Northern Dynasty jumps as Trump order spurs Pebble project optimism

Northern Dynasty Minerals Ltd. (TSX: NDM, NYSE: NAK) shares jumped more than 30% on Monday after President Donald Trump invoked emergency powers to strengthen U.S. critical mineral production, spurring optimism that the move could fast-track the company’s flagship Pebble project in Alaska.

Trump’s executive order, signed Thursday, leverages the Defense Production Act to provide financing, loans, and other investment support for domestic processing of critical minerals and rare earth elements.

The order also underscores the historical significance of U.S. mining and the need for a stable, predictable supply of essential minerals, including copper and gold, for defense, technology, and infrastructure. Additionally, it directs federal agencies to expedite approvals for domestic mineral production projects.

By 12:39 p.m. ET, Northern Dynasty’s shares had climbed 32% to C$1.73, pushing the company’s market capitalization to C$908 million ($634 million).

Controversial copper giant

Pebble is considered the world’s largest undeveloped copper deposit. Alongside significant amounts of gold, molybdenum, and silver, the deposit contains a notable rhenium resource, a mineral critical for military applications.

However, the project has faced strong opposition for nearly two decades due to its potential environmental impact. The proposed mine site lies in Bristol Bay, home to the world’s largest sockeye salmon fisheries.

In January 2023, the U.S. Environmental Protection Agency (EPA) blocked the project by prohibiting Northern Dynasty’s U.S. subsidiary from storing mine waste in the Bristol Bay watershed. The company has since filed a complaint, arguing that the EPA’s decision violates federal statutes, including Alaska’s statehood rights and a land exchange approved by Congress.

Over an estimated 20-year mine life, Pebble is expected to churn out 6.4 billion lb. of copper; 7.4 million oz. of gold and 300 million lb. of molybdenum, plus 37 million oz. of silver and 200,000 kg of rhenium.