BGL cops a +3.91% short hit as uranium joins lithium in the crosshairs
June 2024
PLS stayed the ASX’s most shorted name at 21.22% (down 0.16% MoM), but June’s message was elsewhere: shorts piled into Bellevue Gold, jumping from 2.67% to 6.58% (+3.91%). Uranium also drew fresh fire — DYL rose from 2.25% to 5.50% (+3.26%) and BOE from 3.78% to 6.00% (+2.22%) — while shorts covered CXO (7.43% to 5.08%, -2.35%) and DMP (5.27% to 3.16%, -2.11%).
This Month's Analysis
Gold was meant to be the quiet corner of the market. Instead, shorts stormed Bellevue Gold (BGL), lifting positions by +3.91% in a month to 6.58%. That’s not a slow build — that’s a trade being put on in size, and it reads like a bet on execution and funding risk beating the commodity tape.
Pilbara Minerals (PLS) remains the market’s favourite punching bag at 21.22% short (MoM: -0.16%). The tiny trim doesn’t change the reality: this is still the most crowded short on the ASX, and it’s the cleanest, most liquid way to express a bearish lithium cycle view. IDP Education (IEL) sits at 12.97% (+0.20%). This short has a simple trigger: policy and student-flow headlines. When the market wants exposure to regulatory risk without touching micro-caps, it goes straight here. Liontown (LTR) is the one to watch inside lithium: 11.16% short and rising (+1.17%). Shorts aren’t just fading the commodity — they’re leaning into ramp-up and delivery risk, where any slip in timelines or costs gets punished. Syrah (SYR) eased to 10.24% (-0.48%), but it’s still a double-digit short. Battery materials remain a “show me” trade. Flight Centre (FLT) crept higher to 10.23% (+0.37%). Travel is a classic high-beta consumer short when rates stay restrictive, and FLT’s recent acquisition of Iglu Cruise adds integration risk on top. Australian Clinical Labs (ACL) moved up to 9.29% (+1.17%). Pathology looks defensive until margins get questioned; rising shorts here reads like a pricing/cost-control argument rather than demand collapse. ACL’s own material leans into digitisation (eHealth brochure: https://www.clinicallabs.com.au/media/4978/ehealth-a4-brochure-2022-aclmar-bf-nat-04236-digital.pdf), but the short book is still growing. Rounding out the top 10: WGX 9.23% (-0.47%), CHN 9.20% (-0.30%), SYA 8.91% (-0.50%), and LYC 8.81% (+1.65%).
Daily Snapshots
Top Shorted Stocks This Month
Biggest Risers
Stocks with the largest increase in short interest this month.
Biggest Fallers
Stocks with the largest decrease in short interest this month.
Movers Analysis
Biggest riser: BGL (2.67% → 6.58%, +3.91%). Shorts don’t hit a gold name that hard unless they think the mine-level story is about to disappoint — costs, timelines, dilution. Commodity strength doesn’t save you from that. Uranium was the other ambush. Deep Yellow (DYL) jumped from 2.25% to 5.50% (+3.26%) and Boss Energy (BOE) from 3.78% to 6.00% (+2.22%). After a strong run in uranium equities, this looks like a valuation-and-timing fade aimed at companies where ramp-ups and delivery schedules can slip. BOE is in ramp-up mode at Honeymoon and progressing Alta Mesa; that’s exactly when every update gets stress-tested (BOE investor presentation: http://www.bossenergy.com/images/documents/Dec24-Quarterly-Results-Presentation.pdf). Judo Capital (JDO) also saw shorts lift from 0.76% to 2.69% (+1.92%), and Patriot Battery Metals (PMT) from 0.32% to 2.20% (+1.87%). On the cover side, Core Lithium (CXO) led the fallers: 7.43% → 5.08% (-2.35%). That’s shorts taking money off the table — not a sector all-clear — while the bigger lithium shorts remain entrenched (PLS 21.22%, LTR 11.16%). Domino’s (DMP) also saw a clean unwind: 5.27% → 3.16% (-2.11%). When a short comes off that quickly, it’s usually profit-taking and risk management rather than a sudden change of faith. Cooper Energy (COE) dropped from 2.99% to 1.07% (-1.92%), Lifestyle Communities (LIC) from 7.05% to 5.61% (-1.44%), and Bapcor (BAP) from 6.43% to 5.12% (-1.31%).
Industry Trends
The top of the table is still a resources story, and the market’s telling you exactly where it wants to fight: liquid, sentiment-driven “transition” exposures. Lithium remains the crowded core trade (PLS 21.22% short), with developers and ramp-ups wearing extra heat (LTR up +1.17% to 11.16%). But June added a second front: uranium shorts rose hard in both DYL (+3.26% to 5.50%) and BOE (+2.22% to 6.00%). That’s a rotation from “lithium is broken” into “uranium expectations are too high”. Outside resources, the market kept pressure on policy- and discretionary-sensitive earnings (IEL 12.97%, FLT 10.23%), while ACL’s rise to 9.29% shows defensives still get targeted when margins look vulnerable. Across the market, 667 stocks were shorted, the average short position was 1.11%, and the period average change was +0.08%.
Outlook
Watch BGL’s next operational update: after a one-month jump to 6.58% short, any cost or timeline wobble will be the catalyst shorts are paying for. Second on the list: uranium updates from BOE and DYL — with shorts now at 6.00% and 5.50%, the market will punish slippage immediately.
Frequently Asked Questions
Why is Pilbara Minerals (PLS) still the most shorted ASX stock at 21.22%?
Because it’s the most liquid way to short the lithium cycle in Australia. Even after a small MoM dip (-0.16%), the position is still extremely crowded at 21.22%.
What does a +3.91% jump in Bellevue Gold (BGL) short interest mean?
It means shorts put the trade on aggressively: BGL moved from 2.67% to 6.58% short in one month. That usually reflects a near-term bet against execution, costs, or funding rather than a view on the gold price itself.
Why did uranium shorts rise in both Deep Yellow (DYL) and Boss Energy (BOE)?
Short interest rose sharply in DYL (2.25% to 5.50%, +3.26%) and BOE (3.78% to 6.00%, +2.22%), consistent with a valuation/timing trade after strong sector performance and a focus on ramp-up and delivery risk.
Does the drop in Core Lithium (CXO) shorts mean lithium is turning?
No. CXO shorts fell from 7.43% to 5.08% (-2.35%), which can be simple profit-taking, while lithium remains heavily shorted at the top end (PLS 21.22%, LTR 11.16%).
Why would Australian Clinical Labs (ACL) be heavily shorted?
ACL is at 9.29% short (+1.17% MoM). In pathology, rising shorts usually point to margin and earnings-quality concerns (pricing, costs, competition) rather than a collapse in demand.
Data sourced from ASIC short position reports (T+4 delayed). This report is for informational purposes only and does not constitute financial advice. Short selling data may not reflect real-time market conditions.