Mr. Ronald Thiessen reports

NORTHERN DYNASTY PROVIDES UPDATE ON BOARD SEARCH AND AUDIT & RISK COMMITTEE COMPOSITION

Northern Dynasty Minerals Ltd. has provided an update on the process undertaken by its board of directors to replace Christian Milau, who resigned from the board in September, 2025. Following Mr. Milau's departure, the nominating and governance committee of the board identified a number of candidates and expects to make a recommendation to the board for the appointment of a new independent director prior to the end of January, 2026. The new director is also expected to become the chair of the board's audit and risk committee.

The company also announces that on Dec. 4, 2025, it received a letter from the NYSE American stating that the audit committee, as currently constituted, is non-compliant with NYSE American rules. The company has 180 days from the date of the NYSE American letter to remedy the non-compliance within the cure period provided by the NYSE American. The company expects that with the new appointment to the board and audit committee described above, it will once again comply with NYSE American rules within the cure period provided.

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 LP, 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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