Pebble Watch News Roundup: June 2023


Northern Dynasty’s financial situation has been questionable since major investors pulled out of its singular Pebble project years ago. It did sign on an unnamed private investor last summer, which invested $12 million and could invest up to $60 million for a share of silver and gold that could be produced at the deposit. However, the company’s most recent financials showed it was operating in a deficit as of March 31, 2023 and it continues to be a “going concern.” This indicates that without backing of additional investors, Northern Dynasty’s financial situation remains tenuous.


Pebble will need funding for legal proceedings. Its financials also note that Northern Dynasty plans to challenge the EPA in federal court over its January 2023 Final Determination under the Clean Water Act Section 404(c) to prohibit or restrict certain dredge and fill activities in the area of the Pebble deposit.

Insurance will cover the costs of a recent $6.4 million legal settlement that Northern Dynasty made with some of its shareholders over their claims that the company misled investors in the months leading up to the November 2020 U.S. Army Corps of Engineers denial of a Clean Water Act Section 404 permit that is key to developing the mine. Northern Dynasty maintains no admission of wrongdoing.


Northern Dynasty appealed the Army Corps Clean Water Act permit denial. In April 2023, after completing its review of the administrative record, the Corp’s Pacific Command Division asked the Alaska District to review certain portions of its decision to ensure that it is well-supported. The Alaska District is working on a plan on how it proposes to proceed with that review, and expects to have it ready by June 29, 2023.