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In Sight: America's Next Great Copper-Gold Mine

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In Sight: America's Next Great Copper-Gold Mine In Sight: America’s Next Great Copper-Gold Mine THE PEBBLE PROJECT The Future of U.S. Mining & Metals September 2020 All statements of Northern Dynasty Minerals Ltd. (“NDM”) in this presentation, other than statements of historical facts, that address the permitting, development and production for the Pebble Project are forward-looking statements. These statements include statements regarding (i) the mine plan for the Pebble Project, (ii) the social integration of the Pebble Project into the Bristol Bay region and benefits for Alaska, (iii) the political and public support for the permitting process, (iv) the issuance of a positive Record of Decision by the US Army Corps of Engineers and the ability of the Pebble Project to secure state permits, (v) the right- sizing and de-risking of the Pebble Project, (vi) the design and operating parameters for the Pebble Project mine plan, (vii) exploration potential of the Pebble Project, (viii) future demand for copper and gold, (ix) the potential partnering of the Pebble Project, and (x) the ability and timetable of NDM to develop the Pebble Project and become a leading copper, gold and molybdenum producer. Although NDM believes the expectations expressed in these forward-looking statements are based on reasonable assumptions, such statements should not be in any way be construed as guarantees that the Pebble Project will secure all required government permits, establish the commercial feasibility of the Pebble Project or develop the Pebble Project. Assumptions used by NDM to develop forward-looking statements include the assumptions that (i) the Pebble Project will obtain all required environmental and other permits and all land use and other licenses without undue delay, (ii) studies for the development of the Pebble Project will be positive, (iii) NDM’s estimates of mineral resources will not change, (iv) NDM will be able to establish the commercial feasibility of the Pebble Project, and (v) NDM will be able to secure the financing required to develop the Pebble Project. The likelihood of future mining at the Pebble Project is subject to a large number of risks and will require achievement of a number of technical, economic and legal objectives, including (i) obtaining necessary mining and construction permits, licenses and approvals without undue delay, including without delay due to third party opposition or changes in government policies, (ii) finalization of the mine plan for the Pebble Project, (iii) the completion of feasibility studies demonstrating that any Pebble Project mineral resources that can be economically mined, (iv) completion of all necessary engineering for mining and processing facilities, (v) the inability of NDM to secure a partner for the development of the Pebble Project, and (vi) receipt by NDM of significant additional financing to fund these objectives as well as funding mine construction, which financing may not be available to NDM on acceptable terms or on any terms at all. NDM is also subject to the specific risks inherent in the mining business as well as general economic and business conditions, such as the current uncertainties with regard to COVID-19. For more information, Investors should review the risk factors and related discussions in NDM's filings with the US Securities and Exchange Commission at www.sec.gov and its Canadian home jurisdiction filings available at www.sedar.com. The National Environment Policy Act Environmental Impact Statement process requires a comprehensive “alternatives assessment” be undertaken to consider a broad range of development alternatives, the final project design and operating parameters for the Pebble Project and associated infrastructure may vary significantly from that contemplated in this presentation. As a result, the Company will continue to consider various development options and no final project design has been selected at this time. This presentation also uses the terms “measured resources”, "indicated resources" and "inferred resources". These terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects). The United States Securities and Exchange Commission (the "SEC") has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Exchange Act, effective February 25, 2019 (“The SEC Modernization Rules”). The SEC Modernization Rules include the adoption of definitions of the terms and the categories of resources which are “substantially similar” to the corresponding terms under Canadian regulations in Cautionary 43-101. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves or be proven to be legally and economically mineable. Under Canadian rules, estimates of inferred resources may not & Forward form the basis of feasibility or pre-feasibility studies, or economic studies except for a Preliminary Economic Assessment as defined under NI 43-101. Investors are cautioned not to assume that part or all of an inferred resource is economically or legally mineable. Looking The technical information contained in this presentation has been reviewed and approved by qualified persons who are not independent of NDM. Information on geology, drilling and exploration potential was reviewed by James Lang, PGeo., Mineral Information Resources by David Gaunt, PGeo., and engineering by Stephen Hodgson, PEng. September 2020 2 Investment Highlights A Right-sized & Clear Path Unique World Class De-risked to Investment Resource Project Value Opportunity . Among the globe’s . Project designed for . Favourable Final EIS . Extraordinary near- greatest accumulations operating & permitting term & long-term . ROD expected in fall of metal success value upside . Strong, sustainable . Untapped exploration . Final EIS reflects a . Financing 1 Native partnerships upside ‘permittable’ project in southwest Alaska optionality . Cu/Au/Mo/Ag grades . >US$800M investment . Positioned to capture . Strategic alignment facilitate near-term in science, engineering at federal and state burgeoning markets development & social licence level for strategic metals TSX: NDM The Time to Invest in Northern Dynasty is Now NYSE American: NAK rightminerighttime.com 1. Least Environmentally Damaging Practicable Alternative September 2020 3 Pebble: A World Class Mineral Resource Measured & Inferred Resources Indicated Copper 57 B lb 25 B lb . 6.5 B tonnes of Measured & Indicated Gold 71 M oz 36 M oz . 4.5 B tonnes of Inferred Molybdenum 3.4 B lb 2.2 B lb Silver 345 M oz 170 M oz Rhenium 2.6 M kg 1.6 M kg * Refer to table of Measured, Indicated and Inferred Resources in Appendix September 2020 4 Global Ranking of Porphyry Deposits Contained Copper and Contained Gold Pebble: A Globally Significant Undeveloped Copper and Gold Resource GLOBAL RANKING OF PRIMARY COPPER DEPOSITS GLOBAL RANKING OF PRIMARY COPPER DEPOSITS Contained Copper Contained Precious Metals1 Escondida Olympic Dam Andina Divison PebblePebble2 El Teniente Grasberg Olympic Dam Oyu Tolgoi Chuquicamata KGHM Polska Miedz Lumwana Reko Diq Cu + Ag Kamoa-Kakula Onto Collahuasi Wafi-Golpu Cu + Au Oyu Tolgi Cu Only Lookout Hill Radomiro Tomic Cu + Mo Cascabel Cu + Au + Mo KGHM Polska Miedz Cu + Au + Mo Frieda River Los Bronces UG Cu + Mo Red Chris PebblePebble1 Cu + Au Panguna Grasberg Cu + Ag + Zn Casino Los Pelambres Baimskaya Quebrada Blanca Cu + Ag Tampakan Resolution Pebble resource is Centinela Sulfide Udokan equivalent to ~1.8% of all Central Region Los Bronces the gold ever mined3 Buenavista Salobo Tenke Fungurume Los Helados Reko Diq Ok Tedi Ministro Hales Escondida La Granja Udokan Antamina Galore Creek mm t 0 20 40 60 80 100 120 140 160 mm oz 0 20 40 60 80 100 120 140 Source: Company filings, S&P Global Market Intelligence, street research; BMO Capital Markets Note: Includes inferred resource. 1. Converted to Au Eq. at street consensus Au price of US$1,500/oz and Ag price of US$18.00/oz Source: Company filings, S&P Global Market Intelligence; BMO Capital Markets 2. At 0.30% Cu Eq. cut-off. Note: Includes inferred resource. 3. Source: World Gold Council (https://www.gold.org/about-gold/facts-about-gold) says that about 187,000 tonnes of gold have been mined since the 1. At 0.30% Cu Eq. cut-off. beginning of civilization. Pebble resource represents 3,340 T (10,776,800,344 tonnes x 0.31 g/t = 3,340 T). September 2020 5 Pebble: Untapped Exploration Potential World’s Most Extensive Mineral System Pebble Deposit Induced Polarization has been the principal historical discovery method 289.1 m Grading 1.91% CuEQ Zone/DDH# . Multiple prospective targets already identified . Pebble Deposit open at depth and to the east . Highest grades at Pebble truncated by the East Graben . Faulting was a post-mineralization event; patterns west of the ZG1 may be repeated to the east . DDH-6348 intersected 289.1 m grading 1.91% CuEQ below cover rocks in the graben - no follow up Source: USGS. Note: CuEQ uses metal prices: $3.00/lb Cu; $1,400/oz Au; $9.50/lb Mo Individual grades are 1.24% Cu, 0.79 g/t Au, 0.042% Mo September 2020 6 Pebble Potential: A Leading US Metals Producer Average annual metal production Pebble Would Be One of America’s Largest Copper Mines… over 20 years of mining: Estimated 2020 Cu Production (Million Lbs)1 . 613,000 tons of copper gold- 900 concentrate 800 700 . 318 million lb copper 600 500 . 362,000 oz gold 400 300 Average . 1.8 million oz silver 200 100 . 15,000 tons of molybdenum 0 1 concentrate Ray Miami Chino Tyrone Bagdad Mission Sierrita Safford Phoenix Carlota Morenci . Robinson 14 million lb molybdenum Pebble Silver Bell Pinto Valley Pinto Continental Significant new gold discoveries are Valley Lisbon Pumpkin Hollow decreasing2 Canyon Bingham …AND A SIGNIFICANT A Significant Gold Producer Pebble hosts world’s largest Estimated 2020 au Production 3 (‘000 ozS)1 undeveloped gold resource 1600 1400 1200 1000 800 600 400 200 0 Source: BMO Capital Markets, SNP, S&P Global Market Intelligence 1.
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