$NDM.TO / $NAK Insiders Dump Shares Before EPA Suit

Northern Dynasty Insiders Dump Shares Before EPA Suit $NDM.TO / $NAK

Just when the market believed the worst of the insider sales spree at Northern Dynasty Minerals ($NDM.TO, $NAK) was behind us, CEO & Chairman Ronald Thiessen decided to upstage the entire board.  On Friday night—precisely at 11:21 PM— he delivered the coup de grâce filing a late disclosure that he had sold 600,000 shares on July 14 at just over C$3.00 per share, pocketing a tidy C$1.8 million, and capping the relentless wave of selling by nearly every major executive and director at the company. The cherry on the Northern Dynasty insider selling cake, this came after market close and with no word yet on whether these sales involved his options at $2.01 that expired on July 17.

The Timeline: How NDM's Insider Capitulation Unfolded

1. July 16: First Red Flag

Massive insider selling rocks Northern Dynasty, as directors and senior management disclose they had disposed of over 2.6 million shares worth nearly C$6 million throughout July.

So, the rumors were true, $AU is out of $GTWO.TO—but who’s in?

AngloGold Ashanti has officially exited its investment in G2 Goldfields, selling its entire 14.95% stake (35,948,965 shares) in a single market transaction on July 8, 2025, at 2.75/share for just under CAD 99 Million.

The shares were placed with two “large European institutional investors”, with one taking up approximately 23 million shares, about 9.5% of $GTWO —just under the 10% threshold where they would have to disclose and register as an insider to the TSX… Interested to know if it’s a passive or active fund (a la La Mancha)?

This opens up the playing field once again.