10 Aug 2020regulatory community update▼ Bad
Responded to Democratic presidential candidate Joe Biden's opposition to Pebble by insisting the impact statement and the coming record of decision, not politics, would decide the outcome.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Aug 2020regulatory community update● NeutralMajor
The Pebble Partnership welcomed a pending White House review of the project and of the final impact statement. The permit decision was now being taken above the level of the reviewing agency.
4 Aug 2020director officer appointment● Neutral
Hired Adam Chodos, previously in corporate development at Teck Resources and Newmont, as executive vice president of corporate development - a mergers and acquisitions specialist brought in while the record of decision on Pebble was still awaited.
29 July 2020regulatory community update▲ Good
Northern Dynasty's own review of the final impact statement, which it said describes a mine that can coexist with Bristol Bay's fisheries and water quality.
24 July 2020regulatory community update▲ GoodMajor
The Army Corps published the final environmental impact statement, more than 2,000 pages and the product of a two-and-a-half-year review involving eight federal and three state agencies plus the borough and recognised tribes. Only the record of decision remained.
21 July 2020other● Neutral
A promotional statement from the Pebble Partnership arguing the project could become one of the leading metal producers in the United States, issued while the final impact statement and record of decision were awaited.
15 July 2020regulatory community update● Neutral
Said the final environmental impact statement would be published in the Federal Register on 24 July, the last step before the Army Corps' record of decision.
15 July 2020capital raising announcement▲ GoodMajor
Closed at US$35.3 million, 24,150,000 shares at US$1.46 with the over-allotment exercised in full, nine days before the final environmental impact statement was published.
What it means for a shareholder
24.1m new shares at US$1.46 to raise about US$35.3m. That's 5.4% dilution: every existing holder's slice gets 5.4% smaller. If you held US$1,000 of shares (685 at the issue price), your slice goes from 0.000162% to 0.000153% of the company. To keep it you'd need 39 more shares - about US$57 at the issue price.
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10 July 2020capital raising announcement▲ Good
Upsized the bought deal the next day to 21,000,000 shares for US$30.7 million at the same US$1.46 price.
9 July 2020capital raising announcement▲ Good
Agreed a US$25 million bought deal at US$1.46 a share, 17,125,000 shares, with a concurrent private placement of up to US$7.5 million - more than triple the US$0.41 the company raised at in June 2019.
7 July 2020material agreement▲ Good
Signed a memorandum of understanding with Alaska Peninsula Corporation to assemble a consortium of Alaska Native village corporations to run road maintenance, trucking and port operations along Pebble's 82-mile access route.
25 June 2020regulatory community update● Neutral
Invited proposals for a plan to sell power to Bristol Bay communities from the 270 MW gas-fired plant Pebble would build on site, fed by a 12-inch pipeline.
16 June 2020regulatory community update● Neutral
Not a shareholder dividend despite the name: the Pebble Partnership set up a community revenue-sharing scheme paying adult residents of subscribing Bristol Bay villages a 3% net profits royalty on a future Pebble mine, guaranteed at a minimum of US$3 million a year once the mine operates.
29 May 2020regulatory community update▲ Good
The EPA wrote that the Army Corps' review was working through its concerns and chose not to elevate the permit decision to a higher level of the agency, which the Pebble Partnership presented as a vote of confidence.
26 May 2020regulatory community update▲ GoodMajor
The Army Corps named its preferred development option for Pebble - the "least environmentally damaging practicable alternative" - built around an all-land transport route from the mine site to a port.
14 May 2020capital raising announcement▼ Bad
Added a C$7.25 million placement of 10,357,143 shares at C$0.70, the same price as the public offering, taking the two together to C$17.35 million.
What it means for a shareholder
10.4m new shares at C$0.700 to raise about C$7.3m. That's 2.4% dilution: every existing holder's slice gets 2.4% smaller. If you held C$1,000 of shares (1,429 at the issue price), your slice goes from 0.000338% to 0.00033% of the company. To keep it you'd need 35 more shares - about C$25 at the issue price.
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14 May 2020regulatory community update● Neutral
An advocacy release making the jobs case for Pebble as COVID-19 and a collapse in oil prices pushed nearly 20% of Alaska's workforce onto unemployment claims, with the permit decision approaching.
29 Apr 2020capital raising announcement▼ Bad
Priced that offering at 12,500,000 shares at C$0.70 for C$8.75 million, with an over-allotment option on top.
What it means for a shareholder
12.5m new shares at C$0.700 to raise about C$8.8m. That's 2.9% dilution: every existing holder's slice gets 2.9% smaller. If you held C$1,000 of shares (1,429 at the issue price), your slice goes from 0.000338% to 0.000328% of the company. To keep it you'd need 42 more shares - about C$29 at the issue price.
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28 Apr 2020capital raising announcement▼ Bad
Launched an overnight marketed share offering for at least C$6.0 million, with the size and price to be set during marketing.
20 Apr 2020regulatory community update▲ GoodMajor
A federal judge in Alaska, Sharon Gleason, dismissed the case brought by anti-Pebble groups against the EPA's July 2019 withdrawal, leaving the withdrawal standing.
26 Mar 2020regulatory community update● Neutral
Reported that work on Pebble was continuing through the pandemic, with the Pebble Partnership taking mandatory and voluntary precautions and the Army Corps still running the impact-statement review.
27 Jan 2020other material event▼ BadMajor
The Canadian material change report puts the two raisings together: 53,423,824 shares issued for about US$19.7 million, of which US$15.5 million came from the 18 December 2019 underwritten offering at US$0.37 a share. That single pair of raisings added roughly 53 million shares at a third of the price the company had got a year earlier.
21 Jan 2020capital raising announcement▼ Bad
Completed a C$5.6 million (US$4.2 million) placement of 11,346,783 shares priced to match an underwritten offering closed on 18 December 2019 that has no separate filing in this record.
31 Oct 2019regulatory community update● Neutral
Pebble Partnership chief executive Tom Collier testified on the project's permitting before a House Transportation and Infrastructure subcommittee; the company said the committee invited six Pebble critics as witnesses alongside him.
19 Aug 2019capital raising announcement▲ Good
Closed a US$11.5 million bought deal at US$0.75 a share, 15,333,334 shares with the over-allotment taken in full, at nearly double the US$0.41 price of the June raise two months before the EPA withdrawal.
1 Aug 2019regulatory community update▲ GoodMajor
The EPA formally withdrew the 2014 proposed determination on 30 July 2019, removing the pre-emptive veto that had sat over Pebble for five years. The company said this let the Army Corps proceed to a record of decision in 2020.
2 July 2019capital raising announcement▼ Bad
Closed a US$5.0 million bought deal, 12,200,000 shares at US$0.41, about a third below the US$0.64 raised in the March 2019 bought deal three months earlier.
What it means for a shareholder
12.2m new shares at US$0.410 to raise about US$5.0m. That's 3.7% dilution: every existing holder's slice gets 3.7% smaller. If you held US$1,000 of shares (2,439 at the issue price), your slice goes from 0.000778% to 0.000749% of the company. To keep it you'd need 95 more shares - about US$39 at the issue price.
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2 July 2019regulatory community update▲ GoodMajor
The EPA restarted the process of withdrawing its 2014 proposed determination - the Obama-era move to veto Pebble under Clean Water Act section 404(c) before any permit application had been filed.
23 May 2019material agreement▲ GoodMajor
A second right-of-way deal, with Iliamna Natives Limited and its 150-odd shareholders in the village closest to the deposit, extending the land access first secured from Alaska Peninsula Corporation in November 2018.
29 Mar 2019capital raising announcement▼ Bad
Two weeks later added a non-brokered placement of 3,769,476 shares at C$0.86 (US$0.64) for C$3.2 million, at the same US-dollar price as the bought deal.
What it means for a shareholder
3.8m new shares at C$0.860 to raise about C$3.2m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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