Insider Trades: This director sold $1m worth of shares in this ASX small cap (plus 7 buys)
Meteoric Resources Insiders sold $1m worth of shares. The stock is up more than 1,200% year-to-date.
Source: iStock
Mentioned
KEY POINTS
- Meteoric Resources' Executive Chairman offloads $1m worth of shares after the stock rallied more than 1,200% year-to-date
- Andromeda shares are down more than 90% from April 2022 highs but management are starting to buy shares
- Sheffield Resources' insiders bought shares. The company is expected to make its first deliver of mineral sands in 2024
Welcome back to the Insider Trades series – A summary of small cap mining director transactions that have taken place between 22 to 29 May.
Insider activity among explorers has been buzzing, so we’re taking a look at transactions worth more than $20,000 for this week.
Top Insider Transactions
Code | Company | Date | Director | Type | Price | Value | Notes |
|---|---|---|---|---|---|---|---|
Meteoric Resources | 26/5/23 | Andrew Tunks | Sell | $0.20 | $1,000,000 | On-market trade | |
Andromeda Metals | 24/5/23 | Robert Katsiouleris | Buy | $0.04 | $445,262 | On-market trade | |
Sheffield Resources | 25/5/23 | John Richards | Buy | $0.49 | $195,983 | On-market trade | |
Quantum Graphite | 24/5/23 | Bruno Ruggiero | Buy | $0.50 | $100,161 | On-market trade | |
Lunnon Metals | 26/5/23 | Ashley McDonald | Buy | $1.00 | $100,000 | On-market trade | |
Peel Mining | 25/5/23 | James Simpson | Buy | $0.11 | $55,000 | On-market trade | |
Blue Star Helium | 26/5/23 | Ross Warner | Sell | $0.03 | $41,400 | On-market trade | |
Ci Resources | 26/5/23 | Adrian Gurgone | Buy | $1.00 | $29,922 | On-market trade | |
Blue Star Helium | 29/5/23 | Neil Rinaldi | Buy | $0.03 | $26,000 | On-market trade |
Interesting Observations
Selling into strength: Meteoric Resources is up more than 1,200% year-to-date. One of the major catalysts was its acquisition of a Tier 1 rare earths project in Brazil in late December. Executive Chairman Andrew Tunks has sold $1m worth of shares, on the same day he exercised $365,650 worth of options at 2.4 cents per share.
Meteoric Resources 12-month price chart (Source: Market Index)
Buying the dips dip: Andromeda – An emerging kaolin producer – hasn’t quite been the same since its Definitive Feasibility announcement on 5 April 2022. The disappointing economics of the project triggered a 33% selloff on the day of the announcement. And its share price performance has only gone downhill ever since. Insiders have been nibbling on the stock since the beginning of the year. Are they seeing value at current beaten up levels?
Andromeda 12-month price chart (Source: Market Index)
A new mineral sands producer: Earlier this month, Sheffield Resources said the construction of its Thunderbird Mineral Sands Project is 85% and within its $484m budget. It expects to make its first delivery to customers in the first quarter of 2024. Non-executive director John Richards bought $196,000 worth of shares last week, marking the first insider buy since August 2021. The stock has been somewhat muted in the past twelve months, down 5%. Do insiders see valuation tailwinds ahead of production?
Sheffield Resources 12-month price chart (Source: Market Index)
