Mr. Ronald Thiessen reports

NORTHERN DYNASTY FILES TECHNICAL REPORT ON THE PEBBLE PROJECT, ALASKA

Northern Dynasty Minerals Ltd. has filed a technical report on its Pebble project in southwest Alaska, following up on its news release dated Jan. 5, 2018.

The technical report documents a minor increase in the estimate of the mineral resources at Pebble from those previously disclosed. The increase is due to the change in metallurgical processing approach as outlined in the project description submitted to the US Army Corps of Engineers in late 2017 (see the Jan. 5 news release), and resulted in changes to the metal recoveries used to establish the pit shell which constrains the resource estimate.

At a 0.3-per-cent-copper-equivalent cut-off, the current estimate (1) comprises:

• • Including 527 million tonnes in the measured category at a grade of 0.33 per cent copper, 0.35 g/t gold, 178 ppm molybdenum and 1.7 g/t silver;
  • 5,929 million tonnes in the indicated category at a grade of 0.41 per cent copper, 0.34 g/t gold, 246 ppm molybdenum and 1.7 g/t silver;
• 4,454 million tonnes in the inferred category at a grade of 0.25 per cent copper, 0.25 g/t gold, 226 ppm molybdenum and 1.2 g/t silver, containing 25 billion pounds of copper, 36 million ounces of gold, 2.2 billion pounds of molybdenum and 170 million ounces of silver.

The technical report is available under the company's profile at SEDAR.

David Gaunt, PGeo, a qualified person who is not independent of Northern Dynasty, is responsible for the estimate. He has reviewed and approved the technical content of this release.

(1) The mineral resources fall within a volume or shell defined by metal prices (in U.S. dollars) of $1,540/ounce for gold, $3.63/pound for copper, $12.36/lb for molybdenum and $20 for silver.

A 0.30-per-cent-copper-equivalent (CuEq) cut-off is considered to be comparable with those used for porphyry deposit open-pit mining operations in the Americas.

CuEq calculations use metal prices (in U.S. dollars) of $1.85/lb for copper, $902/oz for gold and $12.50/lb for molybdenum, and recoveries of 85 per cent for copper, 69.6 per cent for gold and 77.8 per cent for molybdenum in the Pebble West zone, and 89.3 per cent for copper, 76.8 per cent for gold and 83.7 per cent for molybdenum in the Pebble East zone. Contained metal values are based on 100-per-cent recoveries.

All mineral resource estimates, cut-offs and metallurgical recoveries are subject to change as a consequence of more detailed analyses that would be required in prefeasibility and feasibility studies.

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 and other wholly owned subsidiaries, is a 100-per-cent interest in a contiguous block of 2,402 mineral claims in southwest Alaska, including the Pebble deposit. The Pebble partnership is the proponent of the Pebble project, an initiative to develop one of the world's most important mineral resources.

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