Mr. Ronald Thiessen reports

NORTHERN DYNASTY ANNOUNCES CLOSING OF US$5.0 MILLION BOUGHT DEAL

Northern Dynasty Minerals Ltd. has closed its previously announced bought deal offering. A total of 12.2 million common shares of the company were sold at a price of 41 U.S. cents per share for gross proceeds of approximately $5-million (U.S.). The offering was completed pursuant to an underwriting agreement dated June 19, 2019, among the company and Cantor Fitzgerald Canada Corp., as lead underwriter and sole bookrunner, and a syndicate of underwriters, including BMO Capital Markets, H.C. Wainwright & Co. LLC., and TD Securities Inc. The underwriters were paid a 6-per-cent cash commission and received 244,000 non-transferable common share purchase warrants. Each underwriter warrant entitles the holder to acquire one common share of the company at the offering price for a period of 12 months.

The proceeds from the offering are anticipated to be used for (i) operational expenditures, including engineering, environmental, permitting and evaluation expenses associated with the Pebble project and advancement of the United States Army Corps of Engineers environmental impact statement (EIS); (ii) continuing outreach and engagement with political and regulatory offices in the Alaska state and United States federal governments, Alaska native partners, and broader regional and statewide stakeholder groups; and (iii) general corporate purposes.

The offering was made by way of a prospectus supplement to the company's existing Canadian base shelf prospectus and related United States registration statement on Form F-10. The United States form of base shelf prospectus is included in the registration statement.

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 United States subsidiary, the Pebble LP, is a 100-per-cent interest in a contiguous block of 2,402 mineral claims in southwest Alaska, including the Pebble deposit. The Pebble LP is the proponent of the Pebble project, an initiative to develop one of the world's most important mineral resources.

We seek Safe Harbor.