Heat oven to 350ºF. Place 2 (1 1/2-cup) ungreased ovenproof bowls or ramekins on cookie sheet. Spoon 1 cup frozen cherries into each bowl. Add 1 tablespoon sugar and 1 teaspoon cornstarch to each bowl; toss to coat cherries.
Bake 15 minutes. Remove from oven. Stir cherries well; place 1 frozen biscuit on top of each bowl of cherries. Brush biscuits with milk; sprinkle with 1 teaspoon sugar.
Return to oven; bake 18 to 22 minutes longer, adding almonds to cookie sheet during last 3 minutes of baking time. Bake until tops of biscuits and almonds are golden brown. Cool 5 to 10 minutes before serving. To serve, top with ice cream, fudge topping and almonds.