Mark I suspect it’s State Street who are the short sellers...

Mark I suspect it’s State Street who are the short sellers caught with their pants down and still short circa 20 million DYL shares

the reason they keep popping up as a substantial holder and the a further notice ceasing to be a substantial holder, is because State Street have borrowed a substantial quantity of DYL shares which they then sold short.

The market moved against them as DYL rose in price (instead of falling) and now as State Street are slowly buying shares back on market (to close out their short position) it’s pushing their total DYL holding (with the borrower shares which still have to be paid back) over 5% triggering a substantial shareholder notice, then when State Street close out some of their short position that triggers them to issue a ceasing to be a substantial shareholder notice.

above is all guess work on my part - but I can’t see any other logical explanation for the continual “substantial shareholder notices” followed by “ceasing to be a substantial holder” notice



on another point not lost on existing DYL shareholders is that JB has now effectively de-risked the development of Tumas uranium deposit into a mine with the completion of the recent capital raising:-

With the AUD $250 million raised, plus we had AUD $20 million in the bank = circa AUD $270 million

Now the capex requirement for Tumas is around AUD $529 million X 65% funding = bank funding AUD $344 million.

Hence AUD $529 million less money from bank loan AUD$344 million = required equity contribution AUD$185 million

so that leaves us AUD $85 in the bank (ie $270m - $185m) cover working capital and any contingencies

after the bank funding is secured then DYL will be re-rated much higher

also looks like DYL could be included in the ASX200 in the June rebalance, which could also bring in fresh buying

a lot to look forward to for DYL shareholders