Bitterroot Resources Ltd. heads into the final days of April with the stock down 8% on the week and short positioning in a state of flux — a curious divergence for a micro-cap miner on Canada's Venture exchange.
Price tells the starker story. The stock closed at CAD 0.055 on April 28, extending a month-long slide of more than 21%. The weekly move matches the daily move precisely — a sign that most of the damage landed in a single session. Against that backdrop, the closest TSXV peers offer little comfort: NBLC fell 11% on the week, and SSE dropped nearly 11%. GGA managed a 5% gain, but that was the exception rather than the rule across the peer group.
The borrowing picture is the most telling element of current positioning. Borrow availability has loosened materially since mid-April — the lending pool now has far more capacity than recent demand. The short-score reading of 38.2 is modest and has only nudged higher this week, moving from around 31 at the start of the period to its current level. That jump reflects the sharp intraday spike in estimated short shares between April 22 and April 24, when positions roughly tripled from around 7,500 to nearly 20,000 shares. Yet the absolute numbers remain tiny. Cost to borrow has eased to 8.4% from a peak of 11% earlier in April, and the borrow market does not show the kind of tightness that would signal a crowded short or squeeze risk. The 52-week peak on the borrow-demand gauge was 91%, nearly four times the current level — suggesting there has been far more short-side interest in this stock in the past year than exists today.
Ownership and insider data are both stale and deserve little weight. The most recent insider purchases on record date to May 2024, when the CEO and CFO both bought at CAD 0.025 — half the current price. Prior to that, a cluster of buys in early 2023 at CAD 0.04 showed the same pattern of management adding at weakness. The largest single registered holder, Plethora Precious Metals Fund Management, holds nearly 12% of shares, with no reported change in position. Given the staleness of that data (last reported February 2026), it provides context on structure but not on recent intent. No analyst coverage is present in the dataset for this stock.
The next scheduled event is a financial reporting date of June 26. Past events have produced mixed one-day reactions: a 7% gain in late March, followed by a 7% loss three days later, and flat-to-down moves in February and early March. The pattern suggests that individual event catalysts have moved the stock sharply in both directions, but without a persistent directional bias. With the short-score still well below elevated territory and the borrow market relatively open, the setup into June looks less about short-side pressure and more about whether any news catalyst can break the stock out of its month-long downtrend.
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