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

July 22, 2025

$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.

· Disposals included every level of the executive team, with large sales from directors Dickinson, Heatwole, Kopernik (see below), Hodgson, Thomas, Fueg, Chodos, Jenkins, and Westerlund.

· The bulk of these sales were reported in SEDI filings over several days but centered around July 8–14.

Nothing… $NDM.TO $NAK 🙄
Exec’s & directors collectively disposed of 2,608,128 shares valued at ~ $6.0 million CAD.

And the market duly took note, with the stock tanking 55%—it’s since recovered to “only” -26% https://t.co/ZbfUWsBFlt pic.twitter.com/WOcU4zWOjD
— MasterMetals (@MasterMetals) July 17, 2025

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2. July 17: Market Reacts, Selloff Accelerates with No EPA Settlement

· The market reaction was swift and severe. Panic set in, NDM/NAK shares initially plunged over 55%, volume spiked, and circuit breakers kicked in.

· As investors absorbed the scale of insider liquidations – director Bob Dickinson sold an additional 600,000-shares, confirming the complete capitulation of several key insiders--, the company finished them off with that day's dismal news release: negotiations with the EPA had not produced a settlement for the company's flagship Pebble project, and it was proceeding with the suit.

3. July 18: The Cherry on Top (Thiessen's Friday Night Disclosure)

Market still had hopes, as the CEO 's name hadn't appeared in the filings. But just when you thought the dust had settled…at 11:21PM Friday, CEO/Chairman Ronald Thiessen drops his (late) bomb:

· 600,000 shares sold on July 14 at just over $3, for a personal jackpot of C$1.8 million—quietly eclipsing earlier sales, save for B.D..

· This late-breaking filing capped one of the largest, most (brazenly) coordinated wave of insider selling in the company's history.

· No detail yet on CEO Ron's possible option conversion—$2.01 options maturing on July 17.

Market Impact: Stock Crashes, more than Half its Value Gone

· Price Collapse: As the insider sales came to light and the EPA news was released on July 18, shares plunged 55% from C$2.23 reaching a low of C$1.11 mid-session, before settling slightly higher at C$1.39. They have since drifted lower, closing at C$1.22 on July 22. In NY, $NAK broke the buck. It was last trading at $ 0.88 on July 22.

· Volume Spike: On July 18^th, trading volume in $NAK & $NDM.TO exploded to 128.24 million shares, +20X the daily average of 4-6 million this year, and 20 million shares in Toronto, from a YTD average of 1-2 million/day, underscoring widespread panic.

· Market Cap: Northern Dynasty's valuation slashed to ~U$400 Million vs. +$1 Billion last week!

Corporate & Legal Update

· No EPA Settlement: The company clarified on July 17 that, despite ongoing discussions, no settlement has been reached with the EPA regarding the Pebble project veto. Instead, a motion for summary judgment was filed in Federal District Court, Alaska, seeking to fast-track a legal challenge to the Biden Administration's veto.

· Regulatory & Project Implications: Persistent regulatory uncertainty and failure to resolve legal issues have exacerbated the loss of confidence and could threaten any medium-term recovery of the share price .

Kopernik's Undisclosed Sales: A Disclosure Black Hole

Among all these sales there's a mystery lurking. Kopernik Global Advisors', holders of the royalty and an Insider of the Company, SEDI disclosures reveal a significant gap between reported sales and actual position changes.

The Missing Shares Mystery

The numbers don't add up. According to the position reconciliation:

· Kopernik Initial Position: 33,772,680 shares

· Final Position: 32,405,220 shares

· Disclosed Sales: 231,407 shares

· Actual Position Decline: 1,367,460 shares

· Undisclosed Sales: 1,136,053 shares

This means Kopernik sold nearly 1.14 million additional shares that were never explicitly disclosed in SEDI filings as of July 18, 2025. The undisclosed transactions represent 83% of their total disposal activity—a massive compliance gap that raises serious questions about transparency in insider reporting.

Key Implications:

· The actual scale of Kopernik's liquidation was nearly 6x larger than publicly disclosed

· Over 1.1 million shares worth approximately C$3 million sold without proper disclosure

· This disclosure failure compounds investor concerns about management transparency and regulatory compliance

So where does that leave NDM / NAK ~~bag~~ shareholders?

· Insider Signal: When every rung of management—culminating in a late-night CEO sale—runs for the exits, the message for investors is unambiguous.

· Market Impact: NDM/NAK lost more than half its market value in little over a week as filings landed and no regulatory breakthrough materialized.

· Disclosure Concerns: Kopernik's massive undisclosed sales reveal systemic transparency issues that extend beyond typical insider trading concerns

· Legal Stalemate: The ongoing EPA veto challenge and regulatory uncertainty suggest deep market skepticism about a positive outcome—and the insider actions reinforce that skepticism.

For anyone watching this saga: there's never been a clearer "show, don't tell" from a management team about their outlook. Proceed with caution.

TradingView Market Summary

Symbol	TradingView Link	Last Price	Market Cap	52-Week High/Low
NDM.TO	View Chart	$1.22	$580 million CAD	$3.27 / $0.415
NAK	View Chart	$ 0.88	$410 million USD	$2.40 / $0.30