Northern Dynasty Minerals Ltd. · TSX:NDM
Northern Dynasty Minerals — Investor Presentation (September 2026)
65 slides from Northern Dynasty Minerals's investor presentation, Sep 22, 2026
Slide 1: The Pebble Project
THE PEBBLE PROJECT Helping to Secure America’s ENERGY Future SEPTEMBER 2026 TSX: NDM NYSE American: NAK Visit our website
Slide 2: Cautionary & Forward Looking Information
NORTHERN DYNASTY MINERALS LTD. 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 of Ca
Slide 3: Summary: Strong risk/return potential
NORTHERN DYNASTY MINERALS LTD. Summary: Strong risk/return potential Copper: Pebble: Pebble: AN Important Metal For A World Class Resource A Path America’s Green Future Yet to be Unlocked Forward Transition to Green Energy expected to Largest undeveloped copper/gold deposit in New Republican adminis
Slide 4: Upside Potential
NORTHERN DYNASTY MINERALS LTD. UPSIDE POTENTIAL TSX: NDM C$4.54 (Jan 24, 2017) C$4.19 (Oct 14, 2025) C$3.28 (July 24, 2020) C$3.025 (May 7, 2026) C$ 1. Source: www.morningstar.com 2. Prices highlighted are intra-day highs HELPING TO SECURE SEPTEMBER 2026 AMERICA’S ENERGY FUTURE 4
Slide 5: Upside potential for share price re-rating based on comparative industry metrics
NORTHERN DYNASTY MINERALS LTD. UPSIDE potential for share price RE-RATING Recoverable metal (excluding based on COMPARATIVE industry metrics1,2,3 rhenium) in Pebble’s large M+I resource expressed as CuEq (see $45.00 ~$42 /share $41.95 Pebble Good Mining Ground for details) and compared to median $40
Slide 6: What recently happened?
NORTHERN DYNASTY MINERALS LTD. What RECENTLY happened? Donald Trump won U.S. Presidential election November 5, 2024 The Critical Mineral Consistency Act passed in the U.S. House of Representatives in November with bi-partisan support, recognizing copper is a critical mineral Alaska Governor Dunleavy
Slide 7: What just happened? - Veto Removal & Legal Update
NORTHERN DYNASTY MINERALS LTD. What just happened? - Veto Removal & Legal Update We are pursuing a dual-track strategy to remove the Obama/Biden-era veto • Negotiation: We are in discussions with U.S. government officials to withdraw the "illegal Obama/Biden-era veto." We are optimistic these talks
Slide 8: Several Possible Options to Withdraw the Veto
NORTHERN DYNASTY MINERALS LTD. Several Possible Options to Withdraw the Veto By Executive Order Through the Regulatory Process (Administrative Procedures Act) With a court decision HELPING TO SECURE SEPTEMBER 2026 AMERICA’S ENERGY FUTURE 8
Slide 9: Critical Mineral Consistency Act
NORTHERN DYNASTY MINERALS LTD. Critical Mineral Consistency Act1 Passed by U.S. House of Representatives with bi-partisan support in November 2024 • Currently before U.S. Senate for approval The Act will ensure parity between USGS critical minerals and DOE critical materials lists to strengthen the
Slide 10: Unleashing Alaska's Extraordinary Resource Potential
NORTHERN DYNASTY MINERALS LTD. President Trump signed this executive order on his first day of office. Of note are the following: • “It is, therefore, imperative to immediately reverse the punitive restrictions implemented by the previous administration that specifically target resource development
Slide 11: A new approach at the EPA?
NORTHERN DYNASTY MINERALS LTD. A new approach at the EPA?1 The EPA under the leadership of newly appointed head, Lee Zeldin, appears to be undergoing a significant transformation Zeldin outlined in the New York Post (January 29, 2025) an ambitious agenda that aims to strike a balance between environ
Slide 12: The Path Forward Priorities
NORTHERN DYNASTY MINERALS LTD. The Path Forward Priorities 1. Removal of the EPA veto either by the court or by the administration 2. USACE addresses the Remand Order and potentially revisits ROD decision 3. Complete permitting requirements and receive the federal mining permit Our long-term strateg
Slide 13: Copper – An Important Metal for America's Energy Future
NORTHERN DYNASTY MINERALS LTD. PEBBLE COPPER – AN IMPORTANT METAL FOR AMERICA’S ENERGY FUTURE TSX: NDM NYSE American: NAK
Slide 14: The Future of Copper: A Looming Challenge
NORTHERN DYNASTY MINERALS LTD. The Future of Copper: A Looming Challenge1 The world can mine copper to fuel the green energy transition, or it can mine copper to build the infrastructure of developing countries—but it will be extraordinarily difficult to do both. Massive Consumption Projections: • "
Slide 15: Electrification adding an extra layer to demand
NORTHERN DYNASTY MINERALS LTD. Electrification adding an extra layer to demand offsetting potential weakness in traditional demand sectors1 Annual copper consumption has grown at 2.5% on average over the last 40 years Trend economic growth would imply a growth rate of 2.0% Estimate 2.8% growth rate
Slide 16: Emerging Copper demand for data centers & A.I.
NORTHERN DYNASTY MINERALS LTD. Emerging Copper demand for data centers & A.I.1,2,3 BHP anticipates global copper demand will surge to 52.5 million tonnes per year by 2050 The expansion of data centers and Artificial Intelligence, which requires more energy-intensive computing, could increase global
Slide 17: Copper Supply Gap: Reinforcing the Narrative
NORTHERN DYNASTY MINERALS LTD. Copper Supply Gap: Reinforcing the Narrative1 Key Findings from S&P Global Energy & Market Intelligence: “Copper in the Age of AI: Challenges of Electrification” (Jan 2026): Copper demand will surge 50% by 2040—reaching 42 million metric tons, driven by electrification
Slide 18: Copper Discovery Rates Have Stalled: Shift to Brownfield Exploration
NORTHERN DYNASTY MINERALS LTD. Copper Discovery Rates Have Stalled: Shift to Brownfield Exploration Discoveries and initial resources vs. exploration budgets, 1990–2024 Emphasis shifted from finding new deposits; companies are focussing on brownfield expansion at mines already in production. 6 disco
Slide 19: Copper mine supply may post first annual drop since 2017
NORTHERN DYNASTY MINERALS LTD. Copper mine supply may post first annual drop since 2017 Global mine production fell 1.1% in H1 2026. Producers representing roughly two-thirds of supply were down 3.5% in H1 and 4.1% in Q2, while severe weather in Chile forced Antofagasta and Lundin Mining to cut 2026
Slide 20: A U.S.-Based World Class Resource
NORTHERN DYNASTY MINERALS LTD. PEBBLE A U.S.-BASED WORLD CLASS RESOURCE TSX: NDM NYSE American: NAK
Slide 21: A World Class Mineral Resource on good mining ground
NORTHERN DYNASTY MINERALS LTD. A World Class Mineral Resource… on good mining ground Resources § 6.5 B tonnes of Measured & Indicated § 4.5 B tonnes of Inferred Recoverable Metal Measured & Indicated Inferred Copper 53 B lb 23 B lb Gold 54 M oz 28 M oz Molybdenum 2.8 B lb 1.8 B lb Silver 249 M oz 12
Slide 22: Untapped Exploration Potential
NORTHERN DYNASTY MINERALS LTD. PEBBLE Untapped Exploration Potential World’s Most Extensive Mineral System1 A zone of sulphide mineralization is indicated by an induced polarization chargeability anomaly at least 25 km by 7 km in size Sulphides and hydrothermal alteration confirmed by drilling that
Slide 23: Nature of the deposit provides optionality
NORTHERN DYNASTY MINERALS LTD. PEBBLE Nature of the deposit provides optionality1 2023 Preliminary Economic Assessment ("PEA") updates cost estimates and financial results for the Proposed Project, defined in the original 2017 permit application and amended in 2019 The Proposed Project (i.e. Permitt
Slide 24: 2023 PEA: Proposed Project
NORTHERN DYNASTY MINERALS LTD. PEBBLE 2023 PEA: PROPOSED PROJECT Proposed Project • 20-year, 180,000 tons per day open pit operation with conventional processing producing two concentrates • Capable of processing 1.3 billion tons of mineralized material over 20 years of mining at a low strip ratio o
Slide 25: 2023 PEA Production Summary
NORTHERN DYNASTY MINERALS LTD. PEBBLE 2023 PEA Production Summary1,2 Units Proposed Project Potential Expansions3 Mineralized Material billion tons 1.3 8.6 Copper Equivalent4 % 0.57 0.72 Copper % 0.29 0.39 Gold oz/ton 0.009 0.01 Year 10 Molybdenum ppm 154 208 Silver oz/ton 0.04 0.046 Rhenium ppm 0.2
Slide 26: 2023 PEA proposed project
NORTHERN DYNASTY MINERALS LTD. PEBBLE 2023 PEA proposed project1,2 Proposed Project – Description Units Base Case, including Royalties Mining Taxes & Government Royalties US$ M 1,487 Corporate Income Tax US$ M 1,931 Post – Tax Undiscounted Cash Flow US$ M 7,681 Post – Tax NPV at 7%3 US$ M 2,233 Post
Slide 27: Potential expansion scenarios
NORTHERN DYNASTY MINERALS LTD. PEBBLE potential expansion scenarios1,2,3,4 Three potential expansion scenarios were evaluated to test the sensitivity of the project to expansion of the operation and extraction of a greater portion of the resource. The potential expansion scenarios were modeled on th
Slide 28: Secondary gold recovery plant
NORTHERN DYNASTY MINERALS LTD. PEBBLE secondary gold recovery Plant1,2,3,4 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 multipl
Slide 29: Secondary gold recovery plant – financial results
NORTHERN DYNASTY MINERALS LTD. PEBBLE secondary gold recovery Plant – FINANCIAL RESULTS1,2,3,4 Description Units Proposed Project + Gold Plant Year 5 Expansion Year 10 Expansion Year 21 Expansion Net Smelter Return $M 38,190 338,260 337,820 338,010 Operating Costs $M 19,740 136,320 130,600 135,340 T
Slide 30: A Path Forward
NORTHERN DYNASTY MINERALS LTD. PEBBLE A PATH FORWARD TSX: NDM NYSE American: NAK
Slide 31: Still working its way through the permitting process
NORTHERN DYNASTY MINERALS LTD. PEBBLE STILL working its way through the permitting process Negative Record of Decision (ROD) Issued: November 25, 2020 Public Interest review (PIR) found Pebble to be ‘not in the public interest’ Compensatory mitigation plan (CMP) deemed ‘non-compliant’ ROD and PIR de
Slide 32: USACE remanded permit appeal but could not act with the EPA veto in place
NORTHERN DYNASTY MINERALS LTD. USACE remanded permit appeal but then decided it could not act with the EPA veto in place 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 publishe
Slide 33: EPA Fails to Follow its own Process
NORTHERN DYNASTY MINERALS LTD. EPA Fails to Follow its own Process EPA “May Affect” Letter (3a) EPA “Will Affect” Letter (3b) Notice of Intent Environmental Protection to Proceed Agency (“EPA”) must notify Environmental Protection CASE Elevation the U.S. Army Corps of Agency (“EPA”) must notify Revi
Slide 34: Fundamental Flaws with EPA's Final Determination
NORTHERN DYNASTY MINERALS LTD. Fundamental FLAWS WITH EPA’s FINAL Determination PLP’s submitted to the EPA (Sept 2022), noting flaws in their veto EPA has not exhausted specific measures during the permitting process to voice and address its concerns before issuing a Section 404(c) veto Ø 404(c) act
Slide 35: Two Legal Actions Launched Against EPA Veto of Pebble Mine
NORTHERN DYNASTY MINERALS LTD. Two Legal Actions Launched Against EPA Veto of Pebble Mine Case filed in Federal District Court in Alaska seeking to vacate the EPA veto is Main Focus of permitting strategy, case alleges: Veto violates various federal statues regarding Alaska’s statehood rights and a
Slide 36: $60M innovative royalty agreement now completed
NORTHERN DYNASTY MINERALS LTD. $60M innovative royalty agreement now completed The Proposed 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 The Royalty Holder completed
Slide 37: Proven Leadership
NORTHERN DYNASTY MINERALS LTD. PROVEN Leadership Management Board of directors Ronald Thiessen CEO / DIRECTOR Robert Dickinson Chairman Mr. Thiessen, a Chartered Professional Accountant (FPCA, FCA) with more than 25 years of corporate Mr. Dickinson is a mining executive with more than 45 years of mi
Slide 38: Supportive Shareholder Base
NORTHERN DYNASTY MINERALS LTD. Supportive Shareholder Base Fully % Ownership2 Issued & Outstanding Options & other1 Diluted 100% INSTITUTIONAL 562.1 M 45.4 M 607.5 M 13.7% 90% 80% Balance Sheet & Trading Liquidity Major Institutional Shareholders4 C$53.0 M Cash & Cash Equivalents 70% (June 30, 2026)
Slide 39: Summary: Strong risk/return potential
NORTHERN DYNASTY MINERALS LTD. Summary: Strong risk/return potential Copper: Pebble: Pebble: AN Important Metal For A World Class Resource A Path America’s Green Future Yet to be Unlocked Forward Transition to Green Energy expected to Largest undeveloped copper/gold deposit in New Republican adminis
Slide 40: Appendix
NORTHERN DYNASTY MINERALS LTD. APPENDIX
Slide 41: Final Environmental Impact Statement (EIS)
NORTHERN DYNASTY MINERALS LTD. PEBBLE Final Environmental Impact Statement (EIS)1 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 ag
Slide 42: Pebble Permitting Case: Right-Sized & De-Risked
NORTHERN DYNASTY MINERALS LTD. Pebble Permitting Case: Right-Sized & De-Risked Permitting case reflects the Company’s efforts to mitigate and minimize risk where reasonably possible Conventional open-pit mine • 20-year operating life • Mining rate: ~70M tons per annum (avg) 180,000 ton-per-day proce
Slide 43: Key Environmental Design Features
NORTHERN DYNASTY MINERALS LTD. PEBBLE Key Environmental Design Features Primary Mine Facilities & Local Hydrography 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
Slide 44: Tailings Storage Facilities (TSF)
NORTHERN DYNASTY MINERALS LTD. PEBBLE Tailings Storage Facilities (TSF) Two separate TSFs to manage bulk/non-PAG (1.0 billion tons) and pyritic/PAG (0.1 billion tons) material Bulk tailings can be stored sub-aerially Flow through main embankment (530 ft high) Lined southern embankment Flattened slop
Slide 45: 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 anticipated.
Slide 46: Final EIS: No measurable impact on fisheries
NORTHERN DYNASTY MINERALS LTD. 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.
Slide 47: Social integration with Bristol Bay region
NORTHERN DYNASTY MINERALS LTD. 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 emp
Slide 48: Alaska: A Proven Mining and Resource Development Jurisdiction
NORTHERN DYNASTY MINERALS LTD. Alaska: A Proven Mining and Resource Development Jurisdiction Established mining industry: • Six operating mines and multiple late-stage development projects • Ranked #11 Globally for Investment Attractiveness by Fraser institute Annual Survey of Mining Companies 2022
Slide 49: Pebble Among the World's Greatest Stores of Mineral Wealth
NORTHERN DYNASTY MINERALS LTD. Pebble Among the World’s Greatest Stores of Mineral Wealth HELPING TO SECURE SEPTEMBER 2026 AMERICA’S ENERGY FUTURE 49
Slide 50: Pebble on Good Mining Ground
NORTHERN DYNASTY MINERALS LTD. Pebble…. ON Good Mining Ground Ø Pebble Resource Estimate using a 0.3% CuEq cutoff Classification Tonnes Grades Recoverable Metal CuEq Cu Au Ag Mo Re Cu Au Ag Mo Re Million % % g/t g/t ppm ppm B lb M oz M oz B lb Kg Measured 527 0.65 0.33 0.35 1.7 178 0.32 3.35 4.58 20
Slide 51: Plan View and Cross Section
NORTHERN DYNASTY MINERALS LTD. 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 East-West Cross Section Through the Approximate Centre of the Resource Looking North A A’ Plan View at the Top S
Slide 52: Proposed Project Mining
NORTHERN DYNASTY MINERALS LTD. PEBBLE Proposed Project Mining Standard open pit truck/shovel operation • 1.3 billion tons mill feed, 1.4 billion tons total (0.12:1 strip ratio) • 1 year pre-production, 20 years operation • No permanent waste rock facility • PAG waste and tails backfilled to the pit
Slide 53: Metallurgical testwork
NORTHERN DYNASTY MINERALS LTD. PEBBLE Metallurgical testwork NDM testwork completed from 2004 to 2008 • Focused on flowsheet development • Comminution variability testing $10.5 million on metallurgical testwork from 2008 to 2013 • Managed by PLP • Majority of the testwork completed at SGS Lakefield
Slide 54: Metallurgical recoveries by geometallurgical domain
NORTHERN DYNASTY MINERALS LTD. PEBBLE Metallurgical recoveries by geometallurgical domain Flotation Recovery to Concentrate Cu Conc Mo Conc Cu Au Ag Mo Supergene Sodic Potassic 74.7 60.4 64.1 51.2 Illite Pyrite 68.1 43.9 64.1 62.6 Hypogene Illite Pyrite 86.4 43.9 64.1 73.2 Sodic Potassic 86.2 60.4 6
Slide 55: Conventional Froth Flotation Proposed Process Flow Sheet
NORTHERN DYNASTY MINERALS LTD. PEBBLE Conventional Froth Flotation PROPOSED Process Flow Sheet Note: See Disclosures Page 2 HELPING TO SECURE SEPTEMBER 2026 AMERICA’S ENERGY FUTURE 55
Slide 56: Proposed Mine Site General Layout
NORTHERN DYNASTY MINERALS LTD. PEBBLE PROPOSED Mine Site General Layout HELPING TO SECURE SEPTEMBER 2026 AMERICA’S ENERGY FUTURE 56
Slide 57: Earthquake design
NORTHERN DYNASTY MINERALS LTD. PEBBLE earthquake design Alaska earthquakes • Most active state in the U.S. • Critical design consideration Earthquake design in two steps • Probability based on history • Calculated worst case (maximum credible) Probability • Used USGS data • Based on accelerations du
Slide 58: Earthquake design
NORTHERN DYNASTY MINERALS LTD. PEBBLE earthquake design Maximum Credible Earthquake (MCE) • Evaluated all potential seismic sources in region • Selected 4 earthquakes 9.2 M Megathrust – 0.16g • Repeat of 1964 event 8.0 M Intraslab – 0.61g • Major event near port site 7.5 M Lake Clark Fault – 0.57g •
Slide 59: Water management
NORTHERN DYNASTY MINERALS LTD. PEBBLE water management Water management is a key project component • Need to protect salmon spawning habitat • Tailings management safety • Very specific and demanding discharge criteria • Required for process operations Water balance developed using: • 11 years of si
Slide 60: Water Management
NORTHERN DYNASTY MINERALS LTD. PEBBLE Water Management Water management plan • Designed to manage full range of expected precipitation • Minimize water storage in tailings facilities • Meet or exceed discharge quality criteria Water management facilities • Main Water Management Pond – primary storag
Slide 61: Transportation System
NORTHERN DYNASTY MINERALS LTD. Pebble: Transportation System Access Road – Bridge Crossing North Ferry Terminal Ice Breaking Ferry South Ferry Terminal HELPING TO SECURE SEPTEMBER 2026 AMERICA’S ENERGY FUTURE 61
Slide 62: Concentrate Haulage in Containers
NORTHERN DYNASTY MINERALS LTD. Pebble: Concentrate Haulage in Containers Amakdedori port Permitting Case Access Corridor Concentrate Container Transfer Bulk Carrier Container Transfer Bulk container laydown yard HELPING TO SECURE SEPTEMBER 2026 AMERICA’S ENERGY FUTURE 62
Slide 63: Proposed Power Supply
NORTHERN DYNASTY MINERALS LTD. PEBBLE PROPOSED POWER SUPPLY 270 MW natural gas-fired power plant at mine site • Smaller power plant at port site 168 mile pipeline to connect to Kenai Peninsula • Sub-marine crossing of Cook Inlet • Sub-lake crossing of Iliamna Lake Permitting Case Access Corridor Not
Slide 64: References & Source Material
NORTHERN DYNASTY MINERALS LTD. References & Source Material SOURCES FOR SLIDE 25 • 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/annual-reporting/2019/aa-ore-reserves
Slide 65: Thank You
THANK YOU COPPER: TSX: NDM A Critical Metal NYSE American: NAK For The U.S. Green Future PEBBLE: Contact Information A U.S.-Based World Class General Office 14th Floor Suite 405, 2525 Gambell Street Resource 1040 W. Georgia Street Anchorage AK 99503 Vancouver, BC Phone: (907) 339-2600 Canada V6E 4H1
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