Ann: Annual Report to shareholders , page-2

My hat goes off to the directors of the company. You can see just how low the cash situation got ($80k at the end of the financial year). Usually a cash position such as this would have meant the company would have to commit a significant raising at approx 4c per share and diluted shareholders. Instead the directors raised capital only on an at needs basis to ensure that they secured the iron tailings project. In securing this project and demonstrating the earning capacity they then secured $5million in a loan facility to tide the company over until production commences at the end of the year. I am elated at how my wealth and upside has been protected.
Three cheers for Condor!
Bigdig

P.s. accounts were late because it seems their accountant changed mid year and the complete documentation couldn't be gathered from the old accountant. Not our fault!