MIN cops a 5.40% short spike — and uranium joins the hit list
September 2024
September’s ASIC data had one loud signal: shorts piled into Mineral Resources (MIN), jumping from 8.00% to 13.40% (+5.40%). The uranium cluster moved in sync — Paladin (PDN) rose to 13.92% (+4.37%), Boss (BOE) to 12.66% (+3.39%) and Deep Yellow (DYL) to 9.86% (+1.56%). Pilbara Minerals (PLS) still wears the crown at 19.39% short, even after easing by 0.96%.
This Month's Analysis
The most shorted stock didn’t change. The trade did. MIN’s short interest surged 5.40% in a month to 13.40%, while PDN (+4.37% to 13.92%) and BOE (+3.39% to 12.66%) ripped higher alongside it — a clean rotation from “short the lithium price” to “short the balance sheet and the ramp-up”.
PLS remains the ASX’s favourite short at 19.39% (down 0.96% MoM). The position is still huge, but the key detail is the lack of fresh aggression this month. IEL is still the big non-resources outlier: 14.27% short (up 0.58% MoM). The market is keeping pressure on anything geared to international student volumes and policy risk. Then the uranium names crowd the top end. PDN is now 13.92% short (+4.37%), BOE is 12.66% (+3.39%), and DYL sits at 9.86% (+1.56%). This isn’t stock-specific nitpicking; it’s sector positioning. Uranium equities can re-rate fast when traders decide the ramp-up risk matters more than the narrative. For PDN, the company’s own reporting pack is here: https://www.paladinenergy.com.au/wp-content/uploads/2025/10/Paladin-2025AnnualReport-Full-Web.pdf. For BOE, the investor material shorts will be stress-testing is here: http://www.bossenergy.com/images/documents/Dec24-Quarterly-Results-Presentation.pdf. MIN joining the high-short club at 13.40% is the tell. It’s liquid, it’s cyclical, and it carries multiple commodity exposures. Shorts don’t add 540bps in a month unless they’re lining up for a catalyst.
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
Risers: - MIN: 8.00% → 13.40% (+5.40%). That’s a conviction trade. MIN gives shorts a single ticker to express a view on commodity sensitivity plus execution and funding discipline. - PDN: 9.54% → 13.92% (+4.37%) and BOE: 9.27% → 12.66% (+3.39%). The pair moved like a basket. - KAR: 5.51% → 8.29% (+2.77%). Oil names attract shorts quickly when traders want a macro hedge. - NSR: 0.61% → 3.05% (+2.44%). A REIT with fresh short interest usually means the rates trade is back in the conversation. Fallers: - ACL: 6.96% → 0.89% (-6.06%). That’s not trimming — that’s an exit. - STX: 10.45% → 6.94% (-3.51%). - CXO: 5.68% → 2.28% (-3.40%). Shorts are still negative on lithium, but this month they reduced exposure in a smaller name while the big, liquid expressions (PLS at 19.39%, MIN at 13.40%, LTR at 10.03%) stayed crowded. - CHN: 10.14% → 7.46% (-2.68%). - HLS: 5.74% → 3.07% (-2.68%).
Industry Trends
Resources ran the board. Lithium is still heavily shorted — PLS 19.39%, SYR 12.32%, LTR 10.03% — but September’s pattern was rotation inside the complex: PLS (-0.96%) and LTR (-0.67%) eased while MIN (+5.40%) became the new pressure point. Uranium was the other clear cluster. PDN, BOE and DYL all lifted together, pushing PDN to 13.92% and BOE to 12.66%. When shorts move as a group, it’s usually the same macro bet expressed across multiple tickers: valuation meets execution risk. Outside resources, NSR’s jump to 3.05% (from 0.61%) is the cleanest rates-sensitive signal in the list. If the market starts repricing the path of rates, REIT shorts tend to spread.
Outlook
Watch MIN’s next company update cycle: with 13.40% short, any shift in cash generation or capex discipline is the trigger for the next move. In uranium, track whether PDN (13.92%) and BOE (12.66%) keep rising together — if that correlation breaks, the sector trade is unwinding.
Frequently Asked Questions
What was the biggest increase in ASX short interest in September 2024?
Mineral Resources (MIN) rose from 8.00% to 13.40%, an increase of 5.40% month-on-month.
Which stock is the most shorted on the ASX in this report?
Pilbara Minerals (PLS) is the most shorted at 19.39% of shares short, down 0.96% month-on-month.
Why did uranium stocks PDN and BOE see short interest rise at the same time?
Short interest rose in tandem for Paladin (PDN) from 9.54% to 13.92% (+4.37%) and Boss Energy (BOE) from 9.27% to 12.66% (+3.39%), which points to sector positioning against uranium equities and ramp-up execution risk rather than a single-company issue.
Which stock had the biggest short covering in September 2024?
Australian Clinical Labs (ACL) fell from 6.96% short to 0.89%, a decrease of 6.06% month-on-month.
Does high short interest mean a stock must fall?
No. High short interest (for example PLS at 19.39%) shows heavy bearish positioning, but the price can rise if news or earnings surprise and shorts are forced to buy back.
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.