Northern Dynasty Responds to DOJ Brief Filed in Alaska
Northern Dynasty Minerals and its 100%-owned, U.S.-based subsidiary Pebble Limited Partnership respond to the Department of Justice brief filed in Alaska Federal Court on February 17. Ron Thiessen, Northern Dynasty President and CEO commented: "Our strategy has always been grounded in a solid legal case that this veto was illegal, and a high level of confidence that the court will agree with us. This DOJ brief makes many arguments that we have seen before and that directly contradict the findings of the Final Environmental Impact Statement. The flaws in this brief only increase that confidence. We are eager to file our response on or before April 15 which will delineate those flaws, and to take this case to court for a decision as soon as possible. It is important to remember that Tuesday's filing by the DOJ represents the Environmental Protection Agency's side of the complex issues in this case. In October, we submitted to the court our opening brief for why the veto is unlawful, and our April 15 brief will address the DOJ filing to further establish that the court should order the veto invalid. We will, of course, continue to explore settlement with EPA as we prepare our brief, but we will also push for a decision by the court as soon as possible. When you consider the significant negative impacts the Obama/Biden veto will bring about, it is surprisingly short-sighted that the EPA would file a brief in support of it. This precedent will be used by future Democratic administrations to reverse the progress this administration has made to advance its pro-energy, pro-mining, and pro-development agenda. Every permit issued by the Army Corps of Engineers, the Forest Service, the Bureau of Land Management, and others will be at risk. Projects with permits issued years before and that have been operational for years or any of the other 60-75,000 Clean Water Act 404 permits issued each year in the U.S., representing hundreds of billions of dollars of economic activity - are at risk. This brief makes a number of arguments that we do not believe any pro-business Republican Administration has made before, including that a major EPA ruling like this one involving a project that has the potential to generate very significant revenue in Alaska can be issued without a comprehensive cost impact analysis; that a veto can be based on speculative conclusions; that a veto can cover hundreds of square miles beyond the footprint of the project, thus turning valuable Alaska state land into what would essentially be a federal park; that a veto can be issued using a standard substantially lower than the statute requires; that a veto can be issued even though the supposed factual "findings" are contradicted by findings in the FEIS, signed off by the U.S. Army Corps of Engineers, among many other flawed positions. The brief reads like it was written by an Obama/Biden/Anti-mining/Anti-oil/Anti-development coalition. Unfortunately, these arguments can be cited repeatedly by the next Democratic administration as it seeks to unravel this administration's laudable progress in moving forward so many new energy/mining/development projects."
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- Stock Price Plunge: Northern Dynasty Minerals (NAK) saw a dramatic 37.6% drop in its stock price during Wednesday's trading, reaching its lowest point in over four months, primarily due to the U.S. Department of Justice filing a court brief in Alaska supporting the EPA's veto of its Pebble mining project.
- Project Development Blocked: Despite the company's executives claiming government support for Alaskan energy development, the EPA chose to uphold the Obama-Biden veto, highlighting the ongoing local opposition and protracted review process that the project faces.
- Significant Resource Potential: The Pebble mine is touted as one of the world's largest copper-gold-molybdenum resources, with a forecasted production of 6.4 billion pounds of copper, 7.4 million ounces of gold, and 300 million pounds of molybdenum over 20 years, yet it faces major environmental challenges due to its location in the Bristol Bay watershed.
- Economic Study Forecast: A 2023 economic study predicts the Pebble mine will yield 37 million ounces of silver and 200,000 kilograms of rhenium, but the EPA's 2023 decision to block mine waste storage under the Clean Water Act effectively ends the project, underscoring the regulatory hurdles the company must navigate.
- EPA Veto Impact: The Environmental Protection Agency (EPA) exercised its rare authority under Section 404(c) of the Clean Water Act to veto Northern Dynasty's Pebble Project, citing irreparable harm to the Bristol Bay salmon fishery, which triggered panic among investors.
- DOJ Supports Veto: The Department of Justice (DOJ) filed a legal brief officially defending the EPA's veto, indicating that the government is not backing down from the case, leading to a collapse of investor hopes for a political pivot and a subsequent stock price drop.
- Stock Price Volatility: Northern Dynasty's stock experienced extreme volatility, plummeting by as much as 45% during trading on Wednesday, with trading volume exceeding 44 million shares by midday, reflecting strong market reactions, and the stock was down to $1.27 at publication, marking a five-month low.
- CEO's Shock Statement: CEO Ron Thiessen expressed shock that the administration continues to defend the veto despite its pro-mining rhetoric, indicating that this legal deadlock will lead to a prolonged legal battle rather than a quick settlement.
- Strong Earnings Report: Palo Alto Networks reported fiscal Q2 revenue of $2.59 billion, surpassing analyst expectations of $2.58 billion, indicating robust performance in the cybersecurity sector despite a challenging market environment.
- Earnings Beat: The company posted adjusted earnings of $1.03 per share, exceeding analyst estimates of 94 cents, demonstrating its continued profitability amidst fierce market competition.
- Guidance Downgrade: Palo Alto lowered its full-year adjusted earnings guidance from a range of $3.80 to $3.90 per share to a new range of $3.65 to $3.70, below the market estimate of $3.86, which may impact investor confidence.
- Stock Price Volatility: In pre-market trading, Palo Alto's shares fell 7.5% to $151.20, reflecting the market's negative reaction to the lowered guidance, potentially leading to subdued investor sentiment in the short term.
- Clinical Trial Results: Sarepta Therapeutics reported significant three-year results from the EMBARK study, showing that patients treated with Elevidys demonstrated statistically significant efficacy in motor function assessments, leading to a 9.8% stock price increase to $23.20, indicating enhanced competitiveness in Duchenne muscular dystrophy treatment.
- Positive Market Reaction: Following the release of favorable clinical data, there was a surge in demand for Sarepta's shares, reflecting investor optimism about the biopharmaceutical sector's outlook, which may attract more capital into the industry.
- Industry Impact: Sarepta's success could inspire other biopharmaceutical companies to increase investments in rare disease research and development, thereby fostering innovation and growth across the sector.
- Investor Confidence Boost: The success story of Sarepta may bolster investor confidence in biotech stocks, particularly as market conditions continue to favor increased focus on the healthcare sector.
Analyst Recommendation: HC Wainwright & Co. has reiterated a Buy recommendation for Northern Dynasty Minerals (NYSEAM:NAK) as of December 19, 2025, despite a projected average one-year price target of $0.58/share, indicating a 73.45% downside from its recent closing price of $2.20/share.
Fund Sentiment: There has been a 5.49% increase in the number of funds reporting positions in Northern Dynasty Minerals, with total shares owned by institutions rising by 50.56% to 103,964K shares over the last three months.
Shareholder Activity: Notable changes in shareholder allocations include Kopernik Global Investors increasing its stake by 9.21%, while MIRAE ASSET GLOBAL ETFS HOLDINGS decreased its allocation by 63.51%. COPX - Global X Copper Miners ETF significantly increased its holdings by 508.16%.
Market Outlook: The put/call ratio for NAK is at 0.22, suggesting a bullish outlook among investors, despite the overall negative price target forecast.

Northern Dynasty Minerals' Share Performance: The company's shares have surged over 200% in the past year, with a recent 30-day return of 16.33% and a 90-day return of 150%, indicating strong bullish momentum despite a recent pullback to CA$2.85.
Valuation Concerns: Northern Dynasty's price-to-book ratio stands at 26.1 times, significantly higher than its peers, suggesting that the market is heavily pricing in the future potential of the Pebble project despite the lack of current revenue and profitability.
Risks and Uncertainties: The company faces significant permitting uncertainties and ongoing cash burn, which could lead to a rapid decline in share value if regulatory setbacks or funding issues arise.
Investment Opportunities: The article encourages investors to explore other high-growth stocks with strong insider ownership and highlights various sectors, including healthcare AI and dividend stocks, for potential investment opportunities.










