NORTHERN DYNASTY MINERALS Business Summary

Northern Dynasty Minerals Ltd. (NAK) is a mineral exploration and development firm dedicated to the advancement of the Pebble Project in Southwest Alaska, which hosts one of the world’s largest undeveloped resources of copper, gold, molybdenum, silver, and rhenium. The company operates as a pre-revenue entity, generating value through the strategic progression of its 100% interest in the Pebble deposit via environmental permitting, engineering studies, and litigation against federal regulatory restrictions. Its business model is focused on the eventual monetization of this asset through a major partnership or divestiture once legal and permitting hurdles are cleared. Within the global mining landscape, Northern Dynasty competes with diversified majors like Freeport-McMoRan, Southern Copper, and Rio Tinto. However, it distinguishes itself as a high-leverage junior developer whose valuation is primarily driven by regulatory milestones and court rulings rather than active production cash flows. The executive team is led by President and CEO Ronald W. Thiessen, a veteran of the Hunter Dickinson Inc. (HDI) group with over 25 years of experience in corporate development and mineral financing. He is supported by CFO Mark Peters, a Chartered Professional Accountant with a background in tax and financial reporting for major Canadian and U.S. public firms. The board is chaired by Robert Dickinson, an inductee of the Canadian Mining Hall of Fame and co-founder of HDI, providing deep industry pedigree. Key leadership also includes John Shively, CEO of the Pebble Limited Partnership, and Stephen Meyer, who joined the board in January 2026 to chair the Audit and Risk Committee. While the shareholder base is predominantly retail, the company’s strategic direction is managed by a seasoned team of HDI-affiliated professionals with extensive experience in navigating the technical and political complexities of world-class mineral assets.