Northern Dynasty Minerals Shares Plunge 38% Amid Ongoing Pebble Project Uncertainty

The Vancouver-based mining company faces continued legal and regulatory hurdles for its Alaskan copper and gold project.

Published on Feb. 23, 2026

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Shares of Northern Dynasty Minerals (TSE:NDM), the company behind the controversial Pebble mining project in Alaska, dropped 38% on Wednesday as the firm provided an update on the ongoing legal challenges surrounding the proposed mine. The update outlined new deadlines and procedural steps in the summary-judgment case, but did not resolve the underlying legal risks the project faces.

Why it matters

The Pebble project has been mired in controversy for years due to environmental concerns from local communities and regulators. The latest share price drop highlights the continued uncertainty facing the project, which is crucial to Northern Dynasty's valuation and future prospects as a company.

The details

Northern Dynasty's stock plunged after the company filed an update on the timeline for the summary-judgment case related to the Pebble project in Alaska. While the update provided clarity on new deadlines and next steps in the legal proceedings, it did not resolve the fundamental regulatory and legal risks the project faces. The market interpreted the continued litigation as extending the period of uncertainty around the Pebble mine's future, which is a negative for Northern Dynasty's stock.

  • On Wednesday, Northern Dynasty Minerals' stock traded as low as C$1.52 per share.
  • The stock closed the day at C$1.71 per share, down 38% from the previous close of C$2.76.

The players

Northern Dynasty Minerals

A mineral exploration and development company based in Vancouver, Canada, with its principal asset being the Pebble copper and gold mining project in southwest Alaska.

Pebble Limited Partnership

A wholly-owned subsidiary of Northern Dynasty Minerals that owns a 100% interest in the Pebble mining claims in Alaska.

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What’s next

The judge in the summary-judgment case will set new deadlines and procedural steps in the ongoing legal battle over the Pebble project's future.

The takeaway

Northern Dynasty's plunging stock price underscores the continued regulatory and legal hurdles facing the company's Pebble mining project in Alaska. Investors remain wary of the project's uncertain future and its importance to Northern Dynasty's overall valuation.