Northern Dynasty Minerals Ltd. · TSX:NDM

Northern Dynasty Minerals — Investor Presentation (December 2020)

45 slides from Northern Dynasty Minerals's investor presentation, December 2020

1. Slide 1: Helping to Secure America's Green Future

   Helping to Secure America’s Green Future THE PEBBLE PROJECT The Future of U.S. Mining & Metals December 2020

2. Slide 2: Cautionary & Forward Looking Information

   Cautionary & Forward Looking Information PLEASE REVIEW CAREFULLY All statements of Northern Dynasty Minerals Ltd. (“NDM”) in this presentation, other than statements of historical facts, that address the permitting, development and production for the Pebble Project are forward-looking statements. Th

3. Slide 3: Investment Highlights

   Investment Highlights A Compelling Unique World Class Right-sized rationale FOR Investment Resource Project APPEAL Opportunity  Among the globe’s  Project designed for  Federal Record of  Extraordinary long- greatest accumulations operating and permitting Decision (ROD) denied term value upside

4. Slide 4: A World Class Mineral Resource

   Pebble: A World Class Mineral Resource Measured & Resources Indicated Inferred Copper 57 B lb 25 B lb  6.5 B tonnes of Measured & Indicated Gold 71 M oz 36 M oz  4.5 B tonnes of Inferred Molybdenum 3.4 B lb 2.2 B lb Silver 345 M oz 170 M oz Rhenium 2.6 M kg 1.6 M kg * Refer to table of Measured, I

5. Slide 5: Pebble Potential: A Leading US Metals Producer

   Pebble Potential: A Leading US Metals Producer Average annual metal production over 20 years of mining: Pebble Would Be One of America’s Largest Copper Mines… Estimated 2020 Cu Production  613,000 tons of copper gold- (Million Lbs)1 900 concentrate 800 700  318 million lb copper 600 500  362,000

6. Slide 6: Pebble Permitting Case: Right-Sized & De-Risked

   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 processing plant  1.3B tons o

7. Slide 7: Final EIS: Findings

   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.” On the Bristol Bay commercial fishe

8. Slide 8: Potential Benefits for Alaska

   Pebble: Potential Benefits for Alaska1  Alaska’s ongoing fiscal crisis exacerbated by COVID-19 and declining ~850 DIRECT oil & gas pricing/investment ~2,000 TOTAL  Pebble represents: JOBS  Capital investment and GDP growth AVERAGE MINING WAGE = US$100K+  Jobs and economic diversification  Much

9. Slide 9: Presidential Executive Order

   Presidential Executive Order Critical minerals have been a focus of the Trump Administration  President Trump signed an Executive Order 1 declaring a national emergency in the mining industry  Directs the Interior Department to explore using the Defense Production Act to speed up mine development

10. Slide 10: US Dependent on Foreign Imports of Critical Minerals

    US Dependent on Foreign Imports of Critical Minerals Pebble will be a key domestic source of U.S. CRITICAL MINERALS US import reliance1 Net % Metal Imports Current Pro forma reduction Key Uses Construction; transportation; electronics; clean and Copper (kT) 640 35% 27% (8%) renewable energy technolo

11. Slide 11: Copper: A Significant Structural Deficit is Forecast

    Copper: A Significant Structural Deficit is Forecast World Refined Copper Usage Significant copper supply (1900-2018) deficit expected to emerge 25,000 27 Operating Committed Committed* Mine Supply Probable PossibleForecast Mined copper demand 25 20,000 Million dry metric tonnes Thousand Metric Tonn

12. Slide 12: Copper Bull Market Now Fully Under Way

    Copper Bull Market Now Fully Under Way 1 “The bull market for copper is now fully underway with prices up 50% from the 2020 lows, reaching their highest level since 2017” Prices have been boosted by supply disruptions, hopes for “green” economic stimulus and China’s swift recovery from the coronavir

13. Slide 13: Pebble Prepares Appeal of Corps' Record of Decision

    Pebble Prepares Appeal of Corps’ Record of Decision  Under US 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 the USACE

14. Slide 14: ROD (Denial) Decision Contains Questionable Conclusions

    ROD (Denial) Decision Contains Questionable Conclusions Record of Decision (ROD) – November 25, 2020 permit denial based on two questionable findings:  Public Interest review (PIR) found Pebble to be ‘not in the public interest’  Compensatory mitigation plan (CMP) deemed ‘non-compliant’  ROD and

15. Slide 15: Appendices

    & SAdIGNiddV

16. Slide 16: Final Environmental Impact Statement (EIS)

    Final Environmental Impact Statement (EIS) Pebble EIS initiated December 2017; published July 2020  Intensive federal permitting process led by US Army Corps of Engineers under National Environmental Policy Act (NEPA)  Eight federal & three state cooperating agencies, plus L+P Borough and federall

17. Slide 17: Final EIS: No measurable impact on fish or fisheries

    Final EIS: No measurable impact on fish or 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.”  The Final EIS conclude

18. Slide 18: Key Environmental Design Features

    Key Environmental Design Features Primary Mine Facilities & Local Hydrography  Robust water management plan  76 years of 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) taili

19. Slide 19: Global Ranking of Porphyry Deposits

    Global Ranking of Porphyry Deposits Contained Copper and Contained Gold Pebble: A Globally Significant Undeveloped Copper and Gold Resource GLOBAL RANKING OF PRIMARY COPPER DEPOSITS GLOBAL RANKING OF PRIMARY COPPER DEPOSITS Contained Copper Contained Precious Metals1 Escondida Olympic Dam Andina Div

20. Slide 20: Untapped Exploration Potential

    Pebble: Untapped Exploration Potential World’s Most Extensive Mineral System Pebble Deposit Induced Polarization has been the principal historical discovery method 289.1 m Grading 1.91% CuEQ Zone/DDH#  Multiple prospective targets already identified  Pebble Deposit open at depth and to the east 

21. Slide 21: Northern Dynasty: Proven Experienced Leadership

    Northern Dynasty: Proven Experienced Leadership Management Board of directors • Ronald Thiessen CEO and Director • Robert Dickinson Chairman Mr. Thiessen, a Chartered Professional Accountant (FPCA, FCA) with more than 25 years of Mr. Dickinson, an economic geologist with more than 40 years of minera

22. Slide 22: Pebble Comparisons

    Pebble Comparisons Contained Copper at Pebble Versus Contained Gold at Pebble Versus Reserve & Resource Base of Reserve & Resource Base of Select Major Copper Producers Select Major Gold Producers 300 300 250 250 Contained Lbs Cu (Billions) 200 200 Contained Moz Au 150 150 100 100 50 50 0 0 NDM Teck

23. Slide 23: Social integration with Bristol Bay region

    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 for Alaska Native co

24. Slide 24: Alaska: A Proven Mining and Resource Development Jurisdiction

    Alaska: A Proven Mining and Resource Development Jurisdiction Established mining industry:  Six operating mines and multiple late-stage development projects Ranked #4 Globally for Investment Attractiveness:  Investment Attractiveness Index Fraser institute Annual Survey of Mining Companies 2019 St

25. Slide 25: Alaska Political and Public Support for EIS permitting process

    Alaska Political and Public Support for EIS permitting process  July 2019: EPA formally withdraws Obama-era pre-emptive veto to “focus on permit review process for the Pebble Mine Project”  Supported by AK Governor Mike Dunleavy and Alaska’s federal delegation  November 2018: Alaskans elect a pro

26. Slide 26: Among the World's Greatest Stores of Mineral Wealth

    Pebble: Among the World’s Greatest Stores of Mineral Wealth December 2020 26

27. Slide 27: Southwest Alaska & Bristol Bay

    Southwest Alaska & Bristol Bay December 2020 27

28. Slide 28: Exploration History

    Pebble: Exploration History December 2020 28

29. Slide 29: 6.5 Billion Tonnes Measured & Indicated, 4.5 Billion Tonnes Inferred

    Pebble: 6.5 Billion Tonnes Measured & Indicated 4.5 Billion Tonnes Inferred NOTES: David Gaunt, P.Geo., a qualified person as defined under 43-101 who is not independent of Northern Dynasty, is responsible for the estimate. Copper equivalent (CuEQ) calculations use metal prices: US$1.85/lb for Cu, U

30. Slide 30: Metal Value Comparisons

    Pebble: Metal Value Comparisons Anticipated Relative Value Relative Value of By Metal Copper and Gold ONLY at Varying Prices Cu Price/lb $2.50 $2.75 $3.00 $3.25 GOLD 33.2% $1,250 0.62:0.38 0.64:0.36 0.66:0.34 0.68:0.32 Copper $1,500 0.57:0.43 0.60:0.40 0.62:0.38 0.64:0.36 53.5% AU Price /oz $1,800 0

31. Slide 31: Plan View and Cross Section

    Pebble: Plan View and Cross Section A A’ Note: Metal prices used for copper equivalent (CuEQ) are same as for resource (see Page 31). December 2020 31

32. Slide 32: May Host Other Major Deposits

    Pebble: May Host Other Major Deposits  The extent of Pebble mineralization at Alaska Pebble is comparable to:  Oyu Tolgoi  Chuquicamata  Los Bronces/ Andina  Exploration potential at deposit and within region is noteworthy Each area is shown at the same scale December 2020 32

33. Slide 33: First independent, science-based view of Pebble Project impacts

     First independent, science-based, transparent and expert view of Pebble Project impacts and permitability  Published July 2020 by US Army Corps of Engineers  Available at pebbleprojecteis.com  Pebble will not harm the Bristol Bay fishery  Pebble will fully co-exist with the Bristol Bay salmon

34. Slide 34: Tailings Storage Facility (TSF)

    Pebble: Tailings Storage Facility (TSF) (Potential Design)1  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 in a separate

35. Slide 35: Conventional Froth Flotation

    Pebble: Conventional Froth Flotation Potential Process Flow Sheet1 1. See Disclosures Page 2 December 2020 35

36. Slide 36: Mine Site

    Pebble: Mine Site Potential General Layout1 1. See Disclosures Page 2 December 2020 36

37. Slide 37: Transportation System

    Pebble: Transportation System1 Access Road: Bridge Crossing PROPOSED DIAMOND POINT PORT 82-mile all-weather access road Copper Concentrate slurry pipeline2 Concentrate Pipeline Pump station2 for transporting mine equipment, fuel & supplies 1. See Disclosures Page 2 December 2020 2. Images courtesy o

38. Slide 38: Power Supply

    Pebble: Power Supply1  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 1. See Disclosures Page 2 December 2020 38

39. Slide 39: Potential Water Management

    Pebble: Potential Water Management1 1. See Disclosures Page 2 December 2020 39

40. Slide 40: Bristol Bay Watershed Context: Hydrology/Fisheries

    Bristol Bay Watershed Context: Hydrology/Fisheries The Real story – The Fishery is Not Threatened  400 sq. mile drainage area studied in EBD* comprises about 1% of the total Bristol Bay (BB) watershed  Smaller project design reduces drainages in which primary mine facilities are sited to 223 sq. m

41. Slide 41: Natural Fish Habitat Constraints Create Mitigation/Enhancement Opportunities

    Natural Fish Habitat Constraints Create Mitigation/Enhancement Opportunities Numerous Pebble/Bristol Bay streams not producing fish at full potential due to natural constraints:  beaver dams & other barriers  dewatered & relic channels  low habitat complexity  limiting water quality  poor seedi

42. Slide 42: Mines & Healthy Fisheries Do Co-Exist

    Mines & Healthy Fisheries Do Co-Exist Gibraltar Mine, British Columbia Gibraltar Mine Cyclone Sand Flow-Through Design Embankment Trophy Rainbow Trout Designed Seepage Collection Pond Fraser River Healthy fish with metal levels equal to or less than that found in control lakes outside the mine area.

43. Slide 43: Northern Dynasty Analyst Coverage

    Northern Dynasty Analyst Coverage • John Tumazos John Tumazos Very Independent Research • Andrew Mikitchook BMO Capital Markets • Mike Kozak Cantor Fitzgerald • Heiko Ihle H.C. Wainwright • Gordon Lawson Paradigm Capital • Craig Hutchison TD Securities • Andrew Weekly SmithWeekly Research December 2

44. Slide 44: References & Source Material

    References & Source Material SOURCES FOR SLIDE 20 • 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-and- mineral-resources-2018.pd

45. Slide 45: Contact Information

    TSX: NDM NYSE American: NAK Contact Information General Office 15th Floor 3201 C Street, Suite 505 1040 W. Georgia Street Anchorage, AK 99503 Vancouver, BC Phone: (907) 339-2600 Canada V6E 4H1 Fax: (907) 339-2601 Investor Relations Websites info@northerndynasty.com northerndynastyminerals.com Tel: 6

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