MINING COMPANY $NAK CRASHES NEARLY 50% AFTER TRUMP DOJ BLOCKS DEVELOPMENT AT ALASKA’S PEBBLE MINE PROJECT OVER SALMON FISHERY CONCERNS
PEBBLE MINE PROJECT IS NORTHERN DYNASTY MINERALS’ SOLE SIGNIFICANT ASSET.
BIG IMPLICATIONS FOR GOLD & SILVER SUPPLY:
The Pebble mine project was expected to produce 6.4 billion lb. of copper, 7.4 million oz of gold, and 37 million ounces of silver over the next 2 decades, according to Mining.com
(Note that the Gold/Silver Ratio currently sits at 65/1, yet silver is coming out of the ground at only 5x the rate of gold!!)
The DOJ’s opposition brief defends the EPA’s 2023 Final Determination under Clean Water Act §404(c).
The EPA veto prohibits/restricts certain dredged/fill discharges for the proposed Pebble Mine (based on the 2020 Mine Plan), citing unacceptable adverse effects on Bristol Bay’s fishery areas (e.g., permanent loss of 8.5 miles of salmon streams, 2,108 acres of wetlands, and related downstream impacts).
The DOJ argues the veto is lawful, science-based, supported by the record, and consistent with statutes/precedents. It requests the court to deny Northern Dynasty Minerals Ltd. (NAK), Pebble Limited Partnership, and other plaintiffs’ motions for summary judgment and enter judgment for the defendants (upholding the veto).
Impact on NAK (Northern Dynasty Minerals):
No final ruling yet—this is just the government’s response in the ongoing summary judgment process (plaintiffs’ reply briefs due ~April 2026).
However, the DOJ’s strong defense of the EPA veto reinforces major regulatory hurdles for the Pebble Project.
The ruling has resulted in sharp declines (50%!) in NAK stock today alone, as it dashed near-term hopes for quick settlement or reversal under the current administration.
The case remains pending; a court decision could come later in 2026. Full DOJ Ruling here: storage.courtlistener.com/recap/gov.usco
