Mr. Ronald Thiessen reports

NORTHERN DYNASTY REMINDS SHAREHOLDERS OF UPCOMING ANNUAL MEETING & ANNOUNCES AMENDMENT TO PROPOSED DEFERRED SHARE UNIT PLAN

Northern Dynasty Minerals Ltd. has reminded shareholders of the coming deadline to vote at the company's annual general meeting, which is scheduled to be held on June 19, 2025.

The board of directors of Northern Dynasty recommends that shareholders vote for all proposed items.

At the meeting, shareholders will be asked to vote on the following agenda items for the ensuing year:

1. Elect the board of directors;
2. Appoint the auditor;
3. Approve the company's amended share option plan;
4. Reapprove the amended company's deferred share unit plan; and
5. Reapprove the company's shareholder rights plan.

Meeting details

Northern Dynasty will hold the meeting on June 19, 2025, at 10 a.m. Pacific Time, at the offices of the company at the 14th floor, 1040 West Georgia St., Vancouver.

Please visit the company's website complete details and links to all relevant documents ahead of the meeting.

Questions and voting

If you have questions about the meeting matters or require voting assistance, please contact Northern Dynasty's proxy solicitation agent, Laurel Hill Advisory Group, at: North American toll-free: 1-877-452-7184 (1-416-304-0211 outside of North America) by e-mail: assistance@laurelhill.com.

Proposed deferred share unit plan amendment

To bring the company's amended deferred share unit plan within the guidelines established by Institutional Shareholder Services Inc., it will propose a further amendment to the DSU plan to be presented to its shareholders at its June 19, 2025, annual shareholders meeting.

The amendment to the DSU plan from that disclosed in the company's information circular involves a restriction in Section 7.1 on amending sections 6.2 and 6.4(c) of the DSU plan without first obtaining shareholder approval. Sections 6.2 and 6.4(c) of the DSU plan limit the value of shares issuable under the DSU plan to each non-employee director as follows: (a) $100,000 in any 12-month period in the form of DSUs granted under the DSU plan; and (b) $150,000 in any 12-month period when combined with the value of shares issuable to the non-employee director pursuant to all grants under all of the company's other share compensation arrangements during the 12-month period, without first obtaining shareholder approval. Accordingly, no amendments to these limits set out in sections 6.2 and 6.4(c) of the DSU plan will be permitted without shareholder approval. Adoption of the DSU plan is subject to shareholder approval and acceptance by the Toronto Stock Exchange.

A copy of the proposed DSU plan can be found under Northern Dynasty's profile on SEDAR+. Additionally, a red line version of the proposed DSU plan is available on the company's meeting website.

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-per-cent interest in a contiguous block of 1,840 mineral claims in southwestern 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.

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