Northern Dynasty Minerals Ltd. · TSX:NDM
Northern Dynasty Minerals — Investor Presentation (October 2022)
62 slides from Northern Dynasty Minerals's investor presentation, Oct 3, 2022
Slide 1: The Pebble Project: Helping to Secure America's Green Future
v (CR 2 northern Dynasty Minerals Ltd eee THE PEBBLE PROJECT HELPING TO SECURE AMERICA’S GREEN FUTURE TSX: NDM OCTOBER 2022 NYSE AMERICAN: NAK
Slide 2: Cautionary & Forward Looking Information
@ NORTHERN DYNASTY MINERALS LTD Yi CAUTIONARY & FORWARD LOOKING INFORMATION PLEASE REVIEW CAREFULLY This presentation includes certain statements that may be deemed "forward-looking statements" under the United States Private Securities Litigation Reform Act of 1995 and under applicable provisions o
Slide 3: Investment Highlights
NORTH MINERALS LTD INVESTMENT HIGHLIGHTS COPPER: PEBBLE: PEBBLE: AN IMPORTANT METAL APATH THE RIGHT MINE FOR AMERICA’S FORWARD ATTHE RIGHT TIME GREEN FUTURE && A strategic metal for renewable & Among the globe's greatest i Updated PEA’ released in Fall 2021 & Final Els: energy & green technologies a
Slide 4: An Important Metal for America's Green Future
@ @ NORTHERN DYNASTY MINERALS LTD AN IMPORTANT METAL FOR AMERICA’S GREEN FUTURE
Slide 5: Copper Is an Essential Metal for the Green Economy
@ NoRT COPPER IS AN ESSENTIAL METAL FOR THE GREEN ECONOMY! «& Copper is a strategic metal in powering renewable energy systems and green technologies due to its properties: + Electrical Conductivity increases efficiency + Thermal Management allows rapid heating and cooling + Durability withstands pr
Slide 6: Post-COVID Recovery Centered on Clean Energy Transition
@ NORTHERN DYN POST-COVID RECOVERY CENTERED ON CLEAN ENERGY TRANSITION «® Global increase in emphasis and dedication of resources for a swift transition to clean energy + Copper demand expected to grow to achieve these objectives * One tonne of copper used in rotating machines, such as an electric m
Slide 7: Copper use in vehicles
900 800 • 700 600 500 • 400 300 200 100 • 0 Conventional Hybrid Plug Hybrid Battery Hybrid Battery Car Electric Vehicle Electric Electric Bus Electric Bus Vehicle Vehicle • 270 900 225 750 180 600 135 450 • 90 300 45 150 0 0
Slide 8: The Metal That Drives Electric Transportation
NORTH THE METAL THAT DRIVES ELECTRIC TRANSPORTATION’ «® Government policies directly impact adoption of electric transportation «In 2019, more than 90% of global car markets (>50 countries) had incentives in place for EV sales, often in the form of subsidy or tax reduction « 17 countries announced 1
Slide 9: Copper demand chart
• • • • - 10,000 15,000 20,000 25,000 5,000 1900 1905 1910 1915 1920 1925 1930 1935 1940 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020
Slide 10: World's top copper projects by contained copper
@ NORTHERN MINERALS LTD DYN «& World's top copper projects predominantly located outside of the U.S * 60% of contained copper in top copper projects is foreign based; 40% “held-up” in U.S. permitting «@ Pebble ranks as the largest undeveloped copper project globally + 37% of contained copper of top
Slide 11: Urgent Need for Significant Copper Projects
@ NORTHERN DYN URGENT NEED FOR SIGNIFICANT COPPER PROJECTS' & “Miners need to invest over $100 billion over the next 8 years to meet copper demand” said Erik Heimlich, head of base metals supply at CRU, said speaking at the 2022 CRU World Copper Conference held in Santiago, Chile. “That means you ha
Slide 12: Copper supply and demand outlook
• 30 25 20 15 10 5 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 * IEA’s Stated Policies Scenario (STEPS) and the ** Sustainable Development Scenario (SDS)
Slide 13: A World Class Resource in the U.S.
@ NORTHERN DYNASTY MINERALS LTO A WORLD CLASS RESOURCE IN THE U.S. TSX: NDM NYSE AMERICAN: NAK
Slide 14: Pebble: A World Class Mineral Resource
i, © @ NORTHERN DYNASTY MINERALS LTD. PEBBLE A WORLD CLASS MINERAL RESOURCE RESOURCES * 6.5 B tonnes of Measured & Indicated = 4.5B tonnes of Inferred MEASURED & INDICATED INFERRED COPPER 57BLB 25 BLB GOLD TIM 0Z 36 M0Z MOLYBDENUM 3.4BLB 2.2BLB SILVER 345 M 0Z 170 M 0Z RHENIUM 2.6 M KG 1.6M KG * Ref
Slide 15: We Know We Can Mine In A Responsible Way
“We Know We Can Mine In A Responsible Way”1 • • •
Slide 16: U.S. Dependent on Foreign Imports of Important Metals
U.S. DEPENDENT ON FOREIGN IMPORTS OF IMPORTANT METALS PORT RELIANCE! METAL NET IMPORTS a KEY USES *%o POTENT! CURRENT WITH PEBBLE REDUCTION < > as CONSTRUCTION; TRANSPORTATION; ELECTRONICS; CdilanGsy ei CLEAN AND RENEWABLE ENERGY TECHNOLOGIES SILVER (KT) 4 68% 67% (1%) ELECTRONICS AND ELECTRICAL APP
Slide 17: Copper project comparison by contained metal
Escondida Olympic Dam Andina Division Pebble El Teniente Grasberg Olympic Dam Oyu Tolgoi Collahuasi KGHM Polska Miedz Chuquicamata Reko Diq Los Bronces Underground Onto Kamoa-Kakula Wafi-Golpu Oyu Tolgoi Lookout Hill Radomiro Tomic Cascabel KGHM Polska Miedz Casino Pebble NuevaUnion Grasberg Frieda
Slide 18: U.S. gold and copper project comparison
• • • • • • • 100 400 500 600 700 800 900 200 300 0 200 400 600 800 1000 1200 1400 1600 0 Nevada Operations Morenci Barrick Nevada Bingham Canyon Turquoise Ridge Round Mountain Bagdad Cripple Creek and Victor Bald Mountain Sierrita Fort Knox Ray Marigold Pinto Valley Pogo Mission Haile Jerritt Canyo
Slide 19: Pebble Metal Value Comparisons
© @ NORTHERN DYNASTY MINERALS LTO PEBBLE METAL VALUE COMPARISONS ANTICIPATED RELATIVE VALUE BY METAL GOLD 33.2% MOLYBDENUM 10.2% (el SILVER 1.9% NG TO SECURE OCTOBER 2022 ICA’S GREEN FUTURE 19 aad BNO Capt
Slide 20: Pebble: Good for America - Domestic Low Cost Production
@ NORTHERN DYNA Y MINERALS LTO PEBBLE: GOOD FOR AMERICA - DOMESTIC LOW COST PRODUCTION WHEN THE U.S. NEEDS IT THE MOST &@ As the largest undeveloped copper, gold and rhenium resource in the world, Pebble has the potential to produce vast quantities of critical minerals and metals - including those f
Slide 21: NDM Secures Innovative Royalty Agreement
@ NORTHERN DYN MINERALS LTD NDM SECURES INNOVATIVE ROYALTY AGREEMENT UP TO $60 MILLION ON NON-CORE METALS «@ The Pebble Project requires time, patience and sufficient liquidity to successfully navigate the established legal process and continue ongoing efforts to work with the people in the region «
Slide 22: Copper Demand Growth by Technology & Growing U.S. Reliance on Imports
@ NORTHERN DYNASTY MINERALS LTD COPPER DEMAND GROWTH BY TECHNOLOGY & GROWING U.S. RELIANCE ON COPPER IMPORTS stant ONSHORE WIND GROSS COPPER DEMAND OFFSHORE WIND COMPOUND ANNUAL BATTERY STORAGE GROWTH RATE FOR KEY AUTO (EXCLUDING ICEVS) ENERGY TRANSITION APPLICATIONS (2021-35) DISTRIBUTION TRANSMISS
Slide 23: Copper Demand Growth by Technology
@ NORTHERN DYNASTY MINERALS LTO COPPER DEMAND GROWTH BY TECHNOLOGY & GROWING U.S. RELIANCE ON COPPER IMPORTS GROSS COPPER DEMAND COMPOUND ANNUAL GROWTH RATE FOR KEY ENERGY TRANSITION APPLICATIONS (2021-35) SOLAR PV ONSHORE WIND OFFSHORE WIND BATTERY STORAGE AUTO (EXCLUDING ICEVS) DISTRIBUTION TRANSM
Slide 24: Peer comparison: NDM, Teck, Anglo American, Freeport
300 300 250 250 200 200 150 150 100 100 50 50 0 0 NDM Teck Anglo Freeport American McMoran
Slide 25: Pebble Untapped Exploration Potential
PEBBLE UNTAPPED EXPLORATION WORLD’S MOST EXTENSIVE MINERAL SYSTEM! «ee «ee Source: uss, NORTHERN DYN TY MINER POTENTIAL A zone of sulphide mineralization is indicated by an induced polarization chargeability anomaly at least 25 km by 7 km in size eae senate , . - sa HISTORICAL Sulphides and hydrothe
Slide 26: Pebble May Host Other Major Deposits
NORTH TY MINERAL LTD PEBBLE MAY HOST OTHER MAJOR DEPOSITS && At ~11 Bt, Pebble is already one of the largest porphyry deposits ever discovered, yet there is significant geological potential to discover other major porphyry deposits, which commonly occur in clusters é@ The extent of mineralization at
Slide 27: Pebble Plan View and Cross Section
PEBBLE PLAN VIEW AND CROSS SECTION «@ The Pebble resource is based on 699 diamond core holes and >59,000 samples. «@ Mineralization extends over a 4km by 3km area LEGEND er esencuca im > o4oxcuca > osoxcuca > so0ncuca EAST-WEST CROSS SECTION THROUGH THE APPROXIMATE CENTRE OF THE RESOURCE LOOKING NOR
Slide 28: A Pathway Forward
@ NORTHERN DYNASTY MINERALS LTO A PATHWAY FORWARD TSX: NDM NYSE AMERICAN: NAK
Slide 29: Nature of the Pebble Deposit Provides Optionality
@ NORTHERN DYN TY MINER PEBBLE NATURE OF THE PEBBLE DEPOSIT PROVIDES OPTIONALITY «@ The 2021 PEA provides an update for the Pebble project with cost estimates and financial results for the Proposed Project assessed by the USACE in the Final Environmental Impact Statement && The Proposed Project (i.e
Slide 30: Pebble 2021 PEA Production Summary
NORTHERN DYNASTY MINERALS LTD PEBBLE 2021 PEA PRODUCTION SUMMARY'** PROPOSED EXPANSION SCENARI PROJECT YEAR 21 YEAR 10 MINERALIZED MATERIAL 8 tons 13 86 86 COPPEREQUVALENE = % 0.58 or ore COPPER % 0.29 0.39 0.39 GOLD ozfton 0.009 oot oot MOLYBDENUM ppm 154 208 208 SILVER oziton 0.042 0.047 0.046 RHE
Slide 31: Cash cost and metal value charts
C1 Cu Au (oz) C1 Cu (Lb) Au (oz) (Lb CuEq)
Slide 32: Pebble Proposed Project
NORTHERN DYN PEBBLE PROPOSED PROJECT” Y MINERALS LTO «20 years of open pit mining at a processing rate of 180,000 Tpd MINERALIZED MATERIAL Bons 13 At forecast long-term? metal prices COPPER “Ne : a * Internal Rate of Return (“IRR”) of 15.8% GOLD oz/ton 0.009 + Net Present Value at 7% discount rate o
Slide 33: Pebble Secondary Gold Recovery Plant
NORTHERN DYN PEBBLE SECONDARY GOLD RECOVERY PLANT’ «& Possible addition of a secondary gold recovery plant in Production Year 5, using the most efficient and permittable lixiviants available at the time any related permitting applications are made «@ We continue to evaluate multiple technologies to
Slide 34: Average Annual Economic Impact Summary
a AVERAGE ANNUAL ECONOMIC IMPACT SUMMARY'*** dim rirsomacr neta REGION J ALLSCENARIOS] YEARI-YEARS — YEARG-YEARZO | YEARI-YEARS — YEAR6-YEAR20 AFTER CAPITAL COSTS ARE RECOVERED, 3% OF NET 4,018 PROFIT INTEREST (NPI) WOULD BE DISTRIBUTED TO PROGRAM PARTICIPANTS ANNUALLY PERFORMANCE DIVIDEND PROPOSED
Slide 35: Pebble Development Alternatives
NORTH PEBBLE DEVELOPMENT ALTERNATIVES’”*** «® Development alternatives demonstrate the inherent optionality MINERALIZED MATERIAL — B tons 86 * The broad range of potential pathways for future mine development show how project COPPEREQUVALENT? 9% Gd life could be extended and metal production enhance
Slide 36: Pebble: Good for Alaska
@ NORTHERN DYN PEBBLE: GOOD FOR ALASKA' & Alaska’s ongoing fiscal crisis exacerbated by COVID-19 and declining oil & gas pricing/investment «& Pebble represents: + Capital investment and GDP growth Much needed government revenue + Jobs and economic diversification New transportation and power infras
Slide 37: The Right Mine at the Right Time
@ NORTHERN DYNASTY MINERALS LTD THE RIGHT MINE AT THE RIGHT TIME TSX: NDM NYSE AMERICAN: NAK
Slide 38: Pebble Final Environmental Impact Statement (EIS)
@ NORTHERN DYN PEBBLE FINAL ENVIRONMENTAL IMPACT STATEMENT (EIS) Pebble EIS initiated December 2017; published July 2020 «Intensive federal permitting process led by U.S. Army Corps of Engineers under National Environmental Policy Act (NEPA) «® Eight federal & three state cooperating agencies, plus
Slide 39: Pebble Permitting Case: Right-Sized & De-Risked
NORTH PEBBLE PERMITTING CASE: RIGHT-SIZED & DE-RISKED «& Permitting case reflects the Company's PROJECT LOCATION & PROPOSED TRANSPORTATION CORRIDOR efforts to mitigate and minimize risk where reasonably possible «® Conventional open-pit mine + 20-year operating life + Mining rate: ~70M tons per annu
Slide 40: Pebble Key Environmental Design Features
@ NORTHERN DYN TY MINER PEBBLE KEY ENVIRONMENTAL DESIGN FEATURES «@ Robust water management plan + 76 years of weather data « Compact project footprint + 0.025% of Bristol Bay watershed + No impact on critical fish habitat + No permanent waste rock piles «Potentially acid-generating (PAG) tailings &
Slide 41: Pebble Tailings Storage Facility (Proposed Design)
@ NORTHERN DYN MINERALS PEBBLE TAILINGS STORAGE FACILITY (TSF)(PROPOSED DESIGN) Two engineered facilities to segregate PAG (0.1 billion tons) and non-PAG tailings (1.1 billion tons) Non-PAG facility designed with a flow-through main embankment (530 feet high) PAG tailings stored with PAG waste rock
Slide 42: Pebble Tailings Storage Facility (TSF)
PEBBLE TAILINGS STORAGE FACILITY (TSF) @ Separate TSFs to manage bulk/non-PAG and pyritic/PAG material Bulk tailings can be stored sub-aerially Flow through main embankment Lined southern embankment Flattened slopes Founded on bedrock Extended beach Reduced water storage BERRERE «@ Pyritic tails mus
Slide 43: Pebble Final EIS Findings
@ NORTHERN DYNASTY MINERALS LTD PEBBLE FINAL EIS FINDINGS «@ On subsistence fish & wildlife resources: * “Overall, impacts to fish and wildlife would not be expected to impact harvest levels. Resources would continue to be available because no population level decrease in resources would be anticipa
Slide 44: Pebble Final EIS: No Measurable Impact on Fisheries
NORTHERN DYN TY MINER PEBBLE FINAL EIS NO MEASURABLE IMPACT ON FISHERIES «@ Based on the Pebble Project design submitted for permitting, and considering all relevant environmental safeguards and mitigations, the USACE found that “impacts to Bristol Bay salmon are not expected to be measurable." «ee
Slide 45: Pebble Is Working Its Way Through the Permitting Process
@ NORTHERN DYN TY MINER PEBBLE IS WORKING ITS WAY THROUGH THE PERMITTING PROCESS Record of Decision (ROD): November 25, 2020 permit denial: «Public Interest review (PIR) found Pebble to be ‘not in the public interest’ «® Compensatory mitigation plan (CMP) deemed ‘non-compliant’ «@ ROD and PIR decisi
Slide 46: Pebble Lodges Appeal of USACE Record of Decision
@ NORTHERN DYN PEBBLE LODGES APPEAL OF USACE RECORD OF DECISION «@ Under U.S. regulatory law, permitting decisions for major development projects must be based on an ‘administrative record’ - which, in Pebble’s case, includes the Final EIS published by the USACE in July 2020. «@ Northern Dynasty bel
Slide 47: Pebble Social Integration with Bristol Bay Region
DYNAST @ NoRT MINER PEBBLE SOCIAL INTEGRATION WITH BRISTOL BAY REGION «@ Pebble has multiple partnership agreements with Alaska Native landowners/stakeholders in the project area to deliver: + Transportation corridor access to Pebble mine site + Direct financial benefits, contracting and employment
Slide 48: 100% 90% 80% • • 70% • • 60% • • 50% • •
100% 90% 80% • • 70% • • 60% • • 50% • • 40% • • 30% • • 20% • • 10% • 0%
Slide 49: Proven Experienced Leadership
@ NORTHERN DYNASTY MINERALS LTD PROVEN EXPERIENCED LEADERSHIP MANAGEMENT RONALD THIESSEN ceo / DIRECTOR Nr Thiessen, a Chartered Professional Accountant (FPCA, FCA) with more than 25 years of corporate development experience, leads Northern Dynasty’s Mines ("NDM")corporate development and financing
Slide 50: Investment Highlights
NORTH INVESTMENT HIGHLIGHTS COPPER: AN CRITICAL METAL FOR AMERICA’S GREEN FUTURE & Astrategic metal for renewable energy & green technologies & Critical metal for electric vehicles & associated infrastructure @ Renewable energy systems use up to 12 times more copper (per unit of energy produced) tha
Slide 51: Northern Dynasty Minerals Ltd.
NORTHERN DYNASTY MINERALS LTD.
Slide 52: Alaska: A Proven Mining and Resource Development Jurisdiction
@ NORTHERN DYN TY MINER ALASKA A PROVEN MINING AND RESOURCE DEVELOPMENT JURISDICTION «@ Established mining industry: + Six operating mines and multiple late-stage development projects + Ranked #5 Globally for Investment Attractiveness by Fraser institute Annual Survey of Mining Companies 2020 && Sta
Slide 53: Pebble Among the World's Greatest Stores of Mineral Wealth
LTD DYNASTY MINERALS @ NORTHERN Ms PEBBLE AMONG THE WORLD’S GREATEST STORES OF MINERAL WEALTH °. * or, - ° : ji ° : } % Ay oe *. rey . ; Pebble@ iA soy co See a Se oe © @ Bingham Canyon Morenci ©Cananea Bie Cerro Colorado’ 2 seagate . ra Corriente” . Batu HijalO=> aS SRanguna Collahuai . : ve ~y : C
Slide 54: Pebble Exploration History
@ NoRT DYNASTY MINER PEBBLE EXPLORATION HISTORY 2002 NDM discovery of 25, 87, 38, 52 & 308 (2004) Zones 1984 Cominco - Sharp 1989 Mtn Au-Ag veins; ID regional recon 2007 Pebble Limited Partnership (NDM/Anglo-American pc) 2009/11 PLP — Discovery of 65 Zone, other mineralized areas TODAY More than 1 m
Slide 55: Pebble Resource Estimate
@ NORTHERN DYNASTY MINERALS LTO PEBBLE RESOURCE ESTIMATE 6.5 BILLION TONNES MEASURED & INDICATED 4.5 BILLION TONNES INFERRED August 2020 Category Cutoff cucqy Million Cu Aus Mog Re. Cu Mog Re ‘CUuEQ % Tonnes — (%) (git) (ppm) (g/t) (ppm) (Bibs) (Moz) (Bibs) (Moz) — (Kkg) 03 «065 «527, 0330358 T32 38
Slide 56: Conventional Froth Flotation Proposed Process Flow Sheet
NORTHERN DYNAS PEBBLE CONVENTIONAL FROTH FLOTATION PROPOSED PROCESS FLOW SHEET Run-ofMine Mineralized Material Coarse Ore Stockpile Primary Crushing Grinding Bulk Rougher Flotation Ball Milling SAG Milling Gravity Gold Recovery Regrinding Transfer to Bulk Carrier Vessel Concentrate Storage Facility
Slide 57: Pebble Proposed Mine Site General Layout
MINER PEBBLE PROPOSED MINE SITE GENERAL LAYOUT ae wa Note: Se Disclosures Page 2 HELPING TO SECURE OCTOBER 2022 AMERICA'S GREEN FUTURE 58
Slide 58: Pebble Proposed Transportation System
© @ NORTHERN DYNASTY MINERALS LT PEBBLE PROPOSED TRANSPORTATION SYSTEM ACCESS ROAD: BRIDGE CROSSING PROPOSED DIAMOND POINT PORT 82-MILE ALL-WEATHER ACCESS ROAD FOR TRANSPORTING COPPER CONCENTRATE SLURRY PIPELINE? CONCENTRATE PIPELINE PUMP STATION MINE EQUIPMENT, FUEL & SUPPLIES Note: See Disclosures
Slide 59: Pebble Proposed Power Supply
— @@ NORTHERN DYNASTY MINERALS PEBBLE PROPOSED POWER SUPPLY «@ 270 MW natural gas-fired power plant at mine site + Smaller power plant at port site && 164 mile pipeline to connect to Kenai Peninsula + Sub-marine crossing of Cook Inlet Note: Se Disclosures Page 2 SECURE OCTOBER 2022 GREEN FUTURE 60
Slide 60: Pebble Proposed Water Management
@ NORTHERN DYNASTY MIN PEBBLE PROPOSED WATER MANAGEMENT — =e tan Fe) a gee. OG Taings ani vesteRcckFeclty (hh Mite Process Flank — Nine Site Access Rood " OG Vitxtenazenen Featie — 6G Overy A St Cana Eaistea) OG cpenri OG OherWine rears } overdone Note: Se Disclosures Page 2 HELPING TO SECURE OCTOBE
Slide 61: References & Source Material
@ NORTHERN DYN REFERENCES & SOURCE MATERIAL SOURCES FOR SLIDE 18 * TECK: https://www.teck.com/investors/reserves-&-resources/reserves-and-resources * ANGLO AMERICAN: https://www.angloamerican.com/~/media/Files/A/Anglo-American-Group/PLC/investors/annuatreporting/2019/aa-ore-reserves- and-mineratreso
Slide 62: Thank You - Contact Information
eo IDM —_ NYSE AMERICAN: NAK THANK YOU C2 northem Dynasty Minerals Ltd CONTACT INFORMATION General Office | 14'" Floor nie Suite 405, 2525 Gambell Street s 1040 W. Georgia Street pebble Anchorage AK 99503 Vancouver, BC earners Phone: (907) 339-2600 PEBBLE: Canada V6E 4H1 Fax: (907) 339-2601 SIGNIFIC
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