Northern Dynasty Minerals Ltd (NDM) Registration filing summary

Company overview and business model

• Focused on exploration and advancement of the Pebble Project, a large copper-gold-molybdenum-silver-rhenium deposit in southwest Alaska, held through a wholly owned partnership.

• The Pebble Project is the sole mineral property interest, with no current revenues and operations centered on permitting, legal challenges, and stakeholder engagement.

• Business objectives include challenging regulatory decisions, maintaining project claims, seeking partners, and advancing permitting and feasibility.

Financial performance and metrics

• Negative cash flow from operations for 2024 and Q1 2025, with continued negative cash flow expected until production commences.

• As of the prospectus date, cash resources were approximately $25.4 million, bolstered by royalty payments and warrant exercises.

• Financing activities include royalty agreements, private placements, and convertible notes, with significant reliance on external funding.

Use of proceeds and capital allocation

• Net proceeds from securities offerings will be used to advance exploration, permitting, and development of the Pebble Project and for general corporate purposes.

• Estimated expenditures of $18 million (US$13 million) over the next twelve months, primarily for legal challenges, technical support, and administrative expenses.

• Additional financing will be required beyond current resources to sustain operations and project advancement.