Northern Dynasty Minerals Shares Plunge 38%

Regulatory and legal uncertainty continue to weigh on the Pebble project

Published on Feb. 24, 2026

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Shares of Northern Dynasty Minerals (TSE:NDM), a mineral exploration and development company based in Vancouver, Canada, fell 38% on Wednesday. The drop came after the company provided an update on the summary-judgment case schedule for its Pebble project in Alaska, which revealed new deadlines and next procedural steps but did not resolve the underlying legal risks.

Why it matters

The Pebble project, Northern Dynasty's principal asset, has faced significant regulatory and legal challenges. The continued uncertainty around the project's timeline and permitting process is weighing on the company's stock performance, as the project's delivery and permitting are crucial to Northern Dynasty's valuation.

The details

Northern Dynasty's shares fell to as low as C$1.52 and closed at C$1.71, a 38% drop from the previous close of C$2.76. The trading volume spiked 242% from the average session, indicating heightened investor concern. The company's update on the summary-judgment case schedule in Alaska listed new deadlines and next procedural steps, but did not resolve the underlying legal risks associated with the Pebble project.

  • On February 19, 2026, Northern Dynasty Minerals' shares fell 38%.

The players

Northern Dynasty Minerals

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

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The takeaway

The continued regulatory and legal uncertainty surrounding Northern Dynasty's Pebble project is a significant overhang on the company's stock performance. Investors will be closely watching the progress of the legal proceedings and any updates on the project's permitting process, as these factors will be crucial in determining the company's long-term viability.