Mr. Ronald Thiessen reports

NORTHERN DYNASTY: THIRD TRANCHE OF AMENDED ROYALTY AGREEMENT COMPLETED WITH RECEIPT OF US$12 MILLION

Northern Dynasty Minerals Ltd. has received a payment of $12-million, representing the third tranche investment under the company's royalty agreement dated July 26, 2022, as amended. Concurrent with the completion of the investment, the company and the royalty investor agreed to further amend the terms of the royalty agreement to increase flexibility of payment instalments and to extend the July 26, 2025, expiration date. All currency figures are U.S. dollars.

Under the initial amendment to the royalty agreement, as reported in the company's news release dated Nov. 13, 2023, the royalty holder received, among other things, the right to finance the three remaining $12-million tranches on or before July 26, 2025. Completion of each additional tranche entitles the royalty holder the right to receive an additional 2 per cent of the payable gold production and 6 per cent of the payable silver production from the Pebble project.

In exchange for an early payment of the third $12-million tranche before the July 26, 2025, deadline, the company has agreed to extend the deadline for completion of the remaining two tranches to Sept. 30, 2025. Additionally, if the fourth $12-million tranche is completed on or before Sept. 30, 2025, the royalty holder will have the right to complete the fifth and final $12-million tranche investment at any time up to and including Dec. 31, 2025. The aggregate total purchase price of $60-million and maximum royalty rates (10 per cent of payable gold production and 30 per cent of payable silver production) remain unchanged from the original royalty agreement.

"We are pleased to see the royalty holder make its third payment of $12-million, bringing its total investment in the royalty up to $36-million of a possible $60-million available under the royalty agreement," said Ron Thiessen, Northern Dynasty president and chief executive officer.

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 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.

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