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2/15/17

Two things about Northern Dynasty (NDM.to) (NAK)

Yesterday's IKN post on the conclusive proof that Marin Katusa has been using illegal inside information to trade Northern Dynasty (NAK) stock has this morning been getting a whole bunch of hits from the TSX and from the BCSC (thank you back office stats machine). This is getting interesting and it would make such a refreshing change if the regulators actually did something about these two-faced scumbags like Katusa and his proven securities fraudster pal Porter Stansberry (who has also been pumping NAK for all he's worth, the crudball).

Of all the things mentioned in the Kerrisdale hit-piece yesterday, on sober reflection and a night of rest one thing stands out. I agree it's been pumped to idiots by liars, I agree its permitting track looks way difficult even under a Trump admin (national decisions are a minor part of these things), I agree its capex looks prohibitive, I agree the grade is stupidly low (and there's the gold reporting issue previously mentioned here, too). But the one thing that stands out from the hit piece is to consider is that in the 20+ years this project has been explored, we haven't seen a single feas study come out. And what's worse they've been commissioned, just never seen the light of day. When two decades go past on a gold project and there's still not a single substantive document that runs the numbers on the project and shows its economic validity, the fishy smell (poisoned salmon?) becomes a stench. If only for this fact, Kerrisdale has identified a strong candidate for shorting.