Northern Dynasty Minerals Ltd.
US ˙ NYSEAM ˙ CA66510M2040

SecurityNAK / Northern Dynasty Minerals Ltd.
InstitutionWolverine Trading, Llc
Latest Disclosed Ownership59,572 shares
Latest Disclosed Value $ 74,465
Wolverine Trading, Llc ownership in NAK / Northern Dynasty Minerals Ltd.

On November 14, 2025 - Wolverine Trading, Llc filed a 13F-HR form disclosing ownership of 59,572 shares of Northern Dynasty Minerals Ltd. (US:NAK) valued at $71,486 USD as of September 30, 2025. The entity filed a previous 13F-HR on August 18, 2025 disclosing 28,424 shares of Northern Dynasty Minerals Ltd.. This represents a change in shares of 109.58% during the quarter. The current value of the position is $134,037 USD.

Wolverine Trading, Llc has a history of taking positions in derivatives of the underlying security (NAK) in the form of stock options. The firm currently holds call options representing 269,900 of underlying shares valued at $337,375 USD and put options representing 86,400 of underlying shares valued at $108,000 USD .

Note: prior versions of this page mistakenly stated that the share values represented the number of options, not the number of underlying shares. For more information on the data backing these reports, please see the SEC document Frequently Asked Questions About Form 13F.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Institutional Put/Call Ratios
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In addition to reporting standard equity and debt issues, institutions with more than 100MM assets under management must also disclose their put and call option holdings. Since put options generally indicate negative sentiment, and call options indicate positive sentiment, we can get a sense of the overall institutional sentiment by plotting the ratio of puts to calls. The chart to the right plots the historical put/call ratio for this instrument.

Using Put/Call Ratio as an indicator of investor sentiment overcomes one of the key deficiencies of using total institutional ownership, which is that a significant amount of assets under management are invested passively to track indices. Passively-managed funds do not typically buy options, so the put/call ratio indicator more closely tracks the sentiment of actively-managed funds.

NAK / Northern Dynasty Minerals Ltd. Historical Put/Call Ratio
Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2025-11-14 2025-09-30 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 59,572 31,148 109.58 74 72.09 0.0001
2025-08-18 2025-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 28,424 -10,505 -26.99 44 0.00 0.0000
2025-05-15 2025-03-31 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 38,929 38,929 44 0.0001
2024-08-14 2024-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 0 -12,917 -100.00 0 -100.00
2024-05-15 2024-03-31 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 12,917 12,917 4 0.0000
2023-11-15 2023-09-30 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 0 -14,826 -100.00 0 -100.00
2023-08-23 2023-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 14,826 -3,182 -17.67 3 0.0000
2023-05-15 2023-03-31 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 18,008 -66,097 -78.59 0 -100.00 0.0000
2023-02-14 2022-12-31 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 84,105 -106,456 -55.86 19 -59.57 0.0000
2022-11-14 2022-09-30 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 190,561 -48,867 -20.41 47 -22.95 0.0001
2022-08-15 2022-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 239,428 239,428 61 0.0001
2022-05-16 2022-03-31 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 0 -89,674 -100.00 0 -100.00
2022-02-14 2021-12-31 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 89,674 -21,375 -19.25 30 -40.00 0.0000
2021-11-12 2021-09-30 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 111,049 57,410 107.03 50 85.19 0.0001
2021-08-06 2021-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 53,639 -8,643 -13.88 27 -32.50 0.0000
2021-05-14 2021-03-31 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 62,282 62,282 16.11 40 48.15 0.0001
2021-02-12 2020-12-31 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 0 -29,037 -100.00 0 -100.00
2020-11-13 2020-09-30 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 29,037 -12,705 -30.44 29 -51.67 0.0001
2020-08-13 2020-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 41,742 41,742 43.75 60 106.90 0.0002
2019-08-20 2019-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 0 -12,258 -100.00 0 -100.00
2019-05-15 2019-03-31 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 12,258 -16,780 -57.79 7 -58.82 0.0000
2019-02-13 2018-12-31 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 29,038 2,391 8.97 17 13.33 0.0000
2018-11-14 2018-09-30 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 26,647 -12,480 -31.90 15 -57.14 0.0000
2018-08-13 2018-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 39,127 0 0.00 35 0.00 0.0001
2018-05-15 2018-03-31 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 39,127 18,898 93.42 35 -2.78 0.0001
2018-02-14 2017-12-31 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 20,229 -1,959 -8.83 36 -10.00 0.0001
2017-11-15 2017-09-30 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 22,188 22,188 9.68 40 11.11 0.0002
2017-08-14 2017-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 0 -93,551 -100.00 0 -100.00
2017-05-15 2017-03-31 13F NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 93,551 93,551 133 0.0007
Disclosed Call Options
File
Date		 Effective
Date		Form Security Class ID Opt Avg Share
Price		 Shares ΔShares
(%)		 Value
(x1000)		 ΔValue
(%)		 Prior Allocation
(%)		 Allocation
(%)		 ΔAllocation
(%)		 Cost Basis
(x1000)		 Profit
(x1000)		 Return
(%)
2025-11-14 2025-09-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 269,900 19.16 337 -3.16 n/a n/a n/a
2025-08-18 2025-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 226,500 42.90 349 96.61 n/a n/a n/a
2025-05-15 2025-03-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 158,500 66.49 178 233.96 n/a n/a n/a
2025-02-14 2024-12-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 95,200 54 n/a n/a n/a
2024-08-14 2024-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 0 -100.00 0 -100.00 n/a n/a n/a
2024-05-15 2024-03-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 25,600 8 n/a n/a n/a
2023-11-15 2023-09-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 0 -100.00 0 -100.00 n/a n/a n/a
2023-08-23 2023-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 81,600 -7.06 18 n/a n/a n/a
2023-05-15 2023-03-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 87,800 -56.62 0 -100.00 n/a n/a n/a
2023-02-14 2022-12-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 202,400 41.74 45 25.00 n/a n/a n/a
2022-11-14 2022-09-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 142,800 202.54 36 200.00 n/a n/a n/a
2022-08-15 2022-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 47,200 12 n/a n/a n/a
2022-05-16 2022-03-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 0 -100.00 0 -100.00 n/a n/a n/a
2022-02-14 2021-12-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 248,200 4.59 83 -22.43 n/a n/a n/a
2021-11-12 2021-09-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 237,300 205.41 107 174.36 n/a n/a n/a
2021-08-06 2021-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 77,700 -30.69 39 -45.83 n/a n/a n/a
2021-05-14 2021-03-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 112,100 138.51 72 380.00 n/a n/a n/a
2021-02-12 2020-12-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 47,000 -50.42 15 -84.21 n/a n/a n/a
2020-11-13 2020-09-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 94,800 -4.82 95 -33.10 n/a n/a n/a
2020-08-13 2020-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 99,600 5.06 142 49.47 n/a n/a n/a
2020-05-11 2020-03-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 0 -100.00 0 -100.00 n/a n/a n/a
2020-02-12 2019-12-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 126,200 52 n/a n/a n/a
2019-11-14 2019-09-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 0 -100.00 0 -100.00 n/a n/a n/a
2019-08-20 2019-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 59,400 32.89 36 33.33 n/a n/a n/a
2019-05-15 2019-03-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 44,700 -54.01 27 -51.79 n/a n/a n/a
2019-02-13 2018-12-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 97,200 105.06 56 107.41 n/a n/a n/a
2018-11-14 2018-09-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 47,400 -64.25 27 -77.50 n/a n/a n/a
2018-08-13 2018-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 132,600 0.00 120 0.00 n/a n/a n/a
2018-05-15 2018-03-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 132,600 -44.75 120 -71.76 n/a n/a n/a
2018-02-14 2017-12-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 240,000 239.46 425 234.65 n/a n/a n/a
2017-11-15 2017-09-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 70,700 42.83 127 84.06 n/a n/a n/a
2017-08-14 2017-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 49,500 -47.84 69 -48.89 n/a n/a n/a
2017-05-15 2017-03-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 94,900 778.70 135 1,587.50 n/a n/a n/a
2016-11-14 2016-09-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Call 10,800 8 n/a n/a n/a
Disclosed Put Options
File
Date		 Effective
Date		Form Security Class ID Opt Avg Share Price Shares ΔShares
(%)		 Value
(x1000)		 ΔValue
(%)		 Prior Allocation
(%)		 Allocation
(%)		 ΔAllocation
(%)		 Cost Basis
(x1000)		 Profit
(x1000)		 Return
(%)
2025-11-14 2025-09-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 86,400 -31.37 108 -44.04 n/a n/a n/a
2025-08-18 2025-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 125,900 47.08 194 103.16 n/a n/a n/a
2025-05-15 2025-03-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 85,600 400.58 96 955.56 n/a n/a n/a
2025-02-14 2024-12-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 17,100 10 n/a n/a n/a
2024-08-14 2024-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 0 -100.00 0 -100.00 n/a n/a n/a
2024-05-15 2024-03-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 21,700 7 n/a n/a n/a
2023-11-15 2023-09-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 0 -100.00 0 -100.00 n/a n/a n/a
2023-08-23 2023-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 13,500 8.00 3 n/a n/a n/a
2023-05-15 2023-03-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 12,500 -89.11 0 -100.00 n/a n/a n/a
2023-02-14 2022-12-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 114,800 -44.86 25 -51.92 n/a n/a n/a
2022-11-14 2022-09-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 208,200 -28.33 52 -29.73 n/a n/a n/a
2022-08-15 2022-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 290,500 74 n/a n/a n/a
2022-05-16 2022-03-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 0 -100.00 0 -100.00 n/a n/a n/a
2022-02-14 2021-12-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 104,800 -25.78 35 -45.31 n/a n/a n/a
2021-11-12 2021-09-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 141,200 103.75 64 82.86 n/a n/a n/a
2021-08-06 2021-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 69,300 39.44 35 9.38 n/a n/a n/a
2021-05-14 2021-03-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 49,700 91.15 32 255.56 n/a n/a n/a
2021-02-12 2020-12-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 26,000 -55.40 9 -84.48 n/a n/a n/a
2020-11-13 2020-09-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 58,300 49.49 58 3.57 n/a n/a n/a
2020-08-13 2020-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 39,000 -33.10 56 -3.45 n/a n/a n/a
2019-08-20 2019-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 0 -100.00 0 -100.00 n/a n/a n/a
2019-05-15 2019-03-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 19,400 -20.82 12 -14.29 n/a n/a n/a
2019-02-13 2018-12-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 24,500 -40.39 14 -39.13 n/a n/a n/a
2018-11-14 2018-09-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 41,100 -12.18 23 -45.24 n/a n/a n/a
2018-08-13 2018-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 46,800 0.00 42 0.00 n/a n/a n/a
2018-05-15 2018-03-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 46,800 -57.30 42 -78.35 n/a n/a n/a
2018-02-14 2017-12-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 109,600 55.46 194 52.76 n/a n/a n/a
2017-11-15 2017-09-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 70,500 234.12 127 323.33 n/a n/a n/a
2017-08-14 2017-06-30 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 21,100 -82.09 30 -82.04 n/a n/a n/a
2017-05-15 2017-03-31 13F NORTHERN DYNASTY MINERALS LT COM NEW Put 117,800 167 n/a n/a n/a
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.