AUD 69.88c. Nickel up 2.7%. multiplier effect., page-7

Usually a stock is shorted because the participants shorting the stock believe the company is overvalued. At times you will get some short covering but generally it's short term.
Just look at free cash flow of approximately $2.5m per month for 12 months (as per WSA's CEO's own admission in the results presentation in August). That was when nickel price averaged around $5/lb in July. So I took it that at $5/lb we would get around $30m cashflow a year annualised.
Current market cap of WSA is $527m.
$527m/$30m = 17.56 times on cashflow?
Plenty of downside risk even if nickel price goes up 10% from here.