Directors Trades: Another $200k dropped on a potential 2Moz gold project on the Ivory Coast
Link copied to
Of all the directors that went shopping for stock this week only one spent over $100,000 and it was on a gold explorer with a promising project on the Ivory Coast.
Tietto Minerals (ASX:TIE) director Hanjing Xu bought $200,171 in the gold explorer’s placement.
Xu is no stranger to the resources industry being a 25-year veteran who has been involved in several breakthroughs in China. This includes Alcoa’s first trade investment in alumina and Sino Gold’s $2.2 billion takeover by Eldorado Gold (ASX:EAU).
Tietto’s project is in the North African nation of Cote d’Ivoire and the company recently announced an estimated resource of 45.5 million tonnes at 1.5 grams per tonne of gold for 2.15 million ounces.
West Australian broker Hartleys last month tipped Tietto would rise to 42c in the next 12 months.
Now looking to the smaller trades, Boss Resources (ASX: BOE) managing director Duncan Craib has bought $23,000 in the same week the company released a feasibility study on its South Australian uranium project.
The company has held the project since 2015 but like the rest of the industry, low prices made production unviable. But as soon as prices tick up, the company plans to jump to it.
Robert Thomas, director of Biotron (ASX:BIT), bought $50,000 off market. The biotech surged 750 per cent in a week in 2018 after promising clinical trial results for its anti-HIV therapy.
This week it went on a 40 per cent run off the back of no news, prompting an ASX query.
Biotron said it had continued to evaluate data from its trial and it’s IP had subsequently been enhanced. It has engaged a research organisation to help it plan the next stage of clinical development.
Another biotech that saw its directors buy more stock last week was agriculture-focused Terragen (ASX:TGH). Sam Brougham bought $32,000 in company shares.
Terragen develops and commercialises biological products using live microbes to address soil health and productivity of farm production animals.
This is an alternative to chemical-based fertilisers, pesticides and antibiotics, which can be risky.
Since it’s debut last month it has had a disappointing run, falling from 25c to 16c.
One more trade that stood out was in one of the ASX’s few legal stocks, AF Legal (ASX:AFL). Kevin Lynch bought $15,000 off market.
The company specialises in family law and has six practices across Australia.