Northern Dynasty Minerals Ltd. · TSX:NDM
Northern Dynasty Minerals — Investor Presentation (December 2022)
61 slides from Northern Dynasty Minerals's investor presentation, December 2022
Slide 1: The Pebble Project: Helping to Secure America's Green Future
(CR 2 northern Dynasty Minerals Ltd eee THE PEBBLE PROJECT HELPING TO SECURE AMERICA’S GREEN FUTURE DECEMBER 2022 TSX: NDM NYSE AMERICAN: NAK
Slide 2: Cautionary & Forward Looking Information
@ NORTHERN DYNAS t MINERALS L1o CAUTIONARY & FORWARD LOOKING INFORMATION PLEASE REVIEW CAREFULLY ‘This proseniation includes cortain statoments that may be deemed “forwardlooking statements" under the United States Private Securitas Litigation Reform Act of 199 and under applicable provisions of Can
Slide 3: Investment Highlights
+ MINER INVESTMENT HIGHLIGHTS SS. COPPER: AN IMPORTANT METAL ai! PEBBLE: A PATH FORWARD FOR AMERICA’S GREEN FUTURE & A strategic metal for renewable & energy & green technologies «© Critical metal for electric vehicles & associated infrastructure Renewable energy systems use up to 12 times more cogp
Slide 4: An Important Metal for America's Green Future
@e@ NORTHERN DYNASTY MINERALS LTD AN IMPORTANT METAL FOR AMERICA’S GREEN FUTURE
Slide 5: Copper Is an Essential Metal for the Green Economy
@ NORTHERN 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 withstand
Slide 6: Post-COVID Recovery Centered on Clean Energy Transition
@ NORTHERN DYNASTY MINER 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 ratating machines, such as an
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
t MINER THE METAL THAT DRIVES ELECTRIC TRANSPORTATION’ «® Government policies directly impact adoption of electric transportation && In 2019, more than 90% of global car markets (250 countries) had incentives in place for EV sales, often in the form of subsidy or tax reduction «® 1? countries announ
Slide 9: • • • • - 10,000 15,000 20,000 25,000 5,000 1900 1905 1910 915
• • • • - 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 predominantly located outside of the U.S.
NORTHERN DYNASTY MINER 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 copper proj
Slide 11: Urgent Need for Significant Copper Projects
@ NORTHERN DYNAS + MINER 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. «@ “Tha
Slide 12: IEA Stated Policies and Sustainable Development Scenarios
• 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 LTD A WORLD CLASS RESOURCE IN THE U.S. TSX: NDM NYSE AMERICAN: NAK
Slide 14: Pebble: A World Class Mineral Resource
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 25BLB GOLD TIM 0Z 36 M 0Z MOLYBDENUM 3.4 BLB 2.2 BLB SILVER 345 M OZ 170 M 02 - RHENIUM 2.6 M KG 1.6 M KG ~ = S fo
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
HERN DYNASTY MIN U.S. DEPENDENT ON FOREIGN IMPORTS OF IMPORTANT METALS IMPORT | us.imporrreviance | NET IMPORTS Yo POTENTI, CURRENT WITH PEBBLE REDUCTION CONSTRUCTION; TRANSPORTATION; ELECTRONICS; SILVER (KT) 4 68% 87% 1%) ELECTRONICS AND ELECTRICAL APPLICATIONS PEBBLE COULD BE A KEY DOMESTIC SOURCE
Slide 17: Pebble compared with other copper deposits
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: Pebble compared with U.S. gold and copper mines
• • • • • • • 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 LTD PEBBLE METAL VALUE COMPARISONS ANTICIPATED RELATIVE VALUE BY METAL GOLD 33.2% MOLYBDENUM 10.2% (eal SILVER 1.9% DECEMBER 2022 19
Slide 20: Pebble: Good for America - Domestic Low Cost Production
@ NORTHERN DYNASTY MINER 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 for which
Slide 21: NDM Secures Innovative Royalty Agreement
NORTHERN DYNASTY MINER NDM SECURES INNOVATIVE ROYALTY AGREEMENT UPTO $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 regio
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 sour ONSHORE WIND GROSS COPPER DEMAND OFFSHORE WIND COMPOUND ANNUAL BATTERY STORAGE GROWTH RATE FOR KEY AUTO (EXCLUDING ICEVS) ENERGY TRANSITION APPLICATIONS (2021-35) DISTRIBUTION TRANSMISSI
Slide 23: Peer comparison: NDM, Teck, Anglo American, Freeport McMoRan
300 300 250 250 200 200 150 150 100 100 50 50 0 0 NDM Teck Anglo Freeport American McMoran
Slide 24: Pebble Untapped Exploration
PEBBLE UNTAPPED EXPLORATION WORLD’S MOST EXTENSIVE MINERAL SYSTEM! & & &@ & &@ NORTHERN + MINER DYNAS POTENTIAL Azone of sulphide mineralization is indicated by an induced polarization chargeability anomaly at least 25 km by 7 km in size Mae PEER Ce ReCieA : i 7 illi HISTORICAL Sulphides and hydroth
Slide 25: Pebble May Host Other Major Deposits
t MINER 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 «@ The extent of mineralization at Pebble is co
Slide 26: 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 i > oaoxcuca Mm > osoxcuca lm > sooncuca EAST-WEST CROSS SECTION THROUGH THE APPROXIMATE CENTRE OF THE RESOURCE LOOKING NORTH ” Su
Slide 27: A Pathway Forward
@ NORTHERN DYNASTY MINERALS LTD A PATHWAY FORWARD TSX: NDM NYSE AMERICAN: NAK
Slide 28: Nature of the Pebble Deposit Provides Optionality
PEBBLE NATURE OF THE PEBBLE DEPOSIT PROVIDES OPTIONALITY' @ NORTHERN O &@ The 2022 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. Permitti
Slide 29: Pebble 2022 PEA Production Summary
@ NORTHERN DYNASTY MINER O72 0.39 0.01 208 0.045 0.36 144 167 68 90 60,400 $0,500 267,000 782 2,900 2,000 670 1,200 560 2,000 32 29 22 1. All eenarosalternaizes irclude invastractre outsourcing anc col sveamira 2. Lonytorm metal prises: conper $2.58 ged 600s; malyalerun Si, sie” S22!aq resiam $1500
Slide 30: 2022 PEA - Base Case & Potential Expansion Scenarios
2022 PEA - BASE CASE & POTENTIAL EXPANSION SCENARIOS ANNUAL & LOM ANNUAL & LOM GOLD PRODUCTION {k 02)> COPPER PRODUCTION (M Ib) ROBUST FINANCIALS ANNUAL LOM ANNUAL LOM WITH COMBINED GLO BALLY PROPOSED PROJECT: 363 7,300 PROPOSED PROJECT: 320 6,400 POTENTIAL EXPANSION SCENARIDS POTENTIAL EXPANSION SC
Slide 31: Pebble Proposed Project
Rio NA 1 MINE PEBBLE PROPOSED PROJECT” R «® 20 years of open pit mining at a processing rate of 180,000 Tpd «@ At forecast long-term? metal prices + Single royalty tranche - IRR of 15.6%, NPV, of $2.2 billion® + Five royalty tranches - IRR of 15.1%, NPV, of $2.1 billion Estimated Capital of $6.084 2
Slide 32: Pebble Secondary Gold Recovery Plant
@ NORTHERN O 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 33: Average Annual Economic Impact Summary
eS AVERAGE ANNUAL ECONOMIC IMPACT SUMMARY'*“* Iara pporacopnue——_UETONan rune REGION JALLSCENARIOS] YEARI- YEARS — YEARG-YEAR20 | YEARI-YEARE — YEARG-YEARZ0 AFIER CAPITAL COSTS ARE RECOVERED, 9% OF MET PROFIT INTEREST (NPI) WOULD BE DISTRIBUTED TO PROGRAM PARTICIPANTS ANNUALLY PERFORMANCE DIVIDEND A
Slide 34: Pebble Development Alternatives
+ MINER PEBBLE DEVELOPMENT ALTERNATIVES”**° «® Development alternatives demonstrate the inherent optionality MMINERALIZED MATERIAL 8 tons 86 * The broad range of potential pathways for future mine development show how project COPPER an : om life could be extended and metal production enhanced throug
Slide 35: Pebble: Good for Alaska
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 infrastructure «@
Slide 36: The Right Mine at the Right Time
@ NORTHERN DYNASTY MINERALS LTD THE RIGHT MINE AT THE RIGHT TIME TSX: NDM NYSE AMERICAN: NAK
Slide 37: Pebble Final Environmental Impact Statement (EIS)
@ NORTHERN DYNASTY MINER 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 agenc
Slide 38: Pebble Permitting Case: Right-Sized & De-Risked
+ MINER PEBBLE PERMITTING CASE: RIGHT-SIZED & DE-RISKED && Permitting case reflects the Company's efforts to mitigate and minimize risk = ie where reasonably possible Conventional cpen-pit mine * 20-year operating life + Mining rate: ~70M tons per annum (avg) 180,000 ton-per-day processing plant * 1
Slide 39: Pebble Key Environmental Design Features
ho THERN OD PEBBLE KEY ENVIRONMENTAL DESIGN FEATURES ee & && No mine facilities in Upper Talarik/Kvichak drainage ee 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 rack pile
Slide 40: Pebble Tailings Storage Facility (Proposed Design)
@ NORTHERN DYNASTY MINERALS LTD 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 was
Slide 41: 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 mu
Slide 42: Pebble Final EIS Findings
@ NORTHERN DYNASTY MINER 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 43: Pebble Final EIS: No Measurable Impact on Fisheries
@ NORTHERN DYNASTY 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.” «
Slide 44: Pebble Is Working Its Way Through the Permitting Process
@ NORTHERN DYNASTY 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 ‘nor-compliant’ «® ROD and PIR deci
Slide 45: Pebble Lodges Appeal of USACE Record of Decision
t MINER 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 believes
Slide 46: Pebble Social Integration with Bristol Bay Region
@ NORTHERN DYNASTY 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 employ
Slide 47: 100% 90% 80% • • 70% • • 60% • • 50% • •
100% 90% 80% • • 70% • • 60% • • 50% • • 40% • • 30% • • 20% • • 10% • 0%
Slide 48: Proven Experienced Leadership
@ NORTHERN DYNASTY MINERALS LTD PROVEN EXPERIENCED LEADERSHIP MANAGEMENT i RONALD THIESSEN CeO / DIRECTOR Nr Thiassen, a Chartered Professional Accountant (FPCA, FCA) with more than 25 years of corporate evelopment experience, leads Northern Dyrasty’s Mines (*NDM" corporate development and financing
Slide 49: Investment Highlights
+ MINER INVESTMENT HIGHLIGHTS SS. COPPER: AN CRITICAL METAL ai! PEBBLE: THE RIGHT MINE ATTHE RIGHT TIME PEBBLE: A PATH FORWARD FOR AMERICA’S GREEN FUTURE && A strategic metal for renewable & Among the globe's greatest Updated PEA’ released in Fall 2022 f@ Final Els: energy & green technologies accum
Slide 50: Northern Dynasty Minerals Ltd
NORTHERN DYNASTY MINERALS LTD
Slide 51: Alaska: A Proven Mining and Resource Development Jurisdiction
@ NORTHERN DYNASTY 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 «Stat
Slide 52: Pebble Among the World's Greatest Stores of Mineral Wealth
1 MINE @ NORTHERN DYNAS 4, PEBBLE AMONG THE WORLD’S GREATEST STORES OF MINERAL WEALTH fe RY Sete 7 hae Far Southeast Fo 5S e 2 bizon§ QUA . a Piha é Ny ae K-Tedi ee . Grasberg Oo" i Batu Hijau" ae opanaia air § 2 oe. os Collahua : \ < Chuquicamata Escor ® ‘ EI Morro @ > * , © © Soe Badia / Ridgeway
Slide 53: Pebble Exploration History
@ NORTHERN DYNASTY MINER PEBBLE EXPLORATION HISTORY 2002 1984 25 87,35 oA 2009/11 Cominco — Sharp 1¢ 308 (2004) Zones 2007 PLP - Discovery of Mtn Au-Ag veins; i _ 65 Zone, other regional recon Pebble Limited Partnership mingralized areas (NDM/Anglo-American plc) TODAY More than 1 million feet | of c
Slide 54: Pebble Resource Estimate
@ NORTHERN DYNASTY MINERA PEBBLE RESOURCE ESTIMATE 6.5 BILLION TONNES MEASURED & INDICATED 4.5 BILLION TONNES INFERREO August 2020 Category Cutoff cyeqy, Million — cu Au Mo Ag Re cu Au Mo Ag Re CuEQ % Tonnes (%) (g/t) (ppm) (g/t) (ppm) (Blbs) (Moz) (Bibs) (Moz) — (Kkg) 03 «065 «527, 033035 BOT 03238
Slide 55: Conventional Froth Flotation Proposed Process Flow Sheet
NORTHERN DYNAS t MINERALS L1o PEBBLE CONVENTIONAL FROTH FLOTATION PROPOSED PROCESS FLOW SHEET Run-of-Mine Mineralized Material Coarse Ore Stockpile Primary Crushing Grinding Bulk Rougher Flotation Ball Milling SAG Milling Bulk Tails Gravity Gold Recovery Regrinding Transfer to Bulk Carrier Vessel Co
Slide 56: Pebble Proposed Mine Site General Layout
PEBBLE PROPOSED MINE SITE GENERAL LAYOUT Niece See 'slosures Fane 2 HELPING 10 SECURE DECEMBER 2022 AMERICA’S BREEN FUTURE 58
Slide 57: Access Road and Port
ACCESS ROAD: BRIDGE CROSSING PROPOSED DIAMOND POINT PORT 82-MILE ALL-WEATHER ACCESS ROAD FORTRANSPORTING COPPER CONCENTRATE SLURRY PIPELINE? CONCENTRATE PIPELINE PUMP STATION? MINE EQUIPMENT, FUEL & SUPPLIES Nero: See D'sclosares Fane 2 HELPING TO SECURE DECEMBER 2022 AMERICA’S BREEN FUTURE 59
Slide 58: Pebble Proposed Power Supply
NORTHERN DYNASTY MINER 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 Cock Inlet Ncw See D'slosures Fane 2 BT CURE DECEMBER 2022 A’S BREEN FUTURE &0
Slide 59: Mine site layout
@ NORTHERN OG Taings ani vesterecsFeclty (heh Mi Sie Pees lant! — Nine Site Access Rost OB Veter Management Feature — BMG Quarry 50 Contour (Existing) OS conti OE Oe Wine Fears overdone Niece See 'slosures Fane 2 HELPING 10 SECURE DECEMBER 2022 AMERICA’S BREEN FUTURE 61
Slide 60: References & Source Material
+ MINER REFERENCES & SOURCE MATERIAL SOURCES FOR SLIDE 25 * TEA: 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-and- minerabresources-20
Slide 61: Contact Information
NYSE AMERICAN: NAK 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 aernense © phone: (907) 339-2600 PEBBLE: Canada V6E 4HI Fax: (907) 3392601 SIGNIFICANT BENEFITS IN THE
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