GSS — Gossan Resources Limited — heads into the final days of April with short interest in near-total retreat and price grinding near the floor.
The most striking development this month is the near-complete unwinding of short positions. Short interest collapsed from roughly 2,657 shares in early April to just 32 shares — a drop of more than 98% over the month. That is not a crowded short; it is a market where bears have almost entirely exited. The official FINRA settlement figure confirms the 32-share reading as of mid-April, alongside days-to-cover of just one day. At these levels, short positioning carries no meaningful signal about directional conviction.
Borrow conditions are effectively irrelevant at this scale, but worth noting for completeness. The cost to borrow last recorded at 1.35% APR is a stale reading from April 1 — almost a month old — so the exact current cost is unclear. Availability, however, tells the clearest story: ORTEX shows availability at 9,999% of short interest, meaning shares to borrow are essentially unlimited relative to the tiny short base. The lending market is as loose as it gets.
The ORTEX short score of 25.4 has been almost perfectly flat for the past two weeks. That stability reflects the absence of any new short-side activity, not a signal of directional pressure. The score's percentile ranking at the 95th level is an artefact of the micro-cap universe comparisons rather than a sign of elevated bearish interest.
Price tells the harder story. GSS closed at CAD $0.03 on April 27 — down 14.3% on the week against a flat month. At a market cap of roughly USD $1.5 million, this is firmly micro-cap territory where single trades can move the price materially. The next scheduled earnings event falls in late July 2026. Prior results in December 2025 and March 2026 both produced negative one-day reactions of around 12–14%, so any upcoming release will be watched closely by the thin holder base.
Ownership is concentrated. The Sprott Foundation holds 11.7% of shares, with George Mannard at 3.1% and U.S. Global Investors at 1.9%. All three positions were unchanged as of the most recent reported dates. Insider activity on record is entirely from 2022, too stale to carry weight today.
The next meaningful date to watch is the July 28 earnings event — which will arrive against a backdrop of near-zero short positioning, extremely loose borrow conditions, and a stock sitting at multi-year price lows.
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