AIM movers: High grades for Rockfire Resources and Pan African Resources reduces gold production guidance

Gold and base metals explorer Rockfire Resources (LON: ROCK) has announced the highest zinc grades ever encountered at the Molaoi deposit in Greece. In one case there was 50.8% zinc from a drill hole. This could help to increase the overall grade. The drilling has confirmed the continuity of mineralisation throughout the deposit. The share price jumped 20.9% to 0.26p.

Quantum Blockchain Technologies (LON: QBT) has appointed Vladimir Kusznirczuk as marketing and business development manager. His job is to develop partnerships and joint ventures with Bitcoin mining businesses in North America. He has been issued one million warrants exercisable at 5p each and one million warrants exercisable at 10p each.  The share price increased 17.5% to 1.85p.

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Cleaner energy technology developer Quadrise (LON: QED) has completed the first phase of engine testing of bioMSAR fuel with biorefinery specialist Vertoro. Quadrise produced blends of bioMSAR including up to 40% of Vertoro’s crude sugar oil. When tested this fuel improved energy efficiency by 7% compared to normal diesel, reducing fuel consumption and emissions. Nitrogen oxides were reduced by up to 16% and carbon monoxide by more than 50%. Further trials are planned. The share price is 9% higher at 1.15p, having reached a new low the day before.

Hutchmed (China) Ltd (LON: HCM) along with Takeda has announced a new drug application for the use of Fruquintinib for treating previously treated metastatic colorectal cancer has been granted priority review by the FDA. It could become the only approved treatment inhibiting three vascular endothelial growth factor receptors for this cancer. The share price rose 4.74% to 215.25p.

Pan African Resources (LON: PAF) has lowered its gold output guidance – due to power availability problems and a slower production ramp up at Barberton Mines – to around 175,000 ounces. The 2022 production was 205,459 ounces. A rise in the gold price and positive currency movements have offset some of this production disappointment. The dividend will be maintained, while debt continues to be reduced. Even so, the share price slumped 21.1% to 13.32p.

At its AGM, digital media marketing company XLMedia (LON: XLM) admits that first half revenues will be lower this year, but it maintains its full year expectations. Last year, was boosted by the launch of online sports betting in New York, but there is also a lower level of spending this year by gaming companies. There are positive long-term prospects as more US states legalise online sports betting. The share price slipped 15.6% to 9.5p.

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Tern (LON: TERN) investee company InVMA, trading as Konektio, has secured a £2.5m fundraising in two tranches. Tern has invested £100,000 of the first tranche of £1.2m. The Tern shareholding is reduced from 39.9% to 28%, while the value of the stake has fallen from £1m to £900,000 – including the latest investment. Tern has invested £2.3m in the company with at least £280,000 expected to be invested in the second tranche. If it does not make that minimum investment, then three-quarters of its stake will effectively be given up. The Tern share price fell 8.54% to 3.75p.

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