Toledo Mining Corporation plcToledo Mining Corporation plc

AGM Investor Presentation28 September 2011

Disclaimer

The information contained in this presentation (“Presentation”) is confidential to Toledo Mining Corporation PLC (“Toledo” or “the Company”). It is not intended for and should not be distributed to any other person other then as permitted herein. By viewing this Presentation, the Recipient agrees that he/she will not transmit, reproduce or make available the Presentation (or any information contained herein) to anyone other than to his/her professional advisers without the prior consent of Toledo. Any such disclosure to the advisers of the Recipient must be on a confidential basis, for the purpose only of assessing the information contained herein as adviser to the Recipient.

This Presentation has been prepared as a summary only and does not cont2ain all information about the Company’s assets and liabilities, financial position and performance, profits and losses, prospects and rights and liabilities. The information contained in this Presentation or subsequently provided to the Recipient of this Presentation whether orally or in writing by or on behalf of Toledo and its directors, officers, employees, advisers, agents or consultants (“Information”) is provided to the Recipients on the terms and conditions set out in this notice. The purpose of this Presentation is to provide Recipients with Information relating to Toledo. The Presentation has been prepared by Toledo and each Recipient must make his/her own independent assessment and investigation of Toledo and its business and assets and should not rely on any statement or the adequacy and accuracy of any Information contained in this Presentation.

Toledo makes no representation or warranty (express or implied) as to the accuracy, reliability or completeness of the Information. Toledo and its directors,

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Toledo makes no representation or warranty (express or implied) as to the accuracy, reliability or completeness of the Information. Toledo and its directors, employees, agents or consultants shall have no liability (including liability to any person by reason of negligence or negligent misstatement) for any statements, opinions, information or matters (express or implied) arising out of, contained in or derived from, or any omissions from the Presentation, except liability under statute that cannot be excluded.

The Presentation contains reference to certain intentions, expectations and plans of Toledo. These intentions, expectations and plans may or may not be achieved. They are based on certain assumptions which may or may not be met or on which views may differ. The performance and operations of Toledo may be influenced by a number of factors, many of which are outside the control of Toledo. No representation or warranty, express or implied, is made by Toledo any of its directors, officers, employees, advisers, agents or consultants that any intentions, expectations or plans will be achieved either totally or partially or that any particular rate of return will be achieved. This Presentation does not constitute in any way an offer or invitation to subscribe for securities in Toledo.

The technical information contained in this presentation has been reviewed and approved by Mr Pierre Charlent. Mr Charlent has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Qualified Person under the AIM Note for Mining, Oil and Gas Companies. Mr Charlent holds the position of Chief Operating Officer, Toledo Mining Corporation. Mr Charlent consents to the inclusion of his name in this presentation in the form and context in which it appears.

Toledo Mining Corporation PLC (AIM:TMC)

Toledo Mining

Note *2

oToledo Mining Corporation PLC is focused on the mining and development of nickel laterite deposits in the Philippines.

oThe Company has strategic interests in four large nickel deposits on the island of Palawan.

oToledo’s objective is to become a sizeable nickel producer through oToledo’s objective is to become a sizeable nickel producer through implementing downstream value added processing.

Toledo Share Price Performance:

Shareholder Information

Share Capital Information:

Significant Shareholders:

Listed on London’s AIM(1) TMC

Issued Ordinary Shares 49,845,333

Options 865,000

Market Cap £11.1 million(2)

Significant Shareholders:

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Company/Individual Shareholding

Daintree Resources Ltd 22.01%

Fevamotinico SARL 20.18%

Jason Cropper 16.14%

ENK plc (AIM:ENK) 5.02%

Barclays Wealth (Retail) 3.13%

1: Listed in April 20042: as at 23 September 2011

Corporate Information

Board of Directors

Reg Eccles, Chairman

Victor Kolesnikov, Chief Executive Officer

Simon Purkiss, Non-executive Director

Constantine Thanassoulas, Non-executive DirectorConstantine Thanassoulas, Non-executive Director

Jason Cheng, Non-executive Director

Senior Management in the Philippines

Pierre Charlent, Chief Operating Officer

Rufo S. Cabanlig Jr., General Manager for Projects

Ramon Antonio L. Flores, Resource Development & Technical Services Manager

Marissa S. Nicdao, Officer in Charge - Accounting

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Our Assets: Location

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Our Assets: Projects Resource Base (1)

Berong

Toledo interest: 56.1%

JORC resource: 9.13 million tonnes @ 1.55% Ni using 1% cut-off grade

Potential resource2: 120 million tonnes @ 1.34% Ni using 0.9% cut-off grade

Ipilan

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Long Point & Moorsom

Toledo interest: 56.1%

Potential resource2: 120 million tonnes @ 1.27% Ni using 0.9% cut-off grade

1: As at 31 March 2011. All resources reported as dry tonnes

2: potential resources are extracted from estimates by previous explorers and tenement owners, and are

defined as being conceptual in nature with insufficient exploration to define the mineral resource and with

uncertainty as to whether further exploration will result in the confirmation of the mineral resource

Ipilan

Toledo interest: 52%

JORC resource: 43.47 million tonnes @ 1.20% Ni using 0.5% cut-off grade

Nickel Market (-5Y)

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Nickel Market continued

� Nickel is expected to trade at an average price of $25,000 per tonne in 2012 compared with a previous forecast of $24,250 per tonne(1).

� Nickel demand is forecast to rise by 5% per annum from 2010 to 2015 driven by ongoing growth in demand for stainless

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to 2015 driven by ongoing growth in demand for stainless steel over the same period(2).

� Growth will be driven by demand mainly from Asia.

1. Source: Numis2. Source: Paradigm Capital

Market Drivers for Toledo Nickel Mine Plan

� Market changes in 2006 – China began to use nickel ore for the production of nickel pig iron (NPI) in blast furnaces.

� Use of Electric Arc Furnace (EAF) for ferronickel production using high grade ores was much more competitive ores was much more competitive compared to NPI production in blast furnaces.

� Early 2011 – significant numbers of EAF plants established in China dramatically increasing demand for high grade ore.

� Mine Plan formulated to meet current market demand.

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Berong

� Toledo has a 56.1% economic interest in Berong Nickel Corporation (BNC), mine located on Palawan Island, Philippines.

� JORC resource: 9.13 million tonnes @ 1.55% Ni using 1% cut-off grade.

� Operations at BNC recommenced in May 2011 - facilitated by the Operations at BNC recommenced in May 2011 - facilitated by the sale of the existing stockpile of 150,000 wet metric tons (‘wmt”) low grade ore.

� 2 shipments completed for 103,530 wmt; final shipment being loaded

� Targeted production of 450,000 wmt of 1.8% nickel by year end.

� To date, BNC has produced 229,155 wmt 1.8% nickel ore.

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Berong continued

� First shipment of high grade 1.8% nickel ore successfully shipped generating approximately US$3.5 million.

� Currently taking advantage of high spot prices. Long term contracts are intended.

� Targeted 2 to 3 further shipments of 200,000 wmt of 1.8% nickel � Targeted 2 to 3 further shipments of 200,000 wmt of 1.8% nickel ore during this season’s shipping window, which closes at the end of October.

� More saprolite ore found at depth during mining which has benefited mining costs.

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Berong - future production

� Targeted production of 750,000 wmt 1.8% nickel per year from 2012.

� 9 year life of mine at present production rates.

� For every tonne of high grade ore produced, approx. two tonnes of low grade ore averaging 1.3% is produced alongside. The lower grade ore will either be sold or used for future value added processing operations.

� BNC has engaged an engineering � BNC has engaged an engineering

company to evaluate the constraints of

the shipping window with a view to

increasing the shipping period =

increased capacity to 1 million wmt

per year.

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Berong – future production continued

� Cashflow generated will be used to carry out value add studies to find the most suitable process for our ore in the present changeable market conditions.

� Past works undertaken by SNC-Lavallin confirm that Berong’s ore is amenable to all available leaching technologies.

� A number of comprehensive bankable feasibility studies were carried out during the 1970’s before the oil crisis – these included feasibility studies of Ammonia Leaching plant (caron process) by Freeport Minerals Company and ferronickel smelting in collaboration with Pacific Metals Co. Ltd.

� Expect to determine a value add strategy by mid 2012.

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Ipilan

� Mining Project Feasibility Study carried out in August 2010.

� All necessary documents submitted to the Mines and Geosciences Bureau for review and approval in November 2010.

� To date, clearance of the all important Strategic Environmental Plan (SEP) has been received from the Palawan Council for Sustainable (SEP) has been received from the Palawan Council for Sustainable Development (PCSD). Awaiting final clearance for full permitting to be granted.

� MacroAsia recently signed an agreement with Jinchuan Group of China and Tranzem to develop their Infanta project which borders Ipilan. The signing was witnessed by Philippine President, Benigno S. Aquino which offers encouragement for the future development of Ipilan.

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Exploration

Moorsom

� Exploration programme commenced at Moorsom in early 2010.

� Nickel grade is lower than expected hence further work is required to determine if any part of this huge resource has potential for commercial development.

Long PointLong Point

� Long Point lies just 20km to the north east of the Berong Mine and is believed to offer significant exploration potential.

� Currently, this area lies within an Environmental Critical Area Network (ECAN). Toledo remains hopeful that with the support of the local council, the ECAN map will be redrawn and permission to explore can be granted.

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Financials

� Sale of approx. 150,000wmt stockpiled ore.

� Settlement of Atlas loan: total repayment of US$4.5 million to be received by end September 2011.

� Cash balances: £2.6 million as at 23 September 2011.

� First shipment of 1.8% nickel grade ore has generated approx. US$ � First shipment of 1.8% nickel grade ore has generated approx. US$ 3.5 million receivable for BNC.

� Price of US$ 65/wmt is US$10-20 higher than BNC has been offered recently for longer term 1 to 2 year supply contracts.

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Looking Ahead

� Shipments to continue from Berong.

� Production increasing from 450,000 wmt of 1.8% Ni in 2011 to 750,00 wmt per annum thereafter.

� Longer term supply contracts are sought but currently benefiting from high spot prices in the market.high spot prices in the market.

� Construction at Ipilan to commence early 2012 pending final approval of permits.

� Accelerated value-added processing plans – determination of a strategy expected mid 2012.

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Appendices

� Toledo vs Peers

� Toledo vs Indices

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Toledo vs. Peers (-1Y)

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Toledo African Eagle ENK GME Heron Mindoro

Toledo vs. Indices (-1Y)

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Toledo FTSE 350 Mining FTSE AIM Basic Resources

Source: Datastream, rebased to Toledo