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.
Gold's Historic 2025 Rally: 53 54 All-Time Highs YTD
Gold's phenomenal 2025 performance is turning heads, making everyone (finally) start to take notice. The barbarous relic is up 50% YTD and has now set 53 54* All-Time Highs (through October 7 8). We’ve now breached the $4,000/oz. $4,050/oz. mark, once thought to be just a Gold Bug’s fantasy. The combination of macro and monetary policy concerns, geopolitical uncertainties, and safe-haven demand—exacerbated by the ongoing US federal government shutdown—, has proven unstoppable, creating the perfect storm for this year’s relentless rally.
The Latest Milestone: $4,000/oz.
Gold’s bull run in 2025 reached historic heights on October 7th as COMEX Gold Futures (GC1!) surged past $4,000/oz. for the first time ever, ending the day near its high of $4,014.60/oz., only to be surpassed today by passing $4050 on the spot, with futures reaching $4074/oz., and notching the 54th All-Time High of an already legendary year.
Ivanhoe Mines officially flipped the switch on its long-awaited Platreef project in South Africa's Bushveld Complex on November 19, and if you've been tracking the platinum-group metals sector, you know this is no ordinary mine. Platreef is enormous and positioned to reshape the global PGM supply landscape over the next decade. Here's what production and revenue look like as the mine scales from Phase 1 through Phase 2. Phase 3 and beyond are not covered here. First let’s see them get through phase 2 - which is ambitious enough!
Combined with Kamoa-Kakula (copper) and Kipushi (zinc), Ivanhoe aims to transform from a copper-dominant producer into a diversified multi-commodity mining house with exposure across base metals, precious metals, and PGMs.
Following Barrick's (NYSE: B) announcement that the board has authorized management to explore an initial public offering of its Tier 1 North American gold assets, let's take a closer look at what the spinout would look like. The proposed “NewCo” would combine Nevada Gold Mines, Pueblo Viejo, and the wholly-owned Fourmile discovery into what could become one of the world’s largest pure-play gold companies.
Lower, Slower, But Still World-Class
Ivanhoe Mines finally released its long-awaited 2026–2027 production guidance for Kamoa-Kakula on December 3rd, and the numbers confirm what skeptics feared: full recovery from the May 2025 flood will take longer and yield less than pre-incident expectations.
Ivanhoe: The New Numbers Matter
Figure 1:Ivanhoe's revenue projections show significant upside from commodity price strength, with current spot prices adding +421M (19.3%) in 2026F and +727M (21.7%) in 2027F versus the original November 2025 price deck.
Following Ivanhoe's updates on Platreef & Kamoa, and given the run-up in metals prices since last year, it's probably a good time to take a look at what this means for the bottom line ahead of full 2026 Guidance next month. The market seems to be valuing Ivanhoe Mines on old volumes, at old prices. The reality is lower volumes, yes, but at much, much higher prices.
When Ivanhoe reset Kamoa-Kakula production guidance on December 3, 2025, the market rightly punished the stock for a 27% copper cut in 2026. But since that guidance release, every single commodity in Ivanhoe's basket has appreciated materially, generating a $421M revenue uplift in 2026 and, at current spot prices, a $727M windfall in 2027—entirely from price strength, not volume growth. There are also a couple of (positive) surprises hiding inside that it seems nobody's modeling.
Let's take a look under the hood.
Without mining a single additional tonne, Ivanhoe's 2027 revenue grows by $727M purely from commodity price appreciation vs. the November 2025 estimates.
| 2026F | 2026F at Old Prices | 2026F at Spot | Uplift |
| Total Revenue | $2,178M | $2,599M | +$421M (+19.3%) |
| 2027F | 2027F at Old Prices | 2027F at Spot | Uplift |
| Total Revenue | $3,347M | $4,074M | +$727M (+21.7%) |
Millions USD. Previous from November 2025 estimates. Spot Prices Jan. 16, 2026. All production figures attributable to Ivanhoe; volumes held constant at December 2025 guidance.
