NAK
Northern Dynasty Minerals Ltd.Basic Materials·Industrial Materials
$2.35
$1.3B market cap
Revenue
$0.0M
Free Cash Flow
$-14.1M
Rev Growth
+0.0%
FCF Margin
0.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Northern Dynasty Minerals Ltd. engages in the exploration of mineral properties in the United States. Its principal mineral property is the Pebble Copper-Gold-Molybdenum-Silver-Rhenium project comprising 1,840 mineral claims that covers an area of approximately 274 square miles located in southwest Alaska, 17 miles from the villages of Iliamna and Newhalen, and approximately 200 miles southwest of the city of Anchorage. The company was formerly known as Northern Dynasty Explorations Ltd. and cha
2-Year Price History
$2.07+613.8%
Quarterly Financials & Projections
Quarterly Waterfall (CAD M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 0.0 | -6.2 | -6.2 | 21.2 | -4.8 | -4.8 | -0.0 | 52.6 | 74.0 | 604.2 | -23.5% | -28.6x | -- |
| Act | 2025-Q4 | 0.0 | -43.6 | -6.4 | -44.1 | -9.3 | -9.3 | -0.0 | 54.7 | 3.2 | 550.0 | -288.1% | -154.1x | -- |
Valuation & Metrics
Market Stats
Price$2.35
Market Cap$1.3B
Enterprise Value$1.8B
P/S Ratio0.0x
P/FCF--
EV/FCF--
FCF Margin (TTM)0.0%
FCF Yield-0.8%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$0.0M
Net Income$-22.9M
Free Cash Flow$-14.1M
Revenue Growth (YoY)+0.0%
EBITDA Margin0.0%
Net Margin0.0%
FCF Margin0.0%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC-155.8%
WC Change % Rev0.0%
Interest Coverage-99.8x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares25.6M
Days to Cover2.8
Change (vs Prior)-17.8%
Need at least 2 settlement dates for chart
Cash Runway
44.8months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
12.1%(+7.2% YoY)
179 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
0.2%(+0.2% YoY)
5 filers
Vanguard, iShares, SPDR
Market makers
0.9%(+0.6% YoY)
6 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Kopernik Global Investors, LLC | $45.7M | $1.35 | +$15.4M | +$18.2M | +3.2% | $1.43B |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $33.8M | $1.43 | +$10.0M | +$33.8M | +1.7% | $73.71B |
| TWO SIGMA INVESTMENTS, LP | $13.7M | $1.61 | +$4.9M | +$13.0M | -0.9% | $117.03B |
| JANE STREET GROUP, LLCMM | $7.7M | $1.77 | −$3.5M | +$6.5M | -0.1% | $92.10B |
| MILLENNIUM MANAGEMENT LLC | $7.6M | $1.63 | −$11.1M | +$6.3M | -0.5% | $127.40B |
| RENAISSANCE TECHNOLOGIES LLC | $6.2M | $1.08 | +$5.5M | +$6.2M | +1.2% | $63.91B |
| Russell Investments Group, Ltd. | $4.6M | $0.33 | −$297K | −$3.8M | +1.5% | $93.03B |
| COMMONWEALTH EQUITY SERVICES, LLC | $3.6M | $1.15 | +$690K | +$3.2M | -0.3% | $71.14B |
| Stenham Asset Management Ltd | $2.9M | $1.40 | +$2.9M | +$2.9M | +3.0% | $206M |
| CITADEL ADVISORS LLC | $2.7M | $1.07 | −$1.4M | +$1.2M | -0.4% | $138.22B |
| SEI INVESTMENTS CO | $2.2M | $0.26 | −$389K | −$395K | -0.4% | $108.06B |
| SUSQUEHANNA INTERNATIONAL GROUP, LLPMM | $2.1M | $1.26 | −$2.5M | +$318K | -0.6% | $77.14B |
| UBS Group AG | $2.1M | $1.13 | +$831K | +$1.9M | -0.3% | $562.11B |
| MACKENZIE FINANCIAL CORP | $1.7M | $1.20 | +$29K | +$1.7M | -0.2% | $83.32B |
| Swiss National Bank | $1.5M | $1.40 | +$888K | +$1.5M | — | $173.67B |
| Bornite Capital Management LP | $1.4M | $1.97 | −$6.1M | +$1.4M | +2.9% | $595M |
| BANK OF MONTREAL /CAN/ | $1.3M | $1.24 | +$1.1M | +$864K | -0.1% | $234.58B |
| TD ASSET MANAGEMENT INC | $1.2M | $1.33 | +$120K | +$1.2M | -0.1% | $123.19B |
| IMC-Chicago, LLC | $997K | $1.59 | +$318K | +$997K | +2.3% | $6.59B |
| Cambridge Investment Research Advisors, Inc. | $772K | $0.71 | +$19K | +$217K | -0.4% | $38.49B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
+1.51%
avg per quarter
Holders (ex-self)
+1.50%
excl. this stock
Buyers (this Q)
+1.27%
58 buyers · $0.02B in
Sellers (this Q)
+0.49%
59 sellers · $0.05B out
alpha coverage: 100% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+3.2%
how holders react when this stock falls
On quiet Qs
-1.9%
−10% to +10% baseline
On rallies (+10%+)
-11.4%
how they react when this stock rises
Holders' portfolio flow this Q
+13.4%
inflows — adds are organic
Sellers' portfolio flow this Q
-6.3%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-0.2%
Holder mid (any stock)
-2.9%
Holder rally (any stock)
-9.9%
Biggest decreases this quarter
MILLENNIUM MANAGEMENT LLC−$11.1Mα-0.5Bornite Capital Management LP−$6.1Mα+2.9JANE STREET GROUP, LLC−$3.5Mα-0.1SUSQUEHANNA INTERNATIONAL GROUP, LLP−$2.5Mα-0.6Point72 Asset Management, L.P.exited−$1.5MCITADEL ADVISORS LLC−$1.4Mα-0.4Caption Management, LLCexited−$768KHudson Bay Capital Management LPexited−$443KPerigon Wealth Management, LLCexited−$426KSEI INVESTMENTS CO−$389Kα-0.4
New buyers this quarter
Top-5 holders · 68.8%
Kopernik Global Investors, LLC--
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.--
TWO SIGMA INVESTMENTS, LP--
JANE STREET GROUP, LLC--
MILLENNIUM MANAGEMENT LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Kopernik Global Investors, LLC32.7MMIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.24.3MMILLENNIUM MANAGEMENT LLC5.4MTWO SIGMA INVESTMENTS, LP9.8MBornite Capital Management LP1.0MRussell Investments Group, Ltd.3.3MGAM Holding AG—RENAISSANCE TECHNOLOGIES LLC4.5MCITADEL ADVISORS LLC1.9MMirae Asset Global Investments Co., Ltd.—
Analyst Coverage
Analyst Coverage
Analyst Ratings
3
2
Buy: 3Hold: 2Consensus: Buy
Corporate
Order Flow (FINRA, ~3w lag)
34.4%retail-3.9pp
9.0%dark-5.0pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Northern Dynasty Minerals: A Permitting Gamble Funded by Relentless Dilution and Related-Party Fees
Overall Risk
9/10
Fraud
4/10
Dilution
10/10
Insolvency
9/10
Earnings Overstated
8/10
Hidden Liabilities
6/10
Legal
8/10
Audit Warnings
10/10
Hidden Upside
3/10
Contextually Acceptable
4/10