Pre-tax losses at Armadale Capital narrowed in the year to the end of December to £921,675 down from £991,512 last time.
The group did not earn any revenues as its business related solely to the making of investments in non revenue producing resource projects and companies.
It said the year's most significant event was the acquisition of the Mahenge Liandu graphite project, which was financed entirely by the issue of shares and loan notes.
Looking ahead it said: "The positive early exploration results at Mahenge Liandu are very encouraging and the directors consider that the outlook for the project, and hence for the group is positive.
"Equally, we are pleased that the Mpokoto project continues to attract interest and investment from strong local partners."
At 8:10am: (LON:ACP) Armadale Capital PLC share price was 0p at 1.75p