Monthly Report · March 2025
Boss Energy (BOE) ripped higher on the short list, up +3.87% to 24.80% — the highest short position in March. Uranium dominated the pointy end (BOE 24.80%, PDN 15.67%, DYL 13.09%) while lithium stayed crowded (PLS 12.98%, MIN 12.63%). The cleanest cover was Syrah (SYR), down -4.34% to 7.36%, with gold shorts also cut hard (WGX -2.53% to 2.08%, BGL -2.35% to 4.25%).
24.80%. That’s BOE’s short interest after a +3.87% month-on-month jump, in a market where the average short position barely budged (+0.04%). When one stock does that, it’s not “positioning”. It’s a dare.
The top 10 is split into two camps: radioactive and rate-sensitive. At the top sits Boss Energy (BOE) at 24.80% (+3.87%), the maximum short position in the dataset. Shorts have piled into the moment where the story has to turn into steady output. Boss’s own framing is in its quarterly material and investor deck (http://www.bossenergy.com/images/media/2973720.pdf, http://www.bossenergy.com/images/documents/Dec24-Quarterly-Results-Presentation.pdf). Paladin (PDN) is still heavily shorted at 15.67%, but it was one of the few big names to see meaningful covering (-1.99%). That’s a rotation inside uranium rather than a sector-wide exit. PDN’s reporting suite, including its annual report, is here: https://www.paladinenergy.com.au/wp-content/uploads/2025/10/Paladin-2025AnnualReport-Full-Web.pdf. Deep Yellow (DYL) climbed to 13.09% (+1.31%). The Vimy acquisition expanded the portfolio, and with it the list of moving parts that can slip. The company’s annual report is here: http://www.deepyellow.com.au/wp-content/uploads/2025AnnualReport06Oct25NoCoverSheet.pdf. Lithium stayed sticky. Pilbara Minerals (PLS) is 12.98% (+0.60%) and Mineral Resources (MIN) is 12.63% (+1.96%). MIN’s jump is the louder message: the market is leaning into earnings and execution risk across a business with multiple levers. MIN’s full year results pack: https://cdn.sanity.io/files/o6ep64o3/production/b23c9b1f93dbe5cc41520061cafecf0c1d214c77.pdf. Outside resources, the shorts kept their foot on two consumer-facing names: IDP Education (IEL) at 12.30% (-0.46%) and Domino’s (DMP) at 11.87% (+1.44%). IEL’s small ease suggests less appetite to press the downside at the margin; DMP’s lift reads like a straight margin-and-demand trade in a cost-of-living market.
Stocks with the largest increase in short interest this month.
Stocks with the largest decrease in short interest this month.
This month’s action wasn’t in the rankings. It was in the changes. Biggest risers: - BOE: 20.93% → 24.80% (+3.87%). The month’s centre of gravity. - LOT: 6.13% → 9.12% (+2.99%). Uranium restart risk is getting priced like a feature, not a footnote. - PNV: 5.99% → 8.83% (+2.84%). Growth healthcare shorts usually show up when expectations are high and the market starts asking how repeatable the numbers are. - JHX: 0.74% → 3.44% (+2.71%). A low-base move into a liquid macro proxy: building products are where traders go when they want to express a rates-and-housing view. - MSB: 2.95% → 5.03% (+2.08%). Biotech shorting is milestone-driven, and this lift says traders want to be paid for regulatory and funding risk. Biggest fallers: - SYR: 11.70% → 7.36% (-4.34%). That’s a crowded trade being unwound in a hurry. - WGX: 4.61% → 2.08% (-2.53%). - BGL: 6.61% → 4.25% (-2.35%). Gold shorts were bought back aggressively, and the speed matters: when the commodity tape turns against you, shorting producers stops being clever and starts being expensive. WGX’s quarterly results pack is here: https://www.westgold.com.au/pdf/04f3a488-dcae-4b9a-aa1c-b6f627b7bfda/December-2025-Quarterly-Results.pdf?Platform=ListPage. The punchline: uranium shorts added risk (BOE, LOT, DYL), while gold shorts reduced it (WGX, BGL). That’s a real rotation, not noise.
Zoom out and March reads like a bifurcated Materials tape. One side is energy transition metals where the market is paying up for scepticism. Uranium is the headline: BOE, PDN and DYL are all top-10 shorted, and LOT was a top riser. The common thread isn’t “nuclear demand” in a slide deck. It’s delivery risk — ramp-ups, restarts, timelines, and the gap between plans and plant performance. The other side is the unwind in gold shorts. WGX and BGL both saw sharp covering, which fits a market that doesn’t want to be caught short the wrong hedge. Away from resources, JHX’s jump is the cleanest macro tell in the data. At 3.44% short after a +2.71% lift, it’s the kind of position that can build quickly if rates stay restrictive and housing momentum fades.
Watch BOE’s next operational update on the Honeymoon ramp-up. With 24.80% of the stock sold short, the reaction function is simple: clean execution forces covering; any stumble invites another wave of shorts.
It’s the highest short position in the March dataset (max short %: 24.80%) and it rose from 20.93% to 24.80% in one month (+3.87%), while the period average change across the market was only +0.04%.
Syrah (SYR) fell from 11.70% to 7.36% (-4.34%), Westgold (WGX) fell from 4.61% to 2.08% (-2.53%), and Bellevue Gold (BGL) fell from 6.61% to 4.25% (-2.35%).
Yes. Pilbara Minerals (PLS) is 12.98% short (+0.60%) and Mineral Resources (MIN) is 12.63% short (+1.96%) in March 2025.
James Hardie (JHX) rose from 0.74% to 3.44% (+2.71%). That’s a shift from negligible to meaningful short interest, often used as a liquid way to express a rates-and-housing slowdown view.
In March 2025, 660 stocks had reported short positions and the average short percentage was 1.25%.
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.
