I was also scratching my head at that chart earlier on today,...

I was also scratching my head at that chart earlier on today, trying to figure out the shorting "strategy".

From that latest low-point on 29 Aug until 12 Oct, the outstanding shorts had risen from 2.32m to 9.55m ie an increase of over 7.2m TLX shares. If you look at the corresponding share price chart, the average TLX price across that same period would probably have been around $5.20 to $5.40.

So the shorting position has increased from the end of August by not that far short of $40m worth of TLX shares. At today's current price over $6.10, even looking at those figures simplistically (because shorting/covering isn't that simple), that $40m worth of TLX shorted shares would be requiring more like $44m to buy back (cover). Maybe some covering started yesterday & today, but the volumes are not enough to make much inroad into the rough estimate of 7.2m acquired in the last 6 or 7 weeks (and incidentally, there were still nearly 190k new shorts yesterday or about 10% of the day's sells).

There's never any point in trying to logically anticipate what shorters are doing, what they have in mind or what they know. So it will be interesting to see (obviously) how TLX's share price moves from here, but also how that outstanding shorts chart moves. And let's hope the shorters are feeling pretty sick about now!