New York, Jan 26, 2026, 10:46 EST — Regular session underway.
Northern Dynasty Minerals Ltd shares surged roughly 16% to $2.48 in early Monday trading, hitting a high of $2.54 earlier. The Vancouver-based miner had closed at $2.13 on Friday, with around 15.9 million shares changing hands by 10:30 a.m. ET.
Northern Dynasty’s stock is closely tied to one key asset: the proposed Pebble copper-and-gold mine in southwest Alaska. The company acts as a high-beta play on this project. In 2023, the U.S. Environmental Protection Agency exercised its Final Determination under Clean Water Act Section 404(c)—effectively a veto—to limit the use of certain waters in the Bristol Bay watershed for mine waste disposal linked to Pebble. (US EPA)
Monday saw metals rally sharply. Spot gold soared to a record $5,100 an ounce, fueled by rising safe-haven demand. Societe Generale analysts now project gold could hit $6,000 by the end of the year, while Scotiabank flagged silver prices staying “stronger for longer.” Shares of major miners Newmont and Barrick Mining climbed over 2% in early trading. (Reuters)
Copper, a key economic driver for any Pebble project, held steady around $6 a pound. According to TradingEconomics data, copper was priced at $5.99 a pound on Jan. 26, marking a 0.7% increase from the previous day. (Trading Economics)
Headlines around government support for critical minerals have given the mining sector a fresh boost. USA Rare Earth announced that the Trump administration plans to back a $1.6 billion debt-and-equity financing package aimed at developing a mine and magnet plant in Texas. (Reuters)
Northern Dynasty has also been active on the investor-conference trail. The company is set up with a booth at the Cambridge Vancouver Resource Investment Conference on Jan. 25-26 and will deliver a corporate presentation on Jan. 25. (Northern Dynasty Minerals Ltd.)
The miner hasn’t issued any new updates since Jan. 14, when it named Stephen Meyer to its board and as chair of its audit and risk committee. It also confirmed it’s back in compliance with NYSE American corporate governance rules. (Northern Dynasty Minerals Ltd.)
The company’s future value remains tied to legal and regulatory battles. In 2024, Northern Dynasty sued the EPA to challenge the 2023 ruling, claiming the agency exceeded its authority. Alaska has launched its own lawsuit, while the EPA highlights threats to the Bristol Bay watershed and its salmon fishery. (Reuters)
But the upside scenario remains fragile. A court defeat, new permitting obstacles, or another political shake-up in Washington could stall the company for years, with no obvious way to fund the massive project—even if copper and gold prices hold strong.
Traders now have a key date to watch: the company announced that a court schedule in its Alaska case requires the U.S. Justice Department to submit its response brief by Feb. 16, with plaintiffs expected to reply by April 15. CEO Ron Thiessen slammed the extension as “excessive,” adding the company would prefer negotiations that lead officials to drop the veto and “terminate the summary judgement process”—a move aimed at avoiding a trial. (SEC)
