Hi guys,It seems NCZ is number 16 in the list of top 100 most...

Hi guys,
It seems NCZ is number 16 in the list of top 100 most shorted stocks on ASX.
Source:
https://www.shortman.com.au/top

It seems shorting activity for NCZ hit its height on 11 march 2020 @ 10.80% as a percentage of shorted stock, to go down to 6.50% on 27 may 2020, only to rebound recently to 7.3% which is still a lot compared to the level of shorting in 2019 (just 2% in June 2019 a year earlier).
Source :
https://www.shortman.com.au/stock?q=NCZ

My question is: what would it take for shorts to be burned and as a result of shorts covering for the stock to become a multi-bagger? Achieving quarterly cash flow positive operations? achieving profitability at the company level? Improvement in Zinc price? (1.10$+ per pound in 2019)? reduction in treatment costs to sub 150$ per tonne? Or a combination of those events? but what is the most important trigger?

As an example for Tesla, the trigger for the shorts burn of the century wasn't Tesla achievement of profitability at the corporate level, but rather the steady increase of Tesla sales over the years, at some point (Q1 2020 performance) shorts realized (or rather could no longer ignore) that Tesla isn't going away anytime soon and it has, after all, a sustainable business case because an ever-increasing number of customers do love and buy Tesla products (it was about time shorts realize this, better too late than never). No idea what could this tipping point be for a miner such as NCZ.

In mining they say a rising tide lifts all boats (referring to commodity prices), so I tend to believe that it is all about the Zinc price for NCZ and not much else matters. The zinc price is rebounding very slowly but steadily, and we may be soon reaching the tipping point that shorts cannot ignore anymore (1.10$ per pound?) The NCZ shorts eating their shirts could happen sooner than later. Any thoughts?