Ann: Quarterly Activities Report, page-2

"Following the recently defined high grade upside along strike at Pedra Branca East, a step-out drilling programme has been planned and re-scheduled to commence after the completion of the Stage 2 studies."

I would have hoped that the drilling wold have happened before the "Stage 2 studies" - whatever that means.

"Management have been examining several new opportunities with a small number worthy of closer evaluation. Avanco is currently pursuing an option over a potentially interesting Base-Precious metals project outside of Para State. Limited scout drilling is underway with observations to date not conclusive"

I expected a little more on ground effort with the regional exploration.

The rest reads positive for me.