Toledo Mining Corporation PLC: Annual Results to 31 March 2013

        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

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Source: Toledo Mining Corporation PLC via Thomson Reuters ONE
HUG#1727541
 
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