Toledo Mining Corporation PLC: Annual Results to 31 March 2013 The last financial year proved very productive for Toledo as we, together with our Philippine partners, continued to operate the Berong nickel mine in which Toledo has a 56.2% economic interest. *The Berong mine operated at full production capacity during the financial year. During the period under review, there were 16 shipments of ore generating revenue to Berong Nickel Corporation (BNC) of GBP 18.8 million and yielding over 9,400 tonnes of contained nickel *BNC reported profit after tax for the year ended 31 March 2013 of GBP 2.5 million and continues to be self-financing from operations (2012: profit of GBP 2.1 million) *Project development work at Ipilan continued throughout the year. The Department of Environment and Natural Resources (DENR) selected Ipilan's Environmental Impact Statement (EIS) as outstanding in its field and recognition was duly given at an awards ceremony of the First National Convention on the Philippines EIS System in June 2013 *Toledo recorded a consolidated profit before tax of GBP 1.6 million (2012: loss of GBP 0.5 million) after crediting a gain of GBP 1.8 million on restructuring its BNC investment, and after charging GBP 0.5 million costs relating to the Mandatory Cash Offer *Toledo had cash holdings at the end of the financial year of GBP 2.4 million (2012: GBP 2.6 million) *Consolidated net assets at 31 March 2013 were GBP 29.3 million, equivalent to 58 pence per share *Since the year end, and close of the Mandatory Cash Offer on 1 May 2013, DMCI Mining Corporation has built up a majority shareholding of 68.30% as at the date of this release. DMCI Holdings, Inc. is the ultimate parent company of Toledo Commenting on the year's results, Victor Kolesnikov, CEO said "The past year has been one of consolidation for Berong as its operations have continued to flourish despite a global downturn in the nickel market. The performance of our investments is a testament to the dedication and hard work of all involved and will stand our shareholders in good stead moving forward". The Company also announces that its Annual General Meeting will be held at 11:00 am on Monday 30th September 2013 at the office of Thrings LLP. A copy of the Company's Financial Statements will be available on the Company's website at www.toledomining.com today and has been posted to shareholders together with the notice convening the Annual General Meeting providing details of the venue. The Company's customary, full colour report has been postponed due to a printing delay, but will be posted out ahead of the AGM and will be made available on the website. For further information, please visit www.toledomining.com or contact: Victor Kolesnikov, Chief Executive Officer, Toledo Mining +44 (0) 20 7290 3100 Corporation Jen Boorer, RFC Ambrian Ltd +44 (0) 20 3440 6800 Katie Grinham, PR, Toledo Mining Corporation +44 (0) 20 7290 3101 5 September 2013 Dear Shareholder, Notice of Annual General Meeting and 31 March 2013 Financial Statements Please find enclosed: 1. Notice of Annual General Meeting 2. Proxy Voting Form 3. Financial statements for the year ended 31 March 2013 The Company has this year taken an exceptional step, in order to comply with the requirement of the Companies Act 2006 s424, which is to deliver accounts to shareholders not less than 21 days before the date of the Annual General Meeting ("Meeting"), by posting out laser-printed financial statements. This has been necessary due to a print schedule delay and I am pleased to advise that you can expect to receive Toledo's customary full-colour 2013 Annual Report before the date of the Meeting. Yours faithfully, A W Harvey FCCA Company Secretary Encl. Toledo Mining Corporation plc Registered Number: 05055833 Annual Report For the year ended 31 March 2013 Report of the directors For the year ended 31 March 2013 The directors present their report with the audited Group financial statements for the year ended 31 March 2013. 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 the Toledo Mining Corporation plc (the Company), its subsidiaries and associated undertakings. During the year, the Group's main undertakings were the continuing development of the Berong nickel project, in which the Company increased its economic interest from 56.1% to 56.2% on 31 December 2012, and the Ipilan nickel project in which the Company has a 52% economic interest. Profit before taxation for the year was £1,573,755 (2012: loss £448,562) and basic profit per share including share of associated results was 3.37 pence (2012: loss 0.84 pence). During the year, the Company incurred a foreign exchange translation gain, principally arising on the re-translation of loan investments and receivables held at the balance sheet date. The loan investments are denominated in US Dollars and the exchange gain arose on the favourable movement of the US Dollar to the British Pound. The total foreign exchange translation gain for the year was £835,717 (2012: £67,615). The Company has maintained its pro-rata share of funds as required to meet the ongoing development costs at Berong. The loan to Berong Nickel Corporation (BNC) has been advanced as an interest-free, unsecured loan and has no fixed terms of repayment. Under the terms of loan agreements entered into with Brooks Nickel Ventures Inc (Brooks) to fund ongoing development costs at Ipilan, the Company advanced US$831,000 to Brooks during the year (2012: US$910,400). Details of these loan agreements are contained in note 13 to the financial statements. Operations at Berong continued throughout the year, having recommenced mining in May 2011 and resumed direct ore shipments in July 2011. The Company continued to act on BNC's behalf, andin accordance with its instructions, in respect of that company's claim against Queensland Nickel Pty arising from the attempted cancellation of ore shipments and failure to meet the contractual minimum 300,000 wmt annual offtake through to 2012. There were no legal developments in respect of this matter during the year. Key performance indicators 2013 2012 Profit/(loss) before taxation £1,573,775 £(448,562) Profit/(loss) per share - basic - including share of associates' results 3.37 p (0.84) p - excluding share of associates' results 0.40 p (3.02) p Results and dividends The profit for the year from ordinary activities before tax amounted to £1,573,775 (2012: loss £448,562) after gain on disposal of investments of £1,839,981 and exceptional charges of £444,349 arising from the Mandatory Cash Offer by DMCI Mining Corporation ("DMCI") for the Company. 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. Future developments The Directors expect the Group's main undertakings to be unchanged in the foreseeable future, continuing with the mine production and direct ore shipping of the Berong nickel project and the pursuit of necessary approvals to proceed with the development of the Ipilan nickel project. Principal risks and uncertainties facing the Group The principal risks faced by the Group are as follows: *The Company's ability to raise sufficient funds through the issue of equity or debt in order to continue to fund its share of the Group's planned exploration costs and other operating expenditure. *The exploration for, and development of, mineral deposits involves significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate. There can be no guarantee that the estimates of quantities and grades of minerals disclosed will be available to extract. With all mining operations there is uncertainty and, therefore, risk associated with operating parameters and costs resulting from the scaling up of extraction methods tested in pilot conditions. *Non-repayment of significant loans advanced by the Company and recovery of interest accrued. *The operations of the Group may be disrupted by a variety of risks and hazards which are beyond the control of the Group. These may include geological, geotechnical and seismic factors, environmental hazards, industrial accidents, occupational and health hazards, technical failures, labour disputes, unusual or unexpected rock formations, flooding and extended interruptions due to inclement or hazardous weather conditions, explosions and other acts. These risks and hazards could also result in damage to, or destruction of, production facilities, personal injury, environmental damage, business interruption, monetary losses and possible legal liability. *The Group's future success is substantially dependent on the continued services and performance of its key personnel. Their loss or the inability to recruit personnel of the appropriate calibre could have a significant adverse effect on the business of the Group. *The selling price of the nickel ore produced by the Group's operations varies in line with movements of the price of nickel as quoted on the London Metal Exchange. *Some or all of the operating and exploration licences issued in respect of the projects may be subject to conditions which, if not satisfied, may lead to the revocation of such licences. *The Group may have minority interests in the companies, partnerships and ventures in which it invests and may be unable to exercise control over the operations of such companies. *The operations of the Group are located in the Philippines where there may be a number of associated risks over which it will have no control. These may include economic, social or political instability or change, terrorism, hyperinflation, currency non-convertibility or instability, changes of laws affecting foreign ownership, government participation, taxation, working conditions, rates of exchange, exchange control, and exploration licensing. *The Group's total return and net assets can be significantly affected by currency movements. Directors and their interests The directors who served during the year and their interests in the Company's ordinary shares were as follows: 5p ordinary shares At 31 March 2013 At 31 March 2012 R Eccles (resigned 11 July 2012) - 50,000 S Purkiss - - C Thanassoulas - - J Cheng - - V Kolesnikov - - I Consunji (appointed 14 December 2012) - - R Jenkins (appointed 14 December 2012) - - Directors' remuneration The remuneration of the directors during the year was comprised as follows: Year ended Salary Other(1) Fees Benefits Total Consulting Total 31 March 2013 payments in Kind emoluments services £ £ £ £ £ £ £ R Eccles - - 10,642 - 10,642 5,600 16,242 S Purkiss - - 25,800 - 25,800 6,500 32,300 C - - 34,400 - 34,400 40,250 74,650 Thanassoulas J Cheng - - 24,000 - 24,000 - 24,000 V Kolesnikov 220,000 266,913 - 6,520 493,433 - 493,433 I Consunji - - 8,000 - 8,000 - 8,000 R Jenkins - - 7,761 - 7,761 5,000 12,761 220,000 266,913 110,603 6,520 604,036 57,350 661,386 Year ended Salary Other Fees Share- Total Consulting Total 31 March 2012 payments based emoluments services £ £ payments £ £ £ £ £ R Eccles - - 38,400 - 38,400 55,950 94,350 F Pole - - 6,600 - 6,600 30,000 36,600 S Purkiss - - 24,000 - 24,000 5,000 29,000 C - - 26,400 - 26,400 38,500 64,900 Thanassoulas J Cheng - - 24,000 - 24,000 - 24,000 V Kolesnikov 220,000 - - 15,240 235,240 - 235,240 220,000 119,400 15,240 354,640 129,450 484,090 Note (1) Other payments to Mr Kolesnikov include: Bonus re 2011-12 financial year £ 70,000 Compensation for loss of long term incentive plan on change of £126,913 control Bonus re 2012-13 financial year £ 70,000 Directors' options at 31 March 2013 were: Director Grant Date Number Exercise Price Vesting Date Expiring Date V Kolesnikov (1) 21/10/2011 200,000 45p 21/10/2011 21/10/2014 Directors' options at 31 March 2012 were: Director Grant Date Number Exercise Price Vesting Date Expiring Date R Eccles 14/09/2009 150,000 50p 14/09/2009 14/09/2012 V Kolesnikov 21/10/2011 200,000 45p 21/10/2011 21/10/2014 Note (1) On 19 April 2013 Mr Kolesnikov exercised 200,000 options at a price of 45 pence per Ordinary Share. The new shares were allotted to DMCI pursuant to a cashless exercise facility made available by DMCI to option holders. Events since the balance sheet date Events after 31 March 2013 are set out in note 28 to the financial statements. Substantial shareholdings At 3 September 2013, the following shareholders held 3% or more of the issued share capital of 50,120,333 shares in the Company: Number of Percentage issued ordinary shares ordinary shares DMCI Mining Corporation 34,231,246 68.30 Fevamotinico SARL (1) 10,060,000 20.07 Forth Asset Management Ltd (1) 2,492,000 4.97 Note (1) Common ultimate beneficial interest. Corporate governance As Toledo Mining Corporation plc is an AIM-listed company, it is not required to comply with the Code of Best Practice published by the Committee on the Financial Aspects of Corporate Governance (the Combined Code). However, the Directors do place a high degree of importance on ensuring that high standards of corporate governance are maintained. As a result, most of the relevant principles set out in the Combined Code have been adopted during the period and these are summarised below. Directors The Company supports the concept of an effective Board leading and controlling the Company. The Board is responsible for approving the Company's policies and strategies. It meets frequently and receives and reviews, on a timely basis, financial and operating information appropriate to being able to discharge its duties. Directors are free to seek any further information they consider necessary. All Directors submit themselves for re-election every three years by rotation in accordance with the Articles of Association. All new appointments to the Board are subject to resolution of the shareholders at the following Annual General Meeting. Relations with shareholders The Company values the views of its shareholders and recognises their interest in the Company's strategy and performance. The Board is available to discuss current events with its institutional and private shareholders and positively encourages attendance at General Meetings. Audit Committee (Chairman R Jenkins) The Company has established an Audit Committee comprised of non-executive directors. It is responsible for making recommendations to the Board on the appointment of auditors and the audit fee. It is also responsible for ensuring that the financial performance of the Company is properly monitored and reported on, and receives and reviews reports from management and the auditors relating to the interim report, the annual report and financial statements, and the internal control systems of the Company. Remuneration and Nominations Committee (Chairman C Thanassoulas) The Company has established a Remuneration Committee comprised of non-executive directors. It is responsible for the review and recommendation of the scale and structure of remuneration for key management personnel, including any bonus arrangements or the award of share options. Details of the Directors' emoluments are set out in the Report of the Directors. 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 35 days' purchases (2012: 11 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 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 2013 Annual General Meeting. By order of the Board: Constantine Thanassoulas Chairman 5 September 2013 Statement of directors' responsibilities For the year ended 31 March 2013 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 accounting 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 the Group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The Directors confirm that so far as they are aware, there is no relevant audit information (as defined by section 418(3) of the Companies Act 2006) of which the Company's auditors are unaware. They have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Independent auditors' report 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 2013 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 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. Scope of the audit An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Group's and the parent Company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report review 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 2013 and of the Group's profit 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. Emphasis of Matter - going concern In forming our opinion on the financial statements, we have considered the adequacy of the disclosure made in note 1 to the financial statements concerning the Group and Company's ability to continue as a going concern. The cash flow forecast indicates that from December 2013, the group may be unable to realise its assets and discharge its liabilities in the normal course of business,however,the financial statements have been prepared on a going concern basis. In applying the going concern basis, the directors have considered the financial support provided by the majority shareholder and ultimate controlling party, DMCI.They have considered this factor in relation to a period of at least the next 12 monthsandhavethereforeconcluded that it remains appropriate to prepare the financial statements on a going concern basis.However, these factors indicate the existence of material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern. 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) Vernon House For and on behalf of Sawin & Edwards, 23 Sicilian Avenue Statutory Auditor London WC1A 2QS 5 September 2013 Consolidated income statement For the year ended 31 March 2013 Year Year ended ended 31 March 2013 31 March 2012 Notes £ £ Revenue 3 - 154,912 Gross profit - 154,912 Administration expenses (2,189,094) (1,560,583) Mandatory cash offer defence costs (444,349) - Foreign exchange gains 835,717 67,615 Other operating income 44,972 94,145 Gains on non-current investments 12,13 1,839,981 - Unrealised losses on non-current investments 12,13 - (304,763) Share of results of associates 1,479,659 1,088,739 Profit/(loss) from operations 4 1,566,886 (459,935) Investment income 7 6,889 11,373 Profit/(loss) before taxation 1,573,775 (448,562) Income tax 8 - - Profit/(loss) for the year 1,573,775 (448,562) Attributable to: Equity holders of the parent 1,680,947 (416,382) Non-controlling interest (107,172) (32,180) ________ _________ 1,573,775 (448,562) Profit/(loss) per share in pence - including share of associates' results Basic 9 3.37 (0.84) Diluted 9 3.35 (0.84) Profit/(loss) per share in pence - excluding share of associates' results Basic 9 0.40 (3.02) Diluted 9 0.40 (3.02) The Company has taken advantage of section 408 of the Companies Act 2006 not to publish its own income statement account. Consolidated statement of comprehensive income For the year ended 31 March 2013 Year Year ended ended 31 March 2013 31 March 2012 £ £ Profit/(Loss) for the year 1,573,775 (448,562) Foreign currency translation differences for foreign operations 31,588 2,925 Other comprehensive income ________ ________ for the year 31,588 2,925 Total comprehensive income/(expense) ________ ________ for the year 1,605,363 (445,637) Attributable to: Equity holders of the parent 1,698,667 (414,740) Minority interest (93,304) (30,897) ________ ________ 1,605,363 (445,637) Consolidated balance sheet As at 31 March 2013 31 March 2013 31 March 2012 Notes £ £ ASSETS Non-current assets Property, plant and equipment 10 6,531 683 Investment in associated undertakings 12 11,496,536 9,283,529 Loans and receivables 13 14,669,092 14,049,297 Trade and other receivables 14 41,400 41,400 Total non-current assets 26,213,559 23,374,909 Current assets Trade and other receivables 15 636,525 902,993 Cash and cash equivalents 17 2,408,241 2,619,846 Total current assets 3,044,766 3,522,839 _________ _________ TOTAL ASSETS 29,258,325 26,897,748 EQUITY AND LIABILITIES Current liabilities Trade and other payables 18 1,355,217 600,003 Total current liabilities 1,355,217 600,003 ________ ________ Total liabilities 1,355,217 600,003 Equity Share capital 20 2,492,267 2,492,267 Share premium account 21 28,714,157 28,714,157 Share-based payments reserve 22 16,658 86,168 Translation reserve 98,168 80,448 Retained loss (3,676,501) (5,426,958) Equity attributable to equity holders of the parent 27,644,749 25,946,082 Non-controlling interest 23 258,359 351,663 Total equity 27,903,108 26,297,745 TOTAL EQUITY AND LIABILITIES 29,258,325 26,897,748 The financial statements were approved by the Board of directors on 5 September 2013 and signed on their behalf by: C Thanassoulas Director Company balance sheet 31 March 2013 31 March 2012 Notes £ £ Assets Non-current assets Property, plant and equipment 10 6,531 683 Investment in subsidiary undertaking 11 10,286 10,286 Investment in associated undertakings 12 9,614,364 8,881,016 Loans and receivables 13 14,669,092 14,049,297 Trade and other receivables 14 41,400 41,400 Total non-current assets 24,341,673 22,982,682 Current assets Trade and other receivables 15 124,678 108,152 Cash and cash equivalents 17 2,304,562 2,587,728 Total current assets 2,429,240 2,695,880 Total assets 26,770,913 25,678,562 Equity and liabilities Current liabilities Trade and other payables 18 1,338,211 584,106 Total current liabilities 1,338,211 584,106 Total liabilities 1,338,211 584,106 As at 31 March 2013 Equity Share capital 20 2,492,267 2,492,267 Share premium account 21 28,714,157 28,714,157 Share based payments reserve 22 16,658 86,168 Retained loss (5,790,380) (6,198,136) Equity attributable to equity holders of the 25,432,702 25,094,456 parent Total equity 25,432,702 25,094,456 TOTAL EQUITY AND LIABILITIES 26,770,913 25,678,562 The financial statements were approved by the Board of directors on 5 September 2013 and signed on their behalf by: C Thanassoulas Director Toledo Mining Corporation plc Company number 05055833 Consolidated statement of changes in equity For the year ended 31 March 2013 Share- Trans- based Retained lation 31 March 2013 Share Share payments profit/ Minority exchange capital premium reserve (loss) interest reserve Total £ £ £ £ £ £ £ Balance at 1 April 2012 2,492,267 28,714,157 86,168 (5,426,958) 351,663 80,448 26,297,745 Total comprehensive income for the year Profit/(loss) - - - 1,680,947 (107,172) - 1,573,775 Total other comprehensive income - - - - 13,868 17,720 31,588 Total comprehensive income/(expense) for the year - - - 1,680,947 (93,304) 17,720 1,605,363 Transfer from (69,510) reserve - - 69,510 - - - Balance at 31 March 2013 2,492,267 28,714,157 16,658 (3,676,501) 258,359 98,168 27,903,108 Consolidated statement of changes in equity (continued) For the year ended 31 March 2013 Share- Trans- based Retained lation 31 March 2012 Share Share payments profit/ Minority exchange capital premium reserve (loss) interest reserve Total £ £ £ £ £ £ £ Balance at 1 April 2011 2,492,267 28,714,157 193,801 (5,133,449) 382,560 78,806 26,728,142 Total comprehensive expense for the year Profit/(loss) - - - (416,382) (32,180) - (448,562) Total other comprehensive expense - - - - 1,283 1,642 2,925 Total comprehensive expense for the year - - - (416,382) (30,897) 1,642 (445,637) Transfer from (122,873) reserve - - 122,873 - - - Share options 15,240 granted in year - - - - - 15,240 Balance at 31 March 2012 2,492,267 28,714,157 86,168 (5,426,958) 351,663 80,448 26,297,745 Company statement of changes in equity For the year ended 31 March 2013 Share- based 31 March 2013 Share Share payments Retained capital premium reserve loss Total £ £ £ £ £ Balance at 1 April 2012 2,492,267 28,714,157 86,168 (6,198,136) 25,094,456 Total comprehensive income for the year Profit - - - 338,246 338,246 Transfer from reserve - - (69,510) 69,510 - Balance at 31 March 2013 2,492,267 28,714,157 16,658 (5,790,380) 25,432,702 Share- based 31 March 2012 Share Share payments Retained capital premium reserve loss Total £ £ £ £ £ Balance at 1 April 2011 2,492,267 28,714,157 193,801 (4,857,011) 26,543,214 Total comprehensive expense for the year Loss - - - (1,463,998) (1,463,998) Transfer from (122,873) reserve - - 122,873 - Share options 15,240 granted in year - - - 15,240 Balance at 31 March 2012 2,492,267 28,714,157 86,168 (6,198,136) 25,094,456 Consolidated cash flow statement For the year ended 31 March 2013 Year Year ended ended 31 March 2013 31 March 2012 Notes £ £ Net cash outflow from operating 24 activities (1,384,627) (1,319,963) Investing activities Investment income 6,889 11,373 Investments - disposal proceeds 12 4,052,412 - Investments - additions 12 (2,945,779) (63,752) Loan investments repaid/(advanced) 13 67,929 2,114,946 Purchase of fixed assets 10 ___(8,429) - Net cash inflow from investing activities 1,173,022 2,062,567 Net (decrease)/increase in cash and cash equivalents (211,605) 742,604 Cash and cash equivalents at 1 April 2,619,846 1,877,242 ________ ________ Cash and cash equivalents at 31 March 17 2,408,241 2,619,846 Company cash flow statement For the year ended 31 March 2013 Year Year ended ended 31 March 2013 31 March 2012 Notes £ £ Net cash outflow from operating 24 activities (1,456,188) (1,334,110) Investing activities Investment income 6,889 11,373 Investments - disposal proceeds 12 4,052,412 - Investments - additions 12 (2,945,779) (63,752) Loan investments repaid/(advanced) 13 67,929 2,114,946 Purchase of fixed assets 10 __(8,429) - Net cash inflow from investing activities 1,173,022 2,062,567 Net (decrease)/increase in cash and cash equivalents (283,166) 728,457 Cash and cash equivalents at 1 April 2,587,728 1,859,271 ________ ________ Cash and cash equivalents at 31 March 17 2,304,562 2,587,728 Notes to the financial statements For the year ended 31 March 2013 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, W1S4LQ. 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 12. 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 and interpretations not yet 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 2013 but have not been applied in preparing the financial report: Effective date IAS 12 (amended) Income taxes 1 January 2014 IAS 19 Employee benefits 1 January 2014 IAS 28 (amended) Investments in associates and joint ventures 1 January 2014 IFRS 9 Financial Instruments 1 January 2015 IFRS 10 Consolidated Financial Statements 1 January 2014 IFRS 11 Joint arrangements 1 January 2014 IFRS 12 Disclosure of interest in other entities 1 January 2014 IFRS 13 Fair value measurements 1 January 2014 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 cash flow forecast indicates that from December 2013, the group may be unable to realize its assets and discharge its liabilities in the normal course of business. The Directors believe that it is appropriate to prepare the financial statements on a going concern basis as they have considered the financial support provided by the majority shareholder and ultimate controlling party, DMCI.They have considered this factor in relation to a period of at least the next 12 monthsandhavethereforeconcluded that it remains appropriate to prepare the financial statements on a going concern basis. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and all Group undertakings. Control is achieved when the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. On acquisition, the assets and liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any excess of the cost of acquisition over the fair value of the identifiable net assets acquired is recognised as goodwill. Any deficiency of the cost of acquisition below the fair value of the identifiable net assets acquired (i.e. discount on acquisition) is credited to the income statement in the period of acquisition. The interest of minority shareholders is stated at the minority's proportion of the fair values of the assets and liabilities recognised. Subsequently, any losses applicable to the minority interest in excess of the minority interest are allocated against the interests of the parent. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests Non-controlling interests are that part of the net results of operations and of net assets of a subsidiary attributable to interests which are not owned directly or indirectly by the Group. They are measured at the non-controlling shareholders' share of the fair value of the subsidiary's identifiable assets and liabilities at the date of acquisition by the Group and the non-controlling shareholders' share of changes in equity since the date of acquisition. Profit or loss and each component of other comprehensive income are attributed to the owners of the parent and to non-controlling interests. Total comprehensive income is attributed to the owners of the parent and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance as non-controlling interests are considered to participate proportionally in the risks and rewards of an investment in the subsidiary whether or not they have a legal obligation to make any further investment. Investments in associates An associate is an entity over which the Group is in a position to exercise significant influence, but not control or joint control, through participation in the financial and operating policy decisions of the investee. The results and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting. Investments in associates are carried in the balance sheet at cost as adjusted by post-acquisition changes in the Group's share of the net assets of the associate, less any impairment in the value of individual investments. Losses of the associates in excess of the Group's interest in those associates are not recognised. Where a Group company transacts with an associate of the Group, unrealised profits and losses are eliminated to the extent of the Group's interest in the relevant associate. Losses may provide evidence of an impairment of the asset transferred in which case appropriate provision is made for impairment. The Group and its associated undertakings have complied with the requirements of IFRS 6 Exploration for and evaluation of mineral resources. Upon commencement of commercial production operation of a mining property, the investment in the associate company relating to that property is amortised on the basis of ore body extracted as a proportion of the ore body estimate of that property. Revenue recognition Revenue and other operating income represent the provision of consultancy, management and office services for the year. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount. Losses on current asset investments represent realised and unrealised losses. 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: 2013 2012 1 US Dollar to 1 British Pound Closing rate 0.6575 0.6254 Average rate 0.6328 0.6265 1 Philippine Peso to 1 British Pound Closing rate 0.0161 0.0145 Average rate 0.0152 0.0145 Taxation The income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement, because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the original recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. No recognition has been made for the deferred tax asset arising in respect of current losses as the Directors are of the opinion that this may not be realisable in the foreseeable future. Financial instruments Financial assets and financial liabilities are recognised on the balance sheet when the Company becomes a party to the contractual provisions of the instrument. Non-current intangible assets Non-current intangible assets are shown at cost less any provisions made in respect of impairment. Non-current asset investments Loan investments are shown at cost less provision for any permanent diminution in value. Loan investments are recognised as an asset when sums are advanced. Property, plant and equipment Office equipment and furniture are shown at cost less accumulated depreciation and any recognised impairment loss. Depreciation is charged so as to write off the cost of assets over their estimated useful lives, using the straight line method on the following basis: Office furniture and fittings 33% - 50% Computer and office equipment 33% - 100% Cash and cash equivalents Cash and cash equivalents comprise cash held at bank and on short term deposits. Trade payables Trade payables are not interest bearing and are stated at their nominal value. Trade receivables Trade receivables do not carry any interest and are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts. Investments Investments are recognised and derecognised on a trade date where a purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at cost, including transaction costs. Investments are classified as held-for-trading and are measured at subsequent reporting dates at fair value. Where securities are held for trading purposes, gains and losses arising from changes in fair value are included in net profit or loss for the period. Equity instruments Equity instruments issued by the Company are recorded at the proceeds received except where those proceeds appear to be less than the fair value of the equity instruments issued, in which case the equity instruments are recorded at fair value. The difference between the proceeds received and the fair value is reflected in the share based payments reserve. The costs of issuing new equity are charged against the share premium account. Operating leases Rental costs under operating leases are charged to the income statement on a straight line basis over the term of the lease. Where an incentive to sign the lease has been taken, the incentive is spread on a straight line basis over the lease term. Pension costs The Company makes no contributions to pension schemes for its employees. Share-based payments The Group has applied the requirements of IFRS 2 Share-based payments. The Group issues equity-settled share-based payments to directors, staff and certain professional advisors of the Group. Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payment is expensed on a straight-line basis over the vesting period, based on the Group's estimate of shares that will eventually vest. Fair value is measured using a Black-Scholes model. The expected life used in the model has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations. Critical accounting judgments and key sources of estimation uncertainty In the process of applying the Group's accounting policies above, management necessarily makes judgments and estimates that have a significant effect on the amounts recognised in the financial statements. Changes in the assumptions underlying the estimates could result in a significant impact to the financial statements. The most critical of these accounting judgment and estimation areas is as follows: Impairment of assets The Group reviews the carrying amounts of assets as at each balance sheet date, or if events or changes in circumstance indicate that the carrying amount may not be recoverable, to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amount or value in use is estimated. Determining the value in use requires the determination of future cash flows expected to be generated from the continued use and ultimate disposal of the asset. This requires the Company to make estimates and assumptions that can materially affect the financial statements. Any resulting impairment loss could have a material adverse impact on the Group's financial position and results of operations. 3. Segmental analysis The turnover and loss before tax are attributable to the principal activities of the Group. Segmental information on a geographical basis is set out below: Year ended 31 March 2013 Other Philippines China Total reconciling items £ £ £ £ Revenue - - - - Profit/(Loss) for the year 338,244 - (244,128) 94,116 Share of associates' results - 1,479,659 - 1,479,659 Depreciation 2,581 - - 2,581 Total assets 4,359,342 24,283,456 615,527 29,258,325 Total liabilities 877,961 460,250 17,006 1,355,217 Loan investment additions - 619,795 - 619,795 Year ended 31 March 2012 Other reconciling Philippines China Total items £ £ £ £ Revenue - - 154,912 154,912 Profit/(loss) for the year (1,463,998) - (73,303) (1,537,301) Share of associates' results - 1,088,739 - 1,088,739 Depreciation 501 - - 501 Total assets 3,140,476 22,930,313 826,959 26,897,748 Total liabilities 146,325 437,780 15,898 600,003 Loan investment reductions - (2,078,111) - (2,078,111) Details of associated companies' results are shown in note 30. 4. Profit/(loss) from operations Profit/(loss) from operations is stated after charging: Year ended Year ended 31 March 2013 31 March 2012 £ £ Auditors remuneration: - auditing of the financial statements of the Company pursuant to legislation 25,200 32,000 - audit related assurance services 16,360 15,860 - taxation compliance services 3,685 - - all taxation advisory services not fully within the above 25,000 - - other services 17,600 - Audit fees - other auditors 43,476 40,476 Operating lease - office rent 41,400 55,200 Foreign exchange gains 835,717 67,615 Directors' fees and emoluments (see note 6) 604,036 354,640 Depreciation 2,581 501 5. Particulars of employees The average number of staff employed by the Group during the financial year amounted to: Year ended Year ended 31 March 2013 31 March 2012 No. No. Administrative staff 1 1 Management 1 - 2 1 The aggregate costs were: £ £ £ Wages and salaries 182,606 38,662 43,404 Social security costs 102,389 33,829 (1,115) Compensation for loss of long term incentive 75,719 - 57,640 plan 360,714 72,491 99,929 Compensation for loss of long term incentive plan became payable to certain key management of the Company on change of control following the announcement on 15 February 2013 of the Mandatory Cash Offer by DMCI Mining Corporation. 6. Directors' emoluments and fees The Company employed six directors during the year (2012: six) with aggregate emoluments in respect of qualifying services as follows: Year ended Year ended 31 March 2013 31 March 2012 £ £ Directors' emoluments (1) 493,433 226,000 Directors' fees 74,161 51,000 Amounts paid to third parties for the provision of directors' services 36,442 62,400 Share-based payment - 15,240 604,036 354,640 Year ended Year ended 31 March 2013 31 March 2012 Highest paid director £ £ Director's emoluments (1) 493,433 220,000 Share-based payment - 15,240 423,433 235,240 Notes (1) Includes bonuses of £70,000 for each of financial years ended 31 March 2012 and 2013, and £126,912 compensation for loss of long term incentive plan on change of control following the announcement on 15 February 2013 of the mandatory cash offer by DMCI Mining Corporation. (2) Amounts paid in respect of professional consulting services are not included above. These are disclosed in the Report of the directors 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 Year ended 31 March 2013 31 March 2012 Group Group £ £ Interest on bank deposits 6,889 11,373 _____ _____ 6,889 11,373 8. Income tax expense Group Group Year ended Year ended 31 March 2013 31 March 2012 £ £ Taxation charge - - Current tax reconciliation Profit/(loss) for the year before taxation 1,573,775 (448,562) Group Group Year ended Year ended 31 March 2013 31 March 2012 £ £ Profit/(loss) for the year multiplied by standard rate of UK corporation tax 24% (2012: 26%) 377,706 (116,626) Effects of: Exempt capital gain (441,595) - Mandatory cash offer defence costs not 106,644 - deductible for tax purposes Expenses not deductible for tax purposes 47,932 85,846 Excess of capital allowances over depreciation (1,837) (2,779) Overseas profit/(loss) 58,591 19,059 Share of associates' results (355,118) (283,072) Increase in potential tax credits 207,677 297,572 Taxation charge - - Potential UK tax credits available multiplied by standard rate of UK corporation tax 24% (2012: 26%) 963,037 1,116,099 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 24% from 26% due to legislative changes. 9. Profit/(loss) per share Including share of associates' results Profit per share has been calculated by dividing the profit for the year after taxation including share of associates' profits of £1,479,659 (2012: £1,088,739) attributable to the equity holders of the parent company of £1,680,947 (2012: loss £416,382) by the weighted average number of shares in issue at the year end of 49,845,333 (2012: 49,845,333). Diluted profit/(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 275,000 (2012: 665,000). Excluding share of associates' results Profit per share has been calculated by dividing the profit for the year after taxation excluding share of associates profits of £1,479,659 (2012: £1,088,739) attributable to the equity holders of the parent company of £201,288 (2012: loss of £1,505,121) by the weighted average number of shares in issue at the year end of 49,845,333 (2012: 49,845,333). Diluted profit/(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 275,000 (2012: 665,000). 10. Property, plant and equipment Company and Group Computer and Furniture, fixtures Total office equipment and fittings £ £ £ Cost Balance at 1 April 2012 41,501 38,105 79,606 Additions 7,369 1,060 8,429 ______ ______ ______ Balance at 31 March 2013 48,870 39,165 88,035 Depreciation Balance at 1 April 2012 40,818 38,105 78,923 Charge for the year 2,494 87 2,581 ______ ______ ______ Balance at 31 March 2013 43,312 38,192 81,504 Net book value At 31 March 2013 5,558 973 6,531 At 31 March 2012 683 - 683 Company and Group Computer and Furniture, fixtures Total office equipment and fittings £ £ £ Cost Balance at 1 April 2011 41,501 38,105 79,606 _____ _____ _____ Balance at 31 March 2012 41,501 38,105 79,606 Depreciation Balance at 1 April 2011 40,317 38,105 78,422 Charge for the year 501 - 501 _____ _____ _____ Balance at 31 March 2012 40,818 38,105 78,923 Net book value At 31 March 2012 683 - 683 At 31 March 2011 1,184 - 1,184 11. Investment in subsidiary undertakings Company 2013 2012 £ £ Cost Balance brought forward 10,286 10,286 _____ _____ Balance carried forward 10,286 10,286 Subsidiary Country of Holding Proportion of Nature of undertaking incorporation voting shares business held China Nickel British Virgin Ordinary Consultancy Corporation Islands shares 56.1% Services China Nickel & British Virgin Dormant Steel Islands Ordinary Corporation shares 100% 12. Investment in associated undertakings Group 2013 2012 £ £ Cost Balance brought forward 11,057,195 9,904,704 Disposal (2,212,431) - Addition 2,945,779 63,752 Share of associate undertakings' results 1,479,659 1,088,739 _________ _________ Balance carried forward 13,270,202 11,057,195 Amortisation/impairment Balance brought forward 1,773,666 1,468,903 Impairment charge - 304,763 _________ ________ Balance carried forward 1,773,666 1,773,666 Net book value 11,496,536 9,283,529 On 31 December 2012 the Company acquired an additional 18.7% interest in BNC from ENK plc for consideration of US$4,762,780 (£2,945,779) and on the same date disposed of a 31.0% interest in Nickeline Resource Holdings ('NRH') to DMCI (an indirect interest of 18.6% in BNC) for consideration of US$6,552,000 (£4,052,412) at an historical cost of US$3,983,310 (£2,212,431) giving rise to a gain of £1,839,981. Company 2013 2012 £ £ Cost Balance brought forward 10,654,682 10,590,930 Disposal (2,212,431) - Addition 2,945,779 63,752 _________ _________ Balance carried forward 11,388,030 10,654,682 2013 2012 £ £ Amortisation/impairment Balance brought forward 1,773,666 1,468,903 Impairment charge - 304,763 _________ ________ Balance carried forward 1,773,666 1,773,666 Net book value 9,614,364 8,881,016 13. Loans and receivables Company and Group 2013 2012 £ £ Balances brought forward 14,049,297 16,127,408 Net repayments (67,929) (2,114,946) Translation exchange movement 687,724 36,835 Balances carried forward 14,669,092 14,049,297 In 2007, the Company entered into an agreement to make a loan facility available to Brooks Nickel Ventures Inc. (Brooks) of up to US$2.5 million, secured over Brooks' share of the Ipilan nickel project. This facility was subsequently increased in 2007 and in 2010 to US$10 million and terms extended from three to four years from each drawdown, to meet continuing pre-operational exploration and working capital requirements. The loan bears interest at 10% cumulative per annum and is repayable out of Brooks' share of the Ipilan nickel project operating cash flow. From 20 March 2012 to date the Company has agreed to temporary extensions of the loan facility in respect of the continued Ipilan nickel project funding requirements in excess of the US$10 million facility and a moratorium on interest charges from 1 April 2011 pending agreement among Ipilan Nickel Corporation and its venture partners to restructure the loan. The principal amount advanced at 31 March 2013 was US$11,056,329 (2012: US$10,225,330). The Company has advanced since the balance sheet date a further US$220,000 on 26 June 2013. As repayments of loans 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 Brooks receivable is therefore shown at historical cost. Under the Celestial/Ipilan Venture Agreement, the Company has the option to take a 40% holding in Celestial Nickel Mining and Exploration Corporation (Celestial). In August 2007, the board agreed to an advance of US$900,000 against the option exercise amount. If the Company decides not to exercise the option to purchase, or is prevented by any cause from exercising the option to purchase, then the borrowers are required to reimburse the advance. The advances are interest-free and guaranteed by Celestial but are otherwise unsecured. Due to the uncertainty as to when, or if, the Company will exercise this option, the receivable has been shown at historical cost. Under the Berong Venture Agreement, the Company has advanced funds to Berong Nickel Corporation (BNC) to meet ongoing mine development costs. The total amount advanced at 31March 2013 was US$7,360,503 (2012: US$8,345,593), following repayment of US$2,774,310 by BNC in October 2012 and acquisition from ENK plc in December 2012 of rights to stockholder advances to BNC of US$1,789,220. The loan amounts advanced are interest-free, unsecured and have no fixed terms of repayment. As repayments are linked to successful commercial exploitation of the Berong nickel project, the Directors are of the opinion that it would be impractical to predict when this receivable will be repaid and it is therefore shown at historical cost. 14. Trade and other receivables - non-current Company and Group 2013 2012 £ £ Rent deposit 41,400 41,400 15. Trade and other receivables - current Group Company Group Company 2013 2013 2012 2012 £ £ £ £ Trade receivables 516,199 4,352 800,672 5,831 Prepayments and other receivables 23,816 23,816 15,977 15,977 Other taxes recoverable (see note 16) 96,510 96,510 86,344 86,344 636,525 124,678 902,993 108,152 16. Other taxes recoverable Group Company Group Company 2013 2013 2012 2012 £ £ £ £ Net payroll taxes 14,948 14,948 12,267 12,267 VAT 81,562 81,562 74,077 74,077 96,510 96,510 86,344 86,344 17. Cash and cash equivalents Group Company Group Company 2013 2013 2012 2012 £ £ £ £ Cash held in trust bank account 11,663 11,663 5,177 5,177 Cash at bank and in hand 2,396,578 2,292,899 2,614,669 2,582,551 2,408,241 2,304,562 2,619,846 2,587,728 18. Trade and other payables Group Company Group Company 2013 2013 2012 2012 £ £ £ £ Trade payables 93,965 93,965 16,817 16,817 Accruals 514,625 497,619 120,373 104,476 Other payables 583,883 583,883 462,813 462,813 Other taxes (see note 19) 162,744 162,744 - - 1,355,217 1,338,211 600,003 584,106 Other payables include 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 2013 2013 2012 2012 £ £ £ £ Ulugan nickel project 460,250 460,250 437,780 437,780 19. Other taxes Group Company Group Company 2013 2013 2012 2012 £ £ £ £ Payroll taxes 162,744 162,744 - - 162,744 162,744 - - 20. Called up share capital Company Number £ Number £ Ordinary shares of 5p each 2013 2013 2012 2012 Authorised 66,460,453 3,323,023 66,460,453 3,323,023 Allotted and fully paid 49,845,333 2,492,267 49,845,333 2,492,267 The Company has one class of ordinary shares which carry no right to fixed income. Share options in existence at 31 March 2013 are as follows: Number Description Exercise price Expiry date 75,000 Ordinary shares £0.50 9 November 2013 200,000 Ordinary shares £0.45 21 October 2014 The share options vested on the date of grant and were capable of being exercised at any timefrom the date of grant. On 19 April 2013 all of the share options outstanding at 31 March 2013 were exercised for cash pursuant to terms of the Mandatory Cash Offer from DMCI Mining Corporation. 21. Share premium account Company 2013 2012 £ £ Balance brought forward 28,714,157 28,714,157 _________ _________ Balance carried forward 28,714,157 28,714,157 On 25 April 2013 a premium of £113,750 arose on the issue of 275,000 new ordinary shares allotted by the Company pursuant to the exercise of share options. 22. Share-based payments reserve Company 2013 2012 £ £ Balance brought forward 86,168 193,801 Share options granted in year - 15,240 Transfer to retained loss (69,510) (122,873) _______ _______ Balance carried forward 16,658 86,168 The share-based payments reserve relates to share options granted to directors, staff and certain professional advisors. The share options vest on the date of grant and are capable of being exercised at any time between the date of grant and the expiry date. Share options granted 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: 2013 2012 No. of options No. of options Options at beginning of year 665,000 665,000 Options granted - 200,000 Options lapsed (390,000) (200,000) _______ _______ Options at end of year 275,000 665,000 Options exercisable at year end 275,000 665,000 Weighted average exercise prices were as follows: Options at beginning of year £0.48 £0.73 Options granted - £0.45 Options lapsed £0.50 £1.25 Options at end of year £0.46 £0.48 Options exercisable at year end £0.46 £0.48 2013 2012 Weighted average remaining contracted life of options outstanding at year end (years) 1.3 1.3 Exercise prices of options outstanding at the year end 2013 2012 No. of options No. of options Exercise price per share £0.45 200,000 200,000 £0.50 75,000 465,000 275,000 665,000 Weighted average fair value of options granted in the period - £0.08 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: 2013 2012 Weighted average share price - £0.29 Weighted average exercise price - £0.45 Average expected volatility - 67% Average option life (years) - 3.0 Average risk-free rate - 0.87% Expected dividends - Nil Expected volatility was determined by calculating the actual volatility of the Company's share price based on historical movement. 23. Non-controlling interest - Group The non-controlling interest is in relation to a 43.9% share in China Nickel Corporation. 2013 2012 £ £ Share of current assets 265,824 358,642 Share of current liabilities _(7,465) _(6,979) 258,359 351,663 24. Cash flows from operating activities Group 2013 2012 £ £ Net profit/(loss) from operations 1,566,886 (459,935) Adjustments for: Share of associate undertakings' (1,479,659) (1,088,739) (profits)/losses Unrealised losses on investments - 304,763 Unrealised foreign exchange movements (633,665) (32,510) Depreciation 2,581 501 Share-based payments charge - 15,240 Gains on non-current investments (1,839,981) - Operating cash flows before movements in (2,383,838) (1,260,680) working capital Decrease in trade and other receivables 266,468 32,282 Increase/(decrease) in trade and other 732,743 (91,565) payables Cash outflow from operations (1,384,627) (1,319,963) Company 2013 2012 £ £ Net profit/(loss) from operations 331,358 (1,475,369) Adjustments for: Unrealised losses on investments - 304,763 Unrealised foreign exchange movements (665,255) (35,437) Depreciation 2,581 501 Share-based payments charge - 15,240 Gains on non-current investments (1,839,981) - Operating cash flows before movements in (2,171,297) (1,190,302) working capital Increase in trade and other receivables (16,526) (56,776) Increase/(decrease) in trade and other payables 731,635 (87,032) _________ _________ Cash outflow from operations (1,456,188) (1,334,110) 25. Controlling party During the period 1 April 2012 to 30 April 2013 there was no ultimate controlling party of the Company. On 1 May 2013 DMCI Mining Corporation, a wholly owned subsidiary of DMCI Holdings Inc. (DMCI Holdings), a Philippines Stock Exchange listed public company, notified the Company that DMCI owned or had received valid acceptances in respect of 33,341,246 Toledo Shares representing 66.52% of the Company's issued share capital. Toledo's Board of Directors considers that DMCI Holdings is the controlling party and the Company a subsidiary of DMCI Holdings from that date. 26. Related party transactions The Company was charged £16,242 (2012: £94,350) by Metal Analysis Limited for the provision of services of R Eccles, £10,642 (2012: £38,400) for services as Chairman and Director of the Company and £5,600 (2012: £55,950) for services as a consultant to the Company. Metal Analysis Limited also incurred expenses and recharged to the Company £3,680 (2012: £4,491). At the year end the Company owed £ nil (2012: £4,900) to Metal Analysis Limited. During the year, the Company was charged £32,300 (2012: £29,000) by BB Mining Limited for the provision of services of S Purkiss, £25,800 (2012: £24,000) for services as Director and Audit Committee chairman of the Company and £6,500 (2012: £5,000) for services as a consultant to the Company. At the year end, the Company owed £9,600 (2012: £4,000) to BB Mining Limited. The Company was charged £74,650 (2012: £64,900) by C Thanassoulas, £34,400 (2012: £26,400) for services as Director and Chairman of the Company and £40,250 (2012: £38,500) for services as a consultant to the Company. C Thanassoulas also incurred expenses and recharged to the Company £1,778 (2012: £ nil). At the year end the Company owed £1,200 (2012: £1,200) to C Thanassoulas. The Company was charged £24,000 (2012: £24,000) by J Cheng for services as Director of the Company. J Cheng is controlling shareholder and Managing Director of Daintree Resources Ltd ("Daintree"). At 31 March 2012 Daintree held 10,972,250 ordinary shares in the Company. On 24 October 2012 Daintree sold 8,480,250 shares to DMCI at a price of 40 pence. On 30 October 2012 Daintree sold its remaining holding of 2,492,000 shares to Forth Asset Management Ltd, a company associated with Fevamotinico S.A.R.L which holds 10,060,000 shares in the Company. The Company was charged £12,761 (2012: £ nil) by R Jenkins, £7,761 for services as Director and Audit Committee Chairman of the Company and £5,000 for services as a consultant to the Company. The Company has made provision of £8,000 (2012: £ nil) for non-executive fees payable to I Consunji for services as Director. Mr Consunji is President and CEO of DMCI Holdings Inc., parent company of DMCI. At the year end the Company owed £8,000 (2012: £ nil) to I Consunji. ENK plc (ENK) (formerly European Nickel plc) was a substantial shareholder of the Company and an 18.7% 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 during the year provided services as a consultant to ENK. ENK is a 60% owned subsidiary of DMCI. Atlas and DMCI (2012: ENK plc) are joint venture partners with the Company under the Berong Venture Agreement. Brooks and Celestial are joint venture partners with the Company under the Celestial/Ipilan Venture Agreement. Atlas is joint venture partner with the Company under the Ulugan Venture Agreement. Under the Berong, Celestial/Ipilan and Ulugan Venture Agreements, the Company has through the expenditure of qualifying costs of £10,464,306 acquired equity interests in the following Philippines' registered companies. TMM Ulugan Ulugan Nickeline Nickel Berong Ipilan Management Resources Nickel Resources Laterite Nickel Nickel Inc. Holdings Corp. Holdings Inc. Resources Corp. Corp. Inc. Inc. Direct 40% 30% 40% 9% 20% 40.0% 40% Indirect - - 18% 18% - 16.2% 12% Total 40% 30% 58% 27% 20% 56.2% 52% In 2007, the Company entered into an agreement to make a loan facility available to Brooks of up to US$2.5 million, secured over Brooks' share of the Ipilan nickel project. This facility was subsequently increased in 2007 and in 2010 to US$10 million and terms extended from three to four years from each drawdown, to meet continuing pre-operational exploration and working capital requirements. The loan bore interest at 10% cumulative per annum to 31 March 2011, since which date the parties have agreed to a moratorium on further interest charges, and is repayable out of Brooks' share of the Ipilan nickel project operating cash flow. The principal amount advanced at 31 March 2013 was US$11,056,329 (2012: US$10,225,330); a further advance of US$220,000 was made in June 2013. Since the termination of negotiations with Jinchuan for the sale of interests in INC, the Company has been in and is continuing discussions with INC and the Ipilan Venture partners in respect of an appropriate restructuring of the loan agreement. Under the Celestial Venture Agreement, the Company has the option to take a 40% holding in Celestial. During the year ended 31 March 2007 the Company agreed to an advance of US$900,000 jointly to Celestial and its shareholders, as shown in note 13, against the option exercise amount. If the Company decides not to exercise the option to purchase, or is prevented by any cause from exercising the option to purchase, then the borrowers are required to reimburse the US$900,000. The advance is interest-free and guaranteed by Celestial and its guarantors but is otherwise unsecured. Celestial owns 40% of the issued share capital of Nickel Laterite Resources Inc. During the previous year, the Company paid Celestial US$200,000 on completion of the definitive mining feasibility study. There is an agreement in place such that the Company has a commitment to make certain further payments to Celestial as described in note 27. A potential claim for an unspecified sum for breach of contract was previously notified to the Company in respect of a dispute with Celestial. The Directors are firmly of the opinion that the claim, which is now beyond rescission, was without any legal or factual basis. No provision had been made in prior years' accounts in respect of the claim. The Company's expenditure commitment under the Ulugan Venture Agreement at the year end and at 31 March 2012 was US$700,000. Under the Berong Venture Agreement, the Company has advanced funds to BNC to meet ongoing mine development costs, of which US$6,129,258 was repaid in 2007. During the year BNC repaid to the Company an amount of US$2,774,310 (2012: advanced to BNC US$392,588). On 31 December 2012 the Company purchased from ENK rights to BNC stockholder advances of US$1,789,220. This purchase forms part of the balance of the loan to BNC at 31 March 2013 of US$7,360,503 (2012: US$5,571,283). This amount forms part of the total amount advanced as shown under non-current loan investments (see note 13). The loan amounts advanced are interest-free, unsecured and have no fixed terms of repayment. The Company has two subsidiaries, details of which are given in note 11. During the year, China Nickel Corporation (CNC) charged BNC US$ nil (2012: US$173,086) in respect of consulting fees. At the year end, BNC owed CNC US$674,147 (2012: US$1,138,604). During the year, CNC charged INC US$ nil (2012: US$74,180) in respect of consulting fees. At the year end, INC owed CNC US$104,328 (2012: US$104,328). 27. Commitments and contingencies Under a royalty agreement, the Company has made a commitment to make certain payments to Celestial as follows: Upon completion of positive bankable feasibility study US$500,000 Upon the commencement of construction of plant US$1,200,000 28. Post balance sheet events On 25 April the Company issued 275,000 new ordinary shares of 5 pence each as a result of the exercise of options by Victor Kolesnikov, the Company's Chief Executive, and a senior manager of the Toledo group. Victor Kolesnikov exercised 200,000 options into new shares at a price of 45 pence per share. The new shares were allotted to DMCI and accepted into the cash offer to acquire the entire issued and to be issued share capital of Toledo not already owned by DMCI, pursuant to a cashless exercise facility made available by DMCI to the option holders and as a result of the exercise of options the Company received £127,500 (net of payments to option holders who received cash for their options of the Offer price less exercise price). A share premium of £113,750 arose on the issue of the new shares. Following the issue of the new shares the total number of shares in issue is 50,120,333, each carrying the right to one vote. On 1 May 2013 DMCI announced the level of acceptances that it had received in relation to its Offer and that the Offer was closed and is no longer capable of acceptance. Together with the 18,818,344 Toledo shares already owned by DMCI, plus a further 615,000 Toledo Shares acquired through market purchases and the 275,000 shares issued on 19 April 2013 on exercise of share options by Toledo management, DMCI then owned or had received valid acceptances in respect of 33,341,246 Toledo Shares representing 66.52% of the Company's issued share capital. On 17 July 2013 DMCI notified the Company that it had increased its holding to 34,120,333 shares, representing 68.18% of the Company's issued share capital. As at 3 September 2013 DMCI held 34,231,246 shares, representing 68.30% of the Company's issued share capital. On 20 June 2013 the Company agreed by letter to further increase the Brooks loan facility to US$11,276,329 and has advanced a further US$220,000 since the balance sheet date, bringing the facility to fully drawn, and to extend the moratorium since 1 April 2011 on interest charges and to not make immediate demand of repayments falling due, until 31 August 2013. The Company has not issued a demand for repayment as at the date of these financial statements. 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 represents the Company and Group's maximum exposure to credit risk at the reporting date. In respect of certain of the loans receivable the amounts are repayable from the borrower's share of cash flows from the related mining projects (see note 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 31 March 2013 Carrying amount Cash flows 3 months or Greater than 3 less months £ £ £ £ Trade and other payables 217,598 217,598 217,598 - Project expenditure 460,250 460,250 - 460,250 commitment Other taxes 162,744 162,744 162,744 - 840,592 840,592 380,342 460,250 31 March 2012 Carrying amount Cash flows 3 months or Greater than 3 less months £ £ £ £ Trade and other payables 41,849 41,849 41,849 - Project expenditure 437,780 437,780 - 437,780 commitment _______ _______ ______ _______ 479,629 479,629 41,849 437,780 Company 31 March 2013 Carrying Cash flows 3 months or Greater than 3 amount less months £ £ £ £ Trade and other payables 217,598 217,598 217,598 - Project expenditure 460,250 460,250 - 460,250 commitment Other taxes 162,744 162,744 162,744 - 840,592 840,592 380,342 460,250 31 March 2012 Carrying Cash flows 3 months or Greater than 3 amount less months £ £ £ £ Trade and other payables 41,849 41,849 41,849 - Project expenditure 437,780 437,780 - 437,780 commitment _______ _______ ______ _______ 479,629 479,629 41,849 437,780 Market risk Market risk is the risk that changes in market prices, such as commodity prices, foreign exchange rates, interest rates and equity prices will affect the Company's and Group's income or the value of its holdings in financial instruments. Commodity price risk The principal activity of the Company and the Group is the development of nickel mining properties in the Philippines and the principal market risk facing the Group is an adverse movement in the commodity price of nickel. Any long-term adverse movement in this price would affect the commercial viability of the mining properties and hence the value of investments by the Company and the Group as a whole. Foreign currency risk The Group undertakes transactions principally in Pounds Sterling and US Dollars. While the Group continually monitors its exposure to movements in currency rates, it does not utilise hedging instruments to protect against currency risks. The main currency exposure risk to the Company is in relation to the US Dollar loan investments which are repayable in US Dollars. Interest rate risk The Group utilises cash deposits at variable rates of interest for a variety of short-term periods, depending on cash requirements. The rates are reviewed regularly and the best rate obtained in the context of the Group's needs. Extent and nature of financial instruments The financial assets and liabilities held by the Company and Group at the period end are shown below together with their fair values. Fair values have been arrived at after due and careful consideration by the Company's Directors. Group 31 March 31 March 31 March 31 March 2013 2013 2012 2012 £ £ £ £ Assets Carrying Net fair Carrying Net fair amount value amount value Loans and receivables 14,669,092 14,669,092 14,049,297 14,049,297 Trade and other receivables 558,098 558,098 842,072 842,072 Other taxes recoverable 96,510 96,510 86,344 86,344 Short-term deposits 400 400 413,264 413,264 Cash at bank and in hand 2,407,841 2,407,841 2,206,582 2,206,582 _________ _________ _________ _________ 17,731,941 17,731,941 17,597,559 17,597,559 31 March 31 March 31 March 31 March 2013 2013 2012 2012 £ £ £ £ Liabilities Carrying Net fair Carrying Net fair amount value amount value Trade and other payables 217,598 217,598 41,850 41,850 Project expenditure commitment 460,250 460,250 437,780 437,780 Other taxes 162,744 162,744 - - ________ _______ ________ ________ 840,592 840,592 479,630 479,630 Company 31 March 31 March 31 March 31 March 2013 2013 2012 2012 £ £ £ £ Assets Carrying Net fair Carrying Net fair amount value amount value Loans and receivables 14,669,092 14,669,092 14,049,297 14,049,297 Trade and other receivables 4,851 4,851 47,231 47,231 Other taxes recoverable 96,510 96,510 86,344 86,344 Short-term deposits 400 400 413,264 413,264 Cash at bank and in hand 2,304,162 2,304,162 2,174,464 2,174,464 _________ _________ _________ _________ 17,075,015 17,075,015 16,770,600 16,770,600 31 March 31 March 31 March 31 March 2013 2013 2012 2012 £ £ £ £ Liabilities Carrying Net fair Carrying Net fair amount value amount value Trade and other payables 217,598 217,598 41,850 41,850 Project expenditure 460,250 460,250 437,780 437,780 commitment Other taxes 162,744 162,744 - - ________ _______ _______ _______ 840,592 840,592 479,630 479,630 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 accounts 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. 30. Associate undertakings On 31 December 2012 the Company acquired an additional 18.7% interest in BNC from ENK plc for consideration of US$4,762,780 (£2,945,779). On the same date disposed of a 31.0% interest in Nickeline Resource Holdings ('NRH') to DMCI, an indirect interest of 18.6% in BNC, for consideration of US$6,552,000 (£4,052,412) at an historical cost of US$3,983,310 (£2,212,431). The Company has equity holdings in the following associate undertakings: As at 31 March 2013 TMM Ulugan Ulugan Nickeline Nickel Berong Ipilan Management Resources Nickel Resources Laterite Nickel Nickel Inc. Holdings Corp. Holdings Inc. Resources Corp. Corp. Inc. Inc. Direct 40% 30% 40% 9% 20% 40.0% 40% Indirect - - 18% 18% - 16.2% 12% Total 40% 30% 58% 27% 20% 56.2% 52% As at 31 March 2012 TMM Ulugan Ulugan Nickeline Nickel Berong Ipilan Management Resources Nickel Resources Laterite Nickel Nickel Inc. Holdings Corp. Holdings Inc. Resources Corp. Corp. Inc. Inc. Direct 40% 30% 40% 40% 20% 21.3% 40% Indirect - - 18% 18% - 34.8% 12% Total 40% 30% 58% 58% 20% 56.1% 52% The principal place of business and country of incorporation of the associate undertakings is the Philippines. Summarised results of the associate undertakings as translated into sterling are as follows: Berong Nickel Ipilan Nickel Remaining Corporation Corporation Associates Total Year ended 31 March 2013 £ £ £ £ Revenue 18,801,384 - 424,798 19,226,182 Profit for the year 2,512,761 124,105 8,235 2,645,101 Total assets 20,207,664 8,445,564 2,709,196 31,362,424 Total liabilities 11,354,453 9,345,102 2,547,539 23,247,094 Berong Nickel Ipilan Nickel Remaining Corporation Corporation associates Total Year ended 31 March 2012 £ £ £ £ Revenue 11,053,650 - 416,687 11,470,337 Profit/(loss) for the year 2,055,970 (129,398) 6,846 1,933,418 Total assets 17,840,329 7,291,689 2,160,643 27,292,661 Total liabilities 12,263,983 8,220,221 1,977,416 22,461,620 31. Operating lease commitments The Company and Group had outstanding operating lease commitments falling due as follows: Land and buildings 2013 2012 £ £ Within one year 34,500 34,500 Within 2 - 5 years 103,500 151,176 Total 138,000 185,676 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. Corporate directory Directors Constantine Thanassoulas (Chairman) Victor Kolesnikov (Chief Executive Officer) Robert Jenkins (Independent Non-executive Director) Simon Purkiss (Non-executive Director) Jason Cheng (Non-executive Director) Isidro Consunji (Non-executive Director) Secretary Adrian Harvey FCCA (Chief Financial Officer) Registered office First Floor 10 Dover Street London W1S 4LQ Nominated adviser and broker RFC Ambrian Condor House 10 St Paul's Churchyard London EC4M 8AL Solicitors Thrings LLP Kinnaird House 1 Pall Mall East London SW1Y 5AU Auditors Sawin & Edwards Suite 1.3 Vernon House 23 Sicilian Avenue London WC1A 2QS Principal bankers Coutts & Co 188 Fleet Street London EC4A 2HT Registrars Capita IRG plc Bourne House, 34 Beckenham Road Beckenham Kent BR3 4TU Website www.toledomining.com ------------------------------------------------------------------------------ This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Toledo Mining Corporation PLC via Thomson Reuters ONE HUG#1727541
Toledo Mining Corporation PLC: Annual Results to 31 March 2013
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