CD, the TSXV-listed junior explorer, heads into the final trading week of April with short interest more than three-quarters lower than it was a month ago — the clearest structural shift on this stock in weeks.
Short positioning has collapsed. Shares short fell from around 83,700 in early April to 21,637 by mid-month and have held there since. That is a 74% drop in roughly four weeks. The drawdown happened in two distinct steps: a first cut around April 7–8, then a second leg lower after April 19. With estimated short shares now at such low absolute levels, the short story has largely unwound. Borrow costs confirm the easing — cost to borrow is running at about 1.6%, down from peaks above 3.3% in mid-March.
The lending market is loose. Availability has opened up sharply as shorts exited, and utilization — which touched a 52-week high of 62% on April 16 at the height of the positioning — has now tumbled to below 10%. That April 16 spike was brief and coincided with the peak in short shares outstanding. The rapid normalization since then suggests whatever catalyst drove the borrow demand has passed. The ORTEX short score reflects this: it has dropped from 45 two weeks ago to 29.4 today, ranking in the 68th percentile on short score but only the 39th on utilization. The setup no longer reads as one under meaningful short-selling pressure.
The stock itself trades at CAD 0.2975, up 2.6% on the day but down just over 4% on the week. The monthly picture is modestly constructive — up 6.25% over 30 days. The next earnings event is pencilled in for June 24. The most recent events in the history carry flat to marginally positive one-day reactions, though the sample is small and the absolute moves muted.
Ownership is tightly concentrated. Founder and Chairman Charles Fipke holds just over 26% of shares directly, with additional stakes held through related vehicles including the Charles E. Fipke Foundation and CF Mineral Research Ltd. The most recent insider trade on file is a Fipke purchase of 3.57 million shares at CAD 0.14 in August 2025 — a meaningful commitment at the time, though that data is now roughly nine months old. No insider activity has been logged since. The concentrated founder ownership means thin free float is a structural feature here, not a temporary condition.
Among correlated peers, WPG was the standout mover on the week, gaining 14% — a sharp contrast to MI6, which dropped nearly 8%, and ODL, off 5.5%. CD's own 4% weekly decline sits broadly in line with the weaker end of the peer group, with the ASX diversified metals names leading the softness this week.
What to watch next is whether utilization continues its retreat toward negligible levels, or whether any new catalyst — particularly around the June earnings date or commodity price moves — draws fresh borrow demand back into what remains a structurally thin float.
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