No EPA settlement; court case likely to drag on
Northern Dynasty Minerals’ shares rose at the prospect of a settlement between Northern Dynasty Minerals and the EPA, when recent court filings indicated that some members of the Trump administration were open to reconsidering the 2023 EPA action to restrict mining activity at the deposit. Northern Dynasty Minerals released a July 4 update quoting from the filing: “Agency officials remain open to reconsideration, and defendants and PLP are negotiating to explore a potential settlement. Those discussions have addressed a potential further submission from PLP that would inform any agency reconsideration. Defendants and PLP currently expect to reach agreement within the next two weeks about what that submission would entail.”
In March 2025, NAK (NDM) shares were around 71 cents, climbing to a high of $2.40 by mid-July. That was a significant gain, and their highest level since early 2017.
Just days later, though, the stock fell back to around 79 cents, when Northern Dynasty Minerals announced that a settlement wouldn’t be forthcoming after all. “While discussions with the EPA have taken place, we have not reached a settlement. As such, today we asked the court to set a briefing schedule for summary judgment motions, as we now believe that will be the quickest, most direct avenue to get the veto removed,” said Ron Thiessen, Northern Dynasty Minerals President and CEO. “We will continue to work with the relevant government agencies to resolve this issue. Meanwhile we are confident that the court will agree with our assessment that the issuance of the veto by the Biden administration was unlawful.”
However, several Northern Dynasty Minerals directors and senior officials – including Ronald Thiessen – had already sold more than 3 million of their shares by July 16, suggesting a less confident outlook. Their “insider selling” reportedly added to the sudden devaluation of the stock.
| Seller and Position | Date Sold | Shares Sold | Unit Price (US$) | Total Value (US$) |
|---|---|---|---|---|
| Robert Dickinson, Chairman | July 16, 2025 | 600,000 | N/A | N/A |
| Robert Dickinson, Chairman | July 15, 2025 | 100,000 | N/A | N/A |
| Robert Dickinson, Chairman | July 14, 2025 | 360,693 | N/A | N/A |
| Ronald William Thiessen, Director | July 14, 2025 | 600,000 | $2.1934 | ~$1,316,086 |
| Stephen Hodgson, Senior Officer | July 14, 2025 | 200,000 | $2.2124 | ~$442,482 |
| Mark Peters, Senior Officer | July 14, 2025 | 100,000 | $1.4666 | ~$146,660 |
| Michael Heatwole, Director or Senior Officer of Insider | July 14, 2025 | 102,000 | $2.1474 | ~$219,036 |
| James Eduard Fueg, Director or Senior Officer of Insider | July 14, 2025 | 51,000 | $2.1526 | ~$109,786 |
| Harry Wayne Kirk, Director | July 10, 2025 | 102,000 | $1.4720 | ~$150,148 |
| Mark Peters, Senior Officer | July 10, 2025 | 150,000 | $1.4720 | ~$220,801 |
| Adam Jonathan Chodos, Senior Officer | July 9, 2025 | 196,000 | $1.8499 | ~$362,504 |
| Mark Peters, Senior Officer | July 9, 2025 | 250,000 | $1.4688 | ~$367,208 |
| Trevor Thomas, Senior Officer | July 9, 2025 | 100,000 | $1.7903 | ~$179,030 |
| Bruce Wayne Jenkins, Subsidiary of Issuer | July 9, 2025 | 51,000 | $2.0095 | ~$102,485 |
| Shannon Westerlund, Not listed | July 8, 2025 | 25,900 | $1.6980 | ~$44,007 |
| Michael J. Westerlund, Senior Officer | July 8, 2025 | 200,000 | $1.7200 | ~$344,000 |
Several Northern Dynasty Minerals’ directors and senior officers sold shares of the company in the days before the company announced that it had not reached a settlement with the EPA. Source: SEDI.ca.
Northern Dynasty Minerals is seeking a summary judgement for its case against the EPA, hoping to get a reversal of the agency’s 2023 404(c) “veto.”
That process is likely to drag on well into 2026. According to an E&E News report, legal filings from the Department of Justice notes that two of the DOJ lawyers assigned to defend the EPA were to leave the DOJ in late July. Northern Dynasty Minerals had hoped for an expedited briefing schedule leading to a summary judgement, but new EPA counsel will need time to get up to speed on the case.
Northern Dynasty Minerals Insider Trading History (Insidertrades.com)
Legal fight over Pebble mine could drag on after DOJ departures (E&E News, July 29, 2025)
Northern Dynasty shares plunge 55% on insider selling (Mining.com, July 17, 2025)
Northern Dynasty: Motion for Summary Judgement Filed in Federal District Court in Alaska (Northern Dynasty Minerals, July 17, 2025)
Mine developer and EPA fail to reach agreement over Pebble copper and gold project (Anchorage Daily News, July 21, 2025)
In court filing, Trump administration hints at a lifeline for embattled Pebble project (Alaska Beacon, from the Northern Journal, July 12, 2025)
Trump’s EPA could revive controversial Pebble Mine in southwest Alaska (Alaska Public Media, July 11, 2015)