Northern Dynasty Minerals’ TSX performance, February 12 to 19, 2026.

Chart via Google Finance.

In a Wednesday statement, Northern Dynasty President and CEO Ron Thiessen criticized the government’s position:

“We find it surprising that despite the executive orders and the many statements made by the administration related to Alaskan development, pro-energy, pro-critical metals, pro-defense and military support, removing roadblocks to permitting, on the need for copper, etc., this EPA would choose to defend the unlawful Obama-Biden veto.’

Thiessen pushed back strongly against the DOJ’s filing in a follow-up comment on Thursday (February 19), claiming that the “veto was illegal, and a high level of confidence that the court will agree with us.”

The CEO added, “This DOJ brief makes many arguments that we have seen before and that directly contradict the findings of the Final Environmental Impact Statement. The flaws in this brief only increase that confidence.’

After Northern Dynasty filed its legal challenge in Alaska’s federal district court in 2024 and settlement discussions with the EPA failed, the parties agreed to seek resolution through summary judgment. Under the court’s timeline, the DOJ filing was due by Tuesday (February 17), with final reply briefs from the plaintiffs to follow.

If built, Pebble would be the largest copper, gold and molybdenum extraction site in North America. A 2023 economic study estimates the project could produce 6.4 billion pounds of copper, 7.4 million ounces of gold and 300 million pounds of molybdenum over 20 years, along with 37 million ounces of silver and 200,000 kilograms of rhenium.

Despite those projections, the project’s path forward remains tied to the outcome of the legal battle. Northern Dynasty said it is reviewing the DOJ’s filing with its legal advisors.

Investor Insight

LaFleur Minerals is advancing a district-scale gold platform anchored by a defined resource base and a fully permitted processing facility in Québec’s Abitibi region. With ongoing mill restart activities and a targeted gold pour on the horizon, the company offers investors exposure to both near-term production potential and meaningful exploration upside.

Overview

LaFleur Minerals (CSE:LFLR,OTCQB:LFLRF) is a growth-oriented gold exploration and development company focused on building a scalable mining platform within Québec’s Abitibi region, a belt that has produced more than 190 million ounces of gold historically. The company’s strategy is centered on advancing its flagship Swanson deposit while leveraging existing infrastructure to accelerate timelines to production.

A key differentiator is LaFleur’s vertically integrated model: combining resource expansion with ownership of a permitted processing facility. This approach reduces development risk, lowers capital intensity, and positions the company to monetize discoveries faster than traditional single-asset explorers.

With a market valuation that management believes does not yet reflect the combined value of its resource base, infrastructure and exploration pipeline, LaFleur offers exposure to both near-term catalysts and long-term district-scale discovery potential.

Company Highlights

• District-Scale Land Position: Controls ~183 sq km of claims near Val‑d’Or in Québec, one of the world’s most prolific gold jurisdictions.
• Flagship Resource Asset: Swanson Gold Project hosts NI 43-101 resources of 123,400 oz indicated and 64,500 oz inferred with expansion potential.
• Strategic Infrastructure Ownership: Owns the fully permitted Beacon Gold Mill with 750 tpd capacity and low restart cost.
• Growth-Focused Exploration: 5,000 m drill program underway targeting resource growth to >1 Moz.
• Proven Asset Consolidation: Claims assembled from prior operators including Monarch Mining, Abcourt Mines and Globex.
• Tier-1 Jurisdiction: Québec ranks among the world’s top mining investment regions according to the Fraser Institute.
• Experienced Leadership: Led by CEO Paul Ténière, a geologist with extensive development and technical reporting expertise.

Key Projects

Swanson Gold Project – Flagship Asset

The Swanson project forms the cornerstone of LaFleur’s growth strategy. Spanning more than 18,300 hectares, the property hosts multiple deposits and mineralized trends along favorable regional structures and deformation corridors. Historic drilling exceeding 36,000 meters demonstrates strong geological continuity and supports expansion potential across the broader land package.

Located approximately 66 km north of Val-d’Or with road and rail access, Swanson sits in close proximity to established operators such as Agnico Eagle and Eldorado, as well as developers including Probe Gold and O3 Mining. Ongoing geophysics, soil geochemistry and drilling continue to identify new targets, reinforcing the project’s potential to evolve into a large-scale gold system.

Project Highlights:

• Spans +18,300 hectares (183 sq km) and rich in gold and critical metals, hosts the Swanson, Bartec and Jolin gold deposits
• Previously held by Monarch Mining, Abcourt Mines and Globex
• Accessible by road/rail, 66 km north of Val-d’Or on the Southend Abitibi gold belt, close proximity to established producers such as Agnico Eagle and Eldorado, as well as developers like Probe Gold and O3 Mining, with direct access to several nearby gold mills
• Mineral resource estimate reinforces status as flagship project:
  • Indicated mineral resource estimate of 2,113,000 t with average grade of 1.8 g/t gold, containing 123,400 oz of gold.
  • Inferred mineral resource estimate of 872,000 t with average grade of 2.3 g/t gold, containing 64,500 oz of gold
  • The project’s current MRE was optimized with a price of gold at US$1,850/oz, current gold market price has hit above US$3,000/oz
• $3 million in flow-through to deploy with immediate plans to increase gold resources through diamond drilling at Swanson, Bartec, Jolin, and other gold deposits
• Other key developments include a decline portal and ramp extending to a depth of 80 metres; well positioned for advanced exploration with over $5 million invested by the previous owner between 2021 and 2023
• Since acquiring the Swanson deposit and consolidating the large claims package, the company has deployed in excess of $1 million in flow-through funds, completed detailed soil geochemistry and prospecting across several gold targets, completed a very-high resolution airborne magnetic and VLF-EM geophysical survey, and is currently in the process of completing a ground IP survey over the Swanson, Jolin, and Bartec gold deposits
• Several new promising gold targets have been identified from the recent surface exploration and geophysics programs, highlighting the potential for mineral resource growth and new discoveries at Swanson

With advanced assets and infrastructure in place, LaFleur Minerals is well-positioned as a leading gold development company in Québec.

Beacon Gold Mill – Near-term Production

The Beacon Gold Mill is a strategically located processing facility less than 50 km from Swanson and represents a rare asset for a junior developer: a fully permitted plant capable of near-term restart. The 750-tpd mill underwent approximately $20 million in upgrades and refurbishment, placing it in excellent operational condition and substantially reducing restart timelines.

An independent valuation by Bumigeme estimated rehabilitation costs at about C$4.1 million and a replacement value exceeding C$71.5 million, underscoring its strategic importance. Beyond processing Swanson material, the mill also offers potential toll-milling revenue from regional deposits, providing LaFleur with multiple pathways to cash flow as it transitions toward producer status.

Project Highlights:

• Capable of custom milling operations for other nearby gold projects
• Currently being evaluated for processing mineralized material from Swanson as part of a high-level preliminary mining and economic study
• Past-producing Beacon Mine is located on the site of the Beacon Mill: the property consists of a mining lease, a mining concession, and 11 mining claims
• Beacon I and II mines include mineralized zones where limited historical gold production was achieved during the period of 1984 to 1988 and again in 2005
• The advancement of operations at the Beacon Mill has transformational qualities for the company, evolving it from explorer to a near-term gold producer in a Tier 1 jurisdiction with significant upside potential

Management Team

Kal Malhi – Chairman

A successful entrepreneur and the founder of Bullrun Capital, Kal Malhi has raised over $300 million for various public and private companies across multiple industries, including mining, biotechnology and technology.

Paul Ténière – CEO

Paul Ténière has more than 20 years of experience in mine development, geology and project management. He has held senior leadership roles across multiple mining companies and is a recognized expert in NI 43-101 compliance and technical reporting.

Harry Nijjar – CFO and Corporate Secretary

Harry Nijjar is currently a managing director with Malaspina Consultants and provides CFO and strategic financial advisory services to his clients across many industries. This experience has allowed him to help his clients successfully navigate regulatory and financial environments within which they operate. Harry holds a CPA CMA designation from the Chartered Professional Accountants of British Columbia and a BComm from the University of British Columbia

Louis Martin – Technical Advisor and Exploration Manager

Louis Martin is a professional geoscientist. and has been a major contributor to the discovery of several gold and base metal deposits during his more than 40-year career. Martin has been fortunate to be part of the exploration teams that were awarded the Discovery of the Year by the AEMQ for the West Ansil Deposit (2005) and the Louvicourt Deposit (1989). He has worked on several advanced exploration projects that included bringing four of these projects into production. For the last eight years, Martin has worked as a technical advisor and geological consultant for numerous junior and major mining companies.

Preet Gill – Director

Preet Gill is a business professional offering leading development and implementation of superior business strategy. Gill has a proven track record of identifying and creating profitable business opportunities, qualifying authentic prospects, and cultivating strong partnerships. She has over 28 years of experience in leadership roles within Home Depot Canada and has an MBA from Royal Roads University and certificates in business leadership from Queen’s University.

Harveer Sidhu – Director

Harveer Sidhu is the founder of BuildSmartr.com and has served as a director, officer and audit committee member for publicly listed companies. Sidhu is experienced in manufacturing, import and exporting, information technology systems, e-commerce and construction project management. He is also the president and director of Beyond Medical Technologies. He holds a bachelor’s degree from Simon Fraser University and has been a licensed builder with BC Housing since 2014.

Michael Kelly – Director

Michael Kelly is a former member of the Canadian Armed Forces Military Police and a retired member of the Royal Canadian Mounted Police. Kelly currently serves as a Partner at BullRun Capital Inc. and is a respected businessman based in Kelowna, British Columbia. He is also a director and member of the audit committee of Beyond Medical Technologies, an industrial/technology company with a manufacturing facility located in Delta, British Columbia.

Jean Lafleur – Senior Advisor

A highly respected geologist with over 40 years of experience in the mining sector, Jean Lafleur has led multiple exploration programs and mining projects, contributing to major gold discoveries worldwide.

Steadright Critical Minerals (CSE:SCM) is a Canadian-listed exploration and development company focused on unlocking value from Morocco’s mineral-rich terrain. It prioritizes assets with past production, strong geological datasets, and defined development pathways, aiming to shorten timelines, lower risk, and balance near-term cash flow with longer-term discovery upside.

Its core assets include the fully permitted, past-producing Goundafa polymetallic mine, the Copper Valley copper-lead-silver project in a proven mining district, and the TitanBeach heavy mineral sands project along Morocco’s Atlantic coast. A recent letter of intent with SilverLine Mining SARL could further strengthen the portfolio by adding a licensed, silver-focused asset, reinforcing Steadright’s strategy of acquiring high-quality, permitted projects.

Operating in Morocco—a jurisdiction known for modern mining legislation, strong infrastructure, and competitive fiscal incentives—Steadright benefits from a supportive mining environment. The company is led by an experienced management team with decades of global mining, exploration, and capital markets expertise, positioning it to advance its projects efficiently.

Company Highlights

• Near-Term Production: The historic Goundafa Polymetallic mine is fully permitted with a legacy of high-grade zinc, lead, copper, silver, and gold production, Goundafa offers near-term, non-dilutive cash flow from historic stockpile sales under a binding processing agreement.
• Diversified Portfolio: Fully permitted Goundafa Polymetallic mine (PbZn-Cu-Ag-Au), the Copper Valley CopperLead-Silver Project, SilverLine Mining Sarl (LOI) and the TitanBeach Heavy Mineral Sands
• Strategic Moroccan Operations: Operating in a mining-friendly jurisdiction with modern legislation, strong infrastructure, and significant fiscal incentives including corporate tax exemptions.
• Experienced Leadership: Management and technical teams bring decades of international mining, exploration, and capital markets experience.

This Steadright Critical Minerals profile is part of a paid investor education campaign.*

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