Northern Dynasty Minerals (NDM) AI Stock Analysis

• Market Cap: C$1.54B
• Dividend Yield: N/A
• Average Volume (3M): 2.04M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.60
• Revenue Growth: N/A
• EPS Growth: -381.19%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.01
• Shares Outstanding: 552,533,700
• 10 Day Avg. Volume: 4,180,930
• 30 Day Avg. Volume: 2,040,678
• PEG Ratio: -0.18
• Price to Book (P/B): 4.59
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -26.04
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$3.41
• Price Target Upside: 22.52% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: C$3.00 ▲(7.91% Upside)

The score is primarily held back by weak financial performance (no revenue, widening losses, and ongoing cash burn), partially offset by low leverage. Technicals are neutral-to-mildly supportive (above key longer-term averages, neutral RSI/Stoch), while valuation remains constrained by unprofitability and no dividend. Corporate events add a modest offset via improved liquidity, but ongoing legal/regulatory uncertainty remains significant.

Positive Factors

Low Leverage / Balance Sheet Resilience

Modest absolute debt and a very low debt-to-equity ratio materially reduce near-term refinancing and solvency risk for a development-stage company. That balance sheet flexibility supports continued permitting and technical work without immediate debt pressures, a durable strength over months.

Asset-Development Business Model

A pure asset-development model concentrates value creation on advancing a large resource toward transaction or JV; this aligns incentives to secure partners or buyers and reduces the need to self-fund construction. The model’s optionality and deal pathways remain structurally relevant over months.

Committed External Funding Tranche

A committed royalty investment tranche provides meaningful near-to-medium-term liquidity to fund studies, permitting, and stakeholder engagement without immediate equity issuance. This reduces short-term dilution risk and supports project advancement across the next funding horizon.

Negative Factors

No Revenue and Widening Net Losses

Persistent absence of operating revenue and a sharply larger TTM net loss indicate the company is not yet value-accretive and is eroding equity. Over 2-6 months this undermines the company’s ability to self-fund and makes future financing more dilutive or costly, stressing long-term viability.

Negative Operating and Free Cash Flow (Cash Burn)

Sustained negative operating and free cash flow creates ongoing funding needs and increases dependency on capital markets or partners. Persistent cash burn raises dilution risk and could constrain ability to complete permits or studies if new financing terms deteriorate over the next several months.

Regulatory and Litigation Overhang

Active EPA veto litigation and regulatory uncertainty create a structural timing and execution risk: permits or legal outcomes could materially delay or block development, deterring partners and buyers. This legal overhang directly threatens the company’s core path to monetization over the medium term.

Northern Dynasty Minerals Business Overview & Revenue Model

Company Description

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 changed its name to Northern Dynasty Minerals Ltd. in October 1997. Northern Dynasty Minerals Ltd. was incorporated in 1983 and is headquartered in Vancouver, Canada.

How the Company Makes Money

Northern Dynasty Minerals makes money primarily through the development and eventual commercialization of its mineral resources, particularly from the Pebble Project. The company's revenue model centers around securing partnerships, joint ventures, or selling stakes in the project to larger mining companies with the capital and expertise to bring the project to production. Additionally, Northern Dynasty may generate income through royalties, licensing fees, or direct sales of extracted minerals in the future. However, as of now, the company is in the exploration and development phase, focusing on obtaining necessary permits and advancing the project to attract investment and partnerships.

Northern Dynasty Minerals Financial Statement Overview

Summary

Development-stage fundamentals weigh heavily: no recorded revenue, persistently large losses with a materially wider TTM net loss (~-$82.8M vs ~-$36.1M in 2024), and ongoing negative operating/free cash flow (TTM ~-$20.5M). The main support is low leverage (TTM debt ~ $2.6M; debt-to-equity ~0.04), but equity has declined substantially over time, keeping overall financial strength weak.

Income Statement

The company has no recorded revenue across the annual periods and in TTM (Trailing-Twelve-Months), while losses remain sizable. Net loss widened materially in TTM (Trailing-Twelve-Months) (about -$82.8M) versus 2024 (about -$36.1M), indicating weaker earnings momentum. A positive is that annual losses have shown periods of improvement versus earlier years (e.g., 2020), but the overall profile remains persistently unprofitable with negative gross profit and operating losses.

Balance Sheet

Leverage is low, with total debt modest (TTM (Trailing-Twelve-Months) ~$2.6M) and a low debt-to-equity ratio (~0.04), which reduces refinancing and solvency risk. However, equity has declined meaningfully over time (from ~$172.3M in 2020 to ~$60.4M in TTM (Trailing-Twelve-Months)), reflecting cumulative losses and weakening balance sheet capacity. Returns on equity are sharply negative in TTM (Trailing-Twelve-Months), underscoring that the capital base is not generating profits.

Cash Flow

Cash burn remains a key concern: operating cash flow and free cash flow are negative across all periods, including TTM (Trailing-Twelve-Months) (both about -$20.5M). While the cash burn improved versus 2020 and some annual periods, it deteriorated versus 2024 (from about -$17.1M to about -$20.5M in TTM (Trailing-Twelve-Months)). Free cash flow is consistently negative, indicating ongoing funding needs until operations can generate sustainable cash inflows.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-82.00K	-162.00K	-164.00K	-104.00K	-192.00K	-533.00K
EBITDA	-81.56M	-35.10M	-22.18M	-24.07M	-30.90M	-62.01M
Net Income	-82.80M	-36.15M	-21.00M	-24.44M	-31.54M	-63.87M
Balance Sheet
Total Assets	127.29M	137.16M	143.85M	145.22M	159.28M	180.37M
Cash, Cash Equivalents and Short-Term Investments	44.85M	16.14M	18.20M	14.17M	22.29M	42.46M
Total Debt	2.57M	3.47M	2.66M	613.00K	687.00K	916.00K
Total Liabilities	66.90M	39.96M	20.56M	2.53M	3.79M	8.07M
Stockholders Equity	60.40M	97.20M	123.28M	142.69M	155.49M	172.31M
Cash Flow
Free Cash Flow	-20.47M	-17.14M	-22.11M	-23.99M	-32.48M	-57.82M
Operating Cash Flow	-20.47M	-17.14M	-22.11M	-23.96M	-32.48M	-57.82M
Investing Cash Flow	33.75M	14.59M	2.95M	15.67M	164.00K	130.00K
Financing Cash Flow	9.00M	-123.00K	23.31M	-129.00K	12.19M	87.97M

Northern Dynasty Minerals Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.78
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NDM, the sentiment is Positive. The current price of 2.78 is below the 20-day moving average (MA) of 2.97, below the 50-day MA of 2.81, and above the 200-day MA of 2.03, indicating a bullish trend. The MACD of 0.10 indicates Negative momentum. The RSI at 54.00 is Neutral, neither overbought nor oversold. The STOCH value of 64.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:NDM.

Northern Dynasty Minerals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ALS	81 Outperform	C$1.99B	5.90	53.36%	0.94%	-0.76%	2549.18%
AFM	77 Outperform	C$1.70B	10.34	33.87%	9.17%	34.89%	67.31%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
TMQ	54 Neutral	C$1.17B	-86.60	-7.00%	―	―	7.70%
NDM	49 Neutral	C$1.54B	-18.11	-92.64%	―	―	-381.19%
WRN	49 Neutral	C$876.92M	-230.85	-1.92%	―	―	41.98%
USA	44 Neutral	C$2.76B	-26.07	-144.69%	―	14.32%	37.85%

Northern Dynasty Minerals Corporate Events

Northern Dynasty Restores NYSE Compliance With Appointment of New Audit Chair

Northern Dynasty Minerals has appointed Stephen Meyer, a seasoned investment management executive and current president and CEO of a U.S. private equity real estate firm, to its board of directors and as chair of the audit and risk committee, filling the vacancy left by a director’s resignation in 2025. With Meyer’s appointment, the company has restored full compliance with NYSE American corporate governance requirements, a step that reinforces its board oversight and supports its continued listing as it pursues development of its flagship Pebble Project in Alaska.

The most recent analyst rating on (TSE:NDM) stock is a Hold with a C$3.00 price target. To see the full list of analyst forecasts on Northern Dynasty Minerals stock, see the TSE:NDM Stock Forecast page.

Northern Dynasty Minerals Updates Board Search and Compliance Efforts

Northern Dynasty Minerals has announced its ongoing search for a new independent director to replace Christian Milau, who resigned in September 2025. The new director will also chair the Audit & Risk Committee, which is currently non-compliant with NYSE American rules. The company expects to resolve this compliance issue within the 180-day cure period.

The most recent analyst rating on (TSE:NDM) stock is a Buy with a C$2.50 price target. To see the full list of analyst forecasts on Northern Dynasty Minerals stock, see the TSE:NDM Stock Forecast page.

Industry Groups Support Northern Dynasty in Legal Battle Over Pebble Mine Veto

Northern Dynasty Minerals Ltd. announced that several major industry associations and the U.S. Chamber of Commerce have filed legal documents in support of the Pebble Mine project in Alaska, which is currently blocked by an EPA veto. The company argues that the veto is unjust and poses significant economic risks, especially as global demand for copper rises. The associations emphasize the importance of the project for the U.S. economy and criticize the EPA’s regulatory approach, which they claim could harm the mining industry and broader economic interests.

The most recent analyst rating on (TSE:NDM) stock is a Buy with a C$2.50 price target. To see the full list of analyst forecasts on Northern Dynasty Minerals stock, see the TSE:NDM Stock Forecast page.

Northern Dynasty Minerals Resumes Legal Proceedings Post Federal Shutdown

Northern Dynasty Minerals announced the resumption of a lawsuit in the Alaska Federal Court following a 43-day federal government shutdown. The case involves the State of Alaska and other plaintiffs against the Department of Justice, with revised timelines for filing briefs. The company aims to resolve the issue through discussions to potentially withdraw an Obama/Biden-era veto, which they consider illegal, while continuing court proceedings to maintain tight timelines.

The most recent analyst rating on (TSE:NDM) stock is a Buy with a C$2.50 price target. To see the full list of analyst forecasts on Northern Dynasty Minerals stock, see the TSE:NDM Stock Forecast page.