Pantera Silver Corp. enters the final days of April with its most notable development sitting squarely in the lending market: short interest has collapsed over the past month, and the cost of borrowing shares has fallen sharply with it.
The short position has shrunk dramatically. Estimated short interest dropped 64% over the week to just 8,837 shares — a tiny fraction of the float at roughly 0.01% of free float. That follows a 50% reduction over the prior 30 days. The history tells a clear story: positions that peaked near 63,000 shares in mid-March have been steadily unwound, with the sharpest step-down arriving around April 20 when short interest more than halved in a single session. With so little borrowed stock remaining, this is no longer a heavily shorted name by any measure.
The borrow cost has followed the same direction. At 2.4%, the cost to borrow has dropped roughly 47% over the week and is down more than 80% from levels seen in late February, when it briefly touched 8.3%. That trajectory reflects supply finding its way back into the lending pool as shorts cover. Availability remains ample relative to the residual short position, meaning there is no meaningful squeeze dynamic at work here. The ORTEX short score sits at 27.2 — a low reading, ranking in the 85th percentile of its sector but not signalling active pressure from the short side.
The stock itself closed Tuesday at CAD 0.53, off 1.9% on the day and down 5.4% on the week. The one-month picture is modestly positive, up roughly 2%, suggesting the weekly dip is more noise than trend. The broader peer group moved in the same direction: EQTY fell 12.5% on the week, MGG dropped 7.4%, and OCG gave back 4.5% — a broad-based pullback across TSXV-listed diversified metals and mining names rather than anything specific to Pantera.
The one near-term marker worth watching is the earnings event scheduled for May 6. The company has adopted semi-annual financial reporting, confirmed by news published Tuesday, which means the upcoming release carries more weight than a routine quarterly update. Past events have produced uneven reactions: a flat print in February, a 12.5% one-day drop in January, a 9.3% fall last October, and a 1.1% gain in November. The five-day moves have generally amplified the one-day direction, with the two negative prints producing further weakness of 22.5% and 10.3% respectively over the following week. With short sellers largely exited and borrow costs near multi-month lows, the May 6 release is the next genuine inflection point for the stock's direction.
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