Northern Dynasty reports $12m royalty payment, says Pebble talks continue
Copper and gold developer Northern Dynasty Minerals has received a $12-million payment under a royalty financing agreement as the Canadian developer continues to push for US government approval to advance its controversial Pebble copper/gold project in Alaska.
The latest tranche brings total funding received from the unnamed royalty investor to $48-million, with one final $12-million payment still available before year-end, the Vancouver-based company said on Thursday.
The agreement gives the investor rights to purchase 10% of future gold production and 30% of silver output from Pebble.
CEO Ron Thiessen said the financing, combined with recent inflows from stock option and warrant exercises, leaves Northern Dynasty with a “strong treasury position” to pursue the project. The company reported C$25.2-million in cash at the end of the second quarter.
“We continue to have discussions with the government about withdrawing the veto and remain optimistic for a positive outcome,” Thiessen said in a statement. “Withdrawal of the illegal veto will be a step towards developing this very large new source of copper and rhenium, as well as significant amounts of gold, molybdenum and silver.”
The Pebble project has faced years of political and environmental opposition, particularly from fishing and Indigenous groups worried about impacts on the Bristol Bay watershed. The US Environmental Protection Agency in 2023 moved to block development, citing risks to salmon habitat, though Northern Dynasty believes the action was unlawful.
In parallel with negotiations, Northern Dynasty said it would join the state of Alaska and local plaintiffs in filing opening briefs in court by October 3 as it seeks to overturn the federal decision. “Our preferred option remains negotiating a prompt withdrawal of the illegal veto by the government and then dismissing the litigation,” Thiessen said.
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