Northern Dynasty Minerals Ltd (NAK)

[LongMetal]

Re: Recent negative inaccurate Bloomberg / Earhworks article:

On initial review of the Justice and Corporate Accountability Project (JCAP) claims and the technical opinion provided by paid Pebble opponent David Chambers, we note that if Northern Dynasty (NDM) has never disclosed the total volume of mineralized material to be processed at Pebble over 20 years of mining as JCAP has alleged, how is this figure so accurately reported in the JCAP complaint?
It is absolutely disingenuous and incorrect for JCAP to allege that NDM has never disclosed the volume of mineralized material at Pebble to be processed over the 20 years of mine operations proposed in its current permitting application.

It is also disingenuous and incorrect for JCAP to allege that Northern Dynasty has sought to mislead investors about the proportion of Pebble's total mineral resource to be developed over 20 years of mining. We have been clear and consistent that the permit application currently being evaluated by the US Army Corps of Engineers only seeks to develop a portion of the total Pebble mineral resource.

Northern Dynasty has not had an opportunity to fully review and respond to JCAP's allegations. However, on initial review we find them to be baseless and untrue, and meant only to damage the reputation of Northern Dynasty Minerals Ltd.


For background:

It is very clear that Northern Dynasty has consistently disclosed the volume of mineralized material to be processed at Pebble over the proposed 20-year mine life since initiating the Environmental Impact Statement (EIS) permitting process in late 2017.

On page 12 of the Project Description filed with the US Army Corps of Engineers as part of the federal permitting process we explicitly state the following:

“The Project will mine approximately 1.3 billion tons of mineralized material (measured, indicated,
and inferred) over the 20-year mine life containing 7.4 billion pounds of copper, 398 million
pounds of molybdenum, and 12.1 million ounces of gold. The metal content of the reported total
resource and the 20-year open pit is presented in Table 1-1.”

In addition slide 11 in the 'Corporate Presentation' document housed on the Northern Dynasty website in the 'Investors' section (see https://www.northerndynastyminerals.com/investors/presentations/) clearly specifies that Pebble, as proposed, will process 180,000 tons per day of mineralized material over a 20-year mine life. This totals to 1.3 billion tons, which is precisely the number JCAP cites on p. 2 of its letter to the SEC and BCSC.