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
infotoledominingcom infotmmphilcom
wwwtoledominingcom wwwtmmphilcom 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
valueadded 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 nonexecutive director
jason cheng nonexecutive 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 wwwtoledominingcom
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 
cutoff grade

toledo
economic 
interest

jorc
resource
potential
resources
berong
884 mt 155 10
561
120
1 
mt 134 09
long point  moorsom 120
1 
mt 127 09 561
ipilan 4337 mt 120 05 520
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 38 million tonnes nickel metal
the berong nickel mine in which toledo has an economic interest of 561 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 ie 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 2835 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 420527 wmt at an average grade
of 169 yielding 4850 tonnes of contained nickel
consolidated loss before tax £05 million 2011 £44 million
loss per share including associates 084p 2011 1016p
settlement of atlas loan total of u s 45 million repaid to toledo
cash balance at 31 march 2012 £26 million 2011 £19 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 valueadded
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 us33 million 
£21 million and yielding approximately 9400 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 51 stake in the company to world fund at the same time enk announced its intention
to sell its 187 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 preemption
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 pretax loss of £05 million a decrease of
£39 million compared with a loss of £44 million in the previous year this improvement is principally
attributable to our £11 million share of profit in our associated company berong nickel corporation
bnc 2011 £12 million share of loss and a substantially reduced impairment charge of £03 million
in respect of the carrying value of our investment in ipilan nickel corporation inc 2011 £09 million
impairment of inc and £07 million impairment of atlas consolidated mining and development
corporation atlas loan
during the year toledo received full negotiated settlement of the atlas loan of us45 million cash 
at the end of the financial year totalled £26 million 2011 £19 million
berong
the strategy agreed with our partners in bnc to target production of ore containing 18 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 626955 wet metric tonnes wmt of runofmine ore grading 184
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 420527 wmt of ore yielding approximately 4850
tonnes of contained nickel total shipped tonnages from july 2011 to date amounted to 839000 wmt 
16 vessels and will yield approximately 9400 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 1418 million
£21 million and is currently selffinancing from operations toledo has a 561 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 18 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 18 ore and return to our previously stated
objective of an annual production capacity of 750000 wmt at this production rate the berong mine
has sufficient known reserves of 18 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 northeast 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 prerequisite 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
southeastern 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 reevaluating 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
cooperation 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 bargeloading efficiency
berong has regained
its position as a
notable player in 
the nickel market
total shipped tonnages
to date amounted 
to 839346 wmt which
will yield 9400 tonnes 
of contained nickel
berong has sufficient known
reserves of 18 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 valueadded
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 1520 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 ferronickelstainless 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
valueadded 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 valueadded technologies for the lower grade
limonitic ore which makes up a substantial proportion of bnc’s resources past studies conducted by
snclavalin 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 snclavalin 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 10000 tonnes of nickel per annum was ramped up to full capacity in just eight
months and in 2009 its second line of 12000 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 187 interest in bnc for
us6552000 enk had also sold its remaining 51 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 preemption 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
us5895000 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 chinas 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 valueadded 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 valueadded 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 cooperation 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 minedout areas within three years 
by june 2012 bnc had already completed a tree planting programme covering 57 hectares of forest land
in addition the totally minedout area covering 45 hectares was fully rehabilitated by the company using
indigenous plant species the recolonisation 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 100000 seedlings per year propagation of indigenous plant species for the np and other
environmental projects is being prioritised by the company
mine waterwater 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 runoff water coming from mining activities in addition bnc has two major retentionsettling ponds to
accumulate the silt carried by runoff 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 runoff water into the sea 
all water management structures are regularly monitored and desilted to maintain their efficiency 
the introduction of tilapia to one of the ponds to serve as bioindicators 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 firefighting 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 coordination 
with independent third party consultants who conduct the actual sampling in all monitoring stations
water samples are analysed at a denraccredited 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 losttime incident
environment h ealth and safety continued
introduction of 
tilapia to one of the
ponds to serve as
bioindicators 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 teambuilding 
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
parateachers programme parateachers 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 parateachers to provide
additional resources at both elementary and secondary local schools
alternative learning system this bnc programme aims to address the increasing number of ‘outof
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 governmentsupervised 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 feedingcooking contest around 30 of preschool pupils are malnourished 
caused by extreme poverty and by their parents’ lack of education bnc implemented a 120day
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 preschool pupils
community transport
f ree transport service to and from
school benefits 100150 students
every day the time saved in walking 
to school is now put to more productive
use while students are in school
8090 community members also 
avail themselves of the service
technical skills training 
bnc provided some 80 young people 
with a threemonth 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 100200
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 cooperative
the cooperative was initiated through
training provided by the cooperative
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 50000 startup
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 nonferrous 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
nonexecutive 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
nonexecutive 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 stateowned 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 costsvariances 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 daytoday 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 561 economic interest and the ipilan nickel project in which the company has a 52 economic interest
loss before taxation for the year was £448562 2011 £4377343 and basic loss per share including share of associated results 
was 084 pence 2011 1016 pence
during the year the company incurred a foreign exchange translation gain principally arising on the retranslation 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 £67615 2011 loss £946775 
the company has continued to advance its prorata 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 interestfree 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 us177369 in july 2011 the company and atlas reached an agreement for atlas to
repay the amount of us4498880 in full and final settlement by 30 september 2011 the company advanced us910400 to
brooks during the year 2011 us1140000
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 bncs behalf and in accordance with its instructions in respect of that companys claim against
queensland nickel pty arising from the attempted cancellation of ore shipments and failure to meet the contractual minimum
300000 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 £448562 £4377343
loss per share – basic
– including share of associates’ results pence 084p 1016p
– excluding share of associates’ results pence 302p 732p
results and dividends
the loss for the year from ordinary activities before tax amounted to £448562 2011 £4377343 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 valueadded 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 jorcdelineated reserves at the same time we continue to evaluate and progress strategic valueadded 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
• nonrepayment 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
nonconvertibility 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 50000 50000
f pole 
1
resigned 30 june 2011 – 20000
s purkiss – –
c thanassoulas – –
j cheng 
2
10972250 10972250
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 
sharebased total consulting
y ear ended 31 march 2012 salary fees payments emoluments services total
£ £££ ££
r eccles – 38400 – 38400 55950 94350
f pole – 6600 – 6600 30000 36600
s purkiss – 24000 – 24000 5000 29000
c thanassoulas – 26400 – 26400 38500 64900
j cheng – 24000 – 24000 – 24000
v kolesnikov 220000 – 15240 235240 – 235240
220000 119400 15240 354640 129450 484090
sharebased total consulting
year ended 31 march 2011 salary fees payments emoluments services total
£££ £££
r eccles – 38400 – 38400 106050 144450
f pole – 26400 – 26400 43000 69400
s purkiss – 24000 – 24000 – 24000
c thanassoulas – 26400 – 26400 34000 60400
j cheng – 24000 – 24000 – 24000
v kolesnikov 18333 2000 – 20333 12000 32333
18333 141200 – 159533 195050 354583
directors’ options at 31 march 2012 were
exercise vesting expiring
director grant date number price date date
r eccles 14092009 150000 50p 14092009 14092012
v kolesnikov 21102011 200000 45p 21102011 21102014
directors’ options at 31 march 2011 were
exercise vesting expiring 
director grant date number price date date
r eccles 14092009 150000 50p 14092009 14092012
f pole
1
14092009 150000 50p 14092009 14092012
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 preemptive rights in respect of the sale by enk plc
enk of its 187 interest in bnc and paid a deposit of us655200 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 preemptive rights
mr reginald eccles resigned as chairman and director of the company on 11 july 2012
the company has advanced a further us150000 £96166 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 10972250 2201
fevamotinico sarl 10060000 2018
mr jason cropper 9501441 1906
world fund 2501019 502
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 reelection 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 nonexecutive 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 nonexecutive 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 4183 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 companys 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 nonfinancial 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 154912 457949
gross profit 154912 457949
administration expenses 1560583 2023351
foreign exchange gainslosses 67615 946775
other operating income 94145 153179
unrealised losses on noncurrent investments 12 13 304763 1619527
share of results of associates 1088739 1225830
loss from operations 4 459935 5204355
investment income 7 11373 827012
loss before taxation 448562 4377343
income tax 8 – –
loss for the year 448562 4377343
attributable to
equity hol ders of the parent 416382 4388197
noncontrolling interest 32180 10854 
448562 4377343
loss per share in pence  including share of associates’ results
basic 9 084 1016
diluted 9 084 1016
loss per share in pence – excluding share of associates’ results
basic 9 302 732
diluted 9 302 732
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 448562 4377343
foreign currency translation differences for foreign operations 2925 55551
other comprehensive incomeexpense for the year 2925 55551
total comprehensive expense for the year 445637 4432894
attributable to
equity holders of the parent 414740 4419361
noncontrolling interest 30897 13533
445637 4432894 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
noncurrent assets
property plant and equipment 10 683 1184
investment in associated undertakings 12 9283529 8435801
loans and receivables 13 14049297 16127408
trade and other receivables 14 41400 –
total noncurrent assets 23374909 24564393
current assets
trade and other receivables 15 816649 964934
taxation 16 86344 11741
cash and cash equivalents 17 2619846 1877242
total current assets 3522839 2853917
total assets 26897748 27418310
equity and liabilities
current liabilities
trade and other payables 18 600003 678396
taxation 19 – 11772
total current liabilities 600003 690168
total liabilities 600003 690168
equity
share capital 20 2492267 2492267
share premium account 21 28714157 28714157
sharebased payments reserve 22 86168 193801
translation reserve 80448 78806
retained loss 5426958 5133449
equity attributable to equity holders of the parent 25946082 26345582
noncontrolling interest 23 351663 382560
total equity 26297745 26728142
total equity and liabilities 26897748 27418310
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
noncurrent assets
property plant and equipment 10 683 1184
investment in subsidiary undertaking 11 10286 10286
investment in associated undertakings 12 8881016 9122027
loans and receivables 13 14049297 16127408
trade and other receivables 14 41400 –
total noncurrent assets 22982682 25260905
current assets
trade and other receivables 15 21808 81035
taxation 16 86344 11741
cash and cash equivalents 17 2587728 1859271
total current assets 2695880 1952047
total assets 25678562 27212952
equity and liabilities
current liabilities
trade and other payables 18 584106 657966
taxation 19 – 11772
total current liabilities 584106 669738
total liabilities 584106 669738
equity 
share capital 20 2492267 2492267
share premium account 21 28714157 28714157
sharebased payments reserve 22 86168 193801
retained loss 6198136 4857011
equity attributable to equity holders of the parent 25094456 26543214
total equity 25094456 26543214
total equity and liabilities 25678562 27212952
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
sharebased retained non translation
share share payments profit controlling exchange
31 march 2012 capital premium reserve loss interest reserve total
£££ ££££
balance at 
1 april 2011 2492267 28714157 193801 5133449 382560 78806 26728142
total comprehensive
expense for the year
loss ––– 416382 32180 – 448562
total other 
comprehensive 
income ––– – 1283 1642 2925
total comprehensive income
expense for the year ––– 416382 30897 1642 445637
transfer from reserve –– 122873 122873 –––
share options 
granted in year –– 15240 ––– 15240
balance at 
31 march 2012 2492267 28714157 86168 5426958 351663 80448 26297745
sharebased retained non translation
share share payments profit controlling exchange
31 march 2011 capital premium reserve loss interest reserve total
£££ ££££
balance at 
1 april 2010 2076917 27218897 233183 786052 396093 109970 29249008
total comprehensive
expense for the year
profitloss ––– 4388197 10854 – 4377343
total other 
comprehensive 
expense ––– – 24387 31164 55551
total comprehensive
expense for the year ––– 4388197 13533 31164 4432894
transactions with
owners
issue of new shares 415350 1495260 ––– – 1910610
transfer from reserve –– 40800 40800 –––
share options 
granted in year –– 1418 ––– 1418
balance at 
31 march 2011 2492267 28714157 193801 5133449 382560 78806 26728142 page 29
company statement of changes in equity 
for the year ended 31 march 2012
 sharebased
share share payments retained
31 march 2012 capital premium reserve loss total
£££ ££
balance at 1 april 2011 2492267 28714157 193801 4857011 26543214
total comprehensive expense for the year
loss ––– 1463998 1463998
transfer from reserve –– 122873 122873 –
share options granted in year –– 15240 – 15240
balance at 31 march 2012 2492267 28714157 86168 6198136 25094456
sharebased
share share payments retained
31 march 2011 capital premium reserve loss total
£££ ££
balance at 1 april 2010 2076917 27218897 233183 1721572 27807425
total comprehensive expense for the year
loss ––– 3176239 3176239
transactions with owners
issue of new shares 415350 1495260 –– 1910610
transfer from reserve –– 40800 40800 –
share options granted in year –– 1418 – 1418
balance at 31 march 2011 2492267 28714157 193801 4857011 26543214 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 1319963 1454070
investing activities
investment income 11373 17813
investments 63752 124680
loan investments repaidadvanced 2114946 2586390
net cash outflow from investing activities 2062567 2693257
financing activities
issue of equity share capital – 1910610
net cash inflow from financing activities – 1910610
t axation
refund of corporation tax – 197356
net increasedecrease in cash and cash equivalents 742604 2039361
cash and cash equivalents at 1 april 1877242 3916603
cash and cash equivalents at 31 march 17 2619846 1877242 page 31
year ended 31 march 
2012 2011
notes £ £
net cash outflow from operating activities 24 1334110 1408019
investing activities
investment income 11373 17813
investments 63752 124680
loan investments repaidadvanced 2114946 2586390
net cash outflow from investing activities 2062567 2693257
financing activities
issue of equity share capital – 1910610
net cash inflow from financing activities – 1910610
t axation
refund of corporation tax – 197356
net increasedecrease in cash and cash equivalents 728457 1993310
cash and cash equivalents at 1 april 1859271 3852581
cash and cash equivalents at 31 march 17 2587728 1859271  
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 ie 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 noncontrolling
interest in excess of the noncontrolling 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 intragroup transactions balances income and expenses are eliminated on consolidation
noncontrolling interests
noncontrolling 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 noncontrolling interests total comprehensive income is attributed to the owners of the parent and to the
noncontrolling interests even if this results in the noncontrolling interests having a deficit balance as noncontrolling 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 postacquisition 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 06254 06234
average rate 06265 06433
1 philippine peso to 1 british pound
closing rate 00145 00144
average rate 00145 00144
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
noncurrent intangible assets
noncurrent intangible assets are shown at cost less any provisions made in respect of impairment 
noncurrent 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 heldfortrading 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 sharebased 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
sharebased payments
the group has applied the requirements of ifrs 2 sharebased payments
the group issues equitysettled sharebased payments to directors staff and certain professional advisors of the group
equitysettled sharebased payments are measured at fair value at the date of grant the fair value determined at the grant date 
of the equitysettled sharebased 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 blackscholes model the expected life used in the model has been adjusted based on
management’s best estimate for the effects of nontransferability 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 –– 154912 154912
loss for the year 1463998 – 73303 1537301
share of associates’ results – 1088739 – 1088739
depreciation 501 –– 501
total assets 3140476 22930313 826959 26897748
total liabilities 146325 437780 15898 600003
loan investment reduction – 2078111 – 2078111
year ended 31 march 2011 uk philippines china total
£££ £
revenue 7299 – 450650 457949
profitloss for the year 3176239 – 24725 3151514
share of associates’ results – 1225830 – 1225830
depreciation 612 –– 612
total assets 1045018 25471424 901868 27418310
total liabilities 233359 436380 20429 690168
loan investment additions – 1800454 – 1800454
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 chargingcrediting
year ended 31 march 
2012 2011
£ £
auditors remuneration
– auditing of the financial statements of the company pursuant to legislation 47860 48490
– taxation compliance – 1950
audit fees – other auditor 40476 24316
operating lease – office rent 55200 69186
foreign exchange gainslosses 67615 946775
directors’ emoluments and fees see note 6 354640 159533
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 38662 29664
social security costs 4445 4450
sharebased payments – 1418
43107 35532
sharebased 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 226000 42333
directors’ fees 51000 54800
amounts paid to third parties for the provision of directors’ services 62400 62400
sharebased payments 15240 –
354640 159533
2012 2011
£ £
highest paid director
director’s emoluments 220000 38400
sharebased payment 15240 –
235240 38400
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 11373 17813
interest on loan investments – 809199
11373 827012 page 39
8 income tax expense
year ended 31 march 
group 2012 2011
£ £
taxation charge – –
current tax reconciliation
loss for the year before taxation 448562 4377343
loss for the year multiplied by standard rate of uk corporation tax 26 2011 28 116626 1225656
effects of
expenses not deductible for tax purposes 85846 454584
excess of capital allowance over depreciation 2779 3655
overseas lossprofit 19059 6923
share of associates’ results 283072 343232
increase in potential tax credits 297572 438418
taxation charge – –
potential uk tax credits available multiplied by standard rate of 
uk corporation tax 26 2011 28 1116099 818527
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 £1088739 2011 losses of £1225830 attributable to the equity holders of the parent company of £416382 2011
£4388197 by the weighted average number of shares in issue at the year end of 49845333 2011 43176974
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 665000 2011 665000
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 £1088739 2011 losses of £1225830 attributable to the equity holders of the parent company of £1505121 2011
£3162367 by the weighted average number of shares in issue at the year end of 49845333 2011 43176974
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 665000 2011 665000 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 41501 38105 79606
balance at 31 march 2012 41501 38105 79606
depreciation
balance at 1 april 2011 40317 38105 78422
charge for the year 501 – 501
balance at 31 march 2012 40818 38105 78923
net book value
at 31 march 2012 683 – 683
at 31 march 2011 1184 – 1184
computer furniture
and office fixtures
company and group 2011 equipment and fittings total
£££
cost
balance at 1 april 2010 39986 38105 78091
additions in year 1515 – 1515
balance at 31 march 2011 41501 38105 79606
depreciation
balance at 1 april 2010 39705 38105 77810
charge for the year 612 – 612
balance at 31 march 2011 40317 38105 78422
net book value
at 31 march 2011 1184 – 1184
at 31 march 2010 281 – 281
11 investment in subsidiary undertakings
company 2012 2011
£ £
cost
balance brought forward 10286 10286
balance carried forward 10286 10286 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 561 services
china nickel  steel corporation british virgin islands ordinary shares 100 dormant
12 investment in associated undertakings
group 2012 2011
£ £
cost
balance brought forward 9904704 11005854
addition 63752 124680
share of associate undertakings’ results 1088739 1225830
balance carried forward 11057195 9904704
amortisationimpairment
balance brought forward 1468903 596143
impairment charge 304763 872760
balance carried forward 1773666 1468903
net book value 9283529 8435801
company 2012 2011
£ £
cost
balance brought forward 10590930 10466250
addition 63752 124680
balance carried forward 10654682 10590930
amortisationimpairment
balance brought forward 1468903 596143
impairment charge 304763 872760
balance carried forward 1773666 1468903
net book value 8881016 9122027
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 us174 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 £304763 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 16127408 14451634
net additionsrepayments 2114946 3395590
impairment charge – 746767
translation exchange movement 36835 973049
balance carried forward 14049297 16127408
in april 2006 the company subscribed for up to us5 million in a threeyear 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 us4967676 and interest accrued amounted to us557253 on 4 july 2011
the company accepted an offer to settle the loan note in the amount of us4498880 to be paid by atlas in three equal
instalments at the ends of july august and september 2011the company recorded an impairment charge in the year ended 
31 march 2011 of us1026049 the repayments were duly received and the balance at 31 march 2012 was usnil 
in 2007 the company entered into an agreement to make a loan facility available to brooks nickel ventures inc brooks of up 
to us25 million secured over brooks’ share of the ipilan nickel project this facility was subsequently increased in 2007 and in
2010 to us10 million and terms extended from three to four years from each drawdown to meet continuing preoperational
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 us10 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 us10225330 2011 us9314930 at 31 july 2012 the company 
had advanced us10335330 and an amount of us8781855 made up of principal drawn of us6333675 and accrued interest
of us2448179 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 celestialipilan 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 us900000 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 interestfree 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 us8345593 2011 us7953005 the loan
amounts advanced are interestfree 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 – noncurrent
company and group 2012 2011
£ £
rent deposit 41400 –
15 trade and other receivables – current
group company group company
2012 2012 2011 2011
££ ££
trade receivables 800672 5831 903771 19872
rent deposit –– 40063 40063
prepayments and accrued income 15977 15977 21100 21100
816649 21808 964934 81035
16 taxation
group company group company
2012 2012 2011 2011
££ ££
net payroll taxes recoverable 12267 12267 5060 5060
vat recoverable 74077 74077 6681 6681
86344 86344 11741 11741
17 cash and cash equivalents
group company group company
2012 2012 2011 2011
££ ££
cash held in trust bank account 5177 5177 13381 13381
cash at bank and in hand 2614669 2582551 1863861 1845890
2619846 2587728 1877242 1859271 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 16817 16817 98111 81419
accruals 120373 104476 143905 140167
other payables 462813 462813 436380 436380
600003 584106 678396 657966
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 437780 437780 436380 436380
19 taxation liabilities
group company group company
2012 2012 2011 2011
££ ££
payroll taxes –– 11772 11772
–– 11772 11772
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 66460453 3323023 55879500 2793975
allotted and fully paid 49845333 2492267 49845333 2492267
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
300000 ordinary shares £050 13 september 2012
90000 ordinary shares £050 11 february 2013
75000 ordinary shares £050 9 november 2013
200000 ordinary shares £045 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 28714157 27218897
premium arising on issue of equity shares – 1495260
balance carried forward 28714157 28714157 page 46 toledo mining corporation plc annual report and financial statements 2012
22 sharebased payments reserve
company and group 2012 2011
£ £
balance brought forward 193801 233183
share options granted in year 15240 1418
transfer to retained loss 122873 40800
balance carried forward 86168 193801
the sharebased 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 665000 790000
options granted 200000 75000
options lapsed 200000 200000
options at end of year 665000 665000
options exercisable at year end 665000 665000
weighted average exercise prices were as follows
options at beginning of year £073 £066
options granted £045 £050
options lapsed £125 £040
options at end of year £048 £073
options exercisable at year end £048 £073
2012 2011
weighted average remaining contracted life of options 
outstanding at the year end years 13 15
notes to the financial statements continued
for the year ended 31 march 2012 page 47
22 sharebased payments reserve continued
exercise prices of options outstanding at the year end 2012 2011
no of no of
options options
exercise price per share
£045 200000 –
£050 465000 515000
£150 – 150000
665000 665000
weighted average fair value of options granted in the period £008 £002
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 £029 £023
weighted average exercise price £045 £050
average expected volatility 67 44
average option life years 30 30
average riskfree rate 087 063
expected dividends nil nil
expected volatility was determined by calculating the actual volatility of the company’s share price based on historical movement
23 noncontrolling interest – group
the noncontrolling interest is in relation to a 439 share in china nickel corporation 
2012 2011
£ £
share of current assets 358642 391530
share of current liabilities 6979 8970
351663 382560 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 459935 5204355
adjustments for
share of associate undertakings’ profitslosses 1088739 1225830
unrealised losses on investments 304763 1619527
foreign exchange movements 32510 917497
depreciation 501 612
sharebased payments charge 15240 1418
operating cash flows before movements in working capital 1260680 1439471
capital expenditure – 1515
decreaseincrease in trade and other receivables 32282 20860
decreaseincrease in trade and other payables 91565 7776
cash outflow from operations 1319963 1454070
company 2012 2011
£ £
net loss from operations 1475369 4003251
adjustments for
unrealised losses on investments 304763 1619527
foreign exchange movements 35437 973049
depreciation 501 612
sharebased payments charge 15240 1418
operating cash flows before movements in working capital 1190302 1408645
capital expenditure – 1515
increasedecrease in trade and other receivables 56776 4964
decreaseincrease in trade and other payables 87032 2823
cash outflow from operations 1334110 1408019
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 £94350 2011 £155437 by metal analysis limited for the provision of services of r eccles £38400
2011 £38600 for services as chairman and director of the company and £55950 2011 £106250 for services as a consultant
to the company metal analysis limited also incurred expenses and recharged to the company £4491 2011 £10787 
at the year end the company owed £4900 2011 £2800 to metal analysis limited
during the year the company was charged £29000 2011 £ nil by bb mining limited for the provision of services of s purkiss
£24000 2011£ nil for services as director of the company and £5000 2011 £nil for services as a consultant to the company
at the year end the company owed £4000 to bb mining limited
during the year the company was charged £nil 2011 £24000 by consolidated mines  metals limited for the provision of
services of s purkiss £nil 2011 £24000 for services as director of the company
at the year end the company owed £nil 2011£ 12000 to consolidated mines  metals limited
the company was charged £36600 2011 £77748 by f pole £6600 2011 £26400 for services as director of the company
and £30000 2011 £43000 for services as a consultant to the company f pole also incurred expenses and recharged to the
company £638 2011 £8348
at the year end the company owed £nil 2011 £12400 to f pole
the company was charged £64900 2011 £60400 by c thanassoulas £26400 2011 £26400 for services as director of the
company and £38500 2011 £34000 for services as a consultant to the company 
at the year end the company owed £1200 2011 £2400 to c thanassoulas
enk plc enk formerly european nickel plc was a substantial shareholder of the company and an 187 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 celestialipilan venture agreement 
atlas is joint venture partner with the company under the ulugan venture agreement
under the berong celestialipilan and ulugan venture agreements the company has through the expenditure of qualifying costs
of £10464306 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 20 213 40
indirect –– 18 18 – 348 12
total 40 30 58 58 20 561 52
in april 2006 the company subscribed for up to us5 million in a threeyear 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 us4498880
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 usnil 2011 us4967676 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 usnil 2011 us177369 to atlas under the loan note this amount
forms part of total principal amount advanced as shown under noncurrent loan investments see note 13 
in 2007 the company entered into an agreement to make a loan facility available to brooks of up to us25 million secured over
brooks’ share of the ipilan nickel project this facility was subsequently increased in 2007 and in 2010 to us10 million and terms
extended from three to four years from each drawdown to meet continuing preoperational 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 us10225330 2011 us9314930 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 us900000 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 us900000 the advance is interestfree 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 us200000 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
us700000
under the berong venture agreement the company has advanced funds to bnc to meet ongoing mine development costs 
of which us6129258 was repaid in 2007 during the year the company advanced us392588 2011 us2398824 to bnc
this amount forms part of the total amount advanced as shown under noncurrent loan investments see note 13 the loan
amounts advanced are interestfree 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 us173086 2011 us339659 in respect of consulting fees 
at the year end bnc owed cnc us1138604 2011 us1134887
during the year cnc charged inc us74180 2011 us334225 in respect of consulting fees at the year end inc owed cnc
us104328 2011 us282954
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 us500000
upon the commencement of construction of plant us1200000
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 preemptive rights in respect of the sale by enk 
of its 187 interest in bnc and paid a deposit of us655200 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 preemptive rights
mr reginald eccles resigned as chairman and director of the company on 11 july 2012
the company has advanced a further us150000 £96166 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 41849 41849 41849 –
project expenditure commitment 437780 437780 – 437780
479629 479629 41849 437780
carrying 3 months greater than
31 march 2011 amount cash flows or less 3 months
£££ £
trade and other payables 98111 98111 98111 –
project expenditure commitment 436380 436380 – 436380
534491 534491 98111 436380
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 41850 41850 41850 –
project expenditure commitment 437780 437780 – 437780
479630 479630 41850 437780
carrying 3 months greater than
31 march 2011 amount cash flows or less 3 months
£££ £
trade and other payables 81419 81419 81419 –
project expenditure commitment 436380 436380 – 436380
517799 517799 81419 436380
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 longterm 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 shortterm 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 14049297 14049297 16127408 16127408
trade and other receivables 842072 842072 943834 943834
taxation 86344 86344 11741 11741
shortterm deposits 413264 413264 1816436 1816436
cash at bank and in hand 2206582 2206582 60806 60806
17597559 17597559 18960225 18960225
liabilities
trade and other payables 41850 41850 98111 98111
project expenditure commitment 437780 437780 436380 436380
taxation –– 11772 11772
479630 479630 546263 546263
company 
carrying net fair carrying net fair
amount value amount value
31 march 2012 2012 2011 2011
££ ££
assets
loans and receivables 14049297 14049297 16127408 16127408
trade and other receivables 47231 47231 59935 59935
taxation 86344 86344 11741 11741
shortterm deposits 413264 413264 1816436 1816436
cash at bank and in hand 2174464 2174464 42835 42835
16770600 16770600 18058355 18058355
liabilities
trade and other payables 41850 41850 81419 81419
project expenditure commitment 437780 437780 436380 436380
taxation –– 11772 11772
479630 479630 529571 529571
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 20 213 40
indirect –– 18 18 – 348 12
total 40 30 58 58 20 561 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 11053650 – 416687 11470337
profitloss for the year 2055970 129398 6846 1933418
total assets 17840329 7291689 2160643 27292661
total liabilities 12263983 8220221 1977416 22461620
berong ipilan
nickel nickel remaining 
year ended 31 march 2011 corp corp associates total
£££ £
revenue –– 392796 392796
profitloss for the year 2028577 180460 16164 2192873
total assets 12218121 6961851 2285953 21465925
total liabilities 8695249 253780 1830367 10779396
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 34500 38131
within 2 – 5 years 151176 –
total 185676 38131
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
cutoff grade reference grade to define ore above cutoff grade and waste below cutoff 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 oxihydroxides in varying 
composition generally a low grade nickel ore
runofmine rom bulk ore produced in the mine pits
saprolite an altered clayrich 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 1000 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
valueadded 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 nonexecutive director
jason cheng nonexecutive 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 wwwtoledominingcom
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
infotoledominingcom infotmmphilcom
wwwtoledominingcom wwwtmmphilcom


Summary:
 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 pretax loss of £05 million a decrease of
£39 million compared with a loss of £44 million in the previous year this improvement is principally
attributable to our £11 million share of profit in our associated company berong nickel corporation
bnc 2011 £12 million share of loss and a substantially reduced impairment charge of £03 million
in respect of the carrying value of our investment in ipilan nickel corporation inc 2011 £09 million
impairment of inc and £07 million impairment of atlas consolidated mining and development
corporation atlas loan
during the year toledo received full negotiated settlement of the atlas loan of us45 million cash 
at the end of the financial year totalled £26 million 2011 £19 million
berong
the strategy agreed with our partners in bnc to target production of ore containing 18 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 626955 wet metric tonnes wmt of runofmine ore grading 184
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 420527 wmt of ore yielding approximately 4850
tonnes of contained nickel total shipped tonnages from july 2011 to date amounted to 839000 wmt 
16 vessels and will yield approximately 9400 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 1418 million
£21 million and is currently selffinancing from operations toledo has a 561 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 18 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 18 ore and return to our previously stated
objective of an annual production capacity of 750000 wmt at this production rate the berong mine
has sufficient known reserves of 18 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 northeast 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 prerequisite 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
southeastern 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 reevaluating 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
cooperation 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 bargeloading efficiency
berong has regained
its position as a
notable player in 
the nickel market
total shipped tonnages
to date amounted 
to 839346 wmt which
will yield 9400 tonnes 
of contained nickel
berong has sufficient known
reserves of 18 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 valueadded
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 1520 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 ferronickelstainless 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
valueadded 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 valueadded technologies for the lower grade
limonitic ore which makes up a substantial proportion of bnc’s resources past studies conducted by
snclavalin 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 snclavalin 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 10000 tonnes of nickel per annum was ramped up to full capacity in just eight
months and in 2009 its second line of 12000 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 187 interest in bnc for
us6552000 enk had also sold its remaining 51 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 preemption 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
us5895000 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 chinas 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 valueadded 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 valueadded 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 cooperation 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