AIM movers: Empire Metals soars and Corero hit by delayed decisions

Positive news concerning the Pitfield copper gold project in Australia has boosted Empire Metals (LON: EEE) by 54.8% to 1.2p. A review of the recent surveys and historical data for the site suggests that it has the hallmarks of a giant copper mineralised system. There is a large magnetic anomaly. Exploration activity will be accelerated in early 2023.

Cancer treatments developer Scancell Holdings (LON: SCLP) has signed a licencing agreement with Danish antibody specialist Genmab. It covers an anti-glycan monoclonal antibody, and it could be used by Genmab to develop therapeutic products. Tumour-associated glycans are attractive oncology targets and this antibody is highly flexible. Total milestone payments could be $624m, covering three potential products. The share price is up 23.8% to 16.25p, although it has come off its high for the day.

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Life science company DeepVerge (LON: DVRG) has bounced back today after it said it was recruiting a new management team. The proposed fundraising is still in process. DeepVerge has revealed related party transactions that should have been notified earlier and is improving internal controls. They included agreements with the chief executive’s wife. The share price has recovered 24.8% to 2.75p, but it is still three-fifths lower than at the start of October.

Union Jack Oil (LON: UJO) continues to rise after yesterday’s announcement of its first ever dividend and share buy backs. The shares rose a further 11.5% to 33p.

Promotional products services provider Altitude (LON: ALT) says interim revenues will increase from £5.9m to at least £7.6m. This was helped by exchange rate movements because 90% of revenues are in North America. Altitude is on course to make a trebled underlying pre-tax profit of £300,000 this year. The share price is 4.65% ahead at 22.5p.

Cyber security products and services provider Corero Network Security (LON: CNS) says that order intake is expected to grow by between 15% and 25% this year with revenues between 5% and 10% higher than last year. That suggest full year revenues of around $23m compared with the previously forecast level of $27.9m. This means that Corero will make a pre-tax loss. There have been delays in customer decision making. The share price slumped 24.8% to 23.5p.

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Jubilee Metals (LON: JLP) improved full year revenues by 5% to £140m and paid off its long-term loan. However, increased costs meant that pre-tax profit fell by two-fifths to £26.5m. A large capital investment programme has been completed and chrome production has increased substantially. The shares fell 6.9% to 11.45p.

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