BOE at 22.22% short: the uranium trade just got crowded

This Week's Analysis

BOE just printed 22.22% short. That’s not a “watchlist” position — it’s a statement. Shorts didn’t just sit there either: they added +1.29% in a week, taking BOE from 20.93% to 22.22% and cementing it as the most shorted stock in the market this week.

1) BOE (22.22%, +1.29%) The market’s biggest short is a uranium ramp-up story, and ramp-ups are where timelines slip and unit costs bite. BOE’s own materials lean into the build-out narrative (Dec24 quarterly results presentation: http://www.bossenergy.com/images/documents/Dec24-Quarterly-Results-Presentation.pdf). Shorts are positioned for the moment the story meets the spreadsheet. 2) PDN (18.02%, +0.35%) Still the other anchor of the uranium short book. PDN’s scale and corporate activity give shorts plenty to interrogate on execution and integration risk (Paladin 2025 Annual Report: https://www.paladinenergy.com.au/wp-content/uploads/2025/10/Paladin-2025AnnualReport-Full-Web.pdf). 3) IEL (12.50%, -0.26%) A rare easing inside the top 10, but don’t confuse trimming with capitulation: 12.50% is still a heavy position. The bear case remains tied to policy sensitivity and the fragility of student mobility. 4) PLS (12.50%, +0.12%) and 7) MIN (10.94%, +0.28%) Lithium scepticism hasn’t left the building — it’s just not the loudest trade this week. PLS and MIN both ticked higher on short interest, consistent with a market still fading earnings durability and cost/price assumptions (PLS quarterly advisory: https://1pls.irmau.com/site/pdf/3bba2523-52c7-4c38-bc03-b945945d9698/December-2025-quarterly-activities-report-advisory.pdf; MIN FY results: https://cdn.sanity.io/files/o6ep64o3/production/b23c9b1f93dbe5cc41520061cafecf0c1d214c77.pdf). 5) DYL (12.16%, +0.38%) Uranium again. DYL’s short interest rising alongside BOE and PDN tells you this is sector positioning, not a one-off company call (DYL annual report: http://www.deepyellow.com.au/wp-content/uploads/2025AnnualReport06Oct25NoCoverSheet.pdf). 8) DMP (10.93%, +0.51%) and 9) CTT (10.47%, +0.04%) Consumer shorts are sticky. DMP’s +0.51% move reads like traders leaning into margin risk — wages, discounting, and food input costs — while CTT stays elevated at 10.47% with barely any weekly change. 10) KAR (10.47%, +0.43%) Shorts added into Karoon as well, taking it to 10.47%. Oil and gas names can look calm until the tape turns; short interest rising here is a reminder that commodity-linked cashflows are still being treated as fair game (KAR Q4 results: https://www.karoonenergy.com.au/wp-content/uploads/260127-2025-fourth-quarter-results.pdf).