There’s a fascinating paradox unfolding in the gold markets right now.

The single hottest gold stock on the board doesn’t mine a single ounce of gold…

Northern Dynasty Minerals (TSX: NDM / NYSE: $NAK ( ▲ 7.69% ) ) has exploded nearly 400% in under a year, soaring from just 37 cents to as high as $1.84.

Its market cap has leapt from $140 million to over $750 million — despite the fact that the company hasn’t produced an ounce of gold, in its life.

But, that’s exactly why it matters…

Northern Dynasty isn’t just any gold story.

It’s a signal.

The company owns the Pebble Project in southwest Alaska — an enormous, world-class polymetallic deposit containing massive quantities of copper, gold, molybdenum, and silver.

It’s widely considered one of the largest undeveloped mineral resources on Earth. No joke.

According to the company’s April 2025 investor presentation, the Pebble deposit holds:

• 54 million ounces of gold

• 249 million ounces of silver

• 53 billion pounds of copper

• 2.8 billion pounds of molybdenum

Measured and indicated resources total over 6.5 billion tonnes, with an additional 4.5 billion tonnes inferred.

The scale is truly staggering.

So why hasn’t it been built?

That’s where things get complicated.

Pebble has been in the spotlight for over 20 years.

The project has faced intense scrutiny from environmental groups, multiple shifts in U.S. federal policy, and legal battles over permitting.

In 2020, the U.S. Army Corps of Engineers denied a key permit effectively halting the project's advancement — only for Northern Dynasty to file an appeal shortly thereafter, which is still winding its way through a formal administrative process.

Despite the hurdles, the company has remained steadfast.

In fact, Northern Dynasty recently reported meaningful progress on its appeal, including new engineering data, environmental modeling, and community engagement initiatives aimed at strengthening their case.

The fight for Pebble is far from over.

Especially with Trump.

See news release here: Northern Dynasty: President Trump Signs Executive Order to Increase America’s Mineral Production

And I hope they get this approved, because it’ll be monstrous for the entire industry, and Alaska.

But let’s be clear: this article isn’t about whether Northern Dynasty will ever dig the first scoop of dirt.

This is about what Northern Dynasty’s stock is telling us.

Because historically, when this name moves, it’s rarely alone.

• It rallied hard during the 2000s gold bull market.

• It soared again in 2016 when gold staged a major comeback.

• It flew in 2020 as gold touched new highs during the COVID stimulus era.

And now, in 2025, it’s running again.

That kind of pattern isn’t something seasoned speculators ignore.

Northern Dynasty tends to be one of the first junior names to move when risk capital starts flowing back into the sector.

It’s volatile, it’s liquid, and it has enormous leverage to gold sentiment.

It’s not just a mining stock — it’s a thermometer for the speculative temp of the entire junior gold market.

When it runs, it often precedes a broader move in the sector.

So what’s different this time?

For one, the macro backdrop.

Gold recently hit new all-time highs above $3,500/oz, driven by ongoing geopolitical uncertainty, central bank demand, sticky inflation, and a weakening U.S. dollar. Which I’ve covered multiple times, see here for my most recent gold article:

With interest rates peaking and recession fears rising, capital is once again rotating toward hard assets…

Meanwhile, the juniors, many of them still trading at fractions of NAV, have been left behind.

That’s starting to change.

Northern Dynasty’s move might be the early signal that the revaluation is underway.

After years in the wilderness, junior gold equities — especially those with real assets, district-scale potential, or takeover appeal — are starting to catch bids.

No, Northern Dynasty doesn’t have a mine.

But it does have the attention of retail investors, trading desks, and newsletters, like me, again.

That, in itself, is a sign that the sector is waking up.

And when junior gold wakes up, it doesn’t tiptoe.

It rips.

This isn’t a recommendation to buy Northern Dynasty. (Although, it would absolutely fly once approved)

The permitting risk alone makes it a battleground stock.

But, in every gold bull market, there’s a spark that sets the junior market on fire.

And Northern Dynasty has been that spark more than once.

The window to get positioned early doesn’t stay open long.

By the time the headlines catch up, the 5x–10x moves are often behind you.

So don’t just watch the price of gold.

Watch the names that move before the crowd does.

Because if Northern Dynasty is running again, history says the juniors could be next.

And this time, they’re long, lonngggg overdue.

And as always,

Happy Hunting!

About The Net Worth Club

Welcome to The Net Worth Club — a no-fluff, high-conviction investing newsletter written for people who want to grow their wealth intelligently and aggressively.

Every week, I break down actionable opportunities across the stock market, private deals, and the global economy — all with one goal in mind: help you multiply your net worth.

You’ll get:

✅ Deep dives on overlooked companies with potential to double (or more)
✅ Real-time trade ideas and portfolio updates — I eat my own burgers
✅ Market psychology, timing strategies, and hard-earned lessons
✅ A front-row seat to how I’m building wealth — and life along the way

This isn’t financial fluff or recycled headlines. It’s boots-on-the-ground insight, from someone who's in the trenches — raising capital, taking companies public, and making real bets with real money.

If you’ve ever thought: "I just want someone sharp to help me spot the big moves early" — this is for you.

👇 Subscribe now and start compounding smarter: