Northern Dynasty Receives Initial Advance under Second Tranche of Amended Royalty Agreement - Seite 2

"Our objective remains to receive the full $60 million which, when completed, increases our financial liquidity. It also allows us to continue the pursuit of the responsible development of the Pebble Project, one of if not the most important critical minerals and metals deposits for the United States of America and the State of Alaska. This project will only be developed with standards that assure the participation of people in the region, Alaska as a whole, and with assurances the environment and subsistence and commercial fisheries are safeguarded at all times," Mr. Thiessen continued.

As reported on July 27, 2022, the first tranche of $12 million was received by the Company in return for the right of the Royalty Holder to receive 2% of the payable gold production and 6% of the payable silver production from the Pebble Project, in each case after accounting for a notional payment by the Royalty Holder of $1,500 per ounce of gold and $10 per ounce of silver, respectively, for the life of the mine. If, in the future, spot prices exceed $4,000 per ounce of gold or $50 per ounce of silver, then the Company will share in 20% of the excess price for either metal. Additionally, the Company will retain a portion of the metal produced for recovery rates in excess of 60% for gold and 65% for silver, and so is incentivized to continually improve operations over the life of the mine.

About Northern Dynasty Minerals Ltd.
Northern Dynasty is a mineral exploration and development company based in Vancouver, Canada. Northern Dynasty's principal asset, owned through its wholly owned Alaska-based U.S. subsidiary, Pebble Limited Partnership, is a 100% interest in a contiguous block of 1,840 mineral claims in Southwest Alaska, including the Pebble deposit, located 200 miles from Anchorage and 125 miles from Bristol Bay. The Pebble Partnership is the proponent of the Pebble Project.

For further details on Northern Dynasty and the Pebble Project, please visit the Company's website at www.northerndynastyminerals.com or contact Investor services at [phone] or within North America at 1- 800-667-2114. Review public filings, which include forward-looking information cautionary language and risk factor disclosure regarding the Company and the Pebble Project in Canada at www.sedarplus.ca and in the United States at www.sec.gov.