In the last week of short covering from May 16 to May 23 the SP...

In the last week of short covering from May 16 to May 23 the SP has been rotated from $13.50 down to $12.10 and back up to around $13.50, with the shorts able to cover around 28K shares, still leaving 1,337,760 left to cover.

It appears loose shares have dried up for now, but their last hope might be some 'last sells' before the EOFY in 4 weeks time. However they would also be hoping that no other large player decides to start purchasing after the MRE is updated, or just buy in for the start of the new FY.

It's an interesting game they are playing with a few twists and turns still to come I expect.

The questions remain about how they will exit. Will it be a hasty retreat sending the SP much higher, or will they double down on release of the MRE? Always expect more games while there are decent numbers of active shorts. They are often correct, we have halved in price since the initial MRE, and sometimes they get it very, very, wrong.

The largest push down by the shorts came between the 7th to 14th of April after building a large position, yet all these extra shorted shares were purchased in the range of $9.80 - $11.50. This was the height of the tariff crisis, sort of like they expected it to happen. Yet in the period between then and now they have been actively leaving their short positions at higher prices than the prices in that last increase in short positions.

The evidence now appears that they know they were wrong on the last push down, and appear to be making a hasty retreat at every opportunity. Hopefully we get some funds start buying big upon release of upgraded MRE, as a higher confidence in the MRE (measured and indicated) will probably allow some institutions to purchase when they couldn't before because of only an inferred resource.
Should be a very interesting few months coming up...