Mr. Ronald Thiessen reports

NORTHERN DYNASTY: UPDATE ON NEGOTIATIONS WITH EPA

Northern Dynasty Minerals Ltd. and its 100-per-cent-owned U.S.-based subsidiary, Pebble Limited Partnership (PLP), are negotiating with the Environmental Protection Agency (EPA) to explore a potential settlement.

In the latest EPA court filing, dated July 3, 2025, the text includes "... Agency officials were briefed on the litigation and have been actively considering the agency decisions. Agency officials remain open to reconsideration, and defendants and PLP are negotiating to explore a potential settlement. Those discussions have addressed a potential further submission from PLP that would inform any agency reconsideration. Defendants and PLP currently expect to reach agreement within the next two weeks about what that submission would entail ... Accordingly, defendants and PLP respectfully request that the court extend the abeyance for an additional 14 days, with a status report due on July 17, 2025 ..."

"We are pleased to be in discussions with the EPA, because we see this as the fastest path forward for withdrawal of the veto. They have asked for additional information to assist in finalizing that decision," said Ron Thiessen, Northern Dynasty president and chief executive officer. "A decision to withdraw this egregious and unsubstantiated veto would help the U.S. to secure a domestic supply of metals like copper, which is critical for the economy because of its fundamental use in electrification, and rhenium, which is a key component in several military applications. It also provides the opportunity for significant economic benefits over generations in this region of Alaska, the state and the country and would be consistent with the stated pledge of this administration to remove impediments to permitting."

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 LP, is a 100-per-cent interest in a contiguous block of 1,840 mineral claims in southwestern Alaska, including the Pebble deposit, located 200 miles from Anchorage and 125 miles from Bristol Bay. The Pebble partnership is the proponent of the Pebble project.

We seek Safe Harbor.