Ann: A$80m Fully Underwritten Equity Raising to Accelerate Explor, page-133

taking stag profits then shorting by nature is risky a black scholes formula does not take into account the potential upside for a goldie if it hits another ore body , I would only do it if I had some legal form of inside info , and can not see how you would do that here the potential risk of the stock appreciating is too high ie another Pepper.
I would say taking a stag profit alone rather than also shorting would be viable here .
Oh the days of having spotters count railway wagons off the side of the road of iron ore going through to the Ports after cyclones .