Northern Dynasty Minerals Stock Plummets 55% Amid Pebble Mine Controversy

Shares of Northern Dynasty Minerals, owner of Alaska's Pebble mine project, plummeted 55% before paring losses. The company is in talks with the EPA to advance the project, which has significant copper, gold, molybdenum, silver, and rhenium resources. The mine has been a source of contention due to concerns over harming the sockeye salmon industry. The stock had previously rallied on hopes of regulatory rollbacks under former President Trump.

Shares of Northern Dynasty Minerals Ltd., the owner of Alaska’s Pebble mine project, plunged as much as 55% Thursday before paring losses. Trading was briefly halted after the company’s stock experienced its biggest drop since late November 2020. The stock trimmed losses after trading resumed in Toronto, with a decline of 30% to C$2.21 apiece as of 12:03 p.m. [1]

The Vancouver-based company is in talks with the US Environmental Protection Agency (EPA) to advance its undeveloped Pebble project in southwest Alaska. The project is touted as the world’s largest undeveloped copper and gold resource, with significant resources of gold, molybdenum, silver, and rhenium [1]. The proposed mine near Bristol Bay has been a source of contention for years, with concerns over potential harm to the region’s sockeye salmon industry [1].

Under former US President Joe Biden, the EPA effectively blocked mining of the Alaskan deposit over environmental concerns. Northern Dynasty’s stock rallied following the election of President Donald Trump on optimism that the government might roll back those regulatory hurdles [1]. However, recent developments indicate that the company is now actively negotiating with the EPA to overturn the federal preemptive veto that has blocked development of the Pebble project [2].

Northern Dynasty characterized the development as a significant breakthrough in its long effort to challenge the EPA’s 2023 preemptive veto under Section 404(c) of the Clean Water Act [2]. The EPA and Pebble Limited Partnership, Northern Dynasty’s US subsidiary, are negotiating to explore a potential settlement that would inform any agency reconsideration [2]. The parties expect to reach an agreement within the next 14 days [2].

The potential reversal of the EPA’s veto could reignite one of the nation’s most fiercely contested development debates. The Pebble deposit contains an estimated 6.4 billion pounds of copper, 300 million pounds of molybdenum, 7.4 million ounces of gold, 37 million ounces of silver, and 200,000 kilograms of rhenium, making it one of North America’s most significant untapped sources of critical minerals [2].

The increased copper price momentum has also sparked interest in other projects. U.S. GoldMining Inc. highlighted the strategic copper-gold potential of its Whistler Gold-Copper Project in Alaska, which is located in a mining-friendly jurisdiction [3]. The company is encouraged by the recent price increases in copper, gold, and silver, which align with its project’s multi-metal resource composition [3].

The Pebble project, if approved, could play a vital role in U.S. energy independence and industrial resilience, given its significant critical mineral resources. However, the project faces substantial regulatory and environmental hurdles, and its future remains uncertain.

References:
[1] https://www.bloomberg.com/news/articles/2025-07-17/shares-of-pebble-mine-owner-fall-55-in-biggest-drop-since-2020
[2] https://mustreadalaska.com/epa-pebble-mine-developer-in-settlement-talks-over-bidens-unprecedented-pre-emptive-veto/
[3] https://www.morningstar.com/news/pr-newswire/20250714to29200/us-goldmining-welcomes-increased-copper-price-momentum-highlights-strategic-copper-gold-potential-at-whistler-project-in-alaska