Mgmt control the Co & Shorts control the SP, page-66

@LT investor asks "Anyone know the % of GXY shares available for shorting? I read somewhere stating that maximum total of 20% outstanding shares."

The ASX securities borrowed reports have a column "Preceding Quarter End Stock Committed to Lending Arrangements Value", which in the latest report, says 69,768,548. I'm not sure exactly how that information is collected as "committed" is a somewhat subjective term, value fluctuates with the share price and the quantity available for lending will change depending on the holdings of the those committing to the program. For example, if the LIT US ETF has outflows and it sells some of its GXY, then there is less available for lending. All that aside, you are correct in saying that there isn't a lot left to short and that is reflected in the Gross Borrowed columns of the report, as well as the borrow rates, which are well above normal rates for easy-to-borrow stocks.

As an aside, there is no "20% rule" or anything like that.