Northern Dynasty Minerals Ltd. (NAK) Cash Flow Statement
Where NAK’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- −C$23.2M
- Capital expenditures
- C$0
- Free cash flow
- −C$23.2M
- Returned to shareholders
- —
- Change in cash
- C$38.6M cash at year-end C$54.7M
Cash from operations
−C$23.2M
Acquisitions & other
+C$50.5M
Share buybacks (net)
+C$12.3M
Net borrowing (repayment)
−C$174,000
Other financing
−C$120,000
Currency & other
−C$710,000
Change in cash
C$38.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
NAK operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
NAK cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −C$24.0M2016 | −C$23.2M2025 | — | |
| Capital expenditures | C$24,6332016 | C$02025 | −100.0% | |
| Free cash flow | −C$24.0M2016 | −C$23.2M2025 | — | |
| Stock-based compensation | C$3.0M2016 | C$1.5M2025 | −7.7%/yr | |
| Dividends paid | C$02016 | C$92019 | — | |
| Share buybacks (net) | C$02016 | C$02025 | — |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NAK cash flow by activity
OperatingInvestingFinancingChange in cash
NAK net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NAK cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −C$104.4M | −C$36.1M | −C$21.0M | −C$24.4M | −C$31.5M | −C$63.9M | −C$69.2M | −C$16.0M | −C$64.9M | −C$27.0M |
| Depreciation & amortization | C$172,000 | C$162,000 | C$164,000 | C$259,000 | C$329,000 | C$533,000 | C$647,000 | C$234,000 | C$176,000 | C$205,000 |
| Stock-based compensation | C$1.5M | C$27,000 | C$1.1M | C$2.3M | C$2.9M | C$9.3M | C$4.0M | C$4.7M | C$5.9M | C$3.0M |
| Change in working capital | −C$121,000 | C$1.4M | −C$1.0M | −C$1.8M | −C$4.0M | −C$5.7M | −C$57,000 | −C$3.7M | C$8.9M | −C$224,000 |
| Other non-cash items | C$79.7M | C$17.5M | −C$1.3M | −C$249,000 | −C$146,000 | C$1.9M | −C$111,000 | −C$49.4M | C$6.9M | −C$8,000 |
| Cash from operating activities | −C$23.2M | −C$17.1M | −C$22.1M | −C$24.0M | −C$32.5M | −C$57.8M | −C$64.7M | −C$64.1M | −C$43.0M | −C$24.0M |
| Investing activities | ||||||||||
| Capital expenditures | C$0 | C$0 | C$0 | −C$31,000 | C$0 | C$0 | C$0 | −C$20,000 | −C$473,000 | −C$24,633 |
| Investments (net) | — | C$14.6M | C$261,000 | C$15.7M | C$164,000 | C$130,000 | C$220,000 | C$652,000 | −C$59,000 | C$1.8M |
| Acquisitions & other investing | C$50.5M | C$0 | C$2.7M | C$31,000 | C$0 | C$0 | C$0 | C$20,000 | C$473,000 | C$24,633 |
| Cash from investing activities | C$50.5M | C$14.6M | C$2.9M | C$15.7M | C$164,000 | C$130,000 | C$220,000 | C$652,000 | −C$59,000 | C$1.8M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | −C$9 | C$0 | C$0 | C$0 |
| Share repurchases & issuance (net) | C$12.3M | C$23,000 | C$3.4M | C$0 | C$12.8M | C$95.1M | −C$9 | −C$7 | −C$1.1M | C$22.0M |
| Net borrowing (repayment) | −C$174,000 | −C$146,000 | C$19.9M | −C$129,000 | −C$200,000 | −C$2.8M | C$2.0M | C$2.0M | C$2.0M | C$2.0M |
| Shares issued | C$0 | C$0 | C$3.4M | C$0 | C$872,000 | C$82.6M | C$65.9M | C$0 | C$0 | C$0 |
| Other financing | −C$120,000 | C$0 | −C$3.5M | C$0 | −C$1.3M | −C$86.9M | −C$4.0M | C$8.6M | C$103.9M | −C$2.0M |
| Cash from financing activities | C$12.0M | −C$123,000 | C$23.3M | −C$129,000 | C$12.2M | C$88.0M | C$63.8M | C$10.6M | C$104.7M | C$22.0M |
| Summary | ||||||||||
| Net change in cash | C$38.6M | −C$2.1M | C$4.0M | −C$8.1M | −C$20.2M | C$28.4M | −C$834,000 | −C$52.3M | C$60.0M | −C$313,000 |
| Cash at end of period | C$54.7M | C$16.1M | C$18.2M | C$14.2M | C$22.3M | C$42.5M | C$14.0M | C$14.9M | C$67.2M | C$7.2M |
| Free cash flow | −C$23.2M | −C$17.1M | −C$22.1M | −C$24.0M | −C$32.5M | −C$57.8M | −C$64.7M | −C$64.1M | −C$43.5M | −C$24.0M |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | −C$36.3M | C$21.1M | −C$44.1M | −C$7.9M | −C$11.9M | −C$22.5M | −C$4.6M | −C$3.7M | −C$5.3M | −C$3.5M | −C$4.2M |
| Depreciation & amortization | C$42,000 | C$42,000 | C$43,000 | C$43,000 | C$42,000 | C$43,000 | C$39,000 | C$39,000 | C$41,000 | C$41,000 | C$41,000 |
| Stock-based compensation | C$944,000 | −C$74,000 | C$773,000 | C$241,000 | C$303,000 | C$7,000 | C$8,000 | C$7,000 | C$5,000 | C$7,000 | C$245,000 |
| Change in working capital | C$3.5M | C$1.5M | −C$3.1M | C$1.3M | C$559,000 | −C$1.1M | C$147,000 | C$408,000 | C$1.9M | −C$4.6M | C$1.9M |
| Other non-cash items | C$28.1M | −C$27.5M | C$37.2M | C$1.0M | C$7.2M | C$17.1M | C$908,000 | −C$556,000 | −C$3,000 | −C$1.1M | −C$5,000 |
| Cash from operating activities | −C$3.8M | −C$4.9M | −C$9.3M | −C$5.4M | −C$3.9M | −C$6.5M | −C$3.5M | −C$3.8M | −C$3.3M | −C$9.2M | −C$2.1M |
| Investing activities | |||||||||||
| Capital expenditures | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Investments (net) | — | — | — | C$16.9M | C$16.6M | C$223,000 | C$14.0M | C$202,000 | C$157,000 | — | C$33,000 |
| Acquisitions & other investing | C$127,000 | C$94,000 | C$17.0M | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | — | C$0 |
| Cash from investing activities | C$127,000 | C$94,000 | C$17.0M | C$16.9M | C$16.6M | C$223,000 | C$14.0M | C$202,000 | C$157,000 | — | C$33,000 |
| Financing activities | |||||||||||
| Share repurchases & issuance (net) | — | — | C$12.3M | C$9.1M | C$1.6M | C$23,000 | — | — | — | — | — |
| Net borrowing (repayment) | −C$39,000 | −C$39,000 | −C$38,000 | −C$53,000 | −C$35,000 | −C$32,000 | −C$37,000 | — | — | — | — |
| Shares issued | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other financing | C$3.3M | C$2.0M | −C$9.3M | −C$1.6M | −C$329,000 | C$0 | C$0 | −C$37,000 | −C$40,000 | C$23.4M | −C$41,000 |
| Cash from financing activities | C$3.2M | C$2.0M | C$3.0M | C$7.5M | C$1.2M | −C$9,000 | −C$37,000 | −C$37,000 | −C$40,000 | C$23.4M | −C$41,000 |
| Summary | |||||||||||
| Net change in cash | C$467,000 | −C$2.2M | C$9.9M | C$19.7M | C$13.3M | −C$5.7M | C$10.1M | −C$3.5M | −C$3.0M | C$16.8M | −C$2.0M |
| Cash at end of period | C$53.0M | C$52.5M | C$54.7M | C$44.8M | C$25.2M | C$16.1M | C$21.8M | C$11.7M | C$15.2M | C$18.2M | C$1.4M |
| Free cash flow | −C$3.6M | −C$4.9M | −C$9.3M | −C$5.4M | −C$3.9M | −C$6.5M | −C$3.5M | −C$3.8M | −C$3.3M | −C$9.2M | −C$2.1M |
| Operating cash flow / net income | — | −0.23 | — | — | — | — | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
NAK cash generation
In fiscal 2025 (ended December 31, 2025), Northern Dynasty Minerals generated -C$23.2 million of cash from operations and spent C$0 on capital expenditures, leaving free cash flow of -C$23.2 million. Cash and equivalents rose by C$38.6 million over the year.
Related: NAK income statement, NAK balance sheet. See the NAK stock overview for the latest quote and news.
NAK cash flow FAQ
What is Northern Dynasty Minerals's free cash flow?
Northern Dynasty Minerals's free cash flow was -C$23.2 million in fiscal 2025: -C$23.2 million of operating cash flow minus C$0 of capital expenditures It was -C$17.1 million a year earlier..
How much cash does Northern Dynasty Minerals generate from operations?
Northern Dynasty Minerals generated -C$23.2 million of cash from operating activities in fiscal 2025.