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Kerrisdale shorts Northern Dynasty (NAK) (NDM)

Thanks to the dozen or so people that have sent in the news, the PDF or the link to the Kerrisdale Capital short report on Northern Dynasty (NAK) ( If you want to read it, it's right here. For what it's worth* I largely agree, then again my thoughts on NAK were made clear on February 1st in this post which went like this:

First we have long-time market scamster Marin Katusa pumping Northern Dynasty's Pebble project, preying on the ignorance of naive mining greenhorns with more money than sense, with the whole thrust of this crazy pump being "Trump will award the permits". Now we have another scumball on the bandwagon, Michael Ballanger over at The Gold Report trying to make the case for NadaGold's Donlin gold project, also in Alaska...
"NOVAGOLD's announcement that it is nearing the end of the Environmental Impact Statement process at its 50%-owned Donlin Gold project in Alaska was welcomed by a pair of observers."
... by swatting out a paid-for pump piece on NG and rebounding comments of people already long and with vested interests in the stock. Which is all very nice I'm sure, but this whole new pumperooney on these dogs misses a vital point: They're both dogshyte projects, marginal at best, most likely uneconomic in real terms even under much higher gold prices and with crazily high capex costs. Pebble has low grade gold that doesn't report to the copper cycle (which is why Cominco sold the thing to HD in the first place) and Donlin is notoriously refractory. So forget the permit papers and even ignore the significant local opposition, it doesn't matter how many papers with signatures they get because they're not going to be mines. Permitted or not. Ever.

So yeah, ripe for the drop is NAK. Maybe Kerrisdale will take a pop at NadaGold next, about time somebody did the Emperor's New Clothes on that one. But as for NAK, here's the 10 day price chart and...

...pretty interesting trading so far.

*not much