Kopernik Global Investors Increases Stake in Northern Dynasty Minerals to 14%

Kopernik Global Investors, LLC, along with its controlling member David B. Iben, has filed an amended Schedule 13D reporting a significant increase in their position in Northern Dynasty Minerals Ltd. (NAK). As of March 19, 2026, the reporting persons beneficially own 83,628,221 common shares, representing 14.0% of the company. This holding includes 36,165,308 shares issuable upon the conversion of $15 million in 2023 Convertible Notes. The filing details substantial open market activity, including the purchase of over 11 million shares between February and March 2026 at prices ranging from $1.22 to $1.29. The reporting persons maintain an active investment stance, citing the belief that the shares were undervalued. Kopernik's CFO, Isabel Satra, currently serves on the Issuer's Board of Directors. The reporting persons intend to continue discussions with management regarding corporate governance and board composition, and may further adjust their holdings based on market conditions and the company's performance.