Northern Dynasty Minerals Ltd. PEBBLE PROJECT

Northern Dynasty Minerals Ltd.

DEVELOPING A GOLD-COPPER-MOLYBDENUM GIANT

PEBBLEPEBBLE DEPOSIT DEPOSIT

PEBBLE PROJECT ALASKA, USA

HUNTER DICKINSON INC. Responsible Mineral Development January 2005 CAUTIONARY AND FORWARD LOOKING INFORMATION COMMENTS

All information contained in this graphic presentation booklet relating to the contents of the November 2004 Preliminary Assessment of the Pebble Gold-Copper-Molybdenum Project, including but not limited to representations of the Pebble project's potential and information about production parameters, capital costs, sustaining capital costs, and operating costs, production summary, off-site costs, and financial analyses, are "forward looking statements" within the definition of the United States Private Securities Litigation Reform Act of 1995. The information relating to the possible construction of a port, road, power generating facilities and power transmission facilities also constitutes such "forward looking statements." The Preliminary Assessment was prepared to broadly quantify the Pebble project's capital and operating cost parameters and to provide guidance on the type and scale of future project engineering and development work that will be needed to ultimately define the project's likelihood of feasibility and optimal production rate. It was not prepared to be used as a valuation of the Pebble project nor should it be considered to be a pre- feasibility study. The capital and operating cost estimates which were used have been developed only to an approximate order of magnitude based on generally understood capital cost to production level relationships and they are not based on any systematic engineering studies, so the ultimate costs may vary widely from the amounts set out in the Preliminary Assessment. This could materially and adversely impact the projected economics of the Pebble project. As is normal at this stage of a project, data is incomplete and estimates were developed based solely on the expertise of the individuals involved as well as the assessments of other persons who were involved with previous operators of the project. At this level of engineering, the criteria, methods and estimates are very preliminary and result in a high level of subjective judgment being employed. The Preliminary Assessment uses only inferred mineral resources which are considered too speculative geologically to be categorized as mineral reserves and to have economic considerations applied to them. There can be no assurance that the operating and financial projections contained in the Preliminary Assessment will be realized. The full text of the November 2004 Preliminary Assessment of the Pebble Gold-Copper-Molybdenum Project can be found at www.sedar.com.

The following are the principal risk factors and uncertainties which, in management's opinion, are likely to most directly affect the conclusions of the PreliminaryAssessment and the ultimate feasibility of the Pebble project. The mineralized material at the Pebble project is currently classified as an inferred resource and it is not a reserve. The mineralized material in the Preliminary Assessment is based only on the inferred resource model developed by Norwest Corporation in February, 2004. That model includes only assay information from drilling up to the end of 2003. Considerable additional work, including in-fill drilling, additional process tests, and other engineering and geologic work will be required to determine if the mineralized material is an economically exploitable reserve. There can be no assurance that this mineralized material can become a reserve or that the amount may be converted to a reserve or the grade thereof. Final feasibility work has not been done to confirm the pit design, mining methods, and processing methods assumed in the Preliminary Assessment. Final feasibility could determine that the assumed pit design, mining methods, and processing methods are not correct. Construction and operation of the mine and processing facilities depends on securing environmental and other permits on a timely basis. No permits have been applied for and there can be no assurance that required permits can be secured or secured on a timely basis. Data is incomplete and cost estimates have been developed in part based on the expertise of the individuals participating in the preparation of the Preliminary Assessment and on costs at projects believed to be comparable, and not based on firm price quotes. Costs, including design, procurement, construction, and on-going operating costs and metal recoveries could be materially different from those contained in the Preliminary Assessment. There can be no assurance that mining can be conducted at the rates and grades assumed in the Preliminary Assessment. The project requires the development of port facilities, roads and electrical generating and transmission facilities. Although Northern Dynasty believes that the State of Alaska favours the development of these facilities and may be willing to arrange financing for their development, there can be no assurance that these infrastructure facilities can be developed on a timely and cost- effective basis. Energy risks include the potential for significant increases in the cost of fuel and electricity. The Preliminary Assessment assumes specified, long-term prices levels for gold, copper, silver and molybdenum. Prices for these commodities are historically volatile, and Northern Dynasty has no control of or influence on those prices, all of which are determined in international markets. There can be no assurance that the prices of these commodities will continue at current levels or that they will not decline below the prices assumed in the Preliminary Assessment. Prices for gold, copper, silver, and molybdenum have been below the price ranges assumed in Preliminary Assessment at times during the past ten years, and for extended periods of time. The project will require major financing, probably a combination of debt and equity financing. Interest rates are at historically low levels. There can be no assurance that debt and/or equity financing will be available on acceptable terms. A significant increase in costs of capital could materially and adversely affect the value and feasibility of constructing the project. Other general risks include those ordinary to very large construction projects including the general uncertainties inherent in engineering and construction cost, the need to comply with generally increasing environmental obligations, and accommodation of local and community concerns.

PEBBLEPEBBLE PROJECT PROJECT SummaryDisclaimer 2003 DRILLING DELINEATES WORLD CLASS GOLD-COPPER-MOLYBDENUM RESOURCES1 Confirmed By Norwest Corporation

Cut-OffSize Grade Contained Metal

CuEQ 2 Million Gold Copper Moly CuEQ 2 Gold Copper AuEQ 2 % Tonnes g/t % % % Moz B lbs Moz

1 Mineral resources do not have demonstrated economic viability. An inferred mineral resource is that part of a mineral resource for which quantity and grade can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. 2 Copper and gold equivalent calculations use metal prices of US$0.80/lb for copper, US$350/oz for gold, and US$4.50/lb for molybdenum. The contained gold, copper, and gold-equivalent represent estimated metal content in the ground and have not been adjusted for metallurgical recoveries. Adjustment factors to account for differences in relative metallurgical recoveries for gold, copper, and molybdenum will depend upon the completion of definitive metallurgical testing. CuEQ = Cu(%) + (Au(g/t) x 11.25/17.64) + (Mo(%) x 99.23/17.64). AuEQ = Au(g/t) + (Cu(%) x 17.64/11.25) + (Mo(%) x 99.23/11.25).

PEBBLEPEBBLE PROJECT PROJECT Pebble Deposit Inferred Resources

1 LARGEST GOLD DEPOSIT IN NORTH AMERICA

NORTH AMERICA’S LARGEST GOLD DEPOSITS1 RANKED BY CONTAINED GOLD IN RESOURCES

Contained Metal Rank Project Location Gold Copper Moz B lbs

1 Pebble USA 26.5 16.5

2 Donlin Creek USA 25.5 -

3 Betze Post USA 19.4 -

4 Metates MEX 12.3 5.4

5 Laronde CAN 10.4 4.9

6 Bingham Canyon USA 10.3 19.7

7 El Arco MEX 5.0 13.6

1 Source: Metals Economics Group; Letter Report December, 2003.

PEBBLEPEBBLE PROJECT PROJECT Gold Deposit Comparison

2 SECOND LARGEST COPPER DEPOSIT IN NORTH AMERICA

1 NORTH AMERICA’S LARGEST COPPER DEPOSITS RANKED BY CONTAINED COPPER IN RESOURCES

Grades Contained Metal Rank Project Location Million Tonnes Gold Copper CuEQ Gold Copper CuEQ (g/t) (%) (%) Moz B lbs B lbs 1 Cananea MEX 5,186 - 0.42 0.42 - 48 48 2 Pebble USA 2,737 0.30 0.27 0.55 26.5 16.5 33 3 Morenci USA 2,622 - 0.27 0.27 - 15 15 4 Safford USA 1,740 - 0.37 0.37 - 14 14

5 San Manuel USA 1,042 - 0.57 0.57 - 13 13

6 Bingham Canyon USA 958 0.34 0.61 0.93 10.3 13 20

7 Ray USA 988 - 0.58 0.58 - 13 13

1Source: Metals Economics Group; Letter Report December, 2003.

PEBBLEPEBBLE PROJECT PROJECT Copper Deposit Comparison

3 ONE OF THE WORLD’S LARGEST GOLD - COPPER PORPHYRY DEPOSITS1

Contained Metal Rank Project Location Gold Copper CuEQ AuEQ Au/Cu Moz B lbs B lbs Moz Ratio 1 Grasberg IND 109 80 128 292 1.4 2 Los Pelambres CHL 3 43 48 110 0.1 3 La Granja PER 4 43 45 102 0.1 4 Turquoise Hill MON 17 35 42 97 0.5 5 Pebble USA 26.5 16.5 33 76 1.6 6 Escondida Norte CHL 6 28 30 69 0.2 7 Sar Cheshmeh IRN 11 17 24 55 0.6 8 Salobo BRA 15 17 23 53 0.9 9 Batu Hijau IND 17 16 23 52 1.0 10 Jiangxi Copper CHI 6 18 21 47 0.3 11 Bingham Canyon USA 10 13 20 45 0.8

1Source: Metals Economics Group; Letter Report December, 2003.

PEBBLEPEBBLE PROJECT PROJECT Gold-Copper Porphyry Comparison

4 GIANT PORPHYRY SYSTEMS ON PACIFIC “RING OF FIRE”

Peschanka PEBBLE Turquoise Hill Kemess Highland Valley

Bingham Canyon Dexing Morenci Cananea

Far Southeast Dizon Boyongon Cerro Colorado

OKTedi Corriente Batu Hijau Grasberg Panguna CollahuasCollahuasi Chuquicamata Escondida Cadia / Ridgeway El Morro Alumbrera

El Teniente

Copper-Gold Porphyry Copper Porphyry

PEBBLEPEBBLE PROJECT PROJECT Giant Porphyry Systems

5 KEY ELEMENTS IN PLACE FOR A MAJOR MINE

Alaska Is Ideal For Mine Development

Power Sources Available

Favorable Terrain For All Infrastructure

Property Deal Provides 100% Ownership

Deposit Amenable To Low Cost Mining

Long-Life Deposit/ Large-Scale Metal Production

Good Metallurgical Results

Higher-Grade Resources For Quick Payback

PEBBLEPEBBLE PROJECT PROJECT Mine Development Check List

6 ALASKA IS MINING FRIENDLY

Prudhoe Bay

Red Dog [ YUKON

ALASKA Fort Knox Fairbanks

lllllllll l l ll l Dawson City l Pogo Illinois l

l l 2

l Creek l Nixon l l ll l Usibelli l Fork l l

l l l

l l ll ll Paxon Tok ll l 2 l l l

3l 1 l ll

l l

l Donlin l l

Creek l

l l 1 l 1

l McCarthy l Whitehorse l l l lllll 1 Anchorage lll l ll l l Whittier 1

l ll 4 lll l llll Cordova i l Kena l l

l ll

1 l l l Skagway t l l le n Pebble I Juneau k Dillingham o 500 kilometres o Seward C Homer G u lf o f A la sk a Greens Creek 300 miles Iliamna Port Lions

Chignik

King Cove

PEBBLEPEBBLE PROJECT PROJECT General Location

7 PEBBLE OPERATIONS BASE AT ILIAMNA

PEBBLEPEBBLE PROJECT PROJECT Iliamna Area

8 Red Dog POWER SOURCES AVAILABLE ALASKA Donlin ANCHORAGE Beluga

Lake Clarke National Park & Reserve Oil / Gas Field

Pipeline KENAI Gas Highway Highway Fields Potential Power Line Potential Power Line SEWARD Thermal 60 N ILIAMNA PEBBLE Coal Proposed HOMER Road Potential Lake (138 km) Proposed Power Line Iliamna Deep Sea Port

Cook 100 kilometres Inlet

60 miles 154 W

PEBBLEPEBBLE PROJECT PROJECT Infrastructure Straight Forward

9 10

STATEINVESTMENT IN INFRASTRUCTURE IS TRADITIONAL

State as an Equity Partner

The State of Alaska, through AIDEA, is able to participate as an equity partner in minerals development. In recent years AIDEA has financed the transportation system, including the 52-mile road and upgrades to the port that serves the Red Dog Mine in northwest Alaska. AIDEA financed the remodeling and upgrading of Skagway ore terminal that serves Yukon base metal mines through the Alaska port city of Skagway. Additionally, AIDEAhas assumed an equity interest inAlaska’s only export coal terminal located in Seward. In all instances the state recovers its investment and a modest rate of return through user fees negotiated with the mineral company using the facilities.

Source:Alaska Department of Community and Economic Development Website

AIDEA funded projects include:

! Red Dog Mine Road and Port: Original investment of $180 million in 1990, now expanded to $267 million. A further $148+ million port expansion now under investigation.

! Fort Knox Mine Tailing Disposal Facility: $71 million investment in 1997.

! Kensington Mine Port and Tailing Disposal Facility: Initial approval in 2004 for $20 million investment (more than 25% of the project’s $75 million capital cost).

PEBBLEPEBBLE PROJECT PROJECT State Infrastructure Investment PEBBLE ACCESS COINCIDES WITH STATE TRANSPORTATION PLANS

Beluga Anchorage Bethel Nightmute Whittier Cook Inlet/Bristol Bay Kenai Eek Corridor Pebble Seward Iliamna Inlet Homer Dillingham / Bristol Bay Newhalen Pedro Corridor Ekwok Bay Seldovia Platinum Dillingham Naknek Cook King 300 kilometres Salmon Pilot Point Port Lions Pilot 200 miles Corridor Point Port Heiden Pacific Coast Marine Corridor Chignik

Cold Bay Unga

Akutan King Cove Unalaska Gulf of Alaska

PEBBLEPEBBLE PROJECT PROJECT Southwest Transportation Corridors

11 ROAD AND PORT DEVELOPMENT STRAIGHT FORWARD

Clark

Lake Clark

Nondalton

Pit

Proposed Road Pedro Bay

Iliamna Newhalen

Proposed Port Site IliamnaIliamna Lake

15 kilometres

5 miles Kokhanok CookInlet

PEBBLEPEBBLE PROJECT PROJECT Road and Port Locations

12 GENTLE TERRAIN NO CONSTRUCTION CHALLENGES

PEBBLE DEPOSIT

PEBBLEPEBBLE PROJECT PROJECT Road Access To Deposit

13 INFRASTRUCTURE IN PLACE

PEBBLEPEBBLE PROJECT PROJECT Homer Port Staging Area

14 15

NDM IS WORKING HARD TO EARN ITS SOCIAL LICENSE

PEBBLEPEBBLE PROJECT PROJECT Community Support 16

PEBBLE PROPERTY HISTORY

1987-89 Discovery outcrop sampled Initial drilling - modest encouragement for gold IP survey indicates large porphyry signature Drill hole #6 discovers Pebble deposit

1990-92 Accelerated exploration: - 87 drill holes confirmed Pebble deposit Preliminary engineering studies by CESL

1993 Four shallow drill holes 6 km south of deposit

1997 Twenty additional drill holes in deposit - size doubled to 1+ billion tonnes

2001 Purchase agreement between Cominco and Hunter Dickinson Group IP anomaly expanded to 89 km2 - 6 coalescing metal-rich hydrothermal systems identified Assignment of Cominco agreement to NDM 2002 Northern Dynasty completes 68 hole / 37,000 ft drilling program resulting in four exciting new discoveries All drill core in Pebble deposit logged and geological model established indicating strong potential for substantial higher-grade resources for early payback of capital costs Numerous priority targets for the discovery of additional deposits identified 2003 Northern Dynasty's 58 hole / 64,719 ft drilling program successfully outlines substantial higher-grade resources, and greatly expands size of the Pebble deposit Independent resource estimate by Norwest Corporation confirms a world class gold-copper porphyry deposit 2004 $34.5 million program to collect engineering, environmental, and socio-economic data required for completion in 2005 of a Bankable Feasibility Study and submission of permit applications for a mine. The program includes 47,800 metres of drilling to: - establish measured and indicated resources - obtain data for geotechnical, metallurgical and hydrogeological design - determine the full extent of the deposit and its higher grade areas - extensive baseline environmental and socio-economic surveying

PEBBLEPEBBLE PROJECT PROJECT Project History 17

PROPERTY CAPTURES WORLD'S LARGEST SULPHIDE SYSTEM

Turquoise Hill MONGOLIA [ (To Scale)

Pebble 1 Deposit EAST ZONE

Resource Lands

Gold-Copper System IP Anomaly Exploration 38 52 Lands 37 308 50005000 metres metres

15,000 feet 15,000 feet

PEBBLEPEBBLE PROJECT PROJECT PropertyMap 18

COMINCO AGREEMENT GIVES NDM CONTROL OF ENTIRE DISTRICT

RESOURCE LANDS (Pebble Deposit)

Structured as an option to purchase the Pebble deposit

Option to purchase 100% of Resource Lands

Staged option payments of US $250,000, 1,000,000 shares, 1,250,000 warrants (all paid)

Purchase price is US $10 million (cash or stock at NDM’s option) by November 30, 2004 (paid in stock) - no residual royalty or back-in rights For assignment, NDM can purchase 20% HD interest by issuing shares for appraised value by February 23, 2005

EXPLORATION LANDS (Excludes Pebble Deposit)

Structured as an earn-in followed by joint venture or purchase Option to earn 50% interest by completing 60,000 feet of drilling by November 30, 2004 (completed) Upon earn-in Cominco can elect by February 23, 2005 to either: - participate 50:50 in joint venture; or - sell all its interest for US $4 million (cash or stock at NDM’s option) and 5% NPI

PEBBLEPEBBLE PROJECT PROJECT Property Agreement GIANT SYSTEMS HOST MULTIPLE DEPOSITS

Highland Valley Escondida 60 Km2 36 Km2 Bethlehem 5 kilometres 1 EAST ZONE Zaldivar 3 miles DISCOVERY Pebble Carmen Valley J.A. Ricardo Pebble Lornex 25 System Escondida 89 Km2 Highmont

52 38 Collahuasi Grasberg 2 2 80 Km 16 Km 37 308 Grasberg Rosario Big Gossan GBT / IOZ / DOZ Quebrada Blanca Profunda Ertsberg Ujina DOM

PEBBLEPEBBLE PROJECT PROJECT Comparison of Sulphide Systems

19 2002 WILDCAT DRILLING YIELDS FOUR NEW DISCOVERIES

PEBBLE DEPOSIT EAST ZONE DISCOVERY 25

GOLD DISCOVERY

PORPHYRY DISCOVERY

52 IP ANOMALY PORPHYRY DISCOVERY 37 SKARN DISCOVERY 308

PEBBLEPEBBLE PROJECT PROJECT 2002 Wildcat Drilling

20 21

2003 DRILLING ALMOST TRIPLES SIZE OF PEBBLE DEPOSIT

3103

3125 NDM DEPOSIT OUTLINE NORWEST RESOURCE ESTIMATE ()January 2004 3129

3079 3078 3070 Cover 3081

3104 3084 3126 3106 3083 3092 3122 3071 3072 3123 3093 3121 3117 3119 3112 3085 3115 3105 3120 3097 3095 3089 3116 3080 3108 3099 3076 3114 3069 3100 3098 3082 3086 3102

3118 3094 3087 3096 3101 3128 3130 3110 3111

3127 3134

3131 3132 3113 3124 3133 3135

Resource Lands Boundary

500 Metres Teck Cominco Drill Hole 3135 Northern Dynasty 2003 Drill Hole 2000 Feet

PEBBLEPEBBLE PROJECT PROJECT 2003 Drill Hole Plan WORLD CLASS GOLD-COPPER-MOLYBDENUM RESOURCES1 LONG-LIFE MINE DEVELOPMENT

Cut-Off Size Grade Contained Metal

2 CuEQ Million Gold Copper Moly CuEQ2 Gold Copper AuEQ2 % Tonnes g/t % % % Moz B lbs Moz

.30 2,737 .30 .27 .015 0.55 26.5 16.5 76 .40 2,232 .33 .30 .016 0.60 24 14.5 67 .50 1,573 .37 .32 .017 0.66 19 11.3 52 .60 883 .43 .37 .019 0.74 12 7.1 33 .70 435 .49 .42 .021 0.84 7 4.0 18 .80 208 .55 .48 .023 0.95 4 2.2 10 1 Mineral resources do not have demonstrated economic viability. An inferred mineral resource is that part of a mineral resource for which quantity and grade can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity.

2 Copper and gold equivalent calculations use metal prices of US$0.80/lb for copper, US$350/oz for gold, and US$4.50/lb for molybdenum. The contained gold, copper, and gold-equivalent represent estimated metal content in the ground and have not been adjusted for metallurgical recoveries. Adjustment factors to account for differences in relative metallurgical recoveries for gold, copper, and molybdenum will depend upon the completion of definitive metallurgical testing. CuEQ = Cu(%) + (Au(g/t) x 11.25/17.64) + (Mo(%) x 99.23/17.64). AuEQ = Au(g/t) + (Cu(%) x 17.64/11.25) + (Mo(%) x 99.23/11.25). PEBBLEPEBBLE PROJECT PROJECT Pebble Deposit Inferred Resources

22 PORPHYRY DEPOSITS RECENTLY PLACED INTO PRODUCTION

Million Gold Copper Moly CuEQ1 Deposit Location Owner Tonnes g/t % % %

Kemess Canada Northgate 200 0.63 0.22 - 0.62 South

Cadia Australia Newcrest 204 0.73 0.17 - 0.64 Batu Hijau Indonesia Newmont 914 0.41 0.52 - 0.78

Los Chile Antofagasta 2,074 - 0.65 0.017 0.75 Pelambres

1 Copper-equivalent calculations use the same metal prices and conversion formula as employed by Norwest for the Pebble deposit inferred resources estimate. CuEQ = Cu(%) + (Au(g/t) x 11.25/17.64) + (Mo(%) x 99.23/17.64).

2 Pebble USA NDM 2,114 0.33 0.30 0.016 0.61 2 Pebble USA NDM 420 0.47 0.42 0.021 0.85

2 Resources in Stage 3 Pit at 0.30% and 0.70% CuEQ cut-offs. PEBBLEPEBBLE PROJECT PROJECT New Mines

23 LOW COST MINING

PlanView NE

SW Pebble

Deposit

039

3085 091

3095 099

048

3093 055

080 3097 094

026 081

057 3

3 3078 300m 300m

3070 200m 3098 200m

3083 3089

100m 3082 100m 3105

0m 3116 0m

Stage 2 Pit Stage 3 Pit Waste : Ore Ratio: 0.29:1 Waste : Ore Ratio 0.15:1 Stage 1 Pit Legend Waste : Ore Ratio 0.10:1

> 0.30% Cu Equivalent 500 metres > 0.50% Cu Equivalent Life of Mine Waste : Ore Ratio is 0.23:1 > 0.70% Cu Equivalent 1500 feet

PEBBLEPEBBLE PROJECT PROJECT Deposit Cross Section

24 25 CONTINUOUS GOLD-COPPER-MOLY MINERALIZATION

Drill Core Samples Location UTM NAD 27Comment Direction / Length Drill Hole Information Logged By A.M. Buddington Easting 371,174.20 Porphyry Azimuth 2° Number 048 delineation & infill Laboratory ALSChemex Northing 6,642,313.40 Inclination -90 ° Zone Pebble - Main File No. A9116834,A9117065 Elevation 372.50 Length 800 Feet Operator Cominco American

Sample Interval (feet) Sample Au Cu Mo Ag Pb Zn Cu EQ1 Sample Lithology Number g/t % ppm ppm ppm ppm % Method From To Int. 0 35 35.0 NS Overburden Not Sampled 35 45 10.0 437188 0.7250.030 188 2.0 12 8 0.616 Granodiorite 1/2 Core Split 45 55 10.0 437189 0.7000.080 214 3.2 26 6 0.676 Granodiorite 1/2 Core Split 55 65 10.0 437190 0.5100.060 176 2.6 10 12 0.508 Granodiorite 1/2 Core Split 65 75 10.0 437191 0.4450.060 207 2.4 26 16 0.482 Granodiorite 1/2 Core Split 75 85 10.0 437192 0.5200.030 70 2.8 4 24 0.427 Granodiorite 1/2 Core Split 85 95 10.0 437193 0.4900.060 157 12.0 312 48 0.570 Granodiorite 1/2 Core Split 95 105 10.0 437194 0.4750.250 181 6.6 212 86 0.715 Granodiorite 1/2 Core Split 105 115 10.0 437195 0.7350.460 177 2.2 38 52 1.048 Granodiorite 1/2 Core Split 115 125 10.0 437196 0.7450.960 215 3.0 20 50 1.583 Granodiorite 1/2 Core Split 125 135 10.0 437197 0.5700.940 216 2.0 8 52 1.443 Granodiorite 1/2 Core Split 135 145 10.0 437198 0.9151.480 357 3.2 6 64 2.293 Granodiorite 1/2 Core Split 145 155 10.0 437199 0.3950.980 188 2.4 8 60 1.360 Granodiorite 1/2 Core Split 155 163 8.0 437200 0.7651.090 342 2.8 6 90 1.796 Granodiorite 1/2 Core Split 163 172 9.0 437201 0.3550.720 171 2.4 32 152 1.065 Fault 1/2 Core Split 172 180 8.0 437202 0.3550.440 142 1.4 4 50 0.759 Fault 1/2 Core Split 180 190 10.0 437203 0.3350.330 168 2.2 222 2470 0.658 Granodiorite 1/2 Core Split 190 200 10.0 437204 0.7100.750 365 3.2 4 68 1.437 Granodiorite 1/2 Core Split 200 210 10.0 437205 0.7100.760 209 2.8 6 78 1.356 Granodiorite 1/2 Core Split 210 220 10.0 437206 0.2650.270 294 1.4 2 92 0.617 Granodiorite 1/2 Core Split 220 230 10.0 437207 0.3150.260 361 1.0 2 150 0.673 Granodiorite 1/2 Core Split 230 240 10.0 437208 0.5550.550 377 2.0 4 120 1.134 Granodiorite 1/2 Core Split 240 250 10.0 437209 0.5000.610 242 1.8 2 118 1.081 Granodiorite 1/2 Core Split 250 260 10.0 437210 0.9700.970 245 3.4 4 152 1.757 Granodiorite 1/2 Core Split 260 270 10.0 437211 1.8502.620 316 82.0 1845 1630 4.726 Granodiorite 1/2 Core Split 270 280 10.0 437212 1.1901.250 480 4.4 22 150 2.319 Granodiorite 1/2 Core Split 280 290 10.0 437213 0.7800.710 231 2.0 4 96 1.355 Granodiorite 1/2 Core Split 290 300 10.0 437214 0.8600.760 295 2.4 <2 80 1.496 Granodiorite 1/2 Core Split 300 310 10.0 437215 0.9300.850 705 2.4 2 72 1.862 Granodiorite 1/2 Core Split 310 320 10.0 437216 1.6901.240 320 3.6 6 64 2.531 Granodiorite 1/2 Core Split 320 330 10.0 437217 1.4401.310 248 4.0 <2 68 2.404 Granodiorite 1/2 Core Split 330 340 10.0 437218 0.7200.770 383 2.6 <2 74 1.469 Granodiorite 1/2 Core Split 340 350 10.0 437219 0.6600.510 246 1.2 4 92 1.080 Granodiorite 1/2 Core Split 350 360 10.0 437220 0.4200.670 583 2.0 6 82 1.284 Granodiorite 1/2 Core Split 360 370 10.0 437221 0.5900.540 174 1.8 4 92 1.030 Granodiorite 1/2 Core Split 370 380 10.0 437222 0.3300.440 619 1.8 2 78 1.015 Granodiorite 1/2 Core Split 380 390 10.0 437223 0.9250.370 62 1.2 2 64 1.006 Granodiorite 1/2 Core Split

"CuEQ=Cu(%)+Au(g/t)*(11.25/17.64)+Mo(ppm)*(99.23/17.64)+Ag(g/t)*(0.1608/17.64)" Pg 1 of 3 26 CONTINUOUS GOLD-COPPER-MOLY MINERALIZATION

Sample Interval (feet) Sample Au Cu Mo Ag Pb Zn Cu EQ1 Sample Lithology Number g/t % ppm ppm ppm ppm % Method From To Int. 390 400 10.0 437224 0.8600.520 191 1.8 6 112 1.192 Granodiorite 1/2 Core Split 400 410 10.0 437225 0.6200.540 214 1.8 4 106 1.072 Granodiorite 1/2 Core Split 410 420 10.0 437226 0.3900.800 125 2.6 40 386 1.143 Granodiorite 1/2 Core Split 420 430 10.0 437227 0.4500.490 310 4.2 86 1240 0.989 Granodiorite 1/2 Core Split 430 440 10.0 437228 0.9300.450 190 1.4 2 32 1.163 Granodiorite 1/2 Core Split 440 450 10.0 437229 0.5400.470 293 1.2 20 74 0.990 Granodiorite 1/2 Core Split 450 460 10.0 437230 0.4200.300 359 1.0 14 70 0.779 Granodiorite 1/2 Core Split 460 470 10.0 437231 0.4100.420 235 0.8 4 34 0.821 Granodiorite 1/2 Core Split 470 480 10.0 437232 0.3150.500 393 1.0 6 52 0.931 Granodiorite 1/2 Core Split 480 490 10.0 437233 0.1850.320 313 0.6 12 42 0.619 Granodiorite 1/2 Core Split 490 500 10.0 437234 0.1850.410 275 1.0 10 28 0.692 Granodiorite 1/2 Core Split 500 510 10.0 437235 0.2650.500 453 1.0 <2 22 0.933 Granodiorite 1/2 Core Split 510 520 10.0 437236 0.1150.030 28 0.6 8 42 0.124 Granodiorite 1/2 Core Split 520 530 10.0 437237 0.3150.060 225 <0.2 6 48 0.388 Granodiorite 1/2 Core Split 530 540 10.0 437238 0.3300.420 635 1.2 2 28 0.999 Granodiorite 1/2 Core Split 540 550 10.0 437239 0.3350.410 402 1.2 <2 22 0.861 Granodiorite 1/2 Core Split 550 560 10.0 437240 0.4700.600 283 1.6 2 32 1.074 Granodiorite 1/2 Core Split 560 570 10.0 437241 0.3600.320 376 1.0 <2 20 0.770 Granodiorite 1/2 Core Split 570 580 10.0 437242 0.3150.410 350 1.0 2 24 0.817 Granodiorite 1/2 Core Split 580 590 10.0 437243 0.3350.360 413 1.2 6 32 0.817 Granodiorite 1/2 Core Split 590 600 10.0 437244 0.3400.550 302 2.0 6 48 0.955 Granodiorite 1/2 Core Split 600 610 10.0 437245 0.3900.280 859 2.4 52 174 1.034 Granodiorite 1/2 Core Split 610 620 10.0 437246 0.3400.360 255 1.4 4 24 0.733 Granodiorite 1/2 Core Split 620 630 10.0 437247 0.4300.370 200 1.4 6 22 0.770 Granodiorite 1/2 Core Split 630 640 10.0 437248 0.4500.450 289 1.2 6 22 0.911 Granodiorite 1/2 Core Split 640 650 10.0 437249 0.3200.350 349 0.8 <2 32 0.757 Granodiorite 1/2 Core Split 650 660 10.0 437251 0.1900.310 799 <0.2 4 52 0.882 Granodiorite 1/2 Core Split 660 670 10.0 437252 0.3100.310 197 0.2 6 32 0.621 Granodiorite 1/2 Core Split 670 680 10.0 437253 0.2450.260 473 0.2 2 22 0.684 Granodiorite 1/2 Core Split 680 690 10.0 437254 0.2500.400 679 0.8 8 42 0.948 Granodiorite 1/2 Core Split 690 700 10.0 437255 0.5050.370 200 0.4 4 40 0.809 Granodiorite 1/2 Core Split 700 710 10.0 437256 0.4500.510 225 1.4 14 46 0.937 Granodiorite 1/2 Core Split 710 720 10.0 437257 0.1350.250 181 1.0 22 70 0.447 Granodiorite 1/2 Core Split 720 730 10.0 437258 0.1700.290 240 1.0 6 26 0.542 Granodiorite 1/2 Core Split 730 740 10.0 437259 0.2900.290 119 1.0 12 36 0.551 Granodiorite 1/2 Core Split 740 750 10.0 437260 0.4350.440 290 1.8 2 32 0.897 Granodiorite 1/2 Core Split 750 760 10.0 437261 0.2300.320 326 1.4 16 40 0.663 Granodiorite 1/2 Core Split

"CuEQ=Cu(%)+Au(g/t)*(11.25/17.64)+Mo(ppm)*(99.23/17.64)+Ag(g/t)*(0.1608/17.64)" Pg 2 of 3 27 CONTINUOUS GOLD-COPPER-MOLY MINERALIZATION

Sample Interval (feet) Sample Au Cu Mo Ag Pb Zn Cu EQ1 Sample Lithology Number g/t % ppm ppm ppm ppm % Method From To Int. 760 770 10.0 437262 0.2000.240 270 1.0 24 34 0.528 Granodiorite 1/2 Core Split 770 780 10.0 437263 0.4100.370 101 1.6 2 34 0.703 Granodiorite 1/2 Core Split 780 790 10.0 437264 0.4150.390 181 2.0 6 32 0.774 Granodiorite 1/2 Core Split 790 800 10.0 437265 0.2750.250 89 0.8 6 28 0.482 Granodiorite 1/2 Core Split

Entire Drill Hole - Weighted Average Analytical Results

Sampled Interval (feet) Interval Au Cu Mo Ag Pb Zn Cu EQ From To Int. Metres g/t % ppm ppm ppm ppm % 35.0 800.0 765.0233.17 0.5240.516 294 3 43 130 1.043

"CuEQ=Cu(%)+Au(g/t)*(11.25/17.64)+Mo(ppm)*(99.23/17.64)+Ag(g/t)*(0.1608/17.64)" Pg 3 of 3 NDM2004 PROGRAM

OBJECTIVE:

Advance the Pebble project to enable the completion in 2005 of a Bankable Feasibility Study and the submission of permit applications to construct a major mine.

PROGRAM:

Infill drilling to upgrade resources to measured and indicated categories to finalize open pit mine planning

Extensional drilling to further define the extent of the deposit and its higher-grade areas

Data collection to facilitate the design and engineering of processing, tailings, infrastructure and all other project facilities

Environmental and socio-economic baseline data collection and studies to prepare permit applications

PEBBLEPEBBLE PROJECT PROJECT Advancing Towards Production

28 DEVELOPING MEASURED AND INDICATED RESOURCES

) Stage 3 Pit

# # # Resource Lands # ) # Gravel # # # # Cover # # # # ) 30 ) ) ) Stage 1 Pit # # ) ) # # # ) # # # # # ) ) ) ) ) # ) ) ) # # # # 20 ) ) # # # # # # # # # ) ) ) ) ) # # ) ) #) # # 10 )# # # ) ) # # # ) ) ) ) # # # # ) # # ) ) # # ) # ) # # # ) ) # # # # ) ) ) ) # )) ) # # ) ) ) # 5 # # # # # # # ) ) ) # # ) ) ) ) # # # ) # # # ) # 0 ) ) ) ) ) ) ) # ) # # ) #) ) ) # # ) ) # # #) # # # # ) # ) # ) ) # ) ) # ) ) ) ) ) ) ) # ) ) ) # ) # # ) # metres ) # ) ) ) ) ) ) ) # # ) # ) ) # ) # # # # ) # ) ) ) ) ) ) # # ) ) ) ) ))# ) )## ) # ) ) # ) ) ) ) # # # # #) ) # # ) ) ) # ) ) ) ) ) ) # ) # # ) ) ) )# ) ) # ) # ) # # ) # # Legend # # ) ) # ) # ) ) # ) # ) ) # ) Drilled Before 2004 ) # ) # # # # ) # # # Drilled In 2004 # # # ) # # # ) # # 500 metres

Stage 2 Pit 1500 feet

PEBBLEPEBBLE PROJECT PROJECT 2004 Drilling Plan

29 30

2004 DRILL HOLE PLAN

Exploration Lands 4224 Resource Lands

4183

4246 4160 4163 4208 Stage 1 Pit* 4168 4166 4251 EAST

(429M tonnes) 4247 ZONE 4241 4170 4172 4173 4243 4253 4242 4235 OPEN 4174 4244 4178 4252 4207 4267M 4234 4236 4196 4199 4197 4181 4245 42294226 4237 4250 4295M 4198 4200 4276M 4282 4221 4240 4257 4265M 4217 4210 4216 4275M4259 4254 4204 4139 4279 4205 OPEN 4222 4219 4227 4231 4214 4256 4258

OPEN 4202 4203 4284 4270M 4261 4302 4266M 4269M 4260 4149 4287M 4215 4262 4301 4273 4186 4143 A' 4201 4194 4195 4239 4255 4188 4187 4218 4213 41474145 4278M A 4211 4192 4144 4293 4300 4140 4285 4137 4175 41824290M 4150 4189 4193 4169 4191 4212 4148 4154 4180 4153 4190 4292 4303 4277M 4176 4136 4146 4155 4179 41514152 4248 4138 4157 4171 4159 OPEN 4167 4309 4162 4156 4304 4165 4161 4164 4141 4158

4249

Norwest Resource 4272 Estimate Outline 500 metres February 2004 2000 feet

4274 4283 OPEN LEGEND Holes Drilled in 2004 Holes Drilled To December 31, 2003

* Outline of Stage 1 Pit developed for the preliminary assessment of the Pebble Gold-Copper- Molybdenum Project, November, 2004 (see www.sedar.com).

PEBBLEPEBBLE PROJECT PROJECT Drill Hole Plan 31 ASSAY RESULTS FOR2004 DRILL HOLES

Drill Hole From To Int Int Au Cu Mo CuEQ Number (m) (m) (m) (ft) g/t % % % 4136 149.4 313.9 164.6 540 0.40 0.42 0.020 0.79 4136 Incl. 234.7 301.8 67.1 220 0.59 0.48 0.020 0.97 4137 32.0 381.6 349.6 1147 0.39 0.36 0.022 0.73 4137 Incl. 166.7 310.0 143.3 470 0.54 0.52 0.028 1.02 4138 39.6 303.9 264.3 867 0.42 0.31 0.023 0.71 4138 Incl. 114.0 194.8 80.8 265 0.68 0.42 0.029 1.01 4139 25.6 154.8 129.2 424 0.51 0.42 0.014 0.83 4140 6.1 200.3 194.2 637 0.37 0.30 0.014 0.62 4140 Incl. 87.5 162.8 75.3 247 0.52 0.36 0.014 0.77 4141 28.0 44.8 16.8 55 1.96 0.03 0.001 1.28 4141 142.3 163.7 21.3 70 1.28 0.10 0.002 0.93 4141 266.1 325.8 59.7 196 0.43 0.37 0.015 0.73 4142 24.4 283.2 258.8 849 0.68 0.44 0.019 0.98 4142 Incl. 24.4 45.4 21.0 69 0.50 0.61 0.044 1.18 4142 Incl. 130.8 234.4 103.6 340 1.11 0.52 0.018 1.33 4143 24.1 54.6 30.5 100 0.32 0.31 0.015 0.60 4143 134.1 197.8 63.7 209 0.40 0.36 0.018 0.71 4143 231.7 258.8 27.1 89 0.33 0.35 0.034 0.75 4144 157.0 292.3 135.3 444 0.37 0.34 0.019 0.68 4144 Incl. 222.2 292.3 70.1 230 0.50 0.42 0.025 0.88 4145 21.0 280.1 259.1 850 0.68 0.55 0.037 1.20 4145 Incl. 85.0 249.6 164.6 540 0.88 0.69 0.050 1.54 4145 Incl. 106.4 249.6 143.3 470 0.93 0.74 0.053 1.63 4146 29.3 142.7 113.4 372 0.45 0.34 0.018 0.72 4146 Incl. 69.5 142.7 73.2 240 0.46 0.38 0.022 0.80 4147 24.1 185.6 161.5 530 0.80 0.40 0.010 0.96 4147 Incl. 60.7 161.2 100.6 330 0.99 0.42 0.011 1.11 4148 18.3 78.9 60.7 199 0.46 0.38 0.019 0.78 4148 Incl. 18.3 51.5 33.2 109 0.50 0.43 0.025 0.88 4148 179.5 213.1 33.5 110 0.36 0.38 0.010 0.66 4149 171.6 473.4 301.8 990 0.49 0.46 0.026 0.92 4149 Incl. 171.6 407.8 236.2 775 0.54 0.51 0.027 1.01 4150 39.3 60.7 21.3 70 0.54 0.32 0.008 0.71 4150 88.1 241.1 153.0 502 0.42 0.32 0.014 0.67 4151 48.5 78.9 30.5 100 0.27 0.25 0.013 0.50 4152 48.5 78.9 30.5 100 0.30 0.19 0.010 0.44 4153 72.5 261.5 189.0 620 0.30 0.27 0.013 0.54 4153 Incl. 72.5 93.9 21.3 70 0.56 0.36 0.010 0.78 4154 24.1 66.8 42.7 140 0.60 0.21 0.001 0.60 4154 208.3 289.3 80.9 266 0.33 0.39 0.015 0.68 4155 185.6 310.6 125.0 410 0.42 0.46 0.018 0.83 4156 Anomalous results, 0.35% CuEQ over hole length of 117 feet. 32 ASSAY RESULTS FOR2004 DRILL HOLES

Drill Hole From To Int Int Au Cu Mo CuEQ Number (m) (m) (m) (ft) g/t % % % 4157 Anomalous results, 0.22% CuEQ over hole length of 150 feet. 4158 127.7 155.1 27.4 90 0.58 0.24 0.008 0.65 4158 225.6 310.6 85.0 279 0.63 0.42 0.009 0.88 4159 Anomalous results, 0.27% CuEQ, over hole length of 124 feet. 4160 75.3 105.2 29.9 98 0.47 0.29 0.005 0.62 4161 48.5 85.8 37.3 123 0.52 0.33 0.010 0.72 4161 167.3 205.1 37.8 124 0.51 0.35 0.009 0.72 4162 39.3 143.0 103.6 340 0.56 0.29 0.018 0.75 4162 152.1 216.1 64.0 210 0.32 0.28 0.019 0.60 4163 22.6 212.8 190.2 624 0.42 0.30 0.011 0.63 4164 39.6 185.4 145.8 478 0.38 0.29 0.018 0.63 4164 229.3 271.0 41.7 137 0.27 0.33 0.011 0.57 4165 25.5 330.7 305.3 1002 0.48 0.32 0.015 0.71 4165 Incl. 25.5 57.9 32.5 107 0.43 0.45 0.011 0.78 4165 Incl. 266.7 330.7 64.0 210 0.75 0.30 0.014 0.85 4166 15.2 118.6 103.3 339 0.63 0.37 0.007 0.81 4167 Anomalous results, 0.28% CuEQ over hole length of 899 feet. 4168 36.3 197.8 161.5 530 0.46 0.29 0.006 0.62 4169 27.7 228.3 200.6 658 0.48 0.32 0.014 0.70 4169 Incl. 143.0 213.1 70.1 230 0.58 0.36 0.018 0.83 4170 21.0 161.2 140.2 460 0.41 0.31 0.006 0.61 4170 Incl. 127.3 161.2 34.0 112 0.46 0.39 0.010 0.73 4171 136.9 286.2 149.4 490 0.25 0.28 0.009 0.50 4172 63.1 289.9 226.8 744 0.67 0.34 0.010 0.83 4172 Incl. 63.1 207.0 143.9 472 0.85 0.38 0.011 0.98 4173 104.9 182.3 77.4 254 0.48 0.40 0.016 0.79 4174 Abandoned, no core, redrilled as 4177. 4175 145.5 214.3 68.7 226 0.23 0.29 0.023 0.56 4175 145.5 162.5 16.9 56 0.31 0.39 0.022 0.71 4175 255.4 295.1 39.6 130 0.25 0.33 0.029 0.65 4176 132.6 207.0 74.4 244 0.35 0.35 0.007 0.61 4177 83.5 134.7 51.3 168 0.48 0.29 0.011 0.66 4178 21.3 330.1 308.8 1013 0.26 0.31 0.019 0.58 4178 Incl. 48.5 124.7 76.2 250 0.38 0.38 0.020 0.73 4179 30.2 57.6 27.4 90 0.41 0.36 0.011 0.68 4180 124.7 216.1 91.4 300 0.45 0.34 0.011 0.69 4181 163.7 274.0 110.3 362 0.75 0.33 0.022 0.93 4182 24.4 307.2 282.9 928 0.39 0.41 0.031 0.83 4182 Incl. 196.6 285.9 89.3 293 0.43 0.49 0.047 1.03 4183 91.1 191.7 100.6 330 0.48 0.26 0.006 0.60 4184 30.5 216.1 185.6 609 0.28 0.31 0.027 0.64 4184 Incl. 30.5 115.5 85.0 279 0.33 0.37 0.025 0.72 33 ASSAY RESULTS FOR2004 DRILL HOLES

Drill Hole From To Int Int Au Cu Mo CuEQ Number (m) (m) (m) (ft) g/t % % % 4185 33.5 179.5 146.0 479 0.37 0.30 0.006 0.57 4186 28.7 151.8 123.1 404 0.40 0.51 0.035 0.96 4186 Incl. 82.0 133.2 51.2 168 0.54 0.60 0.044 1.19 4187 31.1 170.7 139.6 458 0.39 0.61 0.057 1.19 4187 Incl. 42.7 118.9 76.2 250 0.47 0.86 0.063 1.51 4188 181.5 426.4 244.9 804 0.55 0.47 0.031 1.00 4188 Incl. 216.1 368.5 152.4 500 0.65 0.57 0.032 1.16 4189 12.2 296.9 284.7 934 0.34 0.39 0.025 0.75 4189 Incl. 12.2 76.5 64.3 211 0.73 0.81 0.081 1.73 4190 12.5 96.9 84.4 277 0.55 0.42 0.023 0.90 4191 57.3 118.3 61.0 200 0.43 0.33 0.009 0.66 4192 103.3 122.6 19.3 63 0.47 0.36 0.022 0.78 4193 69.8 128.9 59.1 194 0.54 0.30 0.009 0.70 4194 18.0 64.9 46.9 154 0.72 0.51 0.011 1.04 4194 64.9 320.0 255.1 837 0.22 0.27 0.018 0.51 4194 Incl. 277.1 320.0 43.0 141 0.36 0.36 0.027 0.74 4195 30.2 112.5 82.3 270 0.33 0.34 0.028 0.71 4196 36.3 249.6 213.4 700 0.45 0.47 0.014 0.84 4196 Incl. 66.8 249.6 182.9 600 0.48 0.49 0.015 0.88 4196 Incl. 144.8 188.7 43.9 144 0.61 0.63 0.015 1.09 4197 18.0 45.2 27.2 89 0.50 0.34 0.004 0.69 4197 79.6 228.3 148.7 488 0.27 0.31 0.011 0.55 4198 38.4 106.4 68.0 223 0.40 0.45 0.013 0.78 4198 121.0 154.2 33.2 109 0.24 0.40 0.014 0.63 4198 204.2 286.2 82.0 269 0.31 0.40 0.013 0.67 4199 25.3 37.5 12.2 40 0.47 0.39 0.003 0.70 4199 53.2 199.5 146.3 480 0.48 0.48 0.011 0.85 4199 Incl. 96.0 148.3 52.3 172 0.65 0.65 0.013 1.13 4200 23.3 264.9 241.6 793 0.31 0.34 0.012 0.60 4200 Incl. 216.1 264.9 48.8 160 0.40 0.49 0.009 0.80 4201 39.6 128.0 88.4 290 0.26 0.41 0.029 0.74 4201 Incl. 42.7 73.2 30.5 100 0.29 0.55 0.026 0.87 4202 51.8 221.9 170.1 558 0.21 0.35 0.027 0.64 4202 Incl. 51.8 81.4 29.6 97 0.21 0.53 0.031 0.84 4203 17.7 109.1 91.4 300 0.41 0.51 0.067 1.15 4203 133.5 182.3 48.8 160 0.24 0.41 0.032 0.74 4204 28.4 200.0 171.6 563 0.39 0.53 0.039 1.01 4204 Incl. 28.4 135.9 107.6 353 0.49 0.68 0.035 1.19 4205 17.7 310.3 289.6 950 0.39 0.36 0.016 0.70 4205 Incl. 44.8 78.6 33.8 111 0.45 0.48 0.012 0.83 4205 Incl. 197.2 231.0 33.8 111 0.44 0.46 0.022 0.86 4206 65.8 189.9 124.1 407 0.46 0.36 0.017 0.75 34 ASSAY RESULTS FOR2004 DRILL HOLES

Drill Hole From To Int Int Au Cu Mo CuEQ Number (m) (m) (m) (ft) g/t % % % 4206 Incl. 74.1 104.6 30.5 100 0.54 0.40 0.015 0.83 4206 Incl. 159.4 189.9 30.5 100 0.46 0.41 0.021 0.82 4207 33.7 395.6 362.0 1188 0.32 0.41 0.016 0.71 4207 Incl. 55.6 107.6 52.0 171 0.51 0.51 0.014 0.91 4207 Incl. 122.5 167.0 44.5 146 0.49 0.56 0.013 0.94 4208 14.3 337.4 323.1 1060 0.43 0.26 0.008 0.58 4208 Incl. 14.3 191.1 176.8 580 0.43 0.27 0.009 0.60 4208 Incl. 14.3 127.1 112.8 370 0.45 0.29 0.008 0.62 4209 Anomalous results, 0.41% CuEQ over hole length of 931.5 feet. 4210 184.7 368.2 183.5 602 0.43 0.53 0.018 0.90 4210 Incl. 184.7 282.9 98.2 322 0.51 0.65 0.021 1.09 4211 27.1 97.2 70.1 230 0.51 0.27 0.012 0.67 4211 Incl. 63.7 97.2 33.5 110 0.59 0.33 0.012 0.77 4212 11.9 166.1 154.2 506 0.45 0.37 0.012 0.72 4212 Incl. 11.9 30.2 18.3 60 0.68 0.54 0.005 1.00 4213 12.5 23.5 11.0 36 0.58 0.46 0.011 0.89 4213 60.7 133.8 73.2 240 0.32 0.29 0.021 0.61 4214 7.9 310.6 302.7 993 0.29 0.31 0.024 0.63 4214 7.9 60.7 52.7 173 0.45 0.55 0.038 1.06 4215 39.3 146.0 106.7 350 0.26 0.27 0.022 0.56 4216 9.1 286.2 277.1 909 0.31 0.28 0.020 0.60 4216 Incl. 9.1 79.6 70.4 231 0.45 0.34 0.017 0.72 4216 Incl. 225.3 286.2 61.0 200 0.31 0.33 0.030 0.70 4217 9.1 210.0 200.9 659 0.29 0.34 0.015 0.61 4217 Incl. 9.1 86.3 77.1 253 0.42 0.42 0.015 0.78 4218 18.3 57.8 39.5 130 1.24 0.64 0.008 1.48 4218 165.2 231.3 66.1 217 0.32 0.39 0.019 0.70 4219 11.9 289.3 277.4 910 0.30 0.36 0.013 0.62 4219 Incl. 14.9 48.2 33.2 109 0.43 0.47 0.012 0.81 4219 Incl. 200.3 271.6 71.3 234 0.30 0.51 0.017 0.79 4220 30.2 277.1 246.9 810 0.45 0.50 0.021 0.91 4220 Incl. 30.2 216.1 185.9 610 0.48 0.54 0.022 0.98 4221 17.7 261.5 243.8 800 0.43 0.56 0.028 0.99 4221 Incl. 17.7 185.3 167.6 550 0.50 0.64 0.030 1.13 4222 23.8 185.9 162.2 532 0.36 0.57 0.047 1.06 4222 Incl. 23.8 100.0 76.2 250 0.48 0.86 0.033 1.35 4223 32.9 123.4 90.5 297 0.28 0.34 0.040 0.74 4223 Incl. 45.1 72.5 27.4 90 0.38 0.55 0.074 1.21 4224 Anomalous results, 0.11% CuEQ over hole length of 120 feet. 4225 Anomalous results, 0.29% CuEQ over hole length of 370 feet. 4226 6.1 26.7 20.6 68 0.34 0.48 0.011 0.75 4226 66.8 130.8 64.0 210 0.37 0.35 0.009 0.64 35 ASSAY RESULTS FOR2004 DRILL HOLES

Drill Hole From To Int Int Au Cu Mo CuEQ Number (m) (m) (m) (ft) g/t % % % 4226 188.7 274.0 85.3 280 0.47 0.45 0.015 0.84 4226 Incl. 216.1 274.0 57.9 190 0.55 0.51 0.017 0.95 4227 9.1 84.3 75.1 247 0.58 0.40 0.012 0.84 4228 10.1 33.8 23.8 78 0.64 0.68 0.008 1.13 4229 29.6 213.1 183.5 602 0.33 0.38 0.013 0.67 4229 Incl. 36.1 146.0 109.9 361 0.40 0.42 0.014 0.75 4230 9.1 42.4 33.2 109 0.57 0.47 0.009 0.88 4230 56.1 80.5 21.6 71 0.73 0.39 0.015 0.94 4230 130.8 219.2 88.4 290 0.30 0.34 0.023 0.66 4230 249.6 299.6 50.0 164 0.34 0.41 0.012 0.69 4231 6.4 103.3 96.9 318 0.43 0.44 0.026 0.86 4231 Incl. 6.4 75.9 69.5 228 0.52 0.51 0.021 0.96 4231 146.0 225.3 79.3 260 0.35 0.34 0.020 0.68 4232 11.9 109.4 97.5 320 0.45 0.26 0.013 0.62 4232 179.5 280.1 100.6 330 0.61 0.41 0.015 0.89 4233 4.6 18.0 13.4 44 0.45 0.47 0.016 0.84 4233 48.5 69.8 21.3 70 0.56 0.48 0.018 0.94 4233 88.1 108.7 20.6 68 0.68 0.38 0.008 0.85 4234 18.3 152.1 133.8 439 0.62 0.37 0.007 0.81 4234 Incl. 18.3 45.4 27.1 89 0.73 0.49 0.006 0.98 4234 Incl. 91.4 152.1 60.7 199 0.83 0.35 0.008 0.92 4235 51.5 89.3 37.8 124 0.27 0.38 0.006 0.59 4236 9.1 249.6 240.5 789 0.41 0.33 0.011 0.66 4236 71.6 115.5 43.9 144 0.72 0.37 0.009 0.89 4237 7.3 78.9 71.6 235 0.36 0.35 0.014 0.67 4238 6.7 267.9 261.2 857 0.36 0.32 0.022 0.67 4238 63.7 91.1 27.4 90 0.58 0.41 0.018 0.88 4238 228.3 255.7 27.4 90 0.46 0.42 0.044 0.97 4239 13.7 149.1 135.3 444 0.48 0.34 0.020 0.76 4239 Incl. 13.7 36.3 22.6 74 0.63 0.38 0.009 0.83 4239 Incl. 45.4 83.8 38.4 126 0.74 0.43 0.024 1.03 4240 9.1 109.4 100.3 329 0.45 0.39 0.014 0.75 4240 Incl. 9.1 78.9 69.8 229 0.53 0.45 0.015 0.87 4241 Anomalous results, 0.06% CuEQ over hole length of 349 feet. 4242 Anomalous results, 0.18% CuEQ over hole length of 669 feet. 4243 Anomalous results, 0.19% CuEQ over hole length of 399 feet. 4244 27.1 182.6 155.5 510 0.37 0.40 0.018 0.73 4244 Incl. 60.7 182.6 121.9 400 0.33 0.45 0.019 0.76 4244 Incl. 152.1 182.6 30.5 100 0.44 0.59 0.016 0.96 4245 36.3 115.5 79.3 260 0.31 0.38 0.020 0.69 4245 Incl. 36.3 75.9 39.6 130 0.37 0.43 0.023 0.79 4246 Anomalous results, 0.26% CuEQ over hole length of 652 feet. 36 ASSAY RESULTS FOR2004 DRILL HOLES

Drill Hole From To Int Int Au Cu Mo CuEQ Number (m) (m) (m) (ft) g/t % % % 4247 Anomalous results, 0.12% CuEQ over hole length of 489 feet. 4248 81.7 89.9 8.2 27 0.44 0.41 0.021 0.81 4249 Anomalous results, 0.18% CuEQ over hole length of 664 feet. 4250 261.8 304.2 42.4 139 0.62 0.43 0.010 0.89 4251 213.4 282.9 69.5 228 0.33 0.32 0.007 0.57 4252 Anomalous results, 0.29% CuEQ over hole length of 409 feet. 4253 84.4 127.7 43.3 142 0.12 0.40 0.004 0.50 4254 12.2 170.4 158.2 519 0.35 0.30 0.023 0.66 4254 Incl. 12.2 100.3 88.1 289 0.40 0.32 0.026 0.72 4255 39.3 57.6 18.3 60 0.55 0.17 0.002 0.53 4256 8.8 36.3 27.4 90 0.48 0.36 0.008 0.71 4256 45.4 88.1 42.7 140 0.33 0.29 0.013 0.57 4256 108.5 152.1 43.6 143 0.30 0.29 0.026 0.63 4257 6.1 103.3 97.2 319 0.47 0.36 0.018 0.75 4257 Incl. 36.3 78.9 42.7 140 0.56 0.34 0.019 0.81 4258 12.8 139.9 127.1 417 0.47 0.31 0.015 0.69 4258 Incl. 12.8 91.1 78.3 257 0.61 0.35 0.016 0.83 4258 Incl. 33.8 57.6 23.8 78 1.09 0.47 0.011 1.23 4259 9.1 213.1 203.9 669 0.25 0.28 0.019 0.54 4259 Incl. 9.1 27.1 18.0 59 0.29 0.45 0.015 0.72 4260 33.2 155.1 121.9 400 0.52 0.22 0.009 0.60 4260 Incl. 103.3 115.5 12.2 40 0.68 0.33 0.014 0.84 4260 Incl. 146.0 155.1 9.1 30 0.78 0.44 0.020 1.05 4261 10.1 27.1 17.1 56 0.31 0.43 0.011 0.69 4261 54.6 88.1 33.5 110 0.31 0.38 0.020 0.69 4262 11.9 213.1 198.4 651 0.43 0.28 0.019 0.66 4262 Incl. 75.6 94.2 18.6 61 0.88 0.31 0.027 1.02 4263 30.8 201.2 170.4 559 0.33 0.41 0.050 0.90 4263 Incl. 30.8 159.7 128.9 423 0.35 0.46 0.058 1.00 4264 12.5 41.2 28.7 94 0.67 0.24 0.014 0.74 4265 103.3 202.4 98.8 324 0.80 0.40 0.019 1.01 4265 Incl. 162.5 202.4 39.9 131 1.01 0.61 0.023 1.39 4266 25.6 111.0 85.3 280 0.50 0.34 0.014 0.74 4267 31.9 202.7 170.8 561 0.27 0.52 0.020 0.81 4267 Incl. 41.2 115.5 74.4 244 0.29 0.60 0.017 0.88 4268 Anomalous results, 0.42% CuEQ over hole length of 272 feet. 4269 14.0 202.4 188.4 618 0.35 0.38 0.030 0.77 4269 Incl. 14.0 82.1 68.1 224 0.58 0.60 0.033 1.15 4270 17.4 245.4 228.0 748 0.47 0.50 0.022 0.93 4270 Incl. 17.4 151.3 134.0 440 0.57 0.57 0.023 1.06 4271 6.4 152.4 146.0 479 0.88 0.70 0.013 1.34 4272 124.7 188.7 64.0 210 0.42 0.23 0.013 0.57 37 ASSAY RESULTS FOR2004 DRILL HOLES

Drill Hole From To Int Int Au Cu Mo CuEQ Number (m) (m) (m) (ft) g/t % % % 4273 Anomalous results, 0.34% CuEQ over hole length of 889 feet. 4274 Anomalous results, 0.18% CuEQ over hole length of 936 feet. 4275 5.5 174.5 169.0 555 0.30 0.29 0.019 0.59 4275 Incl. 5.5 85.3 79.9 262 0.34 0.34 0.014 0.64 4275 263.7 306.3 42.7 140 0.29 0.36 0.031 0.72 4276 4.6 201.2 196.6 645 0.37 0.37 0.018 0.70 4276 Incl. 4.6 94.5 89.9 295 0.45 0.48 0.022 0.88 4277 91.4 291.4 200.0 656 0.39 0.41 0.025 0.80 4277 Incl. 91.4 134.1 42.7 140 0.62 0.34 0.044 0.98 4277 Incl. 200.0 291.4 91.4 300 0.40 0.54 0.025 0.93 4278 45.4 109.4 64.0 210 0.56 0.25 0.008 0.65 4278 141.1 249.6 108.5 356 0.43 0.29 0.019 0.67 4279 7.6 146.0 138.4 454 0.33 0.34 0.019 0.66 4279 Incl. 24.1 69.8 45.7 150 0.43 0.44 0.019 0.82 4280 10.7 191.7 178.0 584 0.36 0.26 0.013 0.56 4280 Incl. 18.0 73.5 55.5 182 0.53 0.35 0.010 0.75 4281 33.2 115.5 82.3 270 0.44 0.25 0.008 0.57 4281 Incl. 33.2 57.0 23.8 78 0.58 0.31 0.006 0.71 4282 51.5 77.3 25.8 85 0.33 0.34 0.015 0.63 4283 Anomalous results, 0.36% CuEQ over hole length of 1909 feet. 4284 248.0 566.6 318.7 1046 0.46 0.46 0.019 0.86 4284 Incl. 248.0 399.0 151.0 496 0.64 0.56 0.020 1.08 4285 6.1 41.5 35.4 116 0.70 0.31 0.002 0.77 4286 63.7 131.1 67.4 221 0.44 0.32 0.005 0.63 4286 219.5 281.6 62.2 204 0.28 0.39 0.015 0.65 4287 45.4 237.4 192.0 630 0.29 0.46 0.052 0.94 4287 Incl. 45.4 87.8 42.4 139 0.51 0.81 0.052 1.42 4288 17.4 266.4 249.0 817 0.51 0.38 0.015 0.78 4288 Incl. 164.3 266.4 102.1 335 0.54 0.46 0.016 0.89 4289 15.2 27.1 11.9 39 0.58 0.37 0.007 0.78 4289 42.4 112.5 69.8 229 0.44 0.27 0.016 0.64 4289 210.0 300.8 90.8 298 0.38 0.47 0.014 0.79 4290 35.4 67.4 32.0 105 0.42 0.28 0.011 0.61 4290 140.2 246.9 106.7 350 0.36 0.31 0.021 0.66 4291 27.4 277.1 249.6 819 0.50 0.63 0.016 1.04 4292 212.0 652.9 440.9 1447 0.38 0.43 0.029 0.84 4292 Incl. 212.0 341.1 129.1 424 0.55 0.57 0.021 1.04 4292 Incl. 603.2 652.9 49.7 163 0.48 0.53 0.023 0.97 4293 247.5 716.0 468.5 1537 0.59 0.43 0.026 0.95 4293 Incl. 247.5 411.2 163.7 537 0.86 0.61 0.020 1.26 4294 21.0 554.7 533.7 1751 0.26 0.26 0.018 0.52 4294 Incl. 21.0 305.7 284.7 934 0.36 0.34 0.012 0.64 38 ASSAY RESULTS FOR2004 DRILL HOLES

Drill Hole From To Int Int Au Cu Mo CuEQ Number (m) (m) (m) (ft) g/t % % % 4294 Incl. 21.0 44.2 23.2 76 0.78 0.59 0.006 1.12 4294 Incl. 97.2 305.7 208.5 684 0.34 0.34 0.014 0.63 4295 42.7 231.7 189.0 620 0.39 0.44 0.023 0.82 4295 Incl. 51.8 125.0 73.2 240 0.53 0.66 0.020 1.11 4296 33.5 298.7 265.2 870 0.28 0.34 0.016 0.61 4296 Incl. 33.5 103.6 70.1 230 0.28 0.50 0.014 0.75 4297 26.5 260.0 233.5 766 0.74 0.49 0.019 1.07 4297 Incl. 26.5 132.0 105.5 346 1.06 0.56 0.021 1.35 4298 Hole Abandoned, Not Sampled 4299 23.2 45.1 22.0 72 0.43 0.34 0.020 0.73 4299 75.9 274.6 198.7 652 0.45 0.34 0.017 0.72 4300 303.4 719.9 416.5 1367 0.65 0.46 0.033 1.06 4300 Incl. 303.4 435.6 132.1 434 0.98 0.66 0.017 1.38 4300 Incl. 627.3 719.9 92.7 304 0.52 0.31 0.081 1.09 4301 306.3 371.9 65.5 215 1.00 0.73 0.016 1.46 4302 292.9 645.6 352.7 1157 0.55 0.43 0.020 0.90 4302 Incl. 292.9 411.2 118.3 388 0.67 0.52 0.020 1.05 4302 Incl. 466.0 591.0 125.0 410 0.58 0.41 0.025 0.91 4303 313.2 688.5 375.4 1232 0.50 0.47 0.027 0.94 4303 Incl. 313.2 399.0 85.8 282 0.87 0.75 0.018 1.41 4303 Incl. 645.9 688.5 42.7 140 0.55 0.35 0.042 0.94 4304 Anomalous results, 0.20% CuEQ over hole length of 715 feet. 4305 102.1 517.9 415.6 1364 0.27 0.30 0.022 0.59 4305 Incl. 102.1 120.7 18.6 61 1.38 0.60 0.012 1.55 4305 Incl. 150.1 240.5 90.2 296 0.42 0.36 0.022 0.75 4306 24.1 310.6 286.5 940 0.40 0.47 0.022 0.85 4306 Incl. 27.1 158.2 131.1 430 0.51 0.54 0.022 0.99 4307 9.1 277.4 268.2 880 0.42 0.33 0.030 0.76 4307 Incl. 9.1 70.1 61.0 200 0.88 0.52 0.022 1.21 4308 51.5 237.4 185.9 610 0.19 0.17 0.013 0.36 4308 Incl. 185.6 237.4 51.8 170 0.22 0.20 0.018 0.44 4309 15.2 127.7 112.5 369 0.44 0.25 0.019 0.64 4309 Incl. 15.2 54.6 39.3 129 0.74 0.36 0.026 0.98 4309 127.7 450.8 323.1 1060 0.34 0.34 0.024 0.70

1 Copper equivalent calculations use metal prices of US$0.80/lb for copper, $US350/oz for gold and US$4.50/lb for molybdenum. Adjustements factors to account for differences in relative metallurgical for gold, copper and molybdenum will depend upon the completion of definitive metallurgical testing. CuEQ=Cu%+(Aug/tx11.25/17.64)+(Mo%x99.23/17.64) 39

EAST ZONE DISCOVERY

Exploration Lands )

) ) Resource Lands ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) OPEN ) ) Stage 1 Pit* ) ) )) ) )) ) (429M tonnes) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) :) ) ) ) ) 4250 ) ) ) ) ) ) 4181 ) ) ) ) ) ) ) ) ) ) ) ) ) : ) ) )) ) ) ) ) )) ) ) ) ) ) 4210 ) ) ) ) ) ) ) )) ) ) ) ) ) ) ) EAST ZONE ) ) ) ) ) ) ) ) : ) ) ) ) ) ) ) 4284 ) ) ) ) ) ) ) ) ) ) ) ) A' ) ) ) ) ) ) ) ) ) 4302 ) ) ) ) ) ) ) ) ) ) 4149 :) ) ) ) ) ) ) :) ) ) ) ))) ) ) ) ) ) :) ) )) ) ) ) ) A ) ) ) ) ) ) )) ) 4293 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) 4301 B' ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) :) :) ) ) ) ) ) : : ) )) ) )) ) : B ) ) ) ) ) ) ) 4188 ) ) ) ) ) ) 4300 ) )) ) 4292 ) ) ) ) ) ) ) ) 4137 ) ) ) ) ) : : ) ) ) ) ) : ) ) ) 4303 ) ) ) ) : ) ) ) ) 4136 OPEN ) ) ) 4155 ) ) ) )) ) ) ) ) ) ) ) ) ) ) ) ) ) )) ) ) ) ) )

) ) OPEN ) ) ) ) ) ) ) ) ) ) Stage 3 Pit* Stage 2 Pit* (2.1B tonnes) (1.4B tonnes) Resource Lands

) )

) ) Exploration Lands ) OPEN )

LEGEND 500 metres : 2004 East Zone Drill Holes 2000 feet ) 2004 Drill Holes

) Pre - 2004 Drill Holes

PEBBLEPEBBLE PROJECT PROJECT Drill Hole Plan 40 EAST ZONE DISCOVERY HOLES

Drill Hole From To Int Int Au Cu Mo CuEQ1 Number (m) (m) (m) (ft) g/t % % % 4136 149.4 313.9 164.6 540 0.40 0.42 0.020 0.79 4136 Incl. 234.7 301.8 67.1 220 0.59 0.48 0.020 0.97 4137 32.0 381.6 349.6 1147 0.39 0.36 0.022 0.73 4137 Incl. 166.7 310.0 143.3 470 0.54 0.52 0.028 1.02 4149 171.6 473.4 301.8 990 0.49 0.46 0.026 0.92 4149 Incl. 171.6 407.8 236.2 775 0.54 0.51 0.027 1.01 4155 185.6 310.6 125.0 410 0.42 0.46 0.018 0.83 4181 161.2 274.0 112.8 370 0.74 0.33 0.022 0.92 4188 181.5 426.4 244.9 804 0.55 0.47 0.031 1.00 4188 Incl. 216.1 368.5 152.4 500 0.65 0.57 0.032 1.16 4210 184.7 368.2 183.5 602 0.43 0.53 0.018 0.90 4210 Incl. 184.7 282.9 98.2 322 0.51 0.65 0.021 1.09 4250 256.5 304.2 47.7 157 0.59 0.41 0.012 0.85 4284 248.0 551.4 303.4 996 0.48 0.47 0.018 0.88 4284 Incl. 248.0 362.4 114.5 376 0.65 0.62 0.022 1.15 4284 Incl. 362.4 551.4 189.0 620 0.37 0.38 0.016 0.71 4292 212.0 652.9 440.9 1447 0.38 0.43 0.029 0.84 4292 Incl. 212.0 341.1 129.1 424 0.55 0.57 0.021 1.04 4292 Incl. 603.2 652.9 49.7 163 0.48 0.53 0.023 0.97 4293 247.5 716.0 468.5 1537 0.59 0.43 0.026 0.95 4293 Incl. 247.5 411.2 163.7 537 0.86 0.61 0.020 1.26 4300 303.4 719.9 416.5 1367 0.65 0.46 0.033 1.06 4300 Incl. 303.4 435.6 132.1 434 0.98 0.66 0.017 1.38 4300 Incl. 627.3 719.9 92.7 304 0.52 0.31 0.081 1.09 4301 306.3 371.9 65.5 215 1.00 0.73 0.016 1.46 4302 292.9 645.6 352.7 1157 0.55 0.43 0.020 0.90 4302 Incl. 292.9 411.2 118.3 388 0.67 0.52 0.020 1.05 4302 Incl. 466.0 591.0 125.0 410 0.58 0.41 0.025 0.91 4303 313.2 688.5 375.4 1232 0.50 0.47 0.027 0.94 4303 Incl. 313.2 399.0 85.8 282 0.87 0.75 0.018 1.41 1 Copper equivalent calculations use metal prices of US$0.80/lb for copper, $US350/oz for gold and US$4.50/lb for molybdenum. Adjustements factors to account for differences in relative metallurgical for gold, copper and molybdenum will depend upon the completion of definitive metallurgical testing. CuEQ=Cu%+(Aug/tx11.25/17.64)+(Mo%x99.23/17.64) 2.7 BILLON TONNES AND GROWING

A CENTRAL ZONE EAST ZONE A’ 400m Surface 4149 4284 4302 2. 57 3.01 3.97 4.07 3.76 300m 2.18

3. 87 3. 07 4. 67 2.39 2. 17 7. 38

5.09

3. 62 Tertiary

2.08 200m 2. 04 3.93 Cover OPEN 2. 13

2.19

100m 2.47

-100m

-200m Stage 1 Pit* Stage 2 Pit* (429M tonnes) -300m (1.4B tonnes) OPEN -400m LEGEND Stage 3 Pit* Copper Gold (2.1B tonnes) Grade Grade Bar Bar * Note: Pits Engineered for Scoping Study Before 2004 Drilling and East Zone Discovery 500 metres Drill Hole 1500 feet

PEBBLEPEBBLE PROJECT PROJECT Deposit Cross Section A - A’

41 42 6.09 B’

OPEN

3 0 8 .

4 0 7 2

. . .

2 2 2 Tertiary Cover

4 3.68 .

8 4300 4301 1500 feet 500 metres 4293 EAST ZONE 4188

2 4137 3.16 Deposit Cross Section B - B’ Stage 3 Pit* (2.1B tonnes) Surface 2.50 Stage 1 Pit* (429M tonnes)

2 2.17 3.25

CENTRAL ZONE .

3 Stage 2 Pit* (1.4B tonnes) * Note: Pits Engineered for Scoping Study Before 2004 Drilling and East Zone Discovery HIGHER-GRADE CENTRE EXPECTED TO EAST Drill Hole Gold Grade Bar LEGEND OPEN B Copper Grade Bar PEBBLE PROJECT PEBBLE PROJECT 0m 400m 300m 200m 100m -100m -200m -300m -400m STAGE3 PIT SHOWING HIGHER-GRADE PIT DIMENSIONS3000 m X 2000 m X 400 m

STAGE 3 PIT RESOURCE

Cut-off Resource Au Cu Mo CuEQ % CuEQ Mt g/t %%% 0.30 2114 0.33 0.30 0.016 0.61 0.50 1541 0.36 0.33 0.017 0.67 0.60 826 0.41 0.37 0.019 0.75 0.70 420 0.47 0.42 0.021 0.85

PEBBLEPEBBLE PROJECT PROJECT Stage3Pit

43 MINE AND MILL LAYOUT FACILITATES LOW COSTS

1km

Stage 3 Pit

Processing Facilities

PEBBLEPEBBLE PROJECT PROJECT Site Layout Planning

44 EFFICIENT SITING OF PROJECT COMPONENTS

Road to Iliamna and Port

Mill Pit Outline

3km ARD Tailings Low Grade Pipeline Stockpile Bulk Tailings Rock Storage Pipeline

Rock / Tailings Water Storage Reservoir

Compensation Lake Bulk Tailings Storage

Diversion Channel

PEBBLEPEBBLE PROJECT PROJECT Site Layout Option

45 46

PRELIMINARY ASSESSMENT MINE MODELS*

PEBBLE MINE MODELS1

Milling Rate (tonnes/day) 100,000 200,000 100 - 200,000

Milling Rate (million tonnes/year) 35 70 35 to 70 in yr 6

Mine Life of Stage 3 Pit (years) 62 31 33

Waste:Ore Ratio 0.23:1 0.23:1 0.23:1

1 See Preliminary Assessment, November 2004, www.sedar.com.

*These financial analyses are preliminary in nature and are based entirely on inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the financial projections contained herein will be realized.

PEBBLEPEBBLE PROJECT PROJECT Mine Model Projections GOOD METALLURGICAL RESULTS

EXAMPLE METAL RECOVERIES1 Copper Gold Molybdenum Mine Name (%) (%) (%) Alumbrera 92 78 - La Caridad 83 - 43 Batu Hijau 90 79 - Collahausi 88 -- Chuquicamata 88 - 61 Los Pelambres 91 - 63 Cuajone 83 - 60 Bagdad 89 - 70 Highland Valley 90 - 50 Kemess 82 72 - PT Freeport 85 85 - Average 87 78 58

Pebble Mine Models 88 76 60 1See Preliminary Assessment, November 2004, www.sedar.com.

PEBBLEPEBBLE PROJECT PROJECT Comparison of Metal Recoveries

47 48

MINE MODELS UNDER ASSESSMENT

PROJECTED ANNUAL PRODUCTION 1,2,3 (Years 1 through 10)

Milling Rate (tonnes/day) 100,000 200,000 100 - 200,000

Copper (million lbs) 256 470 357 Gold (ozs) 365,000 674,000 514,000

Molybdenum (million lbs)8 15 12 Silver (million oz) 1.4 2.5 1.9

Copper Cash Cost ($/lb) 0.24 0.19 0.22 (Net of Gold, Silver, Molybdenum credits)

1 See Preliminary Assessment, November 2004, www.sedar.com. 2 Cash costs include on-site and off-site operating costs, concentrate transportation, smelter charges and credits. 3 At estimated long-term metal prices of $0.95/lb Cu, $395/oz Au, $5.00/oz Ag and $5.00/lb Mo

PERCENT OF ANNUAL REVENUE

Metal %

Copper 47 Gold 41 Molybdenum 10 Silver 2

PEBBLEPEBBLE PROJECT PROJECT Mine Model Projections 49

LARGE SCALE METAL PRODUCTION

NORTH AMERICAN GOLD MINES RANKED BY 2003 PRODUCTION1

Gold Produced Rank Mine Name Thousand Ounces

1 Newmont Nevada 2,491 2 Betze-Post 1,559 3 Cortez 1,065 4 Round Mountain 729 5 Pebble (200,000 tpd) 674 6 Meikle 552 7 Hemlo 536 8 Red Lake 532 9 Porcupine 457 10 Fort Knox 392 11 Pebble (100,000 tpd) 365 12 Eskay Creek 352 13 Bingham Canyon 305 14 Jerritt Canyon 302 15 Golden Giant 295 16 Kemess 294

1 Data for 2003 published inWorld Gold , June 2004.

PEBBLEPEBBLE PROJECT PROJECT Gold Production 50

PEBBLE MODELS USE REALISTIC COST ASSUMPTIONS

COST ASSUMPTIONS1

Capital Sustaining Operating Mine Cost Capital Cost Model (US$ billion) (US$ million) (US$/tonne)

100,000 tpd 1.00 276 5.06 200,000 tpd 1.50 197 4.36 100 - 200,000 tpd 1.00 + .50 225 5.06 - 4.36

1See Preliminary Assessment, November 2004, www.sedar.com.

PEBBLEPEBBLE PROJECT PROJECT Capital and Operating Costs 51

PEBBLE MODELS USE REALISTIC COST ASSUMPTIONS

OPERATING COST COMPONENTS1

Mining Mining Milling Other Mine Waste:Ore Rate Cost Cost Costs Model Ratio kt/day $/t mined $/t milled $/t milled

Peer Group 340 2.20 0.64 2.20 1.02 Averages

100,000 tpd 123 0.23 0.87 3.00 1.00 200,000 tpd 246 0.23 0.87 2.51 0.79

1 See Preliminary Assessment, November 2004, www.sedar.com.

PEBBLEPEBBLE PROJECT PROJECT Operating Cost Comparison 52

DIVERSIFIED CO-PRODUCT REVENUES

CONCENTRATE TRANSPORTATION AND SMELTER TERMS1

Item Units Amount

Concentrate Grade %Cu 28.00 Transportation $/wmt conc. 61.28 Smelter Treatment $/dmt conc. 57.50 Copper Refining Charge $/lb Cu 0.058 Copper Unit Deduction Units or (%) 1 Copper Payable % 96.75 Gold Refining Charge $/oz 3.00 Gold Deduction g/t conc. 1.0 Gold Payable % 98.00 Silver Refining Charge $/oz 0.30 Silver Payable % 90.00 Molybdenum Payable % 98.00 Molybdenum Freight/Processing $/lb 0.75 Insurance/Representation $/dmt conc. 0.45

1 See Preliminary Assessment, November 2004, www.sedar.com.

PEBBLEPEBBLE PROJECT PROJECT Off-Site Charges ATTRACTIVE RETURNS AT VARYING METAL PRICES 100,000 TPD FACILITY

FINANCIAL ANALYSES AT VARYING METAL PRICES 1,2,3

Metal Prices IRR NPV@0% NPV@5% Copper Gold Silver Molybdenum (%) (billion $) (billion $) $/lb $/oz $/oz $/lb

0.85 350 5.00 5.00 10.1 2.242 0.462 0.95 395 5.00 5.00 15.3 4.073 1.047

1.00 350 5.00 6.00 15.9 4.367 1.123 1.00 400 5.00 6.00 18.0 5.148 1.376

1.25 415 7.00 15.00 33.0 12.215 3.511

1 Analyses are prepared on a pre-tax, 100% equity basis. 2 Assumes that State constructs the road and port as part of its Southwest Alaska Regional Transportation Plan. If road and port costs are included in the project's capital costs, IRR is 13.5% at estimated long-term metal prices of $0.95/lb Cu, $395/oz Au, $5.00/oz Ag, and $5.00/lb Mo and 30.0% at recent metal prices of $1.25/lb Cu, $415/oz Au, $7.00/oz Ag and $15/lb Mo. 3 See Preliminary Assessment, November 2004, www.sedar.com.

PEBBLEPEBBLE PROJECT PROJECT Financial Modeling

53 ATTRACTIVE RETURNS AT VARYING METAL PRICES 200,000 TPD FACILITY

FINANCIAL ANALYSES AT VARYING METAL PRICES 1,2,3

Metal Prices IRR NPV@0% NPV@5% Copper Gold Silver Molybdenum (%) (billion $) (billion $) $/lb $/oz $/oz $/lb

0.85 350 5.00 5.00 14.4 3.297 1.189 0.95 395 5.00 5.00 20.3 5.128 2.091

1.00 350 5.00 6.00 21.0 5.422 2.219 1.00 400 5.00 6.00 23.3 6.203 2.607

1.25 415 7.00 15.00 40.8 13.271 5.972

1 Analyses are prepared on a pre-tax, 100% equity basis. 2 Assumes that State constructs the road and port as part of its Southwest Alaska Regional Transportation Plan. If road and port costs are included in the project's capital costs, IRR is 18.8% at estimated long-term metal prices of $0.95/lb Cu, $395/oz Au, $5.00/oz Ag, and $5.00/lb Mo and 38.5% at recent metal prices of $1.25/lb Cu, $415/oz Au, $7.00/oz Ag and $15/lb Mo. 3 See Preliminary Assessment, November 2004, www.sedar.com.

PEBBLEPEBBLE PROJECT PROJECT Financial Modeling

54 ATTRACTIVE RETURNS AT VARYING METAL PRICES 100,000TPD - 200,000 TPD FACILITY

FINANCIAL ANALYSES AT VARYING METAL PRICES 1,2,3

Metal Prices IRR NPV@0% NPV@5% Copper Gold Silver Molybdenum (%) (billion $) (billion $) $/lb $/oz $/oz $/lb

0.85 350 5.00 5.00 12.5 3.144 0.948 0.95 395 5.00 5.00 17.7 4.974 1.757

1.00 350 5.00 6.00 18.3 5.269 1.872 1.00 400 5.00 6.00 20.3 6.049 2.219

1.25 415 7.00 15.00 35.3 13.116 5.234

1 Analyses are prepared on a pre-tax, 100% equity basis. 2 Assumes that State constructs the road and port as part of its Southwest Alaska Regional Transportation Plan. If road and port costs are included in the project's capital costs, IRR is 16.9% at estimated long-term metal prices of $0.95/lb Cu, $395/oz Au, $5.00/oz Ag, and $5.00/lb Mo and 32.6% at recent metal prices of $1.25/lb Cu, $415/oz Au, $7.00/oz Ag and $15/lb Mo. 3 See Preliminary Assessment, November 2004, www.sedar.com.

PEBBLEPEBBLE PROJECT PROJECT Financial Modeling

55 56

ATTRACTIVE RETURNS AT VARYING METAL PRICES

VARYING METAL PRICES US$ PER POUND OR OUNCE METAL Low Long-Term Long-Term High Recent Gold Bull Copper Bull

Copper 0.85 0.95 1.00 1.00 1.25

Gold 350 395 350 400 415

Molybdenum 5.00 5.00 6.00 6.00 15.00

Silver 5.00 5.00 5.00 5.00 7.00

MINE MODELS 1,2,3 RATES OF RETURN (%) (TPD) 100,000 10.1 15.3 15.9 18.0 33.0

100-200,000 12.5 17.7 18.3 20.3 35.3

200,000 14.4 20.3 21.0 23.3 40.8

1 Analyses are prepared on a pre-tax, 100% equity basis. 2 Assumes that State constructs the road and port as part of its Southwest Alaska Regional Transportation Plan. 3 See Preliminary Assessment, November 2004, www.sedar.com.

PEBBLEPEBBLE PROJECT PROJECT Sensitivity Analyses COMPARISON OF PEER GROUP MINING COSTS

MINING COST 1 OTHER COST 1 Other Site Mining Rate Waste:Ore Mining Cost Mine Name Costs kt/day $/t mined Ratio $/t mined Alumbrera 387 2.50.68 1.35 La Caridad 230 1.60.40 0.82 Batu Hijau 598 3.00.50 1.98 Collahausi 373 4.20.70 0.88 Chuquicamata 489 2.90.91 0.90 Los Pelambres 291 1.40.71 0.80 Cuajone 273 2.60.39 0.48 Bagdad 150 1.30.79 0.68 Highland Valley 208 0.50.58 0.40 Kemess 120 1.90.75 0.70 PT Freeport 6652.1 0.64 2.24 Average 3402.2 0.64 1.02 1Recorded in 2002. Pebble (100,000 TPD) 1230.2 0.87 1.00 Pebble (200,000 TPD) 2460.2 0.87 0.79

PEBBLEPEBBLE PROJECT PROJECT Peer Group Mining Costs

57 COMPARISONS OF PEER GROUP MILLING COSTS

MILLING COST1 ENERGY COST 1 Mine Milling Rate Milling Energy Total Milling Energy Name t/d $/t milled $/t milled $/t milled ¢/kwh Alumbrera 90 1.72 0.54 2.26 2.8 La Caridad 90 1.09 0.91 2.00 4.5 Batu Hijau 140 1.21 0.57 1.78 3.1 Collahausi 110 1.92 0.81 2.73 4.0 Chuquicamata 178 1.89 0.61 2.50 4.0 Los Pelambres 110 1.40 0.47 1.87 2.5 Cuajone 88 1.16 1.19 2.35 6.5 Bagdad 79 1.75 0.30 2.05 4.3 Highland Valley 138 1.54 0.37 1.91 1.8 Kemess 50 1.19 0.60 1.79 2.2 PT Freeport 223 2.12 0.83 2.95 5.5 Average 120 1.55 0.65 2.20 3.9 1 Recorded in 2002. Pebble 1002.001.00 3.00 5.4 Pebble 2001.521.00 2.52 5.4

PEBBLEPEBBLE PROJECT PROJECT Peer Group Milling Costs

58 “WHAT IF” PEBBLE OPERATES AT PEER GROUP MILLING COST OF$2.20 PER TONNE

IRR1,2 Payback NPV @5% Mine Models (%) (years) ($ billion)

100,000 tpd 15.3 18.7 4.3 1.05 1.53

100 - 200,000 tpd 17.7 20.0 4.3 1.76 2.10

200,000 tpd 20.3 22.0 3.4 2.09 2.40

1 See Preliminary Assessment, November 2004, www.sedar.com. 2 Calculated @ long-term metal prices: Cu $0.95/lb, Au $395/oz, Mo $5.00/lb, Ag $5.00/oz.

PEBBLEPEBBLE PROJECT PROJECT Realistic Assumptions

59 PEBBLE PROJECT TIMELINE

2004 2005 2006 2007 2008 2009 2010 Stakeholder Consultation

Feasibility

Ongoing Monitoring Environment & Socioeconomic

Permit Application

Permit Review

Permit Approval

Design/Engineering

Construction

Production

PEBBLEPEBBLE PROJECT PROJECT Development Schedule

60 IN SITU GOLD VALUATION SHOWS STRONG GROWTH POTENTIAL1

50 430 48 Gold PricePrice 420 46 410 44

($/oz) 400

42 ($/oz)

40 390 Value 38 Price 380

Situ 36 Gold

370 Gold Price ($/oz) In In Situ Value ($/oz) 34 US$ 35 = In Situ V alue Per Ounce For Pre-Operations S tage Comp anies 32 360

30 350 Jan Feb Mar Apr May Jun 1Source: Canaccord Capital, July 2004. 2004

NDM VALUATION USING CANACCORD MODEL Gold Only Gold Equivalent 26.5 Million Ounces x US$ 35/oz = US$ 928 Million 76 Million Ounces x US$ 35/oz = US$ 2.260 Billion

PEBBLEPEBBLE PROJECT PROJECT Value Per Ounce

61 NDM SHARES ARE UNDERVALUED

December 31, 2004 Shares Issued 47.7 million

Dilutables Outstanding 7.6 million

Current Fully Diluted Shares 55.3 million

Galahad Owns 35%

Current Cash US $7 million Cash From Dilutables US $25 million

PEBBLEPEBBLE PROJECT PROJECT Low Market Capitalization

62 63

SUMMARY

· NDM’s 2003 drilling program: § Dramatically expanded the Pebble deposit to 26.5 million ounces of gold and 16.5 billion pounds of copper § Increased the higher-grade resources to 435 million tonnes of 0.84% copper-equivalent § Established the Pebble deposit as the largest deposit of contained gold resources and the second largest deposit of contained copper resources in North America

· Northern Dynasty’s 2004 program is advancing the project to feasibility and permitting as rapidly as possible and includes: § Infill drilling to upgrade resources to measured and indicated categories § Extensional drilling to further define the extent of the deposit and its higher-grade areas § Engineering data collection and studies for mine, processing, marketing, site facilities and infrastructure design § Environmental studies and socioeconomic studies to prepare permit applications § Power, port and road studies partnering with Alaska government

· Pebble project’s development will be positively impacted by: § Host state is pro-mining § Power sources are available § Transportation and infrastructure development is straight forward § Property deal provides control of entire district § Deposit amenable to very low cost mining § Long life deposit – large scale production profile § Good metallurgical results § Higher-grade resources available for quick payback

· Financial Models developed by a recent Preliminary Assessment indicate very attractive rates of return.

· The Pebble deposit makes up only a small segment of one of the world’s largest sulphide systems. Exploration drilling by Northern Dynasty has demonstrated strong potential for multiple large-scale deposits.

· The development of a very large-scale, long-life gold-copper-molybdenum mining district is in the making.

PEBBLEPEBBLE PROJECT PROJECT SummarySummary 64

NORTHERN DYNASTY INFORMATION

NORTHERN DYNASTY MINERALS LTD AUDITORS CORPORATE OFFICERS De Visser Gray Robert Dickinson Chartered Accountants Chairman 401 – 905 West Pender Street Ronald Thiessen Vancouver, British Columbia President and CEO Canada V6C 1L6 Jeffrey Mason TRANSFER AGENT Chief Financial Officer Computershare Investor Services Inc. 3rd Floor, 510 Burrard Street DIRECTORS Vancouver, British Columbia David Copeland Canada V6C 3B9 Scott Cousens Robert Dickinson LISTED David Elliott TSX Venture Exchange: NDM Gordon Fretwell OTCBB: NDMLF Wayne Kirk CAPITALIZATION Jeffrey Mason Brian Mountford (as of December 31, 2004) Walter Segsworth Issued and Outstanding 47,703,287 Ronald Thiessen Fully Diluted 55,270,148 Ian Watson ALASKA OFFICE NORTHERN DYNASTY MINES INC. Northern Dynasty Mines Inc. OPERATING OFFICERS Suite 604, 3201 C Street Anchorage, AK 99503 Robert Dickinson Telephone (907) 339-2600 Chairman Facscimile (907) 339-2601 Ronald Thiessen CEO CORPORATE ADDRESS AND Brian Mountford President INVESTOR SERVICES Bruce Jenkins Northern Dynasty Minerals Ltd. Chief Operating Officer 1020 – 800 West Pender Street Vancouver, British Columbia ATTORNEYS Canada V6C 2V6 Lang Michener Telephone (604) 684-6365 Barristers and Solicitors Facsimile (604) 684-8092 1500 – 1055 West Georgia Street Toll-free 1-800-667-2114 Vancouver, British Columbia e-mail [email protected] Canada V6E 4N7 web site www.northerndynasty.com

PEBBLEPEBBLE PROJECT PROJECT Corporate Information