Mining companies are welcoming the latest executive order aimed at bolstering domestic mineral production, with Northern Dynasty Minerals seeing a sharp rise in its stock price amid renewed optimism for its controversial Pebble project in Alaska.

Vancouver-based Northern Dynasty surged 30% on Monday, fuelled by speculation that the Pebble project could gain new traction under the directive, which seeks to expedite approvals for critical mineral projects. The order highlights the importance of securing a stable supply of key minerals, including copper and gold, essential for defence, technology, and infrastructure.

“Pebble is the world's largest undeveloped copper deposit. In addition to a sizeable amount of gold, molybdenum and silver, the deposit also contains a significant resource of rhenium, a mineral used in military applications,” said Northern Dynasty president and CEO Ron Thiessen.

Thiessen pointed to a 2020 final environmental impact study that underscored the project’s potential economic benefits, including job creation and tax revenues for Alaskan communities, the state, and the broader US economy.

The Pebble project has faced years of regulatory hurdles, environmental concerns, and opposition from local communities and conservation groups. The US Army Corps of Engineers denied a key permit for the project in 2020, citing potential harm to fisheries in Bristol Bay, a critical salmon habitat.

INDUSTRY OPTIMISM
Other mining companies are also welcoming the executive order as a decisive step toward strengthening domestic supply chains.

Anthony Huston, CEO of Graphite One, which is advancing a vertically integrated US graphite project, described the order as the “strongest signal yet” that the US government recognises the national security imperative of securing critical minerals.

“The new authorities provided via the Defense Production Act (DPA), the EXIM Bank, and the FAST-41 transparency-in-permitting process – all of which have recognised the importance of Graphite One's complete supply chain strategy – confirm that G1 is well positioned for this new focus on bringing projects into production,” said Huston.

The executive order directs the Secretaries of Defense, Energy, and Interior to take action within 10 to 45 days and waives legal requirements under the "national emergency" provision of the DPA.

Graphite One, which has already received a DPA grant for its feasibility study due in April, plans to mine graphite from its Graphite Creek property in Alaska and process it at a plant nearby. The company has also secured a $325-million non-binding letter of interest from the EXIM Bank for an anode manufacturing plant in Ohio.

US GoldMining, a Nasdaq-listed firm advancing the Whistler gold and copper project in Alaska, believes the policy shift creates favourable conditions for domestic resource development at a time when copper and gold prices are at record highs.

“This new executive order is a significant step forward in securing a reliable domestic supply chain for copper, gold, and other essential resources,” said CEO Tim Smith.

The Whistler project holds estimated indicated resources of more than one-billion pounds of copper and nearly four-million ounces of gold, with additional inferred resources of 0.3-billion pounds of copper and 3.3-million ounces of gold.

Perpetua Resources CEO Jon Cherry hailed the order as a “resounding endorsement of American mining”.

“The Stibnite gold project is a prime example of why critical mineral production in America requires immediate attention and prioritization. Between its national security implications, eight years of permitting review, and a comprehensive environmental restoration plan, this project is ready to move forward,” he said.

The executive order empowers the use of the DPA to enhance domestic production capabilities and provides guidance on financing tools available through EXIM. Perpetua received an EXIM letter of interest in 2024 for $1.8-billion and is evaluating the new programmes to determine the Stibnite project’s eligibility.

Perpetua is also advancing studies with Sunshine Silver to explore the development of a full-scale antimony processing facility in Idaho, a site with historical antimony production. The move could create a fully integrated domestic supply chain for the critical mineral, which is vital for national defence and manufacturing.

“The Stibnite gold project is the only domestic reserve of the critical mineral antimony, which is desperately needed for national defence and manufacturing,” Cherry said. 

“The project is poised to become our nation's key to pushing back against China’s weaponization of antimony supply chains, providing the US Defense Department with a stable, secure supply of American antimony for years to come.”