TLDR
- DOJ files Alaska brief, marking a key milestone in Northern Dynasty’s Pebble case.
- Â NAK trade sharply as the court schedule tightens around the EPA Pebble veto.
- Brief keeps 404(c) alive, while Pebble’s copper focus stays in the spotlight.
- The company prepares a response, and final plaintiff briefs remain due by April 15, 2026.
- Pebble sits near Bristol Bay as legal steps shape permitting and volatility.
Northern Dynasty Minerals (NAK) shares moved sharply after the US Department of Justice filed a brief in the Pebble case. Northern Dynasty Minerals traded at $1.25 in New York and at C$2.76 in Toronto on Wednesday during trading. The filing kept the Pebble fight active and kept the US Environmental Protection Agency veto under court review.
Northern Dynasty Minerals Ltd., NAK
NAK stock in Toronto
The DOJ filed its brief in Alaska federal court in Anchorage on February 17, 2026, on schedule. Northern Dynasty said it began a legal review with its legal advisers and planned detailed comments after that work. That step pushes the dispute into its final briefing stretch and gives TSX:NAK clearer dates for action.
The case sits in a summary-judgment phase, so the court can decide issues from the written record. The timetable still calls for more submissions over the coming weeks, and it keeps plaintiffs aligned on final responses. Plaintiffs, led by the state and Pebble, filed briefs on October 3, 2025, and replies come due April 15, 2026.
This calendar matters for NAK because the company has no producing mine, so it shares legal progress in real time. Still, TSX:NAK pulled back from early-February highs, yet it stayed above the C$2.51 close on February 5. So, the DOJ brief acted as fresh momentum for the rally narrative, even without a change in permit status.
NAK stock in New York
In New York, NAK traded near $1.25, down about 38% from Tuesday’s $2.03 close after selling pressure. At the same time, volume topped 25 million shares, and the range ran from $1.11 to $1.91. That action signaled fast repricing, and it highlighted how single-headline risk can dominate the tape in small caps.
NAK often reacts in bursts because the company relies on one flagship asset and one court track in 2026. Therefore, the market prices potential outcomes more than operations, and it magnifies intraday swings across both listings for now. The DOJ brief did not alter the EPA determination, yet it clarified how federal lawyers will defend it.
Traders also weighed the chance that the court upholds the EPA determination and keeps Pebble blocked for months longer. Yet, a plaintiff win could pressure agencies to revisit terms, and it could reopen settlement talks later again. As a result, NAK traded like an event contract, with sentiment shifting as the calendar tightens into spring 2026.
Pebble Project background
Northern Dynasty operates from Vancouver, and it controls Pebble Limited Partnership through a US-based subsidiary in Alaska. In turn, Pebble holds 1,840 contiguous mineral claims in Southwest Alaska around the Pebble deposit area. The site sits about 200 miles from Anchorage and about 125 miles from Bristol Bay, a major coastal salmon region.
EPA issued its final 404(c) determination on January 30, 2023, to limit waste disposal in Bristol Bay. That decision limits certain Bristol Bay watershed waters as disposal sites for mine waste linked to construction. Consequently, the determination blocks the Pebble plan as proposed, and it anchors the current federal litigation challenge.
Federal agencies shaped the project when the US Army Corps of Engineers denied the permit in August 2020. Later, Northern Dynasty and the state filed separate suits, and Reuters reported the challenges to the EPA veto. Next, the court can move toward a later ruling once briefing closes, and shares can track each procedural step.
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