In April, Pebble Watch reported on the make-up of the Northern Dynasty Board of Directors, noting that more than half of its members had fewer than six months’ experience with the company.
Two of those new members – Marcel de Groot and David De Witt – declined to be considered for re-election to the Board during Northern Dynasty’s annual meeting of shareholders. De Groot had joined the Board in December 2015, with De Witt following in February 2016. According to a press release from Northern Dynasty, their decisions came after the company had already sent election information to its shareholders in mid-May.
“Both joined the Board upon the consummation of the Plan of Arrangement with Mission Gold Ltd. in order to see the conclusion of that arrangement, bring some new members to the Board and help provide longer-term strategic guidance,” reads the press release. “Having accomplished these goals, Messrs. De Witt and de Groot have decided to re-focus on other businesses interests.”
New board members as of June 2016 include David Laing and Christian Milau, both executives with TrueGold mining, which focuses on gold mining in West Africa.
Currently five out of eight board members have joined the Northern Dynasty Board board since October of last year.
NDM Board Members
|Joined NDM Board||Specialty|
|Robert Dickinson, Executive Chairman||2004||Project development|
|Ron Thiessen, President and CEO||2001||Corporate development|
|Ken Pickering||2013||Engineering, mining development|
|Gordon Keep||Oct 2015||Geologist, investment banking, natural resource companies|
|Desmond Balakrishnan||Dec 2015||Attorney, mergers and acquisitions|
|Steven Decker||March 2016||Financial analyst, portfolio manager|
|David Laing||June 2016||Mining operations, engineering, finance|
|Christian Milau||June 2016||Mining executive, accounting, acquisition, government relations|
Investors were talking up Northern Dynasty (NAK) stock this summer, at a mining investment conference in Vancouver, and on blogs and podcasts. Northern Dynasty flew some investors to the site for a tour, and the stock was later touted as a risky stock with potential for high reward.
The stock peaked at $1.04 in mid-August, and then fell to its current .75. The movement was a boon to “momentum traders,” as detailed by The Street Sweeper, which posted a summary of the risks to investors.
(Google screen shot 9-15-2016)
Motley Fool Online: “Northern Dynasty Minerals’ Stock Rallies 17%, but It’s Not a Signal to Buy”