Northern Dynasty Minerals Ltd (NDM) Corporate presentation summary

Market and strategic context

• Copper demand is projected to surge due to the global green energy transition, electrification, and the rise of data centers and AI, with supply unable to keep pace, leading to expected higher prices and a significant supply gap by 2040.

• The Critical Mineral Consistency Act, passed by the U.S. House and pending Senate approval, designates copper as a critical mineral, streamlining permitting and supporting domestic supply chain resilience.

• A new U.S. administration and executive order have prioritized reversing previous restrictions on resource development in Alaska, directly benefiting the Pebble Project.

Pebble Project resource and development highlights

• Pebble is the world’s largest undeveloped copper-gold deposit, with 6.5B tonnes measured & indicated and 4.5B tonnes inferred resources, offering significant exploration upside.

• The 2023 PEA outlines a 20-year open pit mine processing 1.3B tons at a low strip ratio, with average annual production of 320M lbs copper, 368,000 oz gold, and 15M lbs molybdenum.

• Life-of-mine production is estimated at 6.4B lbs copper, 7.4M oz gold, 300M lbs molybdenum, 37M oz silver, and 200,000 kg rhenium.

• Three expansion scenarios and a potential secondary gold recovery plant could further enhance project economics and output.

Financials and valuation

• The base case PEA projects a post-tax NPV (7%) of $2.23B, IRR of 16.2%, and a 4.6-year payback, with significant upside in expansion scenarios (NPV up to $10B, IRR up to 24.2%).

• A $60M royalty agreement is fully funded, providing liquidity and sharing upside on gold and silver production while retaining 100% of copper, molybdenum, and rhenium.

• Share price analysis suggests substantial re-rating potential as the project advances, given the large resource base and industry comparables.