Mr. Ronald Thiessen reports

NORTHERN DYNASTY ANNOUNCES CLOSING OF C$10.1 MILLION UNDERWRITTEN OFFERING

Northern Dynasty Minerals Ltd. has closed its previously announced underwritten public offering of common shares of the company, including exercise in full of the overallotment option. A total of 14,375,000 common shares were sold at a price of 70 cents per common share for gross proceeds of approximately $10.1-million. The offering was completed pursuant to an underwriting agreement dated April 29, 2020, among the company and Cantor Fitzgerald Canada Corp., as lead underwriter and sole bookrunner, and a syndicate of underwriters including BMO Nesbitt Burns Inc., H.C. Wainwright & Co. LLC and TD Securities Inc.

The company intends to use the net proceeds of the offering and the concurrent private placement for (i) operational expenditures, including engineering, environmental, permitting and evaluation expenses associated with the Pebble project and the advancement of completion of the USACE environmental impact study; (ii) enhanced outreach and engagement with political and regulatory offices in the Alaska State and U.S. federal government, Alaska native partners, and broader regional and statewide stakeholder groups; and (iii) payment of current liabilities associated with the company's working capital deficiency.

About Northern Dynasty Minerals Ltd.

Northern Dynasty's principal asset, owned through its wholly owned, Alaska-based U.S. subsidiary, the Pebble Partnership, is a 100-per-cent interest in a contiguous block of 2,402 mineral claims in southwest Alaska, including the Pebble deposit.

We seek Safe Harbor.