GSBW34 ends 2024 at 132.54% short as uranium shorts go vertical
ASX Short Selling — 2024 Annual Review
The ASX short book finished 2024 with a macro outlier: AusGov bond line GSBW34 at 132.54% short. In equities, the year ended with a violent uranium squeeze-in — BOE at 17.39% (+14.82%) and PDN at 15.37% (+13.10%) — while lithium de-crowded hard, led by PLS down to 14.00% (-6.74%) and CXO collapsing to 2.57% (-10.83%).
The Year in Short Selling
132.54% short on GSBW34 is the kind of number that breaks your brain — and it’s the clearest sign that 2024’s short story wasn’t just stock-picking, it was positioning and plumbing. But once you strip out the bond line, the real end-of-year message is even louder: shorts stampeded into uranium equities, with BOE ripping from 2.57% to 17.39% (+14.82%) and PDN from 2.27% to 15.37% (+13.10%) in the final print. [ref-1] [ref-2]
The year-end top 10 is a split screen: one bond anomaly, then a resources-and-consumer punch-up. GSBW34 sits at 132.54% short (WoW +0.00%). [ref-1] Behind it, uranium dominates the podium: BOE at 17.39% (+14.82%) and PDN at 15.37% (+13.10%), with DYL still in the top 10 at 10.67% (+0.15%). [ref-1] Lithium is still heavily shorted, but the tone changed. PLS finished at 14.00% after a -6.74% move, and SYR sits at 12.88% (-1.53%). [ref-1] Outside resources, the shorts kept pressure on earnings-sensitive consumer names: IEL at 12.38% (+3.63%) and DMP at 12.32% (+8.07%). [ref-1]
Top Shorted Stocks — Year End 2024
Year's Biggest Risers
Stocks with the largest increase in short interest across 2024.
Year's Biggest Fallers
Stocks with the largest decrease in short interest across 2024.
The Year's Biggest Stories
The biggest risers were not subtle — these are ‘new money’ moves. BOE (+14.82%), PDN (+13.10%) and KAR (0.24% → 10.68%, +10.44%) are the cleanest cluster trade in the dataset: energy shorts getting rebuilt in size. [ref-1] BOE’s fundamentals give shorts something to argue about: FY2025 net loss after tax of $34.2 million and EBITDA of (16.914) alongside FY26 production guidance of 1.6M lbs U3O8 and C1 cash cost guidance of A$41-45/lb. That mix — losses now, promises later — is exactly where short sellers like to lean. [ref-3] [ref-4] On the consumer side, DMP’s short jump (+8.07%) lines up with ugly statutory optics: FY2025 net loss after tax of $3.7 million and revenue from ordinary activities down -3.1% to 2,303.7. [ref-5] The biggest fallers show where the pain trade ended. CXO collapsed from 13.40% to 2.57% (-10.83%). PLS de-crowded from 20.74% to 14.00% (-6.74%). PEN fell from 8.45% to 1.66% (-6.79%). [ref-1] This is what capitulation looks like: shorts taking profit, getting forced out, or both.
Sector Trends
Zoom out across the quarterly snapshots and you can see the rotation. In Q1 and Q2, the short book was lithium-first: PLS at 20.59% (Q1) and 21.22% (Q2), with IEL and SYR consistently near the top. [ref-6] [ref-7] By Q3, uranium had muscled into the top five: PDN at 13.92%, MIN at 13.40% and BOE at 12.66%. [ref-8] By Q4, uranium was the equity headline: BOE 17.39%, PDN 15.37%, DYL 10.67%. [ref-2] Meanwhile, the market-wide short backdrop tightened: stocks shorted fell from 675 (Q1) to 632 (Q4), while average short % rose from 1.02% to 1.40%. That’s fewer names, bigger conviction. [ref-6] [ref-2] The earnings tape also mattered. IEL’s financials show why shorts stayed engaged: FY2025 revenue from ordinary activities of 882.201 (-15) and statutory net profit of 45.516 (-66), plus a FY26 net cost reduction target of $25 million. [ref-9] That’s a turnaround pitch — and shorts tend to fade those until the numbers turn.
Looking Ahead to 2025
If BOE at 17.39% and PDN at 15.37% are still climbing, expect uranium to stay the ASX’s most crowded battleground. The other tell to watch is whether lithium’s de-crowding (PLS at 14.00%, CXO at 2.57%) stabilises — or flips back into fresh short builds. [ref-1]
Frequently Asked Questions
How can GSBW34 be 132.54% short — isn’t that impossible?
It’s what the ASIC short position data shows for that bond line: 132.54% short at 2024-12-31. Instruments like this can reflect hedging and settlement mechanics rather than a simple directional equity-style short. [ref-1]
What were the biggest one-print short spikes at year end?
BOE jumped 2.57% → 17.39% (+14.82%) and PDN jumped 2.27% → 15.37% (+13.10%) in the latest report. KAR also surged 0.24% → 10.68% (+10.44%). [ref-1]
Why are shorts so focused on BOE?
BOE reported FY2025 net loss after tax of $34.2 million and EBITDA of (16.914), while guiding to FY26 production of 1.6M lbs U3O8 and C1 cash cost of A$41-45/lb — a classic setup for scepticism around ramp-up execution. [ref-3] [ref-4]
Did lithium shorts actually leave, or just rotate?
They left in size in key names: CXO fell 13.40% → 2.57% (-10.83%) and PLS fell 20.74% → 14.00% (-6.74%) in the latest report, even though PLS remains in the top 10 most shorted. [ref-1]
Why is IEL still heavily shorted at 12.38%?
IEL’s FY2025 results show revenue from ordinary activities of 882.201 (-15) and statutory net profit of 45.516 (-66), which keeps the earnings risk debate alive even with a FY26 net cost reduction target of $25 million. [ref-9]
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.