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Wednesday, May 31, 2023

Northern Dynasty Minerals Ltd. (NAK) Stock on a Decline, Here’s the Potential Reason

Northern Dynasty Minerals Ltd. (NAK), a company engaged in the exploration of mineral properties, has declined 3.31% in the aftermarket trading session. Consequently, NAK stock is trading at $0.35 at the time of the writing. The decline has come on account of huge volumes of short-selling by short-term investors. On Monday, NAK closed the day at $0.37 after increasing 4.63% during regular trading hours.

NAK Comments on EPA Press Release

On 1st December, NAK commented on the press release issued by the U.S. Environmental Protection Agency on 17th November 2021. In the release, the EPA extended the deadline to either withdraw the 2014 Proposed Determination or to prepare a Recommended Determination regarding the Pebble Project in Southwest Alaska. The company commented that the company is cautiously optimistic about its commitment to consider new information that has become available since the 2014 Proposed Determination and to make science-based decisions.

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Q3 2021 Operational Results

In November, NAK released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company suffered a loss of $8.68 million during the quarter against $25.43 million for the same quarter of the fiscal year 2020. The net loss suffered by the company during the three months was $8.66 million against $25.76 million for the same period of 2020. The basic and diluted loss per share for the quarter stood at $0.02 against $0.05 for the same period of 2020. (All values in Canadian Dollars).

Q3 2021 Financial Results

Alongside the operational results, NAK also released the financial results for the quarter. The company had total non-current assets of $135.6 million on 30th September. The current assets stood at $30.46 million. On 30th September, the total equity was $159.9 million. The total current liabilities stood at $5.5 million on 30th September, while the total liabilities were $6.16 million.

Future Outlook for NAK

During the last three months, NAK stock has declined more than 25%. The decline could be attributed to the uncertainty associated with the minerals-related companies in the wake of the COVID pandemic. Analysts however believe that as the businesses are getting stable, it is hoped that NAK stock would see a rush of investors in the coming months.

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