NDM.TO stock falls 38.04% on 18 Feb 2026: court timeline raises permit risk

We saw sharp selling in NDM.TO stock as shares dropped C$1.05 (‑38.04%) to C$1.71 on 18 Feb 2026 after a court-timing update tied to the Pebble Project litigation. The move came on heavy volume of 5,601,469 shares versus an average of 1,210,072, signalling a decisive retail and institutional response. We examine the news link to permit risk, the valuation gap versus the Basic Materials sector, technical signals and the near-term catalysts that can drive further volatility for Northern Dynasty Minerals Ltd. (NDM.TO) on the TSX in Canada.