Northern Dynasty Minerals Ltd (NAK)

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INVESTMENT RISKS

Investing in mining and exploration companies is inherently risky. Commodity, geological, operational, regulatory, or financing risks on projects could result in delays in development or production, impact economics or disrupt shipment schedules.

Commodity Risk

The Company is in advanced stage development. There is a risk that copper and gold prices could decline in the interim as a result of rising interest rates, the global geopolitical outlook, strength in the financial sector, election outcomes, etc. Should the price of copper or gold decline significantly, the Company could choose to delay or cancel further exploration and be required to write down any assets in order to reflect the weaker price environment. Any delay or termination of project exploration could have an adverse impact on the future financial position and profitability of the Company.

Geologic Risk

Results of drilling at Pebble could prove to be disappointing and thus negatively affect the viability the project. The lack of future exploration success may impact upside potential of the company.

Regulatory Risk

In accordance with applicable Federal and Provincial laws and regulations, Northern Dynasty Minerals Ltd. is required to obtain the proper permits and licenses in order to conduct exploration activities, develop its projects, and ultimately mine and process ore. We believe that Northern Dynasty Minerals Ltd. has been and will continue to be diligent in its preparation of the applications for the required permits and licenses for its projects; however, the regulatory review period could take longer than expected. With considerable mineral development taking place, the regulatory agencies may be stretched to the limit, prompting delays.

Political Risk

We believe that the Federal and State levels of government will continue its favorable view towards mining. However, any local opposition could impede exploration/development efforts as a result of additional public review/comment periods or debate and possibly even potential litigation.