Insider Trades: Directors bought and sold shares in these 13 ASX stocks last week
We observe some interesting trades from Fenix Resources, Infini Resources and FleetPartners directors.
Source: iStock
Mentioned
KEY POINTS
- Fenix Resources insiders bought and sold shares as the company approved the restart of its Shine Iron Ore Mine
- Infini Resources directors made significant share purchases after the company announced high-grade uranium soil results at its Portland Creek project in Canada
- FleetPartners CEO/CFO Damien Berrell sold $1.5 million worth of shares, partly to cover tax liabilities, despite the company recently announcing a solid first-half FY24 result and a positive outlook
Welcome back to the Insider Trades Series – A weekly summary of on-market ASX director transactions valued at more than $10,000. As we approach August reporting season, expect a decrease in large cap transaction due to company trading policies/blackout periods.
The below trades have all taken place between 2 and 11 June 2024. Directors have up to 5 business days to notify the ASX of their trades.
Top ASX Insider Buys
Code | Company | Date | Director | Type | Price | Value |
|---|---|---|---|---|---|---|
Fenix Resources | 10/07/24 | Buy | $0.38 | $101,655 | ||
National Australia Bank | 3/07/24 | Buy | $35.44 | $70,880 | ||
Byron Energy | 11/07/24 | Buy | $0.05 | $54,000 | ||
Infini Resources | 11/07/24 | Buy | $0.78 | $53,523 | ||
Infini Resources | 11/07/24 | Buy | $0.79 | $51,025 | ||
High Peak Royalties | 4/07/24 | Buy | $0.08 | $48,586 | ||
KGL Resources | 9/07/24 | Buy | $0.11 | $35,887 | ||
Alma Metals | 5/07/24 | Buy | $0.01 | $24,725 | ||
Ark Mines | 3/07/24 | Buy | $0.21 | $21,000 | ||
Pivotal Metals | 5/07/24 | Buy | $0.02 | $11,975 | ||
Southern Hemisphere Mining | 8/07/24 | Buy | $0.04 | $10,500 |
Fenix Resources approved the restart of mining operations at its 100% owned Shine Iron Ore Mine earlier this week. Production is expected to commence in the December quarter, with haulage rates of 100,000 tonnes per month. At a glance, the project has some rather compelling economics:
Shine has Mineral Resource of 15.1 million tonnes at an average grade of 58%
Iron ore at grades of 58% fetch around US$91 a tonne (A$120)
The project has C1 cash costs of US$45.5 a tonne (A$67.50)
At a margin of approximately $52.5 a tonne and haulage of 100,000 tonnes per month – That's $5.25 million per month (excluding other costs)
The stage 1 mine plan for Shine has an estimated capex of $7.4 million
This project is separate to the company's current projects which include a haulage and logistics business, and the Iron Ridge Iron Ore Mine in WA.
Interestingly, we've got two conflicting trades here, with Executive Director Craig Mitchell buying $101,000 worth of shares as Non-Executive Director Garry Plowright offloads approximately $635,000 worth of shares.
Infini Resources is a lithium and uranium explorer with five prospective projects located in Canada and three in Australia. The $36 million market cap company has logged two sizeable buys from Chief Executive Charles Armstrong ($53,523) and Executive Director David Pevcic ($51,025) in the past week.
Infini shares are up more than 500% in the past month after announcing two groundbreaking uranium soil grades at its Portland Creek project in Canada.
1 July: Stunning High Grade Uranium Soil Results at Portland Creek
10 July: Soil Grades up to 74,997 ppm U3O8 (7.5%) at Portland Creek
Top ASX Insider Sells
Code | Company | Date | Director | Type | Price | Value |
|---|---|---|---|---|---|---|
FleetPartners Group | 4/07/24 | Sell | $3.54 | $741,381 | ||
Fenix Resources | 10/07/24 | Sell | $0.38 | $635,234 | ||
Minbos Resources | 2/07/24 | Sell | $0.06 | $39,642 | ||
Bass Oil | 3/07/24 | Sell | $0.07 | $8,138 |
FleetPartners' Damien Berrell, who serves as both CEO and CFO, has recently conducted a significant share transaction. Over the past week, Berrell sold approximately 426,000 shares, valued at $1.5 million. This selldown was split into two parts: roughly half (217,632 shares) was sold to cover the tax liability associated with converting special options to ordinary shares. The remaining portion was executed as a standard on-market sale.
FleetPartners is a vehicle leasing, fleet management, and employee benefits company with a market cap of around $850 million. The company reported its first-half FY24 results on 13 May, which outlined a solid outlook. Some of the key highlights include:
Net operating income of $76.1 million, up 1.4% compared to 1H23
Net profit after tax (excluding amortisation) of $41.8 million, down 4%
Cash EPS of 17.1 cents per share, up 7%
Buy back of up to $27 million to start in the second half of FY24
Oder pipeline remains elevated at 2.5-times indexed to FY19 levels
Th stock has traded relatively flat over the past month but up a solid 17.5% year-to-date. FleetPartners
