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Saturday, December 9, 2023

Northern Dynasty Minerals Ltd. (NAK) Stock Surging in Premarket, Here’s Why

Northern Dynasty Minerals Ltd. (NAK), a company engaged in the exploration of mineral properties in the United States, has seen a gain of 9% in the premarket trading session. As a result, NAK stock is changing hands at $0.51 at the time of this writing. On Wednesday, NAK stock closed the day at $0.47 after gaining 0.32% in regular hours. The reason behind this rise appears to be a new filing in Bristol Bay Economic Development vs. Pirzadeh case, where, Pebble Ltd. partnership was granted intervention rights. That development has come after the Biden administration pledge for the protection of the Alaskan watershed, which ultimately would affect the development of the Pebble mine project.

NAK expressed disappointment over EPA

On the 10th of September, NAK announced that it was disappointed in the US EPA decision to file a motion for remand with vacatur. EPA decided to file the motion concerning a lawsuit brought by some environmental groups against EPA. The lawsuit challenged the EPA’s July 2019 decision to withdraw its ‘proposed determination’ with regards to Alaska Pebble Project. Northern Dynasty President and CEO Ron Thiessen commented on the development that the company fought and won against Former President Obama’s heavy-handed political attempts to kill the Pebble project, and could do the same again. Pebble Limited Partnership stated that as the Biden Administration seeks lower carbon emissions for energy production, they should recognize that such change will require significantly more mineral production – notably copper, toward which the Pebble project would contribute significantly.

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2020 annual financial results

In April, NAK released the annual results for fiscal 2020, which ended 31st December 2020. According to the details, on the 31st of December, the company had $42.46 million in terms of cash and cash equivalents. The total assets were $180.37 million. The total liabilities stood at $8.06 million. During the year, the company bore a loss of $62.54 million in terms of operating activities. The loss in terms of operating activities during the previous year, i.e. 2019, stood at $68.76 million. The net loss bore by the company during the year stood at $63.87 million. During the equivalent period of 2020, the net loss was $69.19 million. The basic and diluted loss per share during the year was $0.13. During the equivalent period of 2020, the basic and diluted loss per share was $0.19.

What’s next for investors of NAK?

NAK stock performance during the last year has not been very outstanding. The stock declined by 57% during the last year. But during last one month, the stock has gained some 19% increase. The 52-week high of stock has been $1.26, while the 52-week low had been $0.31. All in all, NAK stock could provide long term investors with an opportunity to succeed once it gets out of the troubled phase.

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