Mr. Ronald Thiessen reports

NORTHERN DYNASTY ANNOUNCES CLOSING OF US$35.3 MILLION BOUGHT DEAL

Northern Dynasty Minerals Ltd. has closed its previously announced bought deal offering, including the exercise in full of the overallotment option. A total of 24.15 million common shares of the company were sold at the price of $1.46 (U.S.) per offered share for gross proceeds of approximately $35.3-million (U.S.). The offering was completed pursuant to an underwriting agreement dated July 10, 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., Canaccord Genuity Corp., H.C. Wainwright & Co. LLC., Paradigm Capital Inc., TD Securities Inc., Roth Capital Partners LLC and Velocity Trade Capital Ltd.

The proceeds of the offering are anticipated to be used to finance the company's activities in connection with the advancement of the development of the Pebble project, including (i) continuing work with Alaska and federal regulatory agencies; (ii) maintaining an active corporate presence in Alaska by continuing to build relationships with both federal and Alaska state governments and agencies and native corporations and communities; (iii) commencement of the Alaska state permitting process; (iv) maintenance of the Pebble claims in good standing; (v) continuing discussions and possible negotiations to secure a potential project partner or partners; and (vi) general corporate purposes.

About Northern Dynasty Minerals Ltd.

Northern Dynasty is a mineral exploration and development company based in Vancouver, Canada.

We seek Safe Harbor.