Gold miner WGX hit for +3.35% shorts — and PDN just got leaned on
July 2024
July’s ASIC data had one clean surprise: Westgold (WGX) was belted higher to 12.59% short, up from 9.23% (+3.35%), pushing it to #4 on the ASX short list. Paladin (PDN) also saw shorts more than double from 3.57% to 7.56% (+3.99%), while Australian Clinical Labs (ACL) had the month’s biggest unwind, collapsing from 9.29% to 2.33% (-6.95%).
This Month's Analysis
Shorts piled into a gold producer. WGX jumped 9.23% → 12.59% (+3.35%) in a month, even as gold has been doing its job as a hedge. That’s not a bullion call. That’s a company call — execution, costs, guidance, or positioning around corporate activity — and the size of the move says the trade got crowded fast.
IBAL stays #1 at 28.93% short (MoM change: +0.00%). An ETF topping the list is a reminder that the leaderboard isn’t pure sentiment — a chunk of this is structural (hedging, market-making, arbitrage). After that, it’s back to the familiar pain trade: lithium. Pilbara Minerals (PLS) is #2 at 21.81% (+0.59%) and Liontown (LTR) is #5 at 11.60% (+0.44%). The message is simple: shorts still don’t believe the lithium complex has found a durable floor. IDP Education (IEL) holds #3 at 12.67% (-0.30%). That’s trimming, not capitulation — the position is still big, but the pressure eased slightly. WGX is the week’s headline at #4 with 12.59% (+3.35%). Westgold’s own investor materials keep the focus on delivery and operating performance (see “December 2025 Quarterly Results”: https://www.westgold.com.au/pdf/04f3a488-dcae-4b9a-aa1c-b6f627b7bfda/December-2025-Quarterly-Results.pdf). Chalice (CHN) is #6 at 11.14% (+1.94%) — classic long-duration development risk, where funding assumptions and commodity inputs matter as much as geology (see “Gonneville Project – Pre-Feasibility Study Presentation”: https://chalicemining.com/wp-content/uploads/2025/12/61302010.pdf). Lynas (LYC) climbed to 10.51% (+1.70%) and Syrah (SYR) sits at 10.59% (+0.35%). Battery/critical minerals shorts remain a crowded room. Flight Centre (FLT) is the lone consumer-facing top-10 name and shorts actually eased to 9.67% (-0.56%).
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
Paladin (PDN) was the biggest riser: 3.57% → 7.56% (+3.99%). That’s a fast repositioning for a large uranium name and reads like traders leaning into execution risk as much as uranium price volatility. Paladin’s reporting lays out the operational complexity across jurisdictions (see “Paladin 2025 Annual Report”: https://www.paladinenergy.com.au/wp-content/uploads/2025/10/Paladin-2025AnnualReport-Full-Web.pdf). WGX was next: 9.23% → 12.59% (+3.35%). Shorts don’t usually hit gold producers this hard unless they think something in the numbers can disappoint. Strike Energy (STX) lifted 7.78% → 9.73% (+1.95%), and New Hope (NHC) rose 1.94% → 3.84% (+1.90%). That’s energy shorts broadening out — less love for smaller execution stories and less faith that capital returns can cushion a commodity turn (see NHC “Financial Report”: https://newhopegroup.com.au/wp-content/uploads/2025/09/New-Hope-Group-Appendix-4E-and-Annual-Report-2025.pdf). On the other side, ACL was the month’s cleanest exit: 9.29% → 2.33% (-6.95%). That’s not a tidy trim — that’s a door-slamming unwind. ACL’s recent push into digital service delivery is part of the backdrop (see “eHealth Brochure”: https://www.clinicallabs.com.au/media/4978/ehealth-a4-brochure-2022-aclmar-bf-nat-04236-digital.pdf). Brainchip (BRN) also saw shorts cut 3.82% → 1.70% (-2.12%), while Arafura (ARU) fell 6.72% → 4.72% (-2.00%) and Bellevue (BGL) eased 6.58% → 4.95% (-1.63%).
Industry Trends
Zoom out and the tape is still screaming “Materials”. PLS (21.81%), WGX (12.59%), LTR (11.60%), CHN (11.14%), SYR (10.59%) and LYC (10.51%) keep the top end dominated by miners and developers — businesses where earnings are either commodity-levered or long-dated. Energy is the other pocket of action: PDN (7.56%), STX (9.73%) and NHC (3.84%) all moved higher. The market-wide stats keep this in perspective: 652 stocks shorted, average short interest 1.19%, and the period average change was +0.08%. The market didn’t lurch. The crowd just got louder in a handful of names.
Outlook
Watch WGX and PDN for the next company update that forces a decision: either shorts get paid on execution risk, or they get squeezed on any clean delivery signal. The tell will be whether WGX holds above 12.59% and whether PDN keeps building from 7.56%.
Frequently Asked Questions
Why is IBAL the most shorted at 28.93%?
IBAL is an ETF, and ETF shorting often reflects hedging, market-making and arbitrage rather than a fundamental bearish view. IBAL was 28.93% short in July with a MoM change of +0.00%.
What does WGX jumping to 12.59% short actually mean?
WGX moved from 9.23% to 12.59% short (+3.35%) in a month. That size of increase usually points to a concentrated company-specific bet (execution/cost/guidance risk) rather than a simple gold price view.
Why does PDN’s short interest matter if it’s only 7.56%?
Because the change was large: PDN went from 3.57% to 7.56% (+3.99%) in one month. The speed of the build is the signal.
Is ACL’s drop from 9.29% to 2.33% a short squeeze?
The data shows a major short unwind (-6.95%) from 9.29% to 2.33%. That can happen via covering into strength, position closures, or a thesis breaking — the dataset doesn’t specify the price move, only the positioning change.
Why are lithium stocks still heavily shorted?
PLS was 21.81% short (+0.59%) and LTR was 11.60% (+0.44%) in July. The persistence of high short interest suggests the market is still positioned for pressure in lithium-linked earnings.
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.