Ann: 2018 Half Year Financial Report, page-87

To be honest, with all the figures in the green, very positive financial figures from the report and the recently sealed POSCO deal, there are only few reasons left for shorters to still stay in the shorting game:

1. they can't get out as there are not enough retail selling their stocks - possible but seems odd with the level of sustained short pressure we are seeing.
2. they are stupid and can't read numbers from the report - possible and we know how stubborn they can be, but still off considering the amount of shorts, surely someone would have done their maths.
3. they are not working for themselves (i.e. they are employed by a third party to short) - to be honest, that seems to be the best fit considering the continuous pressure from shorters regardless of any changes in the company itself.

If it is 3., i.e. the shorter are not working for themselves, then one has to ask the question, why?

One of the possibilities is that old oil money is trying keep a lid over the new lithium industry and prevent its further expansion. While this is possible, we should see a sector wide depression instead just GXY being targeted, so while this might have contributed, it's unlikely going to be the main cause.

So far, only the other possibility is a potential takeover bid, which is entirely possible - drive the stock price low enough for a takeover, or to reduce the costs to get a joint venture to start.

As Arthur Conan Doyle has said, "Once you eliminate the impossible, whatever remains, no matter how improbable, must be the truth". I wonder if this is the case here.