REVX heads into today's earnings release with borrow costs at a three-month high and the lending market far tighter than it was just a week ago.
The most striking development in the data this week is what has happened to the cost of borrowing REVX shares. Cost to borrow has jumped to 17.4%, up from just 3.3% at the start of last week — a more than fivefold increase in five sessions. That spike puts the annualised rate at its highest level since at least late February. It arrived as shares edged down 5.3% on Wednesday to CAD 0.71, capping a month that is still modestly positive at +4.4%.
The lending picture underscores the tension going into the print. Availability has tightened considerably — the lending pool hit full utilisation on April 21-22 before easing, and has climbed back to roughly 86% utilised by April 28. That means only around one share remains available for every seven already borrowed, a materially tighter setup than the sub-40% utilisation seen just a week ago. Short interest itself is modest at 1.1% of the free float, and the one-week change is sharply negative (-49%), reflecting a large unwinding of positions from the 715,000-share peak in early-to-mid April. The current 366,000 shares short is roughly half where bears were positioned three weeks ago. Days to cover remain short at just one day on official data, so the borrow squeeze is about cost and availability, not crowding.
The ORTEX short score has drifted higher this week, reaching 52.3 — a reading that sits in the lower-middle range but has risen steadily from 37.6 on April 15. The dtc rank factor score flags at the 82nd percentile, meaning the days-to-cover reading is high relative to the stock's own history, while utilisation ranks in just the 4th percentile of the universe. These factor readings point to a stock where the borrow market is active relative to its own norms, even if it is far from the most heavily shorted name in the sector.
The most consequential data point in the ownership picture is Eric Sprott's January 2026 purchase of 6.67 million shares at CAD 0.30 — a ~$1.44 million USD commitment that gave the well-known mining investor a 12.1% stake in the company. The CEO, CFO, and two directors bought in the same transaction cluster at the same price, with the CEO adding a further 166,667 shares. All of these trades were filed on January 16. That collective insider buying at CAD 0.30 looks meaningful against today's price of CAD 0.71 — the position has more than doubled in paper terms, though that insider data is now roughly 104 days old. No insider activity has been reported since.
Past earnings reactions have generally been soft. The two most recent events, in December 2025, saw the stock fall 9.1% and 2.3% on the day respectively, with one extending to a 9.1% five-day loss. The September 2025 release produced the exception: an 8% first-day gain that faded to flat over five sessions. Among peers, TUO gained 2.4% on the week while NEXG dropped 17.2% — a wide dispersion that underscores how idiosyncratic small-cap mining moves can be into results.
The immediate watch point is today's earnings release itself, with the announcement scheduled for after market close on April 30 — how the borrow market responds to the result, and whether the Sprott-led January buying cluster proves timely, will set the tone for the next trading window.
See the live data behind this article on ORTEX.
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