineral Economics from 
the University of the Philippines, where he also obtained his
degree in Mining Engineering.
Ramon Antonio L. f lores
Resource Development & Technical Services manager
Employed by TMM, Mr Flores is a geologist with over 30 years’
international experience covering exploration, consulting,
research, computing and management. He held positions
previously with Gold Fields, Newcrest and Anglo American, 
and has consulted for clients worldwide. He holds a Masters 
in Environment and Natural Resources Management from the
University of the Philippines, and a degree in Geology as well 
as postgraduate diplomas in Remote Sensing and Research 
and Development Management.
marissa S. Nicdao
Officer in Charge, Accounting
Employed by TMM, Ms Nicdao has extensive accounting
experience including 15 years in senior positions. She was 
Chief Accountant for Metals Mineral Resources Corporation 
and for Minoro Mining and Exploration Corporation. Her
responsibilities include the production of regular management
reports, budgeting, reconciliation of account balances, review 
of mine site performance and analysis of costs/variances. She 
has a degree in Business Administration with a major in
Accounting and is a Certified Public Accountant.
TMM Management Inc is the company responsible for managing
the day-to-day operations in the Philippines on behalf of Toledo
and its partners. 
Directors and senior management page 17
Report of the directors
For the year ended 31 March 2012
The directors present their report with the audited Group financial statements for the year ended 31 March 2012.
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. The Group is comprised of Toledo Mining Corporation plc (the Company), its subsidiaries and associated undertakings.
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 and the Ipilan nickel project, in which the Company has a 52% economic interest.
Loss before taxation for the year was £448,562 (2011: £4,377,343) and basic loss per share including share of associated results 
was 0.84 pence (2011: 10.16 pence).
During the year, the Company incurred a foreign exchange translation gain, principally arising on the re-translation of loan
investments and receivables held at the balance sheet date. The loan investments are denominated in US Dollars and the exchange
gain arose on the favourable movement of the US Dollar to the British Pound. The total foreign exchange translation gain for the
year was £67,615 (2011: loss £946,775). 
The Company has continued to advance its pro-rata share of funds as required to meet the ongoing development costs at Berong.
The loan to Berong Nickel Corporation (BNC) has been advanced as an interest-free, unsecured loan and has no fixed terms 
of repayment.
Under the terms of loan agreements entered into with Atlas Consolidated Mining and Development Corporation (Atlas) and 
Brooks Nickel Ventures Inc (Brooks) to fund their respective shares of ongoing development costs at Berong and Ipilan, no advances
were made to Atlas during the year (2011: US$177,369). In July 2011, the Company and Atlas reached an agreement for Atlas to
repay the amount of US$4,498,880 in full and final settlement by 30 September 2011. The Company advanced US$910,400 to
Brooks during the year (2011: US$1,140,000).
Details of these loan agreements and the Atlas settlement are contained in note 13 to the financial statements. 
Mining operations at Berong recommenced in May 2011. Direct ore shipments to China resumed in July 2011. 
The Company continued to act on BNC's behalf, and in accordance with its instructions, in respect of that company's claim against
Queensland Nickel Pty arising from the attempted cancellation of ore shipments and failure to meet the contractual minimum
300,000 wmt annual offtake through to 2012.
Further details of the Company’s activities for the year are set out in the Letter to shareholders and in the Chief Executive 
Officer’s review.
Key performance indicators
2012 2011
Loss before taxation £448,562 £4,377,343
Loss per share – basic
– including share of associates’ results (pence) 0.84p 10.16p
– excluding share of associates’ results (pence) 3.02p 7.32p
Results and dividends
The loss for the year from ordinary activities before tax amounted to £448,562 (2011: £4,377,343). The directors do not
recommend the payment of a dividend.
Share capital
Details of share capital are given in note 20 to the financial statements.
Risk management
See note 29 to the financial statements. page 18 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
f uture developments
The directors anticipate the Company’s major future developments as described in the Chief Executive Officer’s review will 
revolve around further investment in and development of the Berong and Ipilan nickel projects. In particular, the Company is
executing an exploration programme at Berong to prove up resources sufficient to support value-added processing projects. The
mining at Berong will continue along with the direct ore shipping, which recommenced during 2011, with ore being supplied from
the existing JORC-delineated reserves. At the same time, we continue to evaluate and progress strategic value-added processing
opportunities for the entire resource managed by the Company.
Principal risks and uncertainties facing the Group
The principal risks faced by the Group are as follows:
• The Company’s ability to raise sufficient funds through the issue of equity or debt in order to continue to fund its share of 
the Group’s planned exploration costs and other operating expenditure.
• 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.
• Non-repayment of significant loans advanced and recovery of interest accrued.
• 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 on 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
2012 2011
R Eccles (resigned 11 July 2012) 50,000 50,000
F Pole 
(1)
(resigned 30 June 2011) – 20,000
S Purkiss – –
C Thanassoulas – –
J Cheng 
(2)
10,972,250 10,972,250
V Kolesnikov – –
(1)  Held by family interests.
(2) J Cheng is a Managing Director and controlling shareholder of Daintree Resources Ltd.
Report of the directors (continued)
For the year ended 31 March 2012 page 19
Directors’ remuneration
The remuneration of the directors during the year was comprised as follows: 
Share-based Total Consulting
Y ear ended 31 March 2012 Salary Fees payments emoluments services Total
£ £££ ££
R Eccles – 38,400 – 38,400 55,950 94,350
F Pole – 6,600 – 6,600 30,000 36,600
S Purkiss – 24,000 – 24,000 5,000 29,000
C Thanassoulas – 26,400 – 26,400 38,500 64,900
J Cheng – 24,000 – 24,000 – 24,000
V Kolesnikov 220,000 – 15,240 235,240 – 235,240
220,000 119,400 15,240 354,640 129,450 484,090
Share-based Total Consulting
Year ended 31 March 2011 Salary Fees payments emoluments services Total
£££ £££
R Eccles – 38,400 – 38,400 106,050 144,450
F Pole – 26,400 – 26,400 43,000 69,400
S Purkiss – 24,000 – 24,000 – 24,000
C Thanassoulas – 26,400 – 26,400 34,000 60,400
J Cheng – 24,000 – 24,000 – 24,000
V Kolesnikov 18,333 2,000 – 20,333 12,000 32,333
18,333 141,200 – 159,533 195,050 354,583
Directors’ options at 31 March 2012 were:
Exercise Vesting Expiring
Director Grant date Number price date date
R Eccles 14/09/2009 150,000 50p 14/09/2009 14/09/2012
V Kolesnikov 21/10/2011 200,000 45p 21/10/2011 21/10/2014
Directors’ options at 31 March 2011 were:
Exercise Vesting Expiring 
Director Grant date Number price date date
R Eccles 14/09/2009 150,000 50p 14/09/2009 14/09/2012
F Pole
(1)
14/09/2009 150,000 50p 14/09/2009 14/09/2012
Note
(1) At the discretion of the Board, Mr Pole’s share options did not expire 90 days after his resignation on 30 June 2011 but will
continue to vest until their full expiry date. page 20 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
Events since the balance sheet date
Subsequent to 31 March 2012:
On 29 June 2012, the Company announced that it had resolved to exercise its pre-emptive rights in respect of the sale by ENK plc
(ENK) of its 18.7% interest in BNC and paid a deposit of US$655,200 to ENK representing ten percent of the selling price. The
number of shares that the Company is entitled to acquire is contingent upon the extent to which the other shareholder in BNC
exercises its pre-emptive rights.
Mr Reginald Eccles resigned as chairman and director of the Company on 11 July 2012.
The Company has advanced a further US$150,000 (£96,166) to Brooks to meet that company’s share of Ipilan project expenditure. 
Substantial shareholdings
At 3 July 2012, the following shareholders held 3% or more of the issued share capital of the Company:
Number Percentage
of ordinary issued ordinary
shares shares
%
Daintree Resources Limited 10,972,250 22.01
Fevamotinico SARL 10,060,000 20.18
Mr Jason Cropper 9,501,441 19.06
World Fund 2,501,019 5.02
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 new appointments to the Board are subject to resolution of the shareholders at the following Annual General Meeting.
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.
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. It is also 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 financial statements, and the internal control systems of 
the Company.
Nomination Committee
This committee is responsible for overseeing the selection and appointment of directors. The committee makes recommendations
to the Board on the appropriate skill mix, personal qualities, expertise and diversity of each position. On 1 July 2011, the function
of the Nomination Committee was incorporated into the scope of the Remuneration Committee.
Report of the directors (continued)
For the year ended 31 March 2012 page 21
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 Report of the directors on page 19. 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 11 days (2011: 21 days).
Political and charitable donations
No political or charitable donations were made during the year.
Indemnity provision
Directors and Officers’ insurance is in place to indemnify the directors against liabilities arising from the discharge of their duties 
as directors of the Company.
Auditors
Length of service of audit assignment partner
W K Sawin was the audit assignment partner for six years. Under APB Ethical Standard 3, the audit partner should be rotated after
five years but may continue for a sixth year in cases where changes and developments within the company make a change of audit
partner inadvisable at that time. The audit assignment partner for the 2012 audit is K Edwards.
Reappointment of auditors
Sawin & Edwards have indicated their willingness to continue in office. A resolution to reappoint as auditors Sawin & Edwards for
the ensuing year will be proposed at the 2012 Annual General Meeting.
By order of the Board:
Constantine Thanassoulas
Chairman
24 August 2012 page 22 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
The directors are responsible for preparing the Annual Report and the Group and parent Company financial statements in
accordance with applicable law and regulations.
Company law requires the directors to prepare Group and parent Company financial statements for each financial year. Under that
law the directors have elected to prepare the Group and parent Company financial statements in accordance with International
Financial Reporting Standards and applicable law. Under company law the directors must not approve the financial statements
unless they are satisfied that they give a true and fair view of the state of affairs of the Group and parent Company and of the
profit or loss of the Group for that period. In preparing these financial statements, the directors are required to:
a) select suitable accounting policies and then apply them consistently
b) make judgments 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 Group and parent Company financial statements  
d) prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the Group and parent
Company will continue in business. 
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s
transactions and disclose with reasonable accuracy at any time the financial position of the Company and of the Group and enable
them to ensure that the financial statements comply with the Companies Act 2006. 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 418(3) of the
Companies Act 2006) 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.
Statement of directors’ responsibilities
For the year ended 31 March 2012 page 23
To the shareholders of Toledo Mining Corporation plc
We have audited the financial statements of Toledo Mining Corporation plc for the year ended 31 March 2012 which comprise 
the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated and parent
Company’s Balance Sheet, the Consolidated and parent Company Statements of Changes in Equity, the Consolidated and parent
Company Cash Flow Statements and the related notes numbered 1 to 31. The financial reporting framework that has been applied
in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union,
and as regards the parent Company financial statements, as applied in accordance with the provisions of the Companies 
Act 2006.
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act
2006. 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 explained more fully in the Statement of Directors’ Responsibilities set out on page 22 the directors are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit 
and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing 
(UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.
Scope of the audit
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable
assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an
assessment of: whether the accounting policies are appropriate to the Group’s and the parent Company’s circumstances and have
been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors;
and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the
Annual Report and Financial Statements to identify material inconsistencies with the audited financial statements. If we become
aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion
In our opinion:
• the financial statements give a true and fair view of the state of the Group’s and of the parent Company’s affairs as at 
31 March 2012 and of the Group’s loss for the period then ended;
• the Group financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union;
• the parent Company financial statements have been properly prepared in accordance with IFRSs as adopted by the European
Union and as applied in accordance with the provisions of the Companies Act 2006; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion the information given in the Report of the directors for the financial year for which the financial statements are
prepared is consistent with the financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, 
in our opinion:
• adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been
received from branches not visited by us; or
• the parent Company financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all of the information and explanations we require for our audit.
Keeley Edwards FCCA (Senior Statutory Auditor)
For and on behalf of Sawin & Edwards, 15 Southampton Place
Statutory Auditors London  WC1A 2AJ
24 August 2012
Independent auditors’ report
For the year ended 31 March 2012 page 24 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
Consolidated income statement
For the year ended 31 March 2012
Year ended 31 March
2012 2011
Notes £ £
Revenue 3 154,912 457,949
Gross profit 154,912 457,949
Administration expenses (1,560,583) (2,023,351)
Foreign exchange gains/(losses) 67,615 (946,775)
Other operating income 94,145 153,179
Unrealised losses on non-current investments 12, 13 (304,763) (1,619,527)
Share of results of associates 1,088,739 (1,225,830)
Loss from operations 4 (459,935) (5,204,355)
Investment income 7 11,373 827,012
Loss before taxation (448,562) (4,377,343)
Income tax 8 – –
Loss for the year (448,562) (4,377,343)
Attributable to:
Equity hol ders of the parent (416,382) (4,388,197)
Non-controlling interest (32,180) 10,854 
(448,562) (4,377,343)
Loss per share in pence - including share of associates’ results
Basic 9 (0.84) (10.16)
Diluted 9 (0.84) (10.16)
Loss per share in pence – excluding share of associates’ results
Basic 9 (3.02) (7.32)
Diluted 9 (3.02) (7.32)
The Company has taken advantage of section 408 of the Companies Act 2006 not to publish its own income statement account. page 25
Consolidated statement of comprehensive income
For the year ended 31 March 2012
Year ended 31 March
2012 2011
£ £
Loss for the year (448,562) (4,377,343)
Foreign currency translation differences for foreign operations 2,925 (55,551)
Other comprehensive income/(expense) for the year 2,925 (55,551)
Total comprehensive expense for the year (445,637) (4,432,894)
Attributable to:
Equity holders of the parent (414,740) (4,419,361)
Non-controlling interest (30,897) (13,533)
(445,637) (4,432,894) page 26 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
Consolidated balance sheet
As at 31 March 2012
As at 31 March
2012 2011
Notes £ £
Assets
Non-current assets
Property, plant and equipment 10 683 1,184
Investment in associated undertakings 12 9,283,529 8,435,801
Loans and receivables 13 14,049,297 16,127,408
Trade and other receivables 14 41,400 –
Total non-current assets 23,374,909 24,564,393
Current assets
Trade and other receivables 15 816,649 964,934
Taxation 16 86,344 11,741
Cash and cash equivalents 17 2,619,846 1,877,242
Total current assets 3,522,839 2,853,917
Total assets 26,897,748 27,418,310
Equity and liabilities
Current liabilities
Trade and other payables 18 600,003 678,396
Taxation 19 – 11,772
Total current liabilities 600,003 690,168
Total liabilities 600,003 690,168
Equity
Share capital 20 2,492,267 2,492,267
Share premium account 21 28,714,157 28,714,157
Share-based payments reserve 22 86,168 193,801
Translation reserve 80,448 78,806
Retained loss (5,426,958) (5,133,449)
Equity attributable to equity holders of the parent 25,946,082 26,345,582
Non-controlling interest 23 351,663 382,560
Total equity 26,297,745 26,728,142
Total equity and liabilities 26,897,748 27,418,310
The financial statements were approved by the board of directors on 24 August 2012 and signed on their behalf by: 
C Thanassoulas
Director page 27
Company balance sheet
As at 31 March 2012
As at 31 March
2012 2011
Notes £ £
Assets
Non-current assets
Property, plant and equipment 10 683 1,184
Investment in subsidiary undertaking 11 10,286 10,286
Investment in associated undertakings 12 8,881,016 9,122,027
Loans and receivables 13 14,049,297 16,127,408
Trade and other receivables 14 41,400 –
Total non-current assets 22,982,682 25,260,905
Current assets
Trade and other receivables 15 21,808 81,035
Taxation 16 86,344 11,741
Cash and cash equivalents 17 2,587,728 1,859,271
Total current assets 2,695,880 1,952,047
Total assets 25,678,562 27,212,952
Equity and liabilities
Current liabilities
Trade and other payables 18 584,106 657,966
Taxation 19 – 11,772
Total current liabilities 584,106 669,738
Total liabilities 584,106 669,738
Equity 
Share capital 20 2,492,267 2,492,267
Share premium account 21 28,714,157 28,714,157
Share-based payments reserve 22 86,168 193,801
Retained loss (6,198,136) (4,857,011)
Equity attributable to equity holders of the parent 25,094,456 26,543,214
Total equity 25,094,456 26,543,214
Total equity and liabilities 25,678,562 27,212,952
The financial statements were approved by the board of directors on 24 August 2012 and signed on their behalf by: 
C Thanassoulas
Director
Toledo Mining Corporation plc 
Company number 05055833 page 28 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
Consolidated statement of changes in equity 
For the year ended 31 March 2012
Share-based Retained Non- Translation
Share Share payments profit/ controlling exchange
31 March 2012 capital premium reserve (loss) interest reserve Total
£££ ££££
Balance at 
1 April 2011 2,492,267 28,714,157 193,801 (5,133,449) 382,560 78,806 26,728,142
Total comprehensive
expense for the year
Loss ––– (416,382) (32,180) – (448,562)
Total other 
comprehensive 
income ––– – 1,283 1,642 2,925
Total comprehensive income/
(expense) for the year ––– (416,382) (30,897) 1,642 (445,637)
Transfer from reserve –– (122,873) 122,873 –––
Share options 
granted in year –– 15,240 ––– 15,240
Balance at 
31 March 2012 2,492,267 28,714,157 86,168 (5,426,958) 351,663 80,448 26,297,745
Share-based Retained Non- Translation
Share Share payments profit/ controlling exchange
31 March 2011 capital premium reserve (loss) interest reserve Total
£££ ££££
Balance at 
1 April 2010 2,076,917 27,218,897 233,183 (786,052) 396,093 109,970 29,249,008
Total comprehensive
expense for the year
Profit/(loss) ––– (4,388,197) 10,854 – (4,377,343)
Total other 
comprehensive 
expense ––– – (24,387) (31,164) (55,551)
Total comprehensive
expense for the year ––– (4,388,197) (13,533) (31,164) (4,432,894)
Transactions with
owners
Issue of new shares 415,350 1,495,260 ––– – 1,910,610
Transfer from reserve –– (40,800) 40,800 –––
Share options 
granted in year –– 1,418 ––– 1,418
Balance at 
31 March 2011 2,492,267 28,714,157 193,801 (5,133,449) 382,560 78,806 26,728,142 page 29
Company statement of changes in equity 
For the year ended 31 March 2012
 Share-based
Share Share payments Retained
31 March 2012 capital premium reserve loss Total
£££ ££
Balance at 1 April 2011 2,492,267 28,714,157 193,801 (4,857,011) 26,543,214
Total comprehensive expense for the year
Loss ––– (1,463,998) (1,463,998)
Transfer from reserve –– (122,873) 122,873 –
Share options granted in year –– 15,240 – 15,240
Balance at 31 March 2012 2,492,267 28,714,157 86,168 (6,198,136) 25,094,456
Share-based
Share Share payments Retained
31 March 2011 capital premium reserve loss Total
£££ ££
Balance at 1 April 2010 2,076,917 27,218,897 233,183 (1,721,572) 27,807,425
Total comprehensive expense for the year
Loss ––– (3,176,239) (3,176,239)
Transactions with owners
Issue of new shares 415,350 1,495,260 –– 1,910,610
Transfer from reserve –– (40,800) 40,800 –
Share options granted in year –– 1,418 – 1,418
Balance at 31 March 2011 2,492,267 28,714,157 193,801 (4,857,011) 26,543,214 page 30 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
Consolidated cash flow statement
For the year ended 31 March 2012
Year ended 31 March 
2012 2011
Notes £ £
Net cash outflow from operating activities 24 (1,319,963) (1,454,070)
Investing activities
Investment income 11,373 17,813
Investments (63,752) (124,680)
Loan investments repaid/(advanced) 2,114,946 (2,586,390)
Net cash outflow from investing activities 2,062,567 (2,693,257)
Financing activities
Issue of equity share capital – 1,910,610
Net cash inflow from financing activities – 1,910,610
T axation
Refund of corporation tax – 197,356
Net increase/(decrease) in cash and cash equivalents 742,604 (2,039,361)
Cash and cash equivalents at 1 April 1,877,242 3,916,603
Cash and cash equivalents at 31 March 17 2,619,846 1,877,242 page 31
Year ended 31 March 
2012 2011
Notes £ £
Net cash outflow from operating activities 24 (1,334,110) (1,408,019)
Investing activities
Investment income 11,373 17,813
Investments (63,752) (124,680)
Loan investments repaid/(advanced) 2,114,946 (2,586,390)
Net cash outflow from investing activities 2,062,567 (2,693,257)
Financing activities
Issue of equity share capital – 1,910,610
Net cash inflow from financing activities – 1,910,610
T axation
Refund of corporation tax – 197,356
Net increase/(decrease) in cash and cash equivalents 728,457 (1,993,310)
Cash and cash equivalents at 1 April 1,859,271 3,852,581
Cash and cash equivalents at 31 March 17 2,587,728 1,859,271  
Company cash flow statement
For the year ended 31 March 2012 page 32 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
Notes to the financial statements
For the year ended 31 March 2012
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 First Floor, 10 Dover Street, London, W1S 4LQ. The registration number of the Company is 05055833.
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 are 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 26.
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.
New standards applied
During the year the Group has adopted the following relevant standards:
Effective date
IFRS 1 (amended)  First time adoption of International 
Financial Reporting Standards 1 July 2011
IFRS 3 (amended)  Business combinations 1 January 2011
IFRS 7 (amended)  Disclosures 1 January 2011
IAS 1 (amended)  Presentation of financial statements 1 January 2011
IAS 24 (amended) Related party disclosure 1 January 2011
IAS 32 (amended)  Financial instruments presentation 1 January 2011
IAS 34 (amended)  Interim financial reporting 1 January 2011
The adoption of these standards did not have a material impact on the Group and Company’s financial position or performance. 
New standards not applied
The following standards, amendments to standards and interpretations have been identified as those which may impact the Group
in the period of initial application. They are available for early adoption at 31 March 2012 but have not been applied in preparing
the financial report:
Effective date
IFRS 9 Financial Instruments 1 January 2015
IFRS 10 Consolidated financial statements 1 January 2013
IFRS 11 Joint arrangements 1 January 2013
IFRS 12 Disclosure of Interests in Other Entities 1 January 2013
IFRS 13 Fair value measurement 1 January 2013
IAS 12 (amended) Income taxes 1 January 2012
IAS 28 (amended)  Investments in Associates and Joint Ventures 1 January 2013
The directors do not anticipate that adoption of these standards will have a material impact on the Group’s financial position 
or performance.
Going concern
The financial statements have been prepared on a going concern basis, which contemplates continuity of normal business
activities and the realisation of assets and settlement of liabilities in the ordinary course of business.
The directors believe that it is appropriate to prepare the financial report on a going concern basis as they are confident that 
the Company will be able to raise additional funds through further debt or equity raisings when required. The directors are of the
opinion that the proposed debt or equity raising measures and the existing cash resources will provide sufficient funds to enable
the Company to continue its operations for at least the next twelve months. page 33
2. Accounting policies (continued)
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 non-controlling
interest in excess of the non-controlling 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.
Non-controlling interests
Non-controlling interests are that part of the net results of operations and of net assets of a subsidiary attributable to interests
which are not owned directly or indirectly by the Group. They are measured at the minorities’ share of the fair value of the
subsidiary’s identifiable assets and liabilities at the date of acquisition by the Group and the minorities’ share of changes in equity
since the date of acquisition. Profit or loss and each component of other comprehensive income are attributed to the owners of
the parent and to non-controlling interests. Total comprehensive income is attributed to the owners of the parent and to the
non-controlling interests even if this results in the non-controlling interests having a deficit balance as non-controlling interests
are considered to participate proportionally in the risks and rewards of an investment in the subsidiary whether or not they have a
legal obligation to make any further investment.
Investments in associates
An associate is an entity over which the Group is in a position to exercise significant influence, but not control or joint control,
through participation in the financial and operating policy decisions of the investee.
The results and assets and liabilities of associates are incorporated in these financial statements using the equity method of
accounting. Investments in associates are carried in the balance sheet at cost as adjusted by post-acquisition changes in the
Group’s share of the net assets of the associate, less any impairment in the value of individual investments. Losses of the
associates in excess of the Group’s interest in those associates are not recognised.
Where a Group company transacts with an associate of the Group, 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.
The Group and its associated undertakings have complied with the requirements of IFRS 6 Exploration for and evaluation of
mineral resources. 
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.
Losses on current asset investments represent realised and unrealised losses. page 34 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
Notes to the financial statements (continued)
For the year ended 31 March 2012
2. Accounting policies (continued)
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, assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on 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.
The following rates of exchange have been applied:
2012 2011
1 US Dollar to 1 British Pound
Closing rate 0.6254 0.6234
Average rate 0.6265 0.6433
1 Philippine Peso to 1 British Pound
Closing rate 0.0145 0.0144
Average rate 0.0145 0.0144
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. 
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. page 35
2. Accounting policies (continued)
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.
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 schemes of its employees.
Share-based payments
The Group has applied the requirements of IFRS 2 Share-based payments.
The Group issues equity-settled share-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.
Critical accounting judgments and key sources of estimation uncertainty 
In the process of applying the Group’s accounting policies above, management necessarily makes judgments and estimates 
that have a significant effect on the amounts recognised in the financial statements. Changes in the assumptions underlying 
the estimates could result in a significant impact to the financial statements. The most critical of these accounting judgment 
and estimation areas is as follows:
Impairment of assets 
The Group reviews the carrying amounts of assets as at each balance sheet date, or if events or changes in circumstance 
indicate that the carrying amount may not be recoverable, to determine whether there is any indication of impairment. If any
such indication exists, the asset’s recoverable amount or value in use is estimated. Determining the value in use requires the
determination of future cash flows expected to be generated from the continued use and ultimate disposal of the asset. This
requires the Company to make estimates and assumptions that can materially affect the financial statements. Any resulting
impairment loss could have a material adverse impact on the Group’s financial position and results of operations. page 36 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
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:
Y ear ended 31 March 2012 UK Philippines China Total
£££ £
Revenue –– 154,912 154,912
Loss for the year (1,463,998) – (73,303) (1,537,301)
Share of associates’ results – 1,088,739 – 1,088,739
Depreciation 501 –– 501
Total assets 3,140,476 22,930,313 826,959 26,897,748
Total liabilities 146,325 437,780 15,898 600,003
Loan investment reduction – (2,078,111) – (2,078,111)
Year ended 31 March 2011 UK Philippines China Total
£££ £
Revenue 7,299 – 450,650 457,949
Profit/(loss) for the year (3,176,239) – 24,725 (3,151,514)
Share of associates’ results – (1,225,830) – (1,225,830)
Depreciation 612 –– 612
Total assets 1,045,018 25,471,424 901,868 27,418,310
Total liabilities 233,359 436,380 20,429 690,168
Loan investment additions – 1,800,454 – 1,800,454
Details of associated companies’ results are shown in note 30.
Notes to the financial statements (continued)
For the year ended 31 March 2012 page 37
4. Loss from operations
Loss from operations is stated after charging/(crediting):
Year ended 31 March 
2012 2011
£ £
Auditors remuneration:
– auditing of the financial statements of the Company pursuant to legislation 47,860 48,490
– taxation compliance – 1,950
Audit fees – other auditor 40,476 24,316
Operating lease – office rent 55,200 69,186
Foreign exchange gains/(losses) 67,615 (946,775)
Directors’ emoluments and fees (see note 6) 354,640 159,533
Depreciation 501 612
5. Particulars of employees
The average number of staff employed by the Group during the financial year amounted to:
Year ended 31 March 
2012 2011
No No
Administrative staff 1 1
The aggregate costs of the above were:
£ £
Wages and salaries 38,662 29,664
Social security costs 4,445 4,450
Share-based payments – 1,418
43,107 35,532
Share-based payments charge relates to share options granted during the previous year to management and employees 
of TMM Management Inc in the Philippines. page 38 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
Notes to the financial statements (continued)
For the year ended 31 March 2012
6. Directors’ emoluments and fees
The Company also employed six directors during the year (2011: six) with aggregate emoluments in respect of qualifying services
as follows:
Year ended 31 March 
2012 2011
£ £
Directors’ emoluments 226,000 42,333
Directors’ fees 51,000 54,800
Amounts paid to third parties for the provision of directors’ services 62,400 62,400
Share-based payments 15,240 –
354,640 159,533
2012 2011
£ £
Highest paid director
Director’s emoluments 220,000 38,400
Share-based payment 15,240 –
235,240 38,400
Amounts paid in respect of professional consulting services are not included above. These are disclosed in the Report of the
directors on page 19 and the related party transactions note 26 discloses the full amounts paid to directors directly and 
to third parties, for directors’ fees, consulting fees and expenses. 
7. Investment income
Year ended 31 March 
Group 2012 2011
£ £
Interest on bank deposits 11,373 17,813
Interest on loan investments – 809,199
11,373 827,012 page 39
8. Income tax expense
Year ended 31 March 
Group 2012 2011
£ £
Taxation charge – –
Current tax reconciliation
Loss for the year before taxation (448,562) (4,377,343)
Loss for the year multiplied by standard rate of UK corporation tax 26% (2011: 28%) (116,626) (1,225,656)
Effects of:
Expenses not deductible for tax purposes 85,846 454,584
Excess of capital allowance over depreciation (2,779) (3,655)
Overseas loss/(profit) 19,059 (6,923)
Share of associates’ results (283,072) 343,232
Increase in potential tax credits 297,572 438,418
Taxation charge – –
Potential UK tax credits available multiplied by standard rate of 
UK corporation tax 26% (2011: 28%) 1,116,099 818,527
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.
The effective rate of taxation has decreased to 26% from 28% due to legislative changes.
9. Loss per share
Including share of associates’ results
Loss per share has been calculated by dividing the loss for the year after taxation including share of associates’ profits 
of £1,088,739 (2011: losses of £1,225,830) attributable to the equity holders of the parent company of £416,382 (2011:
£4,388,197) by the weighted average number of shares in issue at the year end of 49,845,333 (2011: 43,176,974).
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 665,000 (2011: 665,000).
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 £1,088,739 (2011: losses of £1,225,830) attributable to the equity holders of the parent company of £1,505,121 (2011:
£3,162,367) by the weighted average number of shares in issue at the year end of 49,845,333 (2011: 43,176,974).
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 665,000 (2011: 665,000). page 40 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
Notes to the financial statements (continued)
For the year ended 31 March 2012
10. Property, plant and equipment
Computer Furniture,
and office fixtures
Company and Group 2012 equipment and fittings Total
£££
Cost
Balance at 1 April 2011 41,501 38,105 79,606
Balance at 31 March 2012 41,501 38,105 79,606
Depreciation
Balance at 1 April 2011 40,317 38,105 78,422
Charge for the year 501 – 501
Balance at 31 March 2012 40,818 38,105 78,923
Net book value
At 31 March 2012 683 – 683
At 31 March 2011 1,184 – 1,184
Computer Furniture,
and office fixtures
Company and Group 2011 equipment and fittings Total
£££
Cost
Balance at 1 April 2010 39,986 38,105 78,091
Additions in year 1,515 – 1,515
Balance at 31 March 2011 41,501 38,105 79,606
Depreciation
Balance at 1 April 2010 39,705 38,105 77,810
Charge for the year 612 – 612
Balance at 31 March 2011 40,317 38,105 78,422
Net book value
At 31 March 2011 1,184 – 1,184
At 31 March 2010 281 – 281
11. Investment in subsidiary undertakings
Company 2012 2011
£ £
Cost
Balance brought forward 10,286 10,286
Balance carried forward 10,286 10,286 page 41
11. Investment in subsidiary undertakings (continued)
Country of Proportion of Nature of
Subsidiary undertaking incorporation Holding voting shares held business
Consultancy
China Nickel Corporation British Virgin Islands Ordinary shares 56.1% Services
China Nickel & Steel Corporation British Virgin Islands Ordinary shares 100% Dormant
12. Investment in associated undertakings
Group 2012 2011
£ £
Cost
Balance brought forward 9,904,704 11,005,854
Addition 63,752 124,680
Share of associate undertakings’ results 1,088,739 (1,225,830)
Balance carried forward 11,057,195 9,904,704
Amortisation/impairment
Balance brought forward 1,468,903 596,143
Impairment charge 304,763 872,760
Balance carried forward 1,773,666 1,468,903
Net book value 9,283,529 8,435,801
Company 2012 2011
£ £
Cost
Balance brought forward 10,590,930 10,466,250
Addition 63,752 124,680
Balance carried forward 10,654,682 10,590,930
Amortisation/impairment
Balance brought forward 1,468,903 596,143
Impairment charge 304,763 872,760
Balance carried forward 1,773,666 1,468,903
Net book value 8,881,016 9,122,027
Impairment
During the first half of the year, the Company and its joint venture partners entered into negotiations with Jinchuan Group 
of China to sell their respective interests in Ipilan Nickel Corporation (INC). The value attributed during negotiations to the
Company’s 52% economic interest, its loan asset to Brooks and its advance to Celestial amounted to US$17.4 million before
transaction costs. On translation to Pounds Sterling at 30 September 2011 this amounted to slightly less than the aggregate
carrying book values of those assets in the Group and Company’s balance sheets and an impairment of £304,763 was charged
against income in the interim financial statements. In March 2012, the Company announced that the final terms offered by
Jinchuan were unacceptable to the INC partners and that negotiations had ceased. The directors consider the valuation attributed
at 30 September 2011 remains indicative of the open market value of the Company’s aggregate investments in INC and no
further charge or reversal of the impairment charge is appropriate. page 42 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
13. Loans and receivables
Company and Group 2012 2011
£ £
Balance brought forward 16,127,408 14,451,634
Net additions/(repayments) (2,114,946) 3,395,590
Impairment charge – (746,767)
Translation exchange movement 36,835 (973,049)
Balance carried forward 14,049,297 16,127,408
In April 2006, the Company subscribed for up to US$5 million in a three-year Loan Note in Atlas Consolidated Mining and
Development Corporation (Atlas), secured over Atlas’s share of the Berong nickel project. The Note bore interest at the rate of 
10% cumulative per annum and was repayable three years from each drawdown, repayable out of Atlas’s share of the Berong
nickel project cash flow or convertible into Atlas shares or repayable in US$ cash (at the election of the Company). On 7 July 2010,
the agreement was amended to extend repayments to four years from each drawdown.
The principal amount advanced at 1 April 2011 was US$4,967,676 and interest accrued amounted to US$557,253. On 4 July 2011
the Company accepted an offer to settle the Loan Note in the amount of US$4,498,880 to be paid by Atlas in three equal
instalments at the ends of July, August and September 2011.The Company recorded an impairment charge in the year ended 
31 March 2011 of US$1,026,049. The repayments were duly received and the balance at 31 March 2012 was US$nil. 
In 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. This facility was subsequently increased in 2007 and in
2010 to US$10 million and terms extended from three to four years from each drawdown, to meet continuing pre-operational
exploration and working capital requirements. The loan bears interest at 10% cumulative per annum and is repayable out of
Brooks’ share of the Ipilan nickel project operating cash flow. On 20 March 2012 the Company agreed to a temporary extension 
of the loan facility in respect of continued Ipilan project funding requirements in excess of the US$10 million facility and a
moratorium on interest charges from 1 April 2011 to 30 June 2012, then pending the outcome of negotiations with Jinchuan. 
The principal amount advanced at 31 March 2012 was US$10,225,330 (2011: US$9,314,930). At 31 July 2012, the Company 
had advanced US$10,335,330 and an amount of US$8,781,855 made up of principal drawn of US$6,333,675 and accrued interest
of US$2,448,179 was due to be repaid. Since the termination of negotiations with Jinchuan for the sale of interests in INC, the
Company has been in discussions with Brooks in respect of the appropriate restructuring of the loan agreement. 
Company and Group
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/Ipilan Venture Agreement, the Company has the option to take a 40% holding in Celestial Nickel Mining and
Exploration Corporation (Celestial). In August 2007, the Board agreed to an advance of US$900,000 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 advances are interest-free and guaranteed by Celestial
but are 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.
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 2012 was US$8,345,593 (2011: US$7,953,005). The loan
amounts advanced are interest-free, unsecured and have no fixed terms of repayment. 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.
Notes to the financial statements (continued)
For the year ended 31 March 2012 page 43
14. Trade and other receivables – non-current
Company and Group 2012 2011
£ £
Rent deposit 41,400 –
15. Trade and other receivables – current
Group Company Group Company
2012 2012 2011 2011
££ ££
Trade receivables 800,672 5,831 903,771 19,872
Rent deposit –– 40,063 40,063
Prepayments and accrued income 15,977 15,977 21,100 21,100
816,649 21,808 964,934 81,035
16. Taxation
Group Company Group Company
2012 2012 2011 2011
££ ££
Net payroll taxes recoverable 12,267 12,267 5,060 5,060
VAT recoverable 74,077 74,077 6,681 6,681
86,344 86,344 11,741 11,741
17. Cash and cash equivalents
Group Company Group Company
2012 2012 2011 2011
££ ££
Cash held in trust bank account 5,177 5,177 13,381 13,381
Cash at bank and in hand 2,614,669 2,582,551 1,863,861 1,845,890
2,619,846 2,587,728 1,877,242 1,859,271 page 44 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
18. Trade and other payables
Group Company Group Company
2012 2012 2011 2011
££ ££
Trade payables 16,817 16,817 98,111 81,419
Accruals 120,373 104,476 143,905 140,167
Other payables 462,813 462,813 436,380 436,380
600,003 584,106 678,396 657,966
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
2012 2012 2011 2011
££ ££
Ulugan nickel project 437,780 437,780 436,380 436,380
19. Taxation liabilities
Group Company Group Company
2012 2012 2011 2011
££ ££
Payroll taxes –– 11,772 11,772
–– 11,772 11,772
Notes to the financial statements (continued)
For the year ended 31 March 2012 page 45
20. Called up share capital
Company and Group 2012 2012 2011 2011
Number £ Number £
Ordinary shares of 5p each
Authorised 66,460,453 3,323,023 55,879,500 2,793,975
Allotted and fully paid 49,845,333 2,492,267 49,845,333 2,492,267
The Company has one class of ordinary shares which carry no right to fixed income.
Share options in existence at 31 March 2012 are as follows:
Number Description Exercise price Expiry date
300,000 Ordinary shares £0.50 13 September 2012
90,000 Ordinary shares £0.50 11 February 2013
75,000 Ordinary shares £0.50 9 November 2013
200,000 Ordinary shares £0.45 21 October 2014
The share options vested on the date of grant and are capable of being exercised at any time from the date 
of grant until the earlier of: 
1. the third anniversary of the date of grant; 
2. 12 months after the death of the optionholder; or
3. 90 days after the optionholder ceases to hold office or employment with the Company or any subsidiary 
of the Company (other than at the discretion of the Board or by reason of his death).
21. Share premium account
Company and Group 2012 2011
£ £
Balance brought forward 28,714,157 27,218,897
Premium arising on issue of equity shares – 1,495,260
Balance carried forward 28,714,157 28,714,157 page 46 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
22. Share-based payments reserve
Company and Group 2012 2011
£ £
Balance brought forward 193,801 233,183
Share options granted in year 15,240 1,418
Transfer to retained loss (122,873) (40,800)
Balance carried forward 86,168 193,801
The share-based payments reserve relates to share options granted to directors, staff and certain professional advisors.
The share options vest on the date of grant and are capable of being exercised at any time between the date of grant and the expiry
date. Share options granted since 1 April 2009 shall expire on the earlier of the date of expiry and 90 days after the date the grantee
ceases to be a director or employee of the Company or of its associate (this can be amended at the discretion of the directors).
Movement on share options was as follows:
Company and Group 2012 2011
No. of No. of 
options options
Options at beginning of year 665,000 790,000
Options granted 200,000 75,000
Options lapsed (200,000) (200,000)
Options at end of year 665,000 665,000
Options exercisable at year end 665,000 665,000
Weighted average exercise prices were as follows:
Options at beginning of year £0.73 £0.66
Options granted £0.45 £0.50
Options lapsed £1.25 £0.40
Options at end of year £0.48 £0.73
Options exercisable at year end £0.48 £0.73
2012 2011
Weighted average remaining contracted life of options 
outstanding at the year end (years) 1.3 1.5
Notes to the financial statements (continued)
For the year ended 31 March 2012 page 47
22. Share-based payments reserve (continued)
Exercise prices of options outstanding at the year end 2012 2011
No. of No. of
options options
Exercise price per share
£0.45 200,000 –
£0.50 465,000 515,000
£1.50 – 150,000
665,000 665,000
Weighted average fair value of options granted in the period £0.08 £0.02
The option pricing model used in calculating the fair value of options granted was the Black Scholes model. 
Inputs into the model for share options granted in the year were as follows:
2012 2011
Weighted average share price £0.29 £0.23
Weighted average exercise price £0.45 £0.50
Average expected volatility 67% 44%
Average option life (years) 3.0 3.0
Average risk-free rate 0.87% 0.63%
Expected dividends nil nil
Expected volatility was determined by calculating the actual volatility of the Company’s share price based on historical movement.
23. Non-controlling interest – Group
The non-controlling interest is in relation to a 43.9% share in China Nickel Corporation. 
2012 2011
£ £
Share of current assets 358,642 391,530
Share of current liabilities (6,979) (8,970)
351,663 382,560 page 48 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
24. Cash flows from operating activities
Group 2012 2011
£ £
Net loss from operations (459,935) (5,204,355)
Adjustments for:
Share of associate undertakings’ (profits)/losses (1,088,739) 1,225,830
Unrealised losses on investments 304,763 1,619,527
Foreign exchange movements (32,510) 917,497
Depreciation 501 612
Share-based payments charge 15,240 1,418
Operating cash flows before movements in working capital (1,260,680) (1,439,471)
Capital expenditure – (1,515)
Decrease/(increase) in trade and other receivables 32,282 (20,860)
(Decrease)/increase in trade and other payables (91,565) 7,776
Cash outflow from operations (1,319,963) (1,454,070)
Company 2012 2011
£ £
Net loss from operations (1,475,369) (4,003,251)
Adjustments for:
Unrealised losses on investments 304,763 1,619,527
Foreign exchange movements (35,437) 973,049
Depreciation 501 612
Share-based payments charge 15,240 1,418
Operating cash flows before movements in working capital (1,190,302) (1,408,645)
Capital expenditure – (1,515)
(Increase)/decrease in trade and other receivables (56,776) 4,964
(Decrease)/increase in trade and other payables (87,032) (2,823)
Cash outflow from operations (1,334,110) (1,408,019)
25. Controlling party
During the current year and preceding year there was no ultimate controlling party of the Company.
Notes to the financial statements (continued)
For the year ended 31 March 2012 page 49
26. Related party transactions
The Company was charged £94,350 (2011: £155,437) by Metal Analysis Limited for the provision of services of R Eccles, £38,400
(2011: £38,600) for services as chairman and director of the Company and £55,950 (2011: £106,250) for services as a consultant
to the Company. Metal Analysis Limited also incurred expenses and recharged to the Company £4,491 (2011: £10,787). 
At the year end the Company owed £4,900 (2011: £2,800) to Metal Analysis Limited.
During the year, the Company was charged £29,000 (2011: £ nil) by BB Mining Limited for the provision of services of S Purkiss,
£24,000 (2011:£ nil) for services as director of the Company and £5,000 (2011: £nil) for services as a consultant to the Company.
At the year end the Company owed £4,000 to BB Mining Limited.
During the year, the Company was charged £nil (2011: £24,000) by Consolidated Mines & Metals Limited for the provision of
services of S Purkiss, £nil (2011: £24,000) for services as director of the Company.
At the year end the Company owed £nil (2011:£ 12,000) to Consolidated Mines & Metals Limited.
The Company was charged £36,600 (2011: £77,748) by F Pole, £6,600 (2011: £26,400) for services as director of the Company
and £30,000 (2011: £43,000) for services as a consultant to the Company. F Pole also incurred expenses and recharged to the
Company £638 (2011: £8,348).
At the year end the Company owed £nil (2011: £12,400) to F Pole.
The Company was charged £64,900 (2011: £60,400) by C Thanassoulas, £26,400 (2011: £26,400) for services as director of the
Company and £38,500 (2011: £34,000) for services as a consultant to the Company. 
At the year end the Company owed £1,200 (2011: £2,400) to C Thanassoulas.
ENK plc (ENK) (formerly European Nickel plc) was a substantial shareholder of the Company and an 18.7% joint venture partner in
BNC throughout the period. On 8 May 2012, ENK announced the sale of its interest in the Company and the conditional sale of its
interest in BNC. On 29 June 2012 the Company announced that it has exercised its right of first refusal to acquire ENK’s interest in
BNC. Simon Purkiss is past director of ENK and continues as a consultant to ENK.
Atlas and ENK are joint venture partners with the Company under the Berong Venture Agreement.
Brooks and Celestial are joint venture partners with the Company under the Celestial/Ipilan Venture Agreement. 
Atlas is joint venture partner with the Company under the Ulugan Venture Agreement.
Under the Berong, Celestial/Ipilan and Ulugan Venture Agreements, the Company has, through the expenditure of qualifying costs
of £10,464,306, acquired equity interests in the following Philippines’ registered companies:
TMM Ulugan Ulugan Nickeline Nickel Berong Ipilan
Management Resources Nickel Resources Laterite Nickel 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 subscribed for up to US$5 million in a three-year Loan Note in Atlas, secured over Atlas’s share of the
Berong nickel project. The Note bears interest at the rate of 10% cumulative per annum and was repayable three years from each
drawdown; it is repayable out of Atlas’s share of the Berong nickel project cash flow or is convertible into Atlas shares or repayable
in US$ cash (at the election of the Company). On 7 July 2010, the agreement was amended to extend repayments to four years
from each drawdown. On 4 July 2011, the Company accepted an offer to settle the Loan Note in the amount of US$4,498,880
and was paid by Atlas in three equal instalments at the ends of July, August and September 2011. The principal amount advanced
at 31 March 2012 was US$nil (2011: US$4,967,676). page 50 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
26. Related party transactions (continued)
During the year, the Company made further advances of US$nil (2011: US$177,369) to Atlas under the Loan Note. This amount
forms part of total principal amount advanced as shown under non-current loan investments (see note 13). 
In 2007, the Company entered into an agreement to make a loan facility available to Brooks of up to US$2.5 million, secured over
Brooks’ share of the Ipilan nickel project. This facility was subsequently increased in 2007 and in 2010 to US$10 million and terms
extended from three to four years from each drawdown, to meet continuing pre-operational exploration and working capital
requirements. The loan bears interest at 10% cumulative per annum and is repayable out of Brooks’ share of the Ipilan nickel
project operating cash flow. The principal amount advanced at 31 March 2012 was US$10,225,330 (2011: US$9,314,930). Since
the termination of negotiations with Jinchuan for the sale of interests in INC, the Company has been in discussions with Brooks 
in respect of the appropriate restructuring of the loan agreement.
Under the Celestial Venture Agreement, the Company has the option to take a 40% holding in Celestial. During the year ended 
31 March 2007, the Company agreed to an advance of US$900,000, as shown in note 13, 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 Celestial and its
guarantors but is otherwise unsecured.
Celestial owns 40% of the issued share capital of Nickel Laterite Resources Inc. 
During the previous year, the Company paid Celestial US$200,000 on completion of the definitive mining feasibility study. There 
is an agreement in place such that the Company has a commitment to make certain further payments to Celestial as described 
in note 27.
A potential claim for an unspecified sum for breach of contract has been notified to the Company in respect of a dispute with
Celestial. The directors are firmly of the opinion that the claim is without foundation and no provision has been made in these
accounts in that respect.
The Company’s expenditure commitment under the Ulugan Venture Agreement at the year end and at 31 March 2011 was
US$700,000.
Under the Berong Venture Agreement, the Company has advanced funds to BNC to meet ongoing mine development costs, 
of which US$6,129,258 was repaid in 2007. During the year, the Company advanced US$392,588 (2011: US$2,398,824) to BNC.
This amount forms part of the total amount advanced as shown under non-current loan investments (see note 13). The loan
amounts advanced are interest-free, unsecured and have no fixed terms of repayment.
The Company has two subsidiaries, details of which are given in note 11.
During the year, China Nickel Corporation (CNC) charged BNC US$173,086 (2011: US$339,659) in respect of consulting fees. 
At the year end, BNC owed CNC US$1,138,604 (2011: US$1,134,887).
During the year, CNC charged INC US$74,180 (2011: US$334,225) in respect of consulting fees. At the year end, INC owed CNC
US$104,328 (2011: US$282,954).
Notes to the financial statements (continued)
For the year ended 31 March 2012 page 51
27. Commitments and contingencies
Under a royalty agreement, the Company has made a commitment to make certain payments to Celestial as follows:
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. The directors are firmly of the opinion that the claim is without foundation and no provision has been made in these
financial statements in respect of this.
28. Post balance sheet events
Subsequent to 31 March 2012:
On 29 June 2012, the Company announced that it had resolved to exercise its pre-emptive rights in respect of the sale by ENK 
of its 18.7% interest in BNC and paid a deposit of US$655,200 to ENK representing ten percent of the selling price. The number 
of shares that the Company is entitled to acquire is contingent upon the extent to which the other shareholder in BNC exercises
its pre-emptive rights.
Mr Reginald Eccles resigned as chairman and director of the Company on 11 July 2012.
The Company has advanced a further US$150,000 (£96,166) to Brooks to meet that company’s share of Ipilan project expenditure.  page 52 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
29. 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. 
The carrying amounts of the financial assets recognised in the balance sheet best represent 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 13). 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 at the balance sheet date.
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:
Group
Carrying 3 months Greater than
31 March 2012 amount Cash flows or less 3 months
£££ £
Trade and other payables 41,849 41,849 41,849 –
Project expenditure commitment 437,780 437,780 – 437,780
479,629 479,629 41,849 437,780
Carrying 3 months Greater than
31 March 2011 amount Cash flows or less 3 months
£££ £
Trade and other payables 98,111 98,111 98,111 –
Project expenditure commitment 436,380 436,380 – 436,380
534,491 534,491 98,111 436,380
Notes to the financial statements (continued)
For the year ended 31 March 2012 page 53
29. Financial assets and liabilities (continued)
Company
Carrying 3 months Greater than
31 March 2012 amount Cash flows or less 3 months
£££ £
Trade and other payables 41,850 41,850 41,850 –
Project expenditure commitment 437,780 437,780 – 437,780
479,630 479,630 41,850 437,780
Carrying 3 months Greater than
31 March 2011 amount Cash flows or less 3 months
£££ £
Trade and other payables 81,419 81,419 81,419 –
Project expenditure commitment 436,380 436,380 – 436,380
517,799 517,799 81,419 436,380
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 the value of its 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 Pounds 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. 
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. page 54 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
29. Financial assets and liabilities (continued)
Group 
Carrying Net fair Carrying Net fair
amount value amount value
31 March 2012 2012 2011 2011
££ ££
Assets
Loans and receivables 14,049,297 14,049,297 16,127,408 16,127,408
Trade and other receivables 842,072 842,072 943,834 943,834
Taxation 86,344 86,344 11,741 11,741
Short-term deposits 413,264 413,264 1,816,436 1,816,436
Cash at bank and in hand 2,206,582 2,206,582 60,806 60,806
17,597,559 17,597,559 18,960,225 18,960,225
Liabilities
Trade and other payables 41,850 41,850 98,111 98,111
Project expenditure commitment 437,780 437,780 436,380 436,380
Taxation –– 11,772 11,772
479,630 479,630 546,263 546,263
Company 
Carrying Net fair Carrying Net fair
amount value amount value
31 March 2012 2012 2011 2011
££ ££
Assets
Loans and receivables 14,049,297 14,049,297 16,127,408 16,127,408
Trade and other receivables 47,231 47,231 59,935 59,935
Taxation 86,344 86,344 11,741 11,741
Short-term deposits 413,264 413,264 1,816,436 1,816,436
Cash at bank and in hand 2,174,464 2,174,464 42,835 42,835
16,770,600 16,770,600 18,058,355 18,058,355
Liabilities
Trade and other payables 41,850 41,850 81,419 81,419
Project expenditure commitment 437,780 437,780 436,380 436,380
Taxation –– 11,772 11,772
479,630 479,630 529,571 529,571
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 twelve months basis so as to enable
the financial statements to be prepared on a going concern basis but without unnecessary dilution of existing shareholder interests.
The board always places 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 20.
Notes to the financial statements (continued)
For the year ended 31 March 2012 page 55
30. Associate undertakings
The Company has equity holdings in the following associate undertakings:
TMM Ulugan Ulugan Nickeline Nickel Berong Ipilan
Management Resources Nickel Resources Laterite Nickel 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 into sterling are as follows:
Berong Ipilan
Nickel Nickel Remaining 
Y ear ended 31 March 2012 Corp. Corp. associates Total
£££ £
Revenue 11,053,650 – 416,687 11,470,337
Profit/(loss) for the year 2,055,970 (129,398) 6,846 1,933,418
Total assets 17,840,329 7,291,689 2,160,643 27,292,661
Total liabilities 12,263,983 8,220,221 1,977,416 22,461,620
Berong Ipilan
Nickel Nickel Remaining 
Year ended 31 March 2011 Corp. Corp. associates Total
£££ £
Revenue –– 392,796 392,796
Profit/(loss) for the year (2,028,577) (180,460) 16,164 (2,192,873)
Total assets 12,218,121 6,961,851 2,285,953 21,465,925
Total liabilities 8,695,249 253,780 1,830,367 10,779,396
31. Operating lease commitments
The Company and Group had outstanding operating lease commitments falling due as follows:
Land and buildings
Company and Group 2012 2011
£ £
Within one year 34,500 38,131
Within 2 – 5 years 151,176 –
Total 185,676 38,131
On 24 September 2011, the Company entered into a lease to occupy its offices at First Floor, 10 Dover Street, London, W1S 4LQ
for a period expiring on 23 September 2016. page 56 Toledo Mining Corporation plc Annual Report and Financial Statements 2012
Mining, Metallurgy and Geology
Cut-off grade Reference grade to define ore (above cut-off grade) and waste (below cut-off grade) 
during mining operations
HPAL High Pressure Acid Leach – a hydrometallurgical process for producing Nickel metal 
from Nickel ore
JORC Australasian Joint Ore Reserves Committee – classification of mineral deposits based on 
their geological certainty and economic value
Laterite ore the residual product of chemical weathering of rocks at the surface of the earth, 
in which original minerals dissolve or break down and new minerals are formed in 
concentrations that render them commercially viable to mine and process
Limonite an iron ore consisting of a mixture of hydrated iron oxi-hydroxides in varying 
composition (generally a low grade Nickel ore)
Run-of-mine (ROM) bulk ore produced in the mine pit(s)
Saprolite an altered clay-rich host rock that has been weathered in situ (generally a high grade Nickel ore)
Unit measurements
Dry metric tonnes (dmt) weight of ore in tonnes, measured on a dry basis
Tonne metric system unit of mass equal to 1,000 kilograms
Wet metric tonnes (wmt) weight of ore in tonnes, including a nominal 32% moisture content
% Ni percentage of contained Nickel by weight per dmt of ore
Other
DENR Department of Environment and Natural Resources (Philippines)
Economic interest the aggregate of the direct and indirect shareholding in each operating company
MGB The Mines and Geosciences Bureau (Philippines)
Glossary At a glance 2
Highlights 4
Letter to shareholders 5
Chief Executive Officer’s review 6
Environment, Health and Safety 11
Corporate Social Responsibility 13
Directors and senior management 16
Report of the directors 17
Statement of directors’ 
responsibilities 22
Independent auditors’ report 23
Consolidated income statement 24
Consolidated statement 
of comprehensive income 25
Consolidated balance sheet 26
Company balance sheet 27
Consolidated statement 
of changes in equity 28
Company statement of 
changes in equity 29
Consolidated cash flow statement 30
Company cash flow statement 31
Notes to the financial statements 32
Glossary 56
Corporate directory 57
Toledo Mining Corporation is an investment holding company with
strategic interests in two privately owned joint venture nickel companies in
the Philippines: Berong Nickel Corporation and Ipilan Nickel Corporation. 
The Company’s objective is to support these companies in building 
a sizeable nickel business through the provision of financial and
technical input including the implementation of downstream
value-added processing.
Responsible and sustainable mining is key to the successful development 
of any mining business and Toledo ensures that best industry practice
is upheld for the benefit of all the communities with which it 
is associated.
Toledo Mining Corporation is listed on the AIM market of the London 
Stock Exchange under the symbol TMC.
page 57
Directors Constantine Thanassoulas  (Chairman)
Victor Kolesnikov (Chief Executive Officer)
Simon Purkiss (Non-executive Director)
Jason Cheng (Non-executive Director)
Secretary Adrian Harvey FCCA
Registered office First Floor, 10 Dover Street 
London
W1S 4LQ
Nominated adviser and broker RFC Ambrian
Old Change House
128 Queen Victoria Street
London
EC4V 4BJ
Solicitors Thrings LLP
Kinnaird House 
1 Pall Mall East
London
SW1Y 5AU
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
Website www.toledomining.com
Corporate directory
CONTENTS Toledo Mining Corporation plc  Annual Report and Financial Statements for the year ended 31 March 2012
developing sustainable operations 
based on responsible 
mining practices 
Annual Report and Financial Statements 
for the year ended 31 March 2012
Toledo Mining Corporation plc TMM Management Inc.
London Third Floor, Corinthian Plaza
First Floor 121 Paseo de Roxas Street
10 Dover Street Legaspi Village, 1229
London Makati City, Metro Manila
W1S 4LQ The Philippines
Tel: +44 20 7290 3100 Tel: + 63 2 817 2058
Fax: +44 20 7290 3109 Fax: + 63 2 817 2357
info@toledomining.com info@tmmphil.com
www.toledomining.com www.tmmphil.com