NORTHERN DYNASTY MINERALS LT NAK
COM NEW · Common Stock · CUSIP 66510M204 · ISIN CA66510M2040
- SectorMaterials
- IndustryGold and Silver Ores
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($4.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $1.93. Options: 9 managers hold calls ($10.9m notional), 6 hold puts ($7.1m).
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 82 |
| Q4 2022 | 87 |
| Q1 2023 | 88 |
| Q2 2023 | 90 |
| Q3 2023 | 95 |
| Q4 2023 | 91 |
| Q1 2024 | 94 |
| Q2 2024 | 92 |
| Q3 2024 | 100 |
| Q4 2024 | 113 |
| Q1 2025 | 140 |
| Q2 2025 | 152 |
| Q3 2025 | 156 |
| Q4 2025 | 168 |
| Q1 2026 | 193 |
| Q2 2026 | 204 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 32 | 14 |
| Q4 2024 | 33 | 32 |
| Q1 2025 | 65 | 31 |
| Q2 2025 | 72 | 47 |
| Q3 2025 | 87 | 56 |
| Q4 2025 | 78 | 70 |
| Q1 2026 | 90 | 71 |
| Q2 2026 | 103 | 65 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $12.1m | $4.0m | 0.33 |
| Q4 2025 | $24.0m | $9.2m | 0.38 |
| Q1 2026 | $9.0m | $4.8m | 0.53 |
| Q2 2026 | $10.9m | $7.1m | 0.65 |
Biggest buyers
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | Added | +2.1m |
| JPMORGAN CHASE & CO | Added | +869.9k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | +628.6k |
| OSAIC HOLDINGS, INC. | Added | +536.4k |
| Cambridge Investment Research Advisors, Inc. | Added | +443.6k |
| CITADEL ADVISORS LLC | Added | +440.7k |
| NewEdge Advisors, LLC | Added | +392.1k |
| Rathbones Group PLC | New | +282.0k |
| HRT FINANCIAL LP | Added | +241.5k |
| Point72 Asset Management, L.P. | New | +217.9k |
Biggest sellers
| TWO SIGMA INVESTMENTS, LP | Reduced | -3.9m |
| JANE STREET GROUP, LLC | Reduced | -3.4m |
| GAM Holding AG | Reduced | -1.8m |
| MILLENNIUM MANAGEMENT LLC | Reduced | -1.5m |
| Bornite Capital Management LP | Sold out | -1.0m |
| SEI INVESTMENTS CO | Reduced | -690.0k |
| Kopernik Global Investors, LLC | Reduced | -477.5k |
| WELLS FARGO & COMPANY/MN | Reduced | -121.1k |
| Ionic Capital Management LLC | Reduced | -113.3k |
| Swiss National Bank | Reduced | -84.1k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $3.2m1.7m shares |
| CITADEL ADVISORS LLC | Reduced | $1.9m983.7k shares |
| GROUP ONE TRADING LLC | Reduced | $1.3m676.7k shares |
| SIMPLEX TRADING, LLC | Reduced | $1.2m628.9k shares |
| TUDOR INVESTMENT CORP ET AL | Added | $1.2m618.5k shares |
| Centiva Capital, LP | Unchanged | $1.1m550.0k shares |
| IMC-Chicago, LLC | Reduced | $672.4k350.2k shares |
| JANE STREET GROUP, LLC | Added | $373.2k194.4k shares |
| CAPTRUST FINANCIAL ADVISORS | New | $1.9k1.0k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $3.0m1.6m shares |
| CITADEL ADVISORS LLC | Added | $1.5m760.9k shares |
| IMC-Chicago, LLC | Reduced | $1.3m689.6k shares |
| GROUP ONE TRADING LLC | Reduced | $712.7k371.2k shares |
| SIMPLEX TRADING, LLC | Added | $460.6k239.9k shares |
| JANE STREET GROUP, LLC | Reduced | $106.9k55.7k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
Kopernik Global Investors, LLC
13D · may seek influence
+1.3 pts · filed 2026-04-07
Stated purposeThe Reporting Persons purchased the Issuer's securities based on the Reporting Persons' belief that such securities, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Common Shares at prices that would make the purchase or sale of Common Shares desirable, the Reporting Persons intend to continue to review their investment in the Issuer on an ongoing basis and may, from time to time and at any time, acquire additional Common Shares in the open market or otherwise, dispose of any or all of the Common Shares in the open market or otherwise, and/or engage in hedging or similar transactions with respect to the Common Shares. O… Full filing |
14.0% |
Insider purchases and sales since 1 Apr 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
None reported since 1 Apr 2026.
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| Kopernik Global Investors, LLC 3.79% of their portfolio | 32.2m $61.8m | Reduced -477.5k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.06% of their portfolio | 26.4m $50.4m | Added +2.1m |
| TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio | 5.9m $11.4m | Reduced -3.9m |
| RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio | 4.7m $8.9m | Added +190.0k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 3.9m $7.5m | Reduced -1.5m |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 3.3m $6.3m | Reduced -9.7k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio | 2.5m $4.8m | Reduced -80.2k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 2.4m $4.6m | Added +440.7k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 2.1m $4.1m | Added +628.6k |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 2.1m $4.0m | Reduced -3.4m |
| Stenham Asset Management Ltd 2.81% of their portfolio | 2.0m $3.9m | Unchanged |
| UBS Group AG 0.00% of their portfolio | 1.5m $3.0m | Added +52.3k |
| MACKENZIE FINANCIAL CORP 0.00% of their portfolio | 1.3m $3.5m | Added +56.7k |
| GAM Holding AG 0.16% of their portfolio | 1.1m $2.0m | Reduced -1.8m |
| BANK OF MONTREAL /CAN/ 0.00% of their portfolio | 1.0m $2.0m | Added +135.5k |
| Swiss National Bank 0.00% of their portfolio | 1.0m $1.9m | Reduced -84.1k |
| Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio | 995.0k $1.9m | Added +443.6k |
| TD Asset Management Inc 0.00% of their portfolio | 883.5k $1.7m | Added +50.7k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 870.0k $1.7m | Added +869.9k |
| SEI INVESTMENTS CO 0.00% of their portfolio | 868.2k $1.7m | Reduced -690.0k |
| IMC-Chicago, LLC 0.01% of their portfolio | 662.9k $1.3m | Reduced -49.5k |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 618.7k $1.2m | Added +536.4k |
| STATE STREET CORP 0.00% of their portfolio | 613.8k $1.2m | Added +191.1k |
| GROUP ONE TRADING LLC 0.03% of their portfolio | 527.5k $1.0m | Added +105.7k |
| Legal & General Group Plc 0.00% of their portfolio | 510.7k $975.5k | Added +39.0k |
| HRT FINANCIAL LP 0.00% of their portfolio | 446.2k $856.0k | Added +241.5k |
| NATIONS FINANCIAL GROUP INC, /IA/ /ADV 0.04% of their portfolio | 431.3k $828.1k | Added +10.0k |
| NewEdge Advisors, LLC 0.00% of their portfolio | 420.2k $806.8k | Added +392.1k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 382.5k $730.8k | Added +9.0k |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio | 369.2k $705.1k | Added +212.4k |
| VANGUARD ASSET MANAGEMENT, Ltd 0.00% of their portfolio | 362.2k $692.0k | Unchanged |
| Ionic Capital Management LLC 0.62% of their portfolio | 345.7k $663.7k | Reduced -113.3k |
| Nuveen, LLC 0.00% of their portfolio | 338.2k $646.1k | Reduced -64.8k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 292.1k $560.7k | Added +133.8k |
| SIMPLEX TRADING, LLC 0.01% of their portfolio | 291.1k $558.9k | Added +72.9k |
| Rathbones Group PLC 0.00% of their portfolio | 282.0k $538.6k | New |
| BlackRock, Inc. 0.00% of their portfolio | 245.5k $471.4k | Added +134.6k |
| Point72 Asset Management, L.P. 0.00% of their portfolio | 217.9k $422.5k | New |
| Quadrature Capital Ltd 0.00% of their portfolio | 216.4k $415.5k | Added +82.9k |
| RFG Advisory, LLC 0.01% of their portfolio | 202.5k $388.8k | Unchanged |
| GRIMES & Co WEALTH MANAGEMENT, LLC 0.01% of their portfolio | 189.8k $364.3k | Unchanged |
| LPL Financial LLC 0.00% of their portfolio | 183.7k $352.6k | Added +30.7k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 175.5k $336.9k | Reduced -41.5k |
| Aletheian Wealth Advisors LLC 0.14% of their portfolio | 168.2k $322.9k | Unchanged |
| Vanguard Investments Australia, Ltd. 0.00% of their portfolio | 148.9k $284.5k | Unchanged |
| Federation des caisses Desjardins du Quebec 0.00% of their portfolio | 140.6k $260.0k | Unchanged |
| HighTower Advisors, LLC 0.00% of their portfolio | 138.7k $266.3k | Added +6.5k |
| LCM Capital Management Inc 0.11% of their portfolio | 131.6k $252.8k | Reduced -27.0k |
| Cetera Investment Advisers 0.00% of their portfolio | 110.9k $212.9k | Added +16.9k |
| BRADY FAMILY WEALTH, LLC 0.06% of their portfolio | 110.0k $211.2k | Unchanged |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.00% of their portfolio | 107.5k $205.3k | Reduced -8.2k |
| SBI Securities Co., Ltd. 0.00% of their portfolio | 105.9k $203.3k | Added +75.2k |
| Gotham Asset Management, LLC 0.00% of their portfolio | 100.7k $193.3k | New |
| CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio | 100.2k $192.3k | Added +44.6k |
| CADINHA & CO LLC 0.03% of their portfolio | 100.0k $192.0k | Unchanged |
| Stratos Wealth Advisors, LLC 0.01% of their portfolio | 98.8k $189.7k | Unchanged |
| Pictet Asset Management Holding SA 0.00% of their portfolio | 97.3k $185.9k | Reduced -11.7k |
| Composition Wealth, LLC 0.00% of their portfolio | 86.0k $165.0k | Unchanged |
| Cerity Partners LLC 0.00% of their portfolio | 85.5k $164.1k | Added +6.0k |
| Arax Advisory Partners 0.00% of their portfolio | 84.1k $161.5k | New |
| SPROTT INC. 0.01% of their portfolio | 83.5k $160.3k | Added +18.0k |
| CIBC Asset Management Inc 0.00% of their portfolio | 76.5k $145.9k | Added +2.8k |
| TORONTO DOMINION BANK 0.00% of their portfolio | 76.1k $145.3k | Reduced -33.8k |
| XTX Topco Ltd 0.00% of their portfolio | 74.9k $143.9k | Reduced -74.7k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 67.3k $129.3k | Reduced -5.4k |
| CARY STREET PARTNERS FINANCIAL LLC 0.00% of their portfolio | 62.0k $119.0k | Added +1.0k |
| Pasadena Private Wealth, LLC 0.01% of their portfolio | 52.5k $100.7k | New |
| Allegheny Financial Group 0.01% of their portfolio | 52.1k $100.0k | Unchanged |
| Stone House Investment Management, LLC 0.01% of their portfolio | 51.6k $99.0k | New |
| CANADA LIFE ASSURANCE Co 0.00% of their portfolio | 51.1k $93.0k | Unchanged |
| CITIGROUP INC 0.00% of their portfolio | 46.2k $88.3k | Added +26.8k |
| Tower Research Capital LLC (TRC) 0.00% of their portfolio | 45.2k $86.8k | Added +43.7k |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 45.0k $86.1k | Reduced -25.9k |
| Game Plan Financial Advisors, LLC 0.03% of their portfolio | 45.0k $86.4k | Unchanged |
| Ethos Financial Group, LLC 0.00% of their portfolio | 45.0k $62.1k | New |
| EQUITABLE TRUST CO 0.00% of their portfolio | 42.3k $81.2k | Added +17.3k |
| PITTENGER & ANDERSON INC 0.00% of their portfolio | 40.8k $78.2k | Unchanged |
| Versant Capital Management, Inc 0.01% of their portfolio | 40.6k $78.0k | Unchanged |
| Western Reserve Capital Management, LLC 0.06% of their portfolio | 40.1k $77.0k | Reduced -16.0k |
| Pekin Hardy Strauss, Inc. 0.01% of their portfolio | 40.0k $76.8k | Unchanged |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 39.7k $76.0k | Reduced -3.4k |
| SIG BROKERAGE, LP 0.01% of their portfolio | 37.0k $71.0k | Unchanged |
| Sowell Financial Services LLC 0.00% of their portfolio | 35.3k $67.8k | New |
| ALLIUM FINANCIAL ADVISORS, LLC 0.04% of their portfolio | 35.0k $67.2k | Unchanged |
| 626 Financial, LLC 0.03% of their portfolio | 34.2k $65.7k | Added +4.0k |
| MORGAN STANLEY 0.00% of their portfolio | 33.1k $63.5k | Added +13.7k |
| SCRATCH CAPITAL LLC 0.03% of their portfolio | 32.4k $62.3k | Unchanged |
| TUDOR INVESTMENT CORP ET AL 0.00% of their portfolio | 31.0k $59.5k | Reduced -27.9k |
| TWO SIGMA SECURITIES, LLC 0.01% of their portfolio | 30.6k $58.7k | Added +19.8k |
| Blueshift Asset Management, LLC 0.01% of their portfolio | 30.5k $58.6k | New |
| Swiss Life Asset Management Ltd 0.00% of their portfolio | 30.1k $57.3k | Added +1.4k |
| &PARTNERS 0.00% of their portfolio | 30.0k $57.6k | Unchanged |
| Ellsworth Advisors, LLC 0.01% of their portfolio | 29.5k $49.5k | Added +9.0k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio | 28.9k $49.5k | Added +4.0k |
| Baird Financial Group, Inc. 0.00% of their portfolio | 28.5k $54.8k | Reduced -2.1k |
| TCFG Investment Advisors, LLC 0.02% of their portfolio | 26.6k $51.1k | Added +2.0k |
| Kestra Advisory Services, LLC 0.00% of their portfolio | 26.6k $51.0k | Reduced -4.9k |
| Aptus Capital Advisors, LLC 0.00% of their portfolio | 26.5k $50.9k | Added +8.0k |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 26.4k $50.5k | Added +13.0k |
| Brookstone Capital Management 0.00% of their portfolio | 26.3k $50.5k | Added +1.9k |