Insider Trades: Directors bought and sold shares in these 13 ASX stocks last week

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

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

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