Northern Dynasty Minerals Stock Drops 38%

Regulatory and legal uncertainty continue to weigh on the Pebble project

Published on Feb. 23, 2026

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Northern Dynasty Minerals Ltd. (TSE:NDM), the company behind the controversial Pebble mining project in Alaska, saw its stock price drop 38% on Wednesday. The decline came after the company provided an update on the timeline for a summary judgment case related to the project, which failed to resolve the underlying legal and regulatory risks.

Why it matters

The Pebble project has faced significant opposition from environmental groups and local communities due to concerns about its potential impact on the Bristol Bay region's salmon fisheries. The ongoing legal and regulatory uncertainty surrounding the project continues to weigh on Northern Dynasty's stock performance.

The details

Northern Dynasty's stock price fell 38% on Wednesday, trading as low as C$1.52 per share before closing at C$1.71. The company had previously closed at C$2.76. The sharp decline came after Northern Dynasty provided an update on the timeline for a summary judgment case related to the Pebble project, which the market interpreted as extending the period of uncertainty surrounding the project's future.

  • On Wednesday, Northern Dynasty's stock price dropped 38%.
  • The company's stock had previously closed at C$2.76.

The players

Northern Dynasty Minerals Ltd.

A mineral exploration and development company based in Vancouver, Canada, that owns the Pebble project in Southwest Alaska through its wholly-owned subsidiary, Pebble Limited Partnership.

Pebble Project

A proposed open-pit copper, gold, and molybdenum mine located in Southwest Alaska, approximately 200 miles from Anchorage and 125 miles from Bristol Bay.

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What’s next

The judge in the summary judgment case will decide on the next steps in the legal process, which could further impact the timeline and uncertainty surrounding the Pebble project.

The takeaway

The ongoing legal and regulatory uncertainty surrounding the Pebble project continues to be a significant risk factor for Northern Dynasty Minerals, as evidenced by the 38% drop in the company's stock price. The market is closely watching for any developments that could provide more clarity on the project's future.