Director Transactions

Insider Trades: Directors are buying shares in these 8 ASX small caps

Fri 23 Jun 23, 10:22am (AEDT)
Mining exploration drill rig 9
Source: iStock

Key Points

  • Tulla Resources CEO offloads shares ahead of its merger with Pantoro
  • Moab Minerals Managing Director loads up the day after the company announces an equity interest in Ghana-based lithium projects
  • Minerals 260 Non-executive Director marks a perfectly timed buy ahead of a massive share price run

Welcome back to the Insider Trades series – A summary of small cap mining director transactions that have taken place between 12-16 June.


Top Small Cap Director Trades

Code

Company

Date

Director

Type

Price

Value

Notes

TUL

Tulla Resources

14/06/23

Mark Maloney

Sell

$0.31

$527,224

On-market trade

MOM

Moab Minerals

13/06/23

Malcolm Day

Buy

$0.01

$50,000

On-market trade

MI6

Minerals 260

13/06/23

Timothy Goyder

Buy

$0.42

$36,555

On-market trade

CBE

Cobre

15/06/23

Martin Holland

Buy

$0.08

$30,300

On-market trade

BCK

Brockman Mining

13/06/23

Ross Norgard

Buy

$0.03

$23,942

On-market trade

MVL

Marvel Gold

15/06/23

Stephen Dennis

Buy

$0.01

$23,571

On-market trade

WYX

Western Yilgarn NL

14/06/23

Peter Michael

Buy

$0.08

$17,257

On-market trade

SUH

Southern Hemisphere Mining

14/06/23

Richard Caldwell

Buy

$0.02

$17,029

On-market trade

ARR

American Rare Earths

16/06/23

Geoffrey Hill

Buy

$0.15

$15,150

On-market trade


Interesting Observations

Tulla Resources CEO Mark Maloney sold $527,224 worth of shares ahead of its merger with Pantoro (ASX: PNR). The merger seeks to bring the jointly owned Norseman Gold Project under a single entity and maximise value as it begins to ramp up production. Tulla shareholders will receive 4.96 Pantoro shares, which represent a 24.7% premium to its last close price (13 February). Post-merger, Maloney will be appointed as Non-executive Director of Pantoro.

TUL chart
Tulla Resources 12-month price chart (Source: Market Index)

Moab Minerals made its ASX debut in September 2022 via a reverse takeover of Delecta (ASX: DLC). The new company is focused on the exploration and development of the REX Uranium-Vanadium Project in Colorado, US. Managing Director Malcolm Day purchased $50,000 worth of shares the day after the company announced an initial 15% equity interest in three Ghanaian lithium projects (9 June). It took the stock a few days to find some traction – But it's now up around 30% since Day’s entry.

2023-06-23 10 16 43-Window
Moab Minerals 12-month price chart (Source: Market Index)

Minerals 260 – a spinoff of Liontown Resources’ (ASX: LTR) non-lithium assets –  rallied as much as 67% between 14-21 June on no market sensitive news. The timing from Non-executive Director Timothy Goyder couldn’t be more perfect, with a $36,555 parcel on 13 June. 

2023-06-23 10 17 17-Window
Minerals 260 12-month price chart (Source: Market Index)

Marvel Gold is a Mali-focused gold explorer. The stock is down around 50% year-to-date and insiders are beginning to nibble, with three buys in the past month valued at a combined $33,571. The enterprise value of the company is rather interesting because it has:

  • A market cap of $9.5 million

  • Holds 50 million shares in Evolution Energy Minerals (ASX: EV1) – Valued at $9.25 million (based on Thursday’s close of 18.5 cents)

  • Cash of $652,000 as at 31 March 2023

  • Raised $1.9 million on 9 May 2023

This suggests that the company’s assets and cash is worth more than the company itself. But then again, it’s a gold explorer in Mali. 

2023-06-23 10 18 24-Window
Marvel Gold 12-month price chart (Source: Market Index)

 

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Written By

Kerry Sun

Content Strategist

Kerry holds a Bachelor of Commerce from Monash University. He is an avid swing trader, focused on technical set ups and breakouts. Outside of writing and trading, Kerry is a big UFC fan, loves poker and training Muay Thai. Connect via LinkedIn or email.

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