Northern Dynasty Minerals Ltd (NDM) Corporate presentation summary

Strategic context and market drivers

• Global copper demand is projected to surge due to electrification, green energy transition, AI, and data center growth, with a supply gap of 10 million metric tons expected by 2040 despite increased recycling efforts.

• Copper prices may need to more than double to incentivize new mine development, as current discovery rates have stalled and new projects face long lead times and investment hurdles.

• 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.

Project overview and resource potential

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

• The 2023 PEA outlines a 20-year open pit operation 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.

• Expansion scenarios could increase throughput and extend mine life, with modeled post-tax NPVs up to $8.6B and IRRs up to 22%.

• Untapped exploration upside exists, with the deposit open at depth and to the east, and multiple untested targets identified.

Financials and investment highlights

• The base case 2023 PEA projects a post-tax NPV (7%) of $2.23B, IRR of 16.2%, and a 4.6-year payback, assuming infrastructure outsourcing and metal streaming.

• A $60M royalty agreement is fully funded, providing liquidity and granting the holder rights to 10% of payable gold and 30% of payable silver, while retaining 100% of copper, molybdenum, and rhenium.

• Share price analysis suggests significant re-rating potential as the project advances, with current valuation well below industry comparables based on resource size.

• Cash and equivalents stand at C$53M as of June 30, 2026, with a supportive shareholder base including major institutions and insiders.