Quote from Directors Report. "PRINCIPAL ACTIVITIES During the year the principal activities of the consolidated entity consisted of exploration, development and mining of the Charters Towers goldfield. There has been no significant change in the nature of these activities during the year."
What a load of bullshit. There has been no exploration, no development or mining. Change! How about none of these things happened. Interestingly total debt, if I read it correctly, was about $20 mill. Unfortunately there's a bit of smoke and mirrors in this report. Nowhere do the auditors emphasise the debt of unpaid staff salaries and how this verges on insolvency. Maybe CTO did not inform the auditors of this. Again, my thoughts only. DYOR.
CTO Price at posting:
1.2¢ Sentiment: Sell Disclosure: Not Held
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