Northern Dynasty Minerals Ltd. (NAK): Cu at Zero

• Northern Dynasty’s key asset, the low-grade Pebble deposit, is not commercially viable: mining it would require so much upfront investment that it would actually destroy value
• Kerrisdale believes Northern Dynasty’s former partners concluded that the Pebble project had a negative present value – an assessment that Northern Dynasty has spent years trying to conceal from the public
• Frenzied investor enthusiasm over the benefits that the Trump presidency will bring to the Pebble project overlooks the ineradicable threat of a veto from either the Alaskan government or a future Democratic White House