TSX Corporate Governance Web Disclosure

This video includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in its forward-looking statements are based on reasonable assumptions, such statements should not be in any way construed as guarantees of the ultimate size, quality or commercial feasibility of the Pebble Project, that the Pebble Project will secure all required government permits, or of the Company's future performance.

Mineral Resources: Current estimate of the Pebble deposit¹ at a 0.3% CuEQ cutoff is:

• 6.5 billion tonnes in the combined Measured and Indicated categories at a grade of 0.40% copper, 0.34 g/t gold, 240 ppm molybdenum and 1.7 g/t silver, containing 57 billion pounds of copper, 71  million ounces of gold, 3.4 billion pounds of molybdenum and 345 million ounces of silver; and
• 4.5 billion tonnes in the Inferred category at a grade of 0.25% copper, 0.25 g/t gold, 226 ppm molybdenum and 1.2 g/t silver, containing 25 billion pounds of copper, 36 million ounces of gold, 2.2  billion pounds of molybdenum and 170 million ounces of silver.

In December 2017, Northern Dynasty Minerals Ltd (“NDM”) submitted a 404 permitting application with a Project Description for a smaller footprint 20-year mine plan for the Pebble Project, which uses a portion of the above resource; this does not preclude further development at a later date which would require application for additional permits².

Potential Economic Benefits: Initial estimates of some of the benefits under the current development plan³ for the Pebble deposit are provided on the Economic Benefits page on this website.

This video should not be used as the basis of any investment decision.