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AIM movers: C4X Discovery milestone payment and Katoro Gold has problems with joint venture partner

An $11m preclinical milestone payment to C4X Discovery (LON: C4XD) has been triggered by the preclinical progress of C4XD’s NRF2 Activator programme. AstraZeneca is using the programme to develop an oral therapy for treating inflammatory and respiratory diseases. At the end of July 2023, C4XD had £4.22m in the bank after a £6m cash outflow from operating activities. The share price jumped 37% to 11.975p.

Natural resources data company Getech (LON: GTC) has won eight new contracts worth £1.8m and £600,000 will be recognised in 2023. Annual recurring revenues are £2.8m and the order book is worth £4.6m. Getech hopes to be cash flow positive in 2024. The share price recovered 28.6% to 6.75p.

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Identity management software provider Intercede Group (LON: IGP) has secured a $1m perpetual licence from a US intelligence community client, plus an additional subscription of $200,000/year. The 2023-24 pre-tax profit forecast has been raised from £5m to £5.3m, although it is expected to fall to £3m next year. The share price improved 16.7% to 109p, which is the highest the share price has been since the summer of 2021.

Audioboom (LON: BOOM) says that there were 1.5 billion downloads of podcasts from its platform in 2023. The share price increased 10.5% to 3.15p, which is the highest it has been since May.

Bart Properties has taken a 9.5% in Capital Metals (LON: CMET). In December, the Sri Lanka mineral sands project developer raised £626,520 at 4.5p/share. The share price rose 5.26% to 4p.

FALLERS

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Plexus Holdings (LON: POS) shares continue to decline and fell a further 23% to 13.25p. Yesterday, it agreed an IP licence agreement with SLB, which replaces a previous surface production wellhead licence agreement with a subsidiary of SLB. For $5.2m in cash, SLB gets a licence in perpetuity to use POS-GRIP technology in specific markets. The 2023-24 revenues forecast has been upgraded to £14m and pre-tax profit raised by 467% to £1.7m. However, this is a one-off, so Plexus could fall back into loss next year. Plexus was the best AIM performer in 2023 and it is still the best performer since the end of 2022.

Katoro Gold (LON: KAT) says that its joint venture partner in the Imweru gold project in Tanzania has not provided proof of paying the agreed capital contribution. This makes the future of the joint venture uncertain. The joint venture partner Lake Victoria Gold was earning an 80% interest in the the joint venture and be responsible for 100% of funding. The joint venture was supposed to reimburse €792,000 of cash previously spent by Katoro Gold. The share price slumped 10.3% to 0.13p.

Mkango Resources (LON: MKA) has a 79.4% interest in Maginito, which has formed a 50/50 joint venture with CoTec Holdings. HyProMag USA will roll out Hydrogen Processing of Magnet Scrap recycling technology. Maiden revenues are expected in 2025-26. The share price declined 4.88% to 9.75p.

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