ASX Most Shorted Stocks: Where the Bears Are Betting

Glencore, DroneShield and Lotus Resources have shared positive business updates, with progress in production, revenue, operations and future growth plans.

Glencore Plc (GLC)
DroneShield Limited (ASX: DRO)
Lotus Resources Limited (ASX: LOT)

Glencore Plc (GLC), on 29 October 2026, announced its Third Quarter 2026 Production Report. GLC reporting good operational performance with most major assets meeting expectations. Copper production increased 12% compared with 2025 after adjusting for mine closures and disposals. Quarter-on-quarter output also improved in copper, nickel and coal.

During the first nine months of 2026, copper production reached 598,600 tonnes, improved 3%, while nickel increased 4% to 54,600 tonnes. Cobalt output fell 52% to 13,700 tonnes due to export restrictions in the DRC and a focus on copper production. Zinc production declined 23% to 547,200 tonnes, while chrome ore reached 2.553 million tonnes, down 7%. Steelmaking coal fell 13% to 21.5 million tonnes, while energy coal remained stable at 73.9 million tonnes.

Glencore maintained its full-year production targets. Zinc and energy coal are expected towards the higher end of guidance, while copper and steelmaking coal are expected towards the lower end. Nickel remains around the middle. Marketing Adjusted EBIT is expected to exceed $5 billion.

DroneShield Limited (ASX: DRO), on 15 October 2026, announced its FY2026 Committed Revenue Update and Investor Presentation, reporting committed revenue of $261 million as of 12 October 2026. This is 35% higher than October 2025 and represents 121% of its full year 2025 revenue. The figure is within its FY2026 revenue outlook of $250–270 million. The company also reported $29 million in committed revenue for FY2027 and $17 million for FY2028 and beyond.

The company also noted the growing demand for anti-drone technology solutions for use in defense, airports, prisons, critical infrastructure, public safety, and special events. It also secured a US$500 million IDIQ contract over three years and is providing eligible US government agencies with easier access to its products through the JIATF-401 procurement marketplace.

For the remainder of 2026 and 2027, DRO plans to increase revenue, improve gross margins, expand recurring income and grow commercial sales. Its priorities include RfRecon deliveries, Mission Ready Services, software based products and wider customer reach through procurement platforms and partnerships.

Lotus Resources Limited (ASX: LOT) on 29 October 2026 announced its September 2026 Quarterly Activities Report and reporting uranium production of 101.8klb U₃O₈ from 31 operating days. Uranium recovery improved to 69% compared with 52% in the previous quarter, reaching 80% in September. The company also restarted its sulphuric acid plant and completed more than 2,300 consecutive days without a lost time injury.

During the quarter, LOT completed an A$60.1 million entitlement offer and secured approval for A$35 million in convertible notes. It also revised its 2026 uranium delivery commitments, reducing near term payment and delivery pressure. An arrangement with Mercuria provides access to up to US$30 million in inventory backed funding.

On 2 November 2026, LOT announced the departure of its first uranium shipment from Kayelekera. The shipment includes four containers carrying approximately 145,000 lbs of uranium concentrate, with delivery to France expected by the end of 2026. Further shipments are planned before year end.

(Source: Company Report)