Mr. Ronald Thiessen reports

NORTHERN DYNASTY: FOURTH TRANCHE OF $12 MILLION ROYALTY INVESTMENT RECEIVED, UPDATE ON GOVERNMENT DISCUSSIONS AND COURT FILINGS

Northern Dynasty Minerals Ltd. and its 100-per-cent-owned United States-based subsidiary Pebble Limited Partnership have received a $12-million payment representing the fourth tranche of investment under the company's royalty agreement dated July 26, 2022, as amended. All amounts are in U.S. dollars unless otherwise noted.

With the fourth tranche investment completed before Sept. 30, 2025, the royalty investor has the right to elect to complete the fifth and final $12-million tranche investment at any time up to and including Dec. 31, 2025. The aggregate total purchase price of $60-million and maximum royalty rates (the right to purchase 10 per cent of payable gold production and 30 per cent of payable silver production) remain unchanged from the original royalty agreement.

"We appreciate the continued support from our royalty investor and are pleased to see the fourth payment of $12-million completed, bringing its total investment in the royalty up to $48-million of a possible $60-million available under the royalty agreement," said Ron Thiessen, Northern Dynasty's president and chief executive officer. "This $12-million investment, when combined with the several million dollars of inflow from the exercise of stock options and warrants this summer and when added to our second quarter closing cash balance of $25.2-million (Canadian) ($18.5-million), gives us a strong treasury position as we move the project forward.

"We continue to have discussions with the government about withdrawing the veto and remain optimistic for a positive outcome. Withdrawal of the illegal veto will be a step towards developing this very large new source of copper and rhenium, as well as significant amounts of gold, molybdenum and silver, unlocking substantial and long-lasting economic benefits for the region, the state and the country.

"While our focus continues to be on a successful outcome from our discussions, we are maintaining the pursuit of a parallel track and will join the other plaintiffs (the State of Alaska and Iliamna Natives Ltd. et al.) in filing our opening briefs by Oct. 3, 2025. The court action is being pursued in the interest of keeping timelines as tight as possible. Our preferred option remains negotiating a prompt withdrawal of the illegal veto by the government and then dismissing the litigation," Mr. Thiessen concluded.

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.

We seek Safe Harbor.