Minerals 260 has enjoyed a strong run, with its share price doubling over the past six months to A$0.83. But while retail momentum remains high, more sophisticated players are quietly building positions on the short side.
The board is not the seller. Over the past 90 days director Luke McFadyen exercised A$1.22 million of options on 29 June 1 and added a A$53,308 on-market purchase on 10 July 2. The pressure came from the capital structure instead: a A$250 million placement to fund the Bullabulling Gold Project development on 15 September 34, alongside a A$200 million funding deal with Franco-Nevada 5, has dramatically altered the explorer's register 67.
The short sellers saw their opening. Short interest in MI6 has surged by 5.25 percentage points over the past 90 days, peaking at 9.27%. This is not a slow accumulation; the seven-day short slope of 0.64 indicates aggressive, rapid positioning. The 30-day price-to-shorts correlation sits at -0.362, showing shorts were added directly into the stock's 31.7% one-month rally. With ASIC's T+4 reporting delay, this peak reflects positions held late last week, right as substantial holder notices began shuffling 89.
A doubling share price usually keeps the bears away. At MI6, a A$250 million placement priced on that run is what the short sellers are positioning against.