look at the leverage

TSE is very leveraged for this stage of the resource cycle.

Don't just look at 'net debt', look at overall balance sheet leverage, net assets to total liabilities.

Capital raising WILL occur in the future.

Cyclical companies with too much leverage heading into a cyclical downturn pose a very real risk of being a weapon of massive wealth destruction.

Probably why the shorts are so content. They know they will be able to cover in the future capital raising.