NAK - Northern Dynasty Minerals: Pebble Mine On Life Support After Permit Denial

• The U.S. Army Corps of Engineers denied Northern Dynasty's application for permits for the Pebble Mine.
• Northern Dynasty intends to appeal, but the appeal decision is likely to take place under the Biden administration.
• The odds of Pebble Mine progressing under the Biden administration are near zero, especially after it has encountered some challenges under the Trump administration.
• Northern Dynasty does have $54 million USD in cash on hand, so it can probably avoid the need for additional funds until 2022.
• Ongoing dilution after that is likely to be considerable though.

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