This isn't only about the unprecedented EPA assessment against NAK and Anglo-American, and its upcoming decision whether to enforce the Clean Water Act (essentially ending all exploration in the area).
Miners are scaling back capital expenditures. Barrick recently decided to delay funding to the Donlin project in Alaska with Novagold due to the economics of the project. Let's be clear here, there's no controversy with Donlin, it will be a mine someday. No EPA scrutiny, no PBS documentaries, no effects to the U.S. commercial fishing industry. There aren't any native corporations against the Donlin project.
So, here's the scenario. If the EPA decides to enforce the Clean Water Act, NAK's share price will likely take a devastating hit. In addition, if Anglo scales back/renegotiates funding, or walks away, NAK's share price will likely take another devastating hit (probably lower than $0.40).
Of course, if Anglo walks, the potential legal battle will be funded entirely by NAK. That means massive share dilution.
The reward if none of this happens? A low-grade, long-life, energy-intensive gold mine. Do you believe in peak oil? Think energy prices will increase in the next ten years? The optimistic production date from Pebble is 2020 (barely taking into account the MASSIVE legal fight from environmental groups, fisherman, native corps, etc.). Where do you think diesel prices will be in the year 2020 or beyond?
The comedy resumes. Laugh out loud, as the kiddies say.