Northern Dynasty Minerals Stock Price Drops 38%

Uncertainty around Pebble Mine project approval and potential monetization cited as key factors behind the decline.

Published on Feb. 23, 2026

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Northern Dynasty Minerals Ltd. (TSE:NDM), a mineral exploration and development company based in Vancouver, Canada, saw its stock price drop 38% on Wednesday. The company's principal asset is a 100% interest in the Pebble deposit in Southwest Alaska, but ongoing legal challenges and delays in the project's approval process have prolonged uncertainty around the asset's future.

Why it matters

The Pebble Mine project has been a controversial and heavily debated issue in Alaska, with concerns raised about its potential environmental impact on the Bristol Bay region. The extended legal and regulatory uncertainty surrounding the project has weighed on investor sentiment and Northern Dynasty's stock performance.

The details

Northern Dynasty reported updated timelines for the Pebble Mine litigation in Alaska, including revised briefing and hearing schedules that extend the period before any final court decision. This keeps the asset encumbered by legal risk and delays clarity on whether the project can progress toward permitting or sale.

  • On Wednesday, Northern Dynasty's stock price dropped 38% to close at C$1.71 per share.
  • The company's stock had previously closed at C$2.76 per share.

The players

Northern Dynasty Minerals Ltd.

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

Pebble Limited Partnership

Northern Dynasty's wholly owned Alaska-based U.S. subsidiary, which is the proponent of the Pebble Project.

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The takeaway

The continued legal and regulatory uncertainty surrounding the Pebble Mine project has weighed heavily on Northern Dynasty Minerals' stock performance, highlighting the challenges the company faces in advancing the controversial project and providing clarity to investors.