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Northern Dynasty Minerals (TSX: NDM) (NYSE-A: NAK) has received a $12 million payment from its royalty investor, bringing the total received under a 2022 royalty financing agreement for the Pebble project in Alaska to $48 million. This payment marks the fourth tranche of a potential total of $60 million. The Pebble project is one of the largest copper-gold-molybdenum resources globally but faces local opposition and regulatory challenges due to its proximity to Bristol Bay’s sockeye salmon fisheries.
The US Environmental Protection Agency blocked the project from storing mine waste in 2023, effectively stalling advancement. Northern Dynasty has filed actions against the EPA and is in negotiations for a potential settlement while needing to provide an updated mine proposal. Should the project proceed, it is estimated to yield 6.4 billion lbs. of copper, 7.4 million oz. of gold, and substantial amounts of other valuable minerals over 20 years.
As of the end of the recent trading session, Northern Dynasty shares rose 5.3% to C$1.59, reflecting a market capitalization of C$877.3 million ($629 million).
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