Mr. Ronald Thiessen reports

NORTHERN DYNASTY CLOSES US$15 MILLION CONVERTIBLE NOTES OFFERING AND CAD$3.4 MILLION PRIVATE PLACEMENT

Further to Northern Dynasty Minerals Ltd.'s Dec. 11, 2023, release, it has closed the convertible note and non-brokered private placement offerings.

Per the terms of the agreement Kopernik Global Investors LLC on behalf of its clients, has purchased convertible notes having an aggregate principal amount of $15-million (U.S.).

The company also issued and sold by non-brokered private placement of 8,555,000 units of the company, at a price of 40 cents per unit, for aggregate gross proceeds of $3,422,000.

The notes and the units were issued pursuant to exemptions from prospectus requirements and other similar requirements under applicable securities laws. The notes and the units will be subject to resale restrictions under applicable securities laws in Canada and the United States.

Ron Thiessen, president and chief executive officer, noted: "These funds will be used by the company to continue to advance the Pebble project in a responsible manner for the benefit of all Alaskans, especially those in southwest Alaska closest to the Pebble project. This way all Alaskans can benefit from both the valuable fisheries and world-class mineral resource assets the state has to offer; not one or the other."

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, is a 100-per-cent interest in a contiguous block of 1,840 mineral claims in southwest 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.