Mr Ellison, who is one of Perth’s wealthiest company directors, has sold 2 million shares on-market for proceeds of $22.6 million.
He retains 25.1 million shares in the diversified contracting and mining company, worth $294 million at today’s closing price of $11.74 per share.
He previously sold $41 million of MinRes shares in 2012 and $70 million in two transactions in 2010.
Meanwhile, TFS said Mr Atkinson has disposed of $5.6 million worth of shares in the sandalwood producer following a big run-up in its share price this year.
Mr Atkinson has disposed of 3.7 million shares worth $5.6 million through a combination of on- and off-market transfers.
He retains an interest in 3.8 million shares.
The company’s chief executive Frank Wilson bought 1 million shares worth $1.52 million from his fellow director.
That lifted his total holding to 45.8 million shares, worth $69.6 million.
The company’s share price jumped from less than $1.10 in mid-February to a high of nearly $1.90 in early March.
The share spike followed settlement of new institutional investment in sandalwood projects and promising results from clinical studies into new uses for sandalwood oil.
TFS also signed a new supply agreement in February with a global pharmaceutical company.
Its shares closed today at $1.645.