Natural Resource company Armadale reported narrower annual losses on lower costs.
For the 12 months ended 31 December, pre-tax losses narrowed to £0.410m from 0.444m a year earlier, but the group did not earn any revenues as it solely made investments in non-revenue producing resource projects and companies.
The narrower loss comes as the company saw both administrative and finance costs fall 1.7% and 60.7%. for the year.
During the year, the company successfully negotiated the sale of the Mpokoto Project and recognise an impairment charge of £0.194m.
The company also said the definitive feasibility study for Mahenge Liandu, which commenced in the second quarter of last year, was expected to be complete by the fourth quarter of 2019.
'The study will focus on defining graphite product quality with a wide diameter diamond core drilling programme aimed at generating samples for marketing, the company added.
At 31 December 2018, the group had cash of £44,000, down from £65,000 a year earlier, and debt of £677,000, up from £634,000 a year earlier.
Looking to the future, with its clear development path to production commencing with the execution of the DFS currently underway, the 'directors believe that Mahenge Liandu represents an exciting opportunity for the Group. Furthermore, other notable investment opportunities are under review, which the Board believe could replicate this success and deliver significant value to shareholders,' the company said.