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Northern Dynasty Minerals Ltd
Symbol NDM
Shares Issued 508,301,665
Close 2020-11-25 C$ 0.51
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Northern Dynasty's Pebble water permits denied by USACE

2020-11-25 14:12 ET - News Release

Mr. Ronald Thiessen reports

NORTHERN DYNASTY REACTS TO NEGATIVE FEDERAL RECORD OF DECISION ON ALASKA'S PEBBLE PROJECT

Northern Dynasty Minerals Ltd.'s 100-per-cent-owned, U.S.-based subsidiary, Pebble Limited Partnership, has received formal notification from the U.S. Army Corps of Engineers (USACE) that its application for permits under the Clean Water Act and other federal statutes has been denied. The lead federal regulator found Pebble's compensatory mitigation plan as submitted earlier this month to be non-compliant and that the project is not in the public interest.

Northern Dynasty called the decision politically motivated and said it is fundamentally unsupported by the administrative record as developed by the USACE through the environmental impact statement (EIS) process for the Pebble project. The company intends to launch an administrative appeal of the USACE permitting decision.

The company noted the following.

The final EIS found Pebble to be a project of merit that would fully co-exist with clean water, healthy fish and wildlife populations, and the important fisheries resources of southwest Alaska. The final EIS also found that Pebble would make an important, positive socio-economic contribution to the people and villages of Bristol Bay, Alaska -- where full-time jobs are scarce and people face one of the highest costs of living in the country -- as well as to the State of Alaska and the United States.

Based on the positive findings of the final EIS, conclusions by the USACE that development of the Pebble project is not in the public interest are wholly unsupported.

At a time when the United States has declared a national emergency due to its overreliance on foreign producers for critical minerals required to ensure the country's future economic and military security, it is unconscionable to determine that permitting and development of one of the greatest accumulations of strategic and critical minerals ever discovered on American soil are not in the public interest.

President-elect Joe Biden's campaign recently said his administration would support boosting domestic production of copper and other metals necessary for the production of clean and renewable energy technologies and a transition to a lower-carbon future.

Northern Dynasty has confirmed that the Pebble partnership will appeal the USACE permitting decision within the 60-day window provided for it to do so.

"For the United States to turn its back on an opportunity to develop these minerals here at home in a manner that U.S. regulators have agreed is environmentally safe and responsible, and to do so for purely political reasons is not just short-sighted," said Northern Dynasty president and chief executive officer Ron Thiessen. "It's self-destructive."

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 (PLP), is a 100-per-cent interest in a contiguous block of 2,402 mineral claims in southwest Alaska, including the Pebble deposit. PLP is the proponent of the Pebble project, an initiative to develop one of the world's most important mineral resources.

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