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Condor Nickel Limited (ASX:CNK) Quarterly Report To Shareholders

EXECUTIVE SUMMARY

Recent exploration on the Dingo Range suite of tenements included RAB drilling
and additional rock chip sampling. Sampling was carried out on tenements E53 /
1377 and E53 / 1380 over a strike distance of approximately 14 Kms within an
estimated area of 5.8 sq Kms. Of the 52 samples taken, 42 samples (80% of
samples) assayed over 50% Fe and 21 samples (40% of sampled) assayed above
55%. The geology of the target areas included a banded iron formation (BIF) which
has significant continuity within the Dingo Range Greenstone belt

The assay results of the RAB drilling programme are due to be received during
November and will form the basis for further planned detailed exploration programmes
during the next quarter.

At Kallona Creek, an airborne geophysical survey was completed during the latter half
of the quarter, as well as the completion by quarter end, of a comprehensive geological
mapping programme over the tenement.

All of Condor's tenements are in good standing and rehabilitation of disturbed areas
during exploration has been completed.

The Company further strengthened its management team with Laurence Freedman AM
being appointed chairman subsequent to the end of the period as well as Robert
Schuitema being appointed to the board.

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