Northern Dynasty Minerals Ltd. announced an independent technical report entitled Pebble Project, NI 43- 101 Technical Report Update and Preliminary Economic Assessment, Alaska, United States of America, effective date August 21, 2023 ("2023 PEA") has been completed and will be filed at. New infrastructure developed to support the proposed project would offer the additional benefit of potentially lowering energy costs for the region. The July 2020 Environmental Impact Statement of the Pebble Project (the "FEIS") states that the proposed mine can be developed and operated without harming the fishery, and so, with Alaska's excellent track record of managing all its resources for the benefit of its people, it can have BOTH the mine AND the fishery." It includes an infrastructure plan that uses the "s southern route" for project access as defined in the original permitting application for the Pebble Project.

In addition, the 2023 PEA updates the status of the Environmental Protection Agency ("EPA") Final Determination and United States Army Corps of Engineers ("USACE") Record of Decision Appeal processes. The forecast financial results of the Proposed Project with third parties providing key infrastructure (the "Base Case") are tabulated below. Accordingly, the 2023 PEA analyzes the amended version of the southern transportation alternative proposed by the Pebble Partnership for the transportation route in its original 2017 permit application.

Northern Dynasty believes it is most likely that, if approved, the proposed project would be developed with partners who will provide the primary infrastructure (marine terminal, access road, ferry, natural gas pipeline, mine site power plant) in return for lease payments or tolls at rates which provide a return on investment to the developers of the infrastructure. The 2023 PEA has been prepared within the guidelines established by National Instrument 43-101 ("NI 43-101") to disclose the current cost estimates and potential financial results for the Pebble Project. The Pebble Partnership is the proponent of the Pebble Project, an initiative to develop one of the world's most important mineral resources.

These include statements regarding (i) the mine plan for the Pebble Project including the financial results of the 2023 PEA, including net present value and internal rates of return, and the ability of the Pebble Partnership to secure the financing to proceed with the development of the Pebble Project, including any stream financing and infrastructure outsourcing, (ii) the social integration of the Pebble Project into the Bristol Bay region and benefits for Alaska, (iii) the political and public support for the permitting process, (iv) the ability of the Pebble Project to ultimately secure all required federal and state permits, (v) the right-sizing and de-risking of the Pebble Project, (vi) the design and operating parameters for the Pebble Project mine plan, including projected capital and operating costs, (vii) the outcome of the USACE remand and ability to successfully appeal the negative Record of Decision by the USACE and the ability of the Pebble Project.