Why Northern Dynasty Minerals (NAK) Is Still Fighting the EPA Over Pebble

Northern Dynasty Minerals Ltd. (NYSE:NAK) is one of the worst-performing commodity stocks so far in 2026.

On February 19, Northern Dynasty Minerals said it was responding to a Department of Justice brief filed two days earlier in Alaska federal court in support of the Environmental Protection Agency’s veto of the Pebble Project. The company said it and its wholly owned U.S. subsidiary, Pebble Limited Partnership, still believe the veto is unlawful and plan to file their response brief by April 15. Northern Dynasty added that it would continue exploring a settlement with the EPA while also pushing for a court decision as soon as possible.

A mining operation. Photo by Tom Fisk on Pexels

Management argued that the DOJ filing repeats positions it has challenged before and said those arguments conflict with findings in the Final Environmental Impact Statement. CEO Ron Thiessen said the company’s October 2025 opening brief had already laid out why it believes the veto should be invalidated, and that the April filing will address the DOJ’s arguments in more detail. Northern Dynasty also framed the case as having broader implications for U.S. permitting, claiming the government’s position could set a wider precedent for future Clean Water Act Section 404 permit decisions.

Northern Dynasty Minerals Ltd. (NYSE:NAK) is a mineral exploration and development company. Its principal asset is a 100% interest in the Pebble Project in Southwest Alaska, held through its wholly owned U.S. subsidiary, Pebble Limited Partnership.

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