LOT down -62.12%, still 22.49% short — and DMP’s exit door is 39.2 days

This Month's Analysis

LOT just printed the kind of month that usually clears a short register. It didn’t. The stock closed at $0.25 after a -62.12% month, yet it still wears the ASX’s biggest short at 22.49% (down only -0.32% WoW), with 12.2 days-to-cover.[ref-1][ref-2] That’s not a trade. That’s a debate — and the market’s still paying up to stay in it.

The top of the table is a mix of “staying power” and “hard to unwind”. • LOT: 22.49% short (-0.32% WoW), 12.2 days-to-cover. The 13-week path tells you this wasn’t a one-week pile-on: 16.42% → 17.06% → 18.33% → 19.54% → 19.94% → 22.90% → 23.08% → 22.81% → 22.81% → 22.81% → 22.80% → 22.80% → 22.49%.[ref-1] • DMP: 13.64% (-0.39%), but the number that matters is 39.2 days-to-cover — the narrowest exit on the board.[ref-1] The share price was up +0.99% for the week and +7.67% for the month to $17.26, which is exactly when shorts can get trapped if the next catalyst goes the wrong way.[ref-2] • CAR: 11.47% (-0.02%) with 37.4 days-to-cover — another position that can’t be unwound quietly.[ref-1] The company’s H1 FY2026 net profit attributable to members was up 16.1% to $143.341 million, which helps explain why the short doesn’t move much week to week: it’s a valuation fight, not a solvency scare.[ref-4] • HLS: new to the top 10 at 10.79% (+0.24%) with 31.2 days-to-cover.[ref-1] The fundamentals backdrop is ugly enough to keep shorts interested: H1 FY2026 reported net loss was $30.4 million.[ref-5] Inside Energy, the split is the story. PDN kept grinding higher to 12.03% (+0.47%) while BOE de-crowded to 11.61% (-1.77%).[ref-1] Same theme, different targets — shorts are getting selective, not just fading uranium as a bucket.

Movers Analysis

The month’s cleanest “shorts leaning in” move was GMD: 5.84% → 8.94% (+3.10%) with 13.2 days-to-cover.[ref-1] And they did it into strength — the stock was up +11.41% for the week and +14.10% for the month to $6.15.[ref-2] That’s the fingerprint of event-driven positioning, and GMD gave the market plenty of event risk with its Genesis & Vault merger announcement.[ref-6] 4DX also copped a heavy add: 11.01% → 13.36% (+2.35%) with 13.0 days-to-cover.[ref-1] Price action didn’t help (month -21.15% to $3.28).[ref-2] The last set of numbers gives shorts a simple line to hold: revenue from ordinary activities down (1%) to $2.852 million in H1 FY2026, alongside a reported net loss of $153.863 million.[ref-7] Then there’s CU6 — the slow-burn campaign. Short interest rose 6.89% → 8.54% (+1.66%) and it’s a 4-week streak.[ref-1] Yet the stock was up +22.53% over the month to $2.23.[ref-2] That’s a proper tug-of-war. On the cover side, MP1 was the cleanest unwind: 5.09% → 2.89% (-2.20%) while the stock rose +5.16% for the week to $18.96.[ref-1][ref-2] CNI was even more decisive: 1.86% → 0.27% (-1.59%) with the share price down -10.71% for the week to $1.50 — shorts didn’t wait for a bounce, they just left.[ref-1][ref-2]