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Northern Dynasty Calls J Capital Research Report 'Fatuous, Flimsy and Fundamentally Self-Serving'
VANCOUVER, BC / ACCESSWIRE / September 10, 2020 / Northern Dynasty Minerals Ltd. (TSX:NDM); ...
About this update from Northern Dynasty Minerals Ltd.
[{"type":"text","content":"Northern Dynasty Calls J Capital Research Report 'Fatuous, Flimsy and Fundamentally Self-Serving'VANCOUVER, BC / ACCESSWIRE / September 10, 2020 / Northern Dynasty Minerals Ltd. (TSX:NDM); (NYSE American:NAK) (\"Northern Dynasty\" or the \"Company\") responded today to a report issued by Beijing-based short seller J Capital Research (\"JCap\") on September 9, 2020, calling it \"fatuous, flimsy and fundamentally self-serving,\" as well as \"typical of such efforts to profit by destroying the value of honest shareholders' investments.\"\"We have heard and responded to the same baseless claims in JCap's ‘research' report countless times since they were initially levelled by New York-based ‘short-and-distort' firm Kerrisdale Capital back in 2017,\" said Northern Dynasty President & CEO Ron Thiessen. \"Financial markets weighed and dismissed Kerrisdale's self-serving arguments then, and we are confident they will do so even more swiftly this time with these unoriginal allegations coming out of China.\"Thiessen noted that the allegations in the Kerrisdale report formed the basis of several derivative shareholder actions against Northern Dynasty, which were ultimately dismissed by the courts for failure to state a cause of action.JCap's report, entitled Pretend & Extend: The No-Return Deposit, claims that Northern Dynasty's 100%-owned Pebble copper-gold-molybdenum-silver-rhenium project in southwest Alaska will lose money, that capital costs have been underestimated and that the project's proposed mining plan intentionally targets low-grade portions of the deposit. Less than four months ago, JCap levelled similar accusations against Alaska's other late-stage mineral prospect - the Donlin Gold project (co-owned by Barrick and Novagold) - leading to a civil action lawsuit for defamation being brought against the firm.\"We will take an appropriate amount of time to review the report and the market's reaction to it, if any, as well as our options for protecting the company and our shareholders from these spurious claims,\" Thiessen said, noting the Company may choose to issue a comprehensive response or may simply ignore what is intrinsically a self-serving attempt to profit by creating panic in the marketplace.Thiessen advised investors to carefully read and consider the extensive disclaimers issued by JCap, which co...