Insider Trades: Directors are buying shares in these 8 ASX small caps
Insiders from Moab Minerals and Minerals 260 have made timely buys in the past week.
Source: iStock
Mentioned
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 |
|---|---|---|---|---|---|---|---|
Tulla Resources | 14/06/23 | Mark Maloney | Sell | $0.31 | $527,224 | On-market trade | |
Moab Minerals | 13/06/23 | Malcolm Day | Buy | $0.01 | $50,000 | On-market trade | |
Minerals 260 | 13/06/23 | Timothy Goyder | Buy | $0.42 | $36,555 | On-market trade | |
Cobre | 15/06/23 | Martin Holland | Buy | $0.08 | $30,300 | On-market trade | |
Brockman Mining | 13/06/23 | Ross Norgard | Buy | $0.03 | $23,942 | On-market trade | |
Marvel Gold | 15/06/23 | Stephen Dennis | Buy | $0.01 | $23,571 | On-market trade | |
Western Yilgarn NL | 14/06/23 | Peter Michael | Buy | $0.08 | $17,257 | On-market trade | |
Southern Hemisphere Mining | 14/06/23 | Richard Caldwell | Buy | $0.02 | $17,029 | On-market trade | |
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.
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.
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.
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.
Marvel Gold 12-month price chart (Source: Market Index)
