Northern Dynasty Minerals Shares Plunge 38%

Regulatory and legal uncertainty continues to weigh on the Pebble project

Published on Feb. 23, 2026

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Shares of Northern Dynasty Minerals Ltd. (TSE:NDM) traded down 38% on Wednesday, dropping to C$1.71 per share. The steep decline came amid ongoing legal and regulatory challenges surrounding the company's Pebble project in Alaska.

Why it matters

The Pebble project has faced significant opposition from environmental groups and local communities, leading to protracted legal battles and regulatory uncertainty. Investors are concerned that these issues will continue to delay or derail the project, which is crucial to Northern Dynasty's future prospects.

The details

Northern Dynasty provided an update on the summary-judgment case schedule in Alaska, listing new deadlines and next procedural steps. While this clarifies the timing of the legal proceedings, it does not resolve the underlying legal risk. The Globe and Mail's coverage of the updated timelines highlights that the litigation will continue along a set court schedule, which the market interprets as extending the period of regulatory and legal uncertainty for the Pebble project.

  • On Wednesday, February 18, 2026, Northern Dynasty Minerals' shares traded down 38%.

The players

Northern Dynasty Minerals Ltd.

A mineral exploration and development company based in Vancouver, Canada, with a 100% interest in the Pebble project in Southwest Alaska.

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The takeaway

The continued legal and regulatory challenges surrounding the Pebble project have weighed heavily on Northern Dynasty Minerals' stock, highlighting the significant risks and uncertainties facing the company's key asset. Investors will closely monitor the progress of the legal proceedings and any updates on the project's permitting and approval process.