January 2015

Cautionary & Forward Looking Information

2

This presentation includes certain statements that may be deemed "forward-looking statements". All statements in this presentation, other than statements ofhistorical 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 shouldnot be in any way construed as guarantees of the ultimate size, quality or commercial feasibility of the Pebble Project or of the Company's future performanceor the outcome of litigation. Assumptions used by the Company to develop forward-looking statements include the following: the Pebble Project will obtain allrequired environmental and other permits and all land use and other licenses, studies and development of the Pebble Project will continue to be positive, andno geological or technical problems will occur. The likelihood of future mining at the Pebble Project is subject to a large number of risks and will requireachievement of a number of technical, economic and legal objectives, including obtaining necessary mining and construction permits, approvals, licensesand title on a timely basis, delays due to third party opposition, changes in government policies regarding mining and natural resource exploration andexploitation, the final outcome of any litigation, completion of pre-feasibility and final feasibility studies, preparation of all necessary engineering forunderground workings and processing facilities as well as receipt of significant additional financing to fund these objectives as well as funding mineconstruction. Such funding may not be available to the Company on acceptable terms or on any terms at all. There is no known ore at the Pebble Project andthere is no assurance that the mineralization at the Pebble Project will ever be classified as ore. The need for compliance with extensive environmental andsocio-economic rules and practices and the requirement for the Company to obtain government permitting can cause a delay or even abandonment of amineral project. The Company is also subject to the specific risks inherent in the mining business as well as general economic and business conditions. Formore information on the Company, Investors should review the Company's annual Form 40-F filing with the United States Securities and ExchangeCommission and its home jurisdiction filings that are available at www.sedar.com.

This presentation also uses the terms “measured resources”, "indicated resources" and "inferred resources". Although these terms are recognized andrequired by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects), the U.S. Securities and ExchangeCommission does not recognize them. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever beconverted into reserves. In addition, "inferred resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. Itcannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates ofInferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for Preliminary Assessment as definedunder 43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.

The technical information contained in this presentation has been reviewed and approved by qualified persons which are not independent of NorthernDynasty. Information on geology, drilling and exploration potential has been reviewed by James Lang, PGeo., information on Mineral Resources by DavidGaunt, PGeo., and information related to engineering and metallurgy by Stephen Hodgson, PEng.

Investment Highlights – A World-Class Investment Opportunity

Alaska, USA – State land, designated for mineral exploration and development Politically stable – Strong rule-of-law 2nd largest US gold-producing state

National Environmental Policy Act (NEPA) permitting process well established Very manageable water and power supplies

3

Resource World-class – Tier 1 by every measure

Very long-life potential – Tidewater A permittable project driven by rigorous science Stakeholder benefits – Significant economic benefits to Alaska and USA

EV/Resource basis – Northern Dynasty offers compelling value The kind of asset major mining companies covet

Total $730 million+ invested in Project Funding flexibility: metal streaming, royalties, off-take agreements, infrastructure

funding etc.

Strategic Advantages

StrongAsset

Compelling Valuation

First World Location

A World-Class Mineral Resource

4

• 5.9 B tonnes of Measured & Indicated

• 4.8 B tonnes of Inferred

* Refer to table of Measured, Indicated and Inferred Resources in Appendix

Global Ranking of Porphyry Deposits1 – Contained Copper

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Pebble is the World’s Largest Undeveloped Copper Resource

Global Ranking of Porphyry Deposits1 – Contained Gold

6

Pebble is the World’s Largest Undeveloped Gold Resource

Pebble resource is equivalent to 1.9% of all the gold ever mined2

Pebble Project Area – Strategically Situated in Alaska, USASix Major Producing Mines - Alaska a Resource Development State

7

Alaska State Constitution (1949)“It is the Policy of the State of Alaska to encourage…the development of its resources by making them available for maximum use consistent with the public interest”

Cook Inlet Land Exchange (1974)• Three way land swap involving Federal

government, State of Alaska and Cook Inlet Regional Inc. (CIRI)

• State of Alaska accepted land including what is now Pebble, explicitly for its mineral prospectivity without restriction

Bristol Bay Area Plan (2005)“The general resource management intent for the Pebble Copper Area is to accommodate mineral exploration and development…”

The Alaska Permanent Fund• Resource development is important

EPA pre-emptive Section 404(c) Process –Unauthorized, Unprecedented, Unilateral, Unfounded

• On February 28, 2014 EPA announced initiation of regulatory process under Section 404(c) of the Clean Water Act (“CWA”) to decide whether to take pre-emptive action to stop mining activity in the Bristol Bay region

• This despite the fact that: – no mine permit application has been submitted

– the CWA makes clear that the Army Corps of Engineers is the lead federal agency

– the State of Alaska has a central regulatory role

– no harm comes to the environment if EPA follows NEPA process

• Internal EPA memo acknowledges that proactive action to veto or restrict development at Pebble has “never been done before in the history of the CWA”

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Pebble – 2014 InitiativesStatutory Authority Litigation

• PLP filed an action in Federal District Court in Alaska alleging that EPA does not have statutory authority to seek a pre-emptive veto

• The State of Alaska and the Alaska Peninsula Corporation joined the litigation as co-plaintiffs

• Amicus briefs submitted to court by an array of resource industry players, including:– American Petroleum Institute – National Mining Association– Alaska Miners Association– Alaska Oil and Gas Association– Alaska Chamber– Alaska Support Industry Alliance– Council of Alaska Producers

• The Court has dismissed PLP’s case on procedural grounds only• The dismissal has been appealed to the 9th Circuit; a decision is expected soon

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Pebble – 2014 InitiativesFederal Advisory Committee Act Litigation

• Federal Advisory Committee Act – Enacted by Congress to prevent closed-door, back-room policy making

• Based on FOIA disclosures, Pebble’s FACA lawsuit alleges that EPA violated Federal law– Federal Advisory Committee’s (FAC) were treated by EPA as an auxiliary EPA

– FAC’s played a leadership role in unprecedented EPA pre-emptive veto scheme

• PLP was granted a Preliminary Injunction (PI) in Federal court in Alaska against EPA – Prerequisite for court to grant PI is that the claimant have “a likelihood of

success on the merits of the claim”

– First time EPA has been stopped since BBA process began

• 2015 – A fact-based trial

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Pebble – 2014 InitiativesInspector General Investigation of EPA Conduct

• Northern Dynasty, the AK Attorney General, Senator Murkowski and Congressman Young requested that the EPA Inspector General (IG) open an investigation into concerns regarding EPA bias and collusion with environmental activists in the preparation of the Bristol Bay Assessment (BBA)

• After careful consideration the IG opened a preliminary investigation. The IG has converted its original preliminary investigation into a comprehensive investigation and plans to issue a formal report

• The IG has complete access to EPA email servers to seek relevant documents beyond those we have been given by EPA

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To view the Northern Dynasty submissions to the Office of the EPA Inspector General please visit our website at http://www.northerndynastyminerals.com/ndm/Pebble_Bristol_Bay_Watershed_Assessment.asp

Bristol Bay Salmon – The Real StoryThe Fishery is Not Threatened

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• Bristol Bay Watershed• 41,900 sq. mi• 9 discrete river systems

• Kvichak & Nushagak-Mulchatna• 23,000 sq. mi• ~20% of Bristol Bay sockeye production

• Pebble Project Area• ~16 sq. mi (1/25th of 1% of 41,900 sq. mi)• 2 of 9 watersheds

• N/S Fork Koktuli & Upper Talarik• 400 sq. mi in area of deposit• <0.5%* of Bristol Bay sockeye production

* 0.5% will be conserved and enhanced

Pebble: Answering Important Questions with Science What About the Fish Habitat and Fish?

• Extensive hydrological studies undertaken over 10 years – PLP estimates that 5 times more surplus water will be available for treatment and release to mitigate potential downstream effects on aquatic habitat than the Bristol Bay Assessment (“BBA”) predicts

– Pebble’s PHABSIM* model is built upon some 10 years of site-specific stream flow monitoring and aquatic habitat surveys in the 3 streams surrounding the Pebble deposit. It can predict habitat availability for 4 species of salmon and 3 species of resident fish in 100’s of catalogued stream reaches at different times of the year and for different life stages

• $150 million invested in Environmental Baseline Studies - Approximately $75M is on fisheries and water related research

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CONCLUSION: The BBA erroneously leaves readers with the assumption that all aquatic habitat is equal – empirically NOT correct!

Pebble: Answering Important Questions with Science What About the Fish Habitat and Fish?

• EPA stream length estimates in the BBA are a very small portion of all streams in the watershed according to USGS data

• Scientifically proven mitigation opportunities provide Pebble ample opportunity to create more habitat in local watersheds than will be affected by the mine development– Pebble will enhance aquatic habitat,

availability and fish production

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EPA Mining Scenario

Stream Length Affected by

Project Footprint (USGS)

% of Bristol Bay

% of Nushagak/

KvichakWatersheds

Pebble 0.25 20 miles 0.04% 0.07%

Pebble 2.0 49 miles 0.1% 0.17%

Pebble 6.5 70 miles 0.15% 0.24%

* The Physical Habitat Simulation (“PHABSIM”) model, originally developed more than 30 years ago by the U.S. Geological Survey and the U.S Fish and Wildlife Service, is one of the most scientifically advanced and widely accepted methodologies for determining aquatic habitat versus stream flow relationships.

CONCLUSIONS: • The BBA projected impacts on downstream water flows and fish habitat are

flawed and exaggerated• The best science will allow Pebble to build the best mine while conserving

BB fisheries. Absolutely no net loss to the fishery!

Pebble: Answering Important Questions with ScienceWhat About the Water?

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• Robust engineered water management system

– All contact water collected and stored in SSF for re-use and release

– Highly-engineered seepage management, collection and monitoring systems

• State of the art water treatment & conditioning

• Strategic surplus water releases under permit– Scientifically proven habitat modeling

(PHABSIM) to forecast flow habitat effects – Considers 5 salmon and 3 species of

freshwater fish

• Pebble will maintain downstream water quality and flows to safeguard fish, wildlife and communities

WATER MANAGEMENT KEY PRINCIPLES:1. Water Management Boundary

Water will be restricted from entering the mine area by diverting it to nearby creeks and streams

2. Sand Storage Facility (SSF)Water collected in the mine area will be pumped to the SSF for storage, treatment and re-use

3. Water Treatment PlantWater from the SSF will be treated to meet stringent water quality standards before being released to the environment

4. Strategic Water ReleasesSurplus water will be strategically released into nearby creeks and streams to support fish habitat productivity

Pebble: Answering Important Questions with Science What About Seismicity?

• Engineered design criteria for Pebble SSF and other facilities are extremely conservative

• SSF design earthquake: – Various earthquake scenarios studied at locations

throughout region

– Lake Clark extension of Castle Mountain fault (inactive for 10,000+ years)

– Design assumes fault runs 10+ miles closer to Pebble than USGS estimates

– Design incorporates maximum estimated 7.5Mwmagnitude earthquake caused by rupture along entire length of inactive fault

• Modern SSF dams operate in regions with higher seismic risk than Pebble

– Fort Knox – Alaska – 7.9Mw earthquake in 2002

– Los Tortolas & 3 others – Chile – 8.8Mwearthquake in 2010

• All project facilities engineered to withstand Maximum Credible Earthquake scenarios associated with the region

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CONCLUSION: Pebble will be designed to withstand seismic events larger than could have occurred over the last 10,000+ years and to more stringent criteria than regulations require.

Pebble: Answering Important Questions with Science What About the Sand Storage Facility?

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OVERALL PRINCIPLES:• Three highly engineered embankments to provide safe, permanent storage of

1.8 billion tons of sand – Conservatively designed to withstand maximum forecast flood, storm, seismic events – Strict regulatory oversight and regular inspections by Alaska Dam Safety Program

• Conventional porphyry deposit water/solid composition – PAG sand (~10%) to be stored sub-aqueously and encapsulated in sand mass– SSF water at similar porphyry deposits support healthy fish populations

Modified Centerline Design

Pebble: The Path to a Record of DecisionNEPA and 404 Permit Process

• For a project like Pebble once an application has been filed:– Scoping – ½ year– Prepare Draft EIS – 1-1½ years– Public Comments – ½ - 1 year– Final EIS/ROD – 1 year– Total = 3 – 4 years

• History of the 404c Veto – 13 times in 41 years, but….• No 404 veto ever for a hard rock mine

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• Our View:– EPA will not succeed in imposing a preemptive 404c veto or

development restrictions

– Pebble will get a 404 permit

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Pebble Project – National Economic Impact Study1

Pebble can be Economically Very Significant

• Nationally– 15,000 jobs – $2.7 billion to US GDP annually– Increase US copper production by 20% over decades

of production

• In Alaska– Some 3,000 high-wage jobs – $109,500 average annual salary for mine workers –

more than double the state average– More than $1 billion in annual operating expenses– Pebble-related economic activity in Alaska will boost

the state's GDP by more than 3% over 2011 levels

• Pebble will literally transform the regional economy in Bristol Bay

– Secure, high-paying jobs – Of 5,394 working-age residents, just 63% worked in

2011 and only 35% were employed throughout the year– Increase Lake and Peninsula Borough tax base by a

staggering 600% annually over 2013 levels– Potential for affordable power for Southwest Alaska

1 The IHS report is intended to provide information about general economic effects/contribution of a development at Pebble to Alaska and the USA. The report should not be used to evaluate the Pebble Project’s impact on Northern Dynasty.

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Copper Demand Outlook

• Copper usage increases with growth and per capita incomes in EM– 2014 Chinese apparent

consumption of copper cathode + 12.7%1

• Copper capital stock increases with economic maturity

1 Source: China customs data, China Nonferrous Metals Industry Association, Glencore Source: Wood Mackenzie, USGS, Mitchell, Bernstein Research

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Copper Demand Going Forward…

Source: International Copper Study Group, Glencore

21

Copper Supply Outlook

22

Source: Wood Mackenzie, Glencore

Copper Mined Grades Are Falling!

2015 supply forecast as estimated in each period

Source: Wood Mackenzie Global copper long-term outlook Q1 2010 to Q3 2014, Glencore estimates* Glencore investor day Copper Outlook, December 10th, 2014.

“Latest 2015 supply forecast may still be very optimistic.”- Glencore*

Global C1 Cash Costs

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Pebble’s C1 copper cash costs are anticipated to be in the first decile of global primary copper mines1

1 Source: Wood Mackenzie

The United States and the world need low cost, long-life, environmentally sound supplies of strategically important copper

($3.00)

($2.00)

($1.00)

--

$1.00

$2.00

$3.00

C1

Cas

h C

osts

Net

of B

y-P

rodu

ct C

redi

ts –

US

$/lb

Cu

El Teniente (Codelco)Oyu Tolgoi (IVN)

Rio Blanco (Codelco) Escondida (BHP/RIO)Olympic Dam (BHP)

Los Bronces (AAL)Chuquicamata (Codelco)

Collahuasi (XTA/AAL)

Grasberg (FCX)

Bingham Canyon (RIO)

Valuation Potential

24

Source: BMO Capital Markets, Bloomberg, Public Disclosure

Assumptions: Fully diluted shares of NDM: 131 M, estimated cash position: US$9.0 M. Copper equivalent metrics calculated using long-term street consensus pricing of US$3.00/lb Cu, US$1,300/oz Au and US$12.00/lb Mo.1 Measured and Indicated Resources only, excludes Inferred Resources. See appendices for details on Qualified Persons as defined in NI 43-101

2 EV = Enterprise Value = Market Capitalization less cash

Current share price provides significant in-situ valuation upside relative to copper and gold peers as the Pebble Project advances

Precedent Transactions – There is Extraordinary Value in Pebble/Northern Dynasty

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Source: Public disclosure and Bloomberg

Date Acquiror Target Stage EV/Resource (US$/oz)

Gold Developer Transactions

17-Dec-14 Coeur Paramount Gold and Silver Scoping Study $17

21-Oct-14 Lundin Gold Fruta del Norte (Kinross) Resource Estimate $24

15-Oct-14 SEMAFO Orbis Scoping Study $55

08-Sep-14 Agnico Eagle Cayden Exploration n/a

03-Jun-14 B2Gold Papillon Pre-Feas $108

21-May-14 Rio Alto Mining Sulliden Gold Feas $57

18-Feb-14 Waterton Chaparral Gold Feas $1

17-Dec-13 Asanko PMI Gold Feas $19

10-Dec-13 Centamin Ampella Resource Estimate $8

05-Nov-13 Argonaut Gold San Agustin (Silver Standard) Resource Estimate $13

28-Oct-13 B2Gold Volta Resources Pre-Feas $6

12-Jul-13 Alamos Gold Esperanza Resources Scoping Study $21

31-May-13 New Gold Rainy River Feas $33

28-Mar-13 Troy Resources Azimuth Resources Scoping Study $116

13-Dec-12 Primero Cerro Del Gallo Feas $35

12-Nov-12 Osisko Mining Queenston Mining Scoping Study $102

08-Nov-12 Hochschild Mining Andina Minerals Pre-Feas $9

15-Oct-12 Argonaut Gold Prodigy Gold Scoping Study $43

27-Aug-12 Western Mining Inter-Citic Minerals Scoping Study $67

18-Jun-12 Yamana Gold Extorre Gold Scoping Study $175

27-Apr-12 IAMGOLD Trelawney Mining Resource Estimate $81

28-Mar-12 Kirkland Lake Gold Queenston SMC JV Resource Estimate $408

03-Feb-12 Cluff Gold Sega Gold Project Resource Estimate $51

20-Oct-11 Agnico-Eagle Grayd Scoping Study $185

17-Oct-11 New Gold Silver Quest Resources Resource Estimate $45

11-Oct-11 B2Gold Auryx Scoping Study $56

26-Sep-11 Detour Trade Winds Resource Estimate $45

29-Aug-11 AuRico Gold Northgate Minerals Mix $172

04-Apr-11 New Gold Richfield Ventures Resource Estimate $139

Date Acquiror Target Stage EV/Resource (US$/lb)

Copper Developer Transactions

03-Nov-14 Antofagasta Duluth Metals Pre-Feas 0.3₵

08-Sep-14 Taseko Curis Pre-Feas 3.0₵

13-Jul-14 Ma’aden 50% jabal Sayid (barrick) Construction 26.8₵

13-Apr-14 MMG-led Consortium Las Bambas (Glencore) Construction 22.3₵

09-Feb-14 HudBay Augusta Feas 5.9₵

24-Oct-12 Cupric Canyon Capital Hana Mining Scoping Study 2.1₵

11-Jul-11 Stillwater Peregrine Metals Resource Estimate 3.5₵

17-Apr-11 Capstone Mining Far West Mining Scoping Study 16.5₵

10-Jan-11 HudBay Norsemont Feas 8.5₵

25-Oct-10 Equinox Minerals Citadel Construction 48.6₵

18-Oct-10 First Quantum Antares Minerals Scoping Study 3.3₵

17-Sep-10 Jinchuan Group Continental Minerals Feas 4.2₵

15-Jul-10 Thompson Creek Terrane Construction 4.4₵

01-Mar-10 China Sci-Tech Chariot Resources Feas 4.2₵

07-Jan-10 Goldcorp 70% El Morro Feas 7.1₵

28-Dec-09 CRCC - Tongling Corriente Resources Feas 2.0₵

23-Nov-09 First Quantum Kiwara Resource Estimate 0.9₵

02-Oct-09 Mercator Stingray Copper Feas 1.0₵

09-Feb-09 Quadra Centenario Copper Construction 6.4₵

07-Jul-08 Inmet Petaquilla Pre-Feas 9.4₵

14-Apr-08 Teck Cominco Global Copper Resource Estimate 3.0₵

06-Jan-08 Jinchuan Tyler Resources Resource Estimate 2.1₵

Pebble Project Milestones – Completed and Projected

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2014 • Assemble $580 million of studies/engineering into comprehensive data room

• Tom Collier announced as PLP CEO – significant addition to Pebble permitting team

• Commence strategic partner discussions

• Complete Project Description and permitting documentation

– Decision to trigger permit to be based on a number of factors

• Protect shareholder interests – IG investigation; litigation

• Complete transportation corridor access agreements with native corps

• Project update from PLP to stakeholders

Deferred

2015 • Advance a potential partner(s) transaction

• Advance multi-dimensional strategy to deal with the ‘politics of permitting’

2019 • Feasibility Study Completed

• Project Construction Commenced

2023 • Commercial Production

Investment Conclusions – A World-Class Investment Opportunity

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World-Class Resource

Great Location Fisheries and mining can safely co-exist

Strategic Advantages

Very Important Economic Benefits for Alaska and USA

Strength of Asset

Conclusion Pebble is a world-class deposit

We believe Pebble will receive a 404 permit

Northern Dynasty is committed to finding a strong strategic partner or partners for this Project and Alaska

Northern Dynasty and PLP are committed to delivering results

APPENDICES

Northern Dynasty Shares are Undervalued

29

Listed NYSE MKT – NAK; TSX – NDM

Shares Out (Fully Diluted) 131 (138.7) Million*Average Daily Volume (LTM) 365,000 shares/dayManagement Owns (Fully Diluted) 10%Cash $12.1 Million (January 12, 2015)

* Assumes 35,962,735 Special Warrants announced December 29, 2014 converted to shares.

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30

Pebble is Among the World’s Greatest Stores of Mineral Wealth

Historical Mining Activity

31

Historical Mine Sites in Alaska

32

Southwest Alaska & Bristol Bay

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Access corridor, as per February 2011 Preliminary Economic Assessment

Pebble Fisheries and Mitigation

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Discussion Topics

1. Pebble – A permittable project, driven by rigorous science

2. Case Studies – Validate fisheries protection and enhancement is achieved

3. Fish Habitat Mitigation – A track record of success

4. EPA Watershed Report – A biased document under investigation by the EPA Inspector General

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Comprehensive Multi-Disciplinary Science

Exhaustive data collection since 2004:Environmental Studies• Surface Water• Water Quality• Groundwater• Geochemistry• Snow Surveys• Analytical QA/QC• Fish & Aquatic Resources• Macro-invertebrates• Wetlands• Trace Elements• Flow Habitat Study• Iliamna Lake Study• Marine

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• Wildlife• Air Quality• Noise• Cultural Resources• Subsistence• Land Use• Recreation• Socioeconomics• Visual Aesthetics• Impact Assessment

& Management• Mine Closure

& Reclamation

Environmental Baseline Document (EBD) – January 2012Scientific Integrity – Foundation for Successful Permitting

• State/Federal permitting requires scientific rigor

• Pebble environmental science – unprecedented scope/rigor

– $150 million spent on intensive multi-disciplinary studies over 9 years – 27,000 pages

– Data collection and other preparatory work ongoing– Integrity of work unassailable – World class 3rd party

scientists

• Empirical knowledge used to:– Characterize local environmental conditions– Provide unique guidance to optimize engineering design– Assess residual effects and inform mitigation measures– Establish a database for long-term project monitoring– Facilitate effective permitting – Counter ill-informed negative rhetoric

• Conclusions:– We have the science to build and operate a safe mine– Fisheries and mines can & do co-exist

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Pebble Limited Partnership Approach –Responsible Mineral Development

• Environmentally driven design – Engineers and Scientists collaborate on optimal design• Avoid, minimize, mitigate and compensate• EBD science informs the project impacts which in turn inform mitigation response

and design• Mitigation possibilities include:

– In-stream habitat improvement – Improves existing and/or creates new habitat– “Off channel” habitat improvement – Creates new habitat– Water discharge – Project will have stringent water quality standards. Pebble site has

excess water. Depending on water usage, flow at Pebble will be distributed spatially and temporarily to maximize downstream fish habitat• Habitat suitability modeling• Very helpful during periods of natural water flow reduction

• Wetlands – “in kind” and “mitigation banks”• Exceptional commitment to the environment – Great neighbor• Conclusion – No net loss of any fishery – AND enhancement possibilities abound

– Fisheries and mining do co-exist around the world

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Comprehensive Basin-Wide Knowledge of Hydrology

38

Average Year

River Kilometer

24 25 26 27 28 29 30 31 32 33 34

Ave

rage

WU

W (f

eet)

-10

-5

0

5

10

15

20

25

30

-10

-5

0

5

10

15

20

25

30

Pre-MineMine AffectedDifference

2012 - SFK-B, Coho Spawning

Model Results – Weighted Usable Width (WUW)

39

Salmon Mitigation/Enhancement Opportunities

• Numerous Pebble/Bristol Bay streams not producing fish at full potential due to natural constraints:

– beaver dams & other barriers– dewatered & relic channels– low habitat complexity– limiting water quality– poor seeding due to low escapement

• Significant opportunities exist to apply proven techniques to remove constraints & enhance fish production:

– agency friendly– proven success with +50 years of fish habitat mitigation

track record– typically low technology measures– cost-effective

• Strategic surplus water releases using PHABSIM*

Early June 2004

Late July 2004Exact same location

40

* The Physical Habitat Simulation (“PHABSIM”) model, originally developed more than 30 years ago by the U.S. Geological Survey and the U.S Fish and Wildlife Service, is one of the most scientifically advanced and widely accepted methodologies for determining aquatic habitat versus stream flow relationships.

Alaska Fish Habitat Enhancement Projects – Agency Approved

41

Hard Rock Mining & Salmon Do Co-Exist Fraser River Basin, BC*

• Fraser River basin a close analogue to Bristol Bay basin

• Empirical evidence shows mining activity over last 50 years had:− No negative effect on salmon

populations

− No negative effect on commercial salmon fishery

− No large scale effects on salmon habitat

− No relationship to salmon price

Correlation, yes. Scientifically proven cause and effect, no!But that is exactly the point.

* Ford, B. & J. Sarchuk, 2012 (Fraser River Salmon & Mining Review, AECOM)

42

Highland Valley Copper Mine – Mining & Salmon in British Columbia

43

Highland Valley Copper Mine – Mining & Salmon in British Columbia

44

Gibraltar Mine, British Columbia

45

Fraser River

Mines & Fisheries Do Co-Exist

Gibraltar Mine, BC

46

Seepage Collection Pond

Conclusions:

– We have the science to build and operate a safe mine– Fisheries and mines do co-exist

Salmon Habitat Mitigation Summary

• Physical/biological sciences applied to successful salmon mitigation projects for +50 years

• Agency approved measures

• Successful examples include:

– Flow regulation to optimize downstream fish habitat availability– Removal of natural barriers to improve access & fish production– In-stream improvements to increase habitat quality/quantity & fish #’s– Off-channel improvements to increase habitat quality/quantity– Off-site mitigation projects to increase fish production

• Rigorous and effective mitigation planning underway for Pebble

• Fisheries protection and enhancement is assured

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Pebble Geology

48

Pebble – Geology

49

50

Pebble Property Captures the World’s Most Extensive Mineral System – Exploration Potential is High

Induced Polarization has been the principal historical

discovery method

East-West Geology Section Looking North

51

1000 ft

East

Gra

ben

Brittle-ductile deformation

Very High Grades Extend into the East Graben

What Happens East of the ZG1

Fault?

Interval (m)

Cu % Au g/t Mo % CuEQ%

289.1 1.24 0.79 0.042 1.98

Results from DDH-6348

• The highest grades at Pebble are truncated by the East Graben

• DDH-6348 intersected 289 m grading 1.98% CuEQbelow basalts in the graben; no follow up

• High grades & the deposit clearly extend to the east • Patterns west of the ZG1 may be repeated to the east

52

Note: CuEQ uses metal prices: $1.80/lb Cu; $800/oz Au; $10/lb Mo

Pebble May Host Other Major Deposits

Each area is shown at the same scale

• The extent of mineralization at Pebble is comparable to:– Oyu Tolgoi– Chuquicamata– Los Bronces/Andina

• Exploration potential at deposit and within region is noteworthy

53

PebbleAlaska

Oyu Tolgoi MineralTrend, Mongolia

ChuquicamataChile

Andina-Los Bronce-LosSulfatos, Chile

Pebble Engineering

54

55

Existing Infrastructure at Iliamna Operations Centre

55

IliamnaLake Iliamna

56

56

AA’

Cross Section

Note: Metal prices used for copper equivalent (CuEQ) are same as for resource (see page 58).

57

Plan View

57

Note: Metal prices used for copper equivalent (CuEQ) are same as for resource (see page 58).

58

5.94 Billion Tonnes Measured & Indicated4.84 Billion Tonnes Inferred

The estimate was prepared for the Pebble Partnership. David Gaunt, PGeo, a qualified person as defined under 43-101 who is not independent of Northern Dynasty, is responsible for the 2010 estimate.

Copper equivalent calculations used metal prices of US$1.85/lb for copper, US$902/oz for gold and US$12.50/lb for molybdenum, and metallurgical recoveries of 85% for copper 69.6% for gold, and 77.8% for molybdenum in the Pebble West area and 89.3% for copper, 76.8% for gold, 83.7% for molybdenum in the Pebble East area. Revenue is calculated for each metal based on grades, recoveries and selected metal prices: accumulated revenues are then divided by the revenue of 1% copper. Recoveries for gold and molybdenum are normalized to the copper recovery as shown below:CuEQ (Pebble West) = Cu % + (Au g/t x 69.6%/85% x 29.00/40.79) + (Mo % x 77.8%/85% x 275.58/40.79)CuEQ (Pebble East) = Cu% + (Au g/t x 76.8%/89.3% x 29.00/40.79) + (Mo % x 83.7%/89.3% x 275.58/40.79)

By prescribed definition, “Mineral Resources” do not have demonstrated economic viability. An Inferred Mineral Resource is that part of a mineral resource for which quantity and grade can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The mineral resources fall within a volume or shell defined by long-term metal price estimates of US$2.50/lb for copper, US$900/oz for gold and US$25/lb for molybdenum.

A 0.30% CuEQ cut-off is considered to be comparable to that used for open pit mining operations of copper porphyry deposits located in the Americas. All mineral resource estimates and cut-offs are subject to a feasibility study.

Note 1

Note 2

Note 3

Note 4

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Anticipated Relative Values by Metal

Note: Assumes US$2.50 Cu/lb.; US$1,050 Au/oz.; US$13.50 Mo/lb.

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Project Power Alternatives

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• Significant energy requirement 400 MW

• Gas combined cycle plant Several solutions

evaluated Located at mine site

• Gas supply Via pipeline from

Kenai Peninsula

• IPP opportunity

Probable Process Flowsheet

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Preliminary Bathymetry Data – Design Vessel

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• Bathymetry data Minimum depth – 36 ft Average sea level – +8 ft Mean high water – +14 ft

• HandyMax 20,000 to 50,000 DWT Draft of 41 ft

Pebble and Northern Dynasty Public Affairs

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64

Southwest Alaska & Bristol Bay

64

65

Elders Forums / Elders Advisory Committee

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• Fifth annual Elders Forum held in August 2013– 220 elders, escorts and youth representing 22 of the 31 in

region communities

– Presentations on economics, permitting & NEPA process, mitigation, tailings structures, workforce development, etc.

– Traditional dances and songs performed by Elders from Nushagak communities of New Stuyahok and Koliganek

• Elders Advisory Committee (EAC) – 10 seated members representing 8

sub-regions of Bristol Bay, and two appointed open seats

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Elders Forums / Elders Advisory Committee

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Business Development – Alaska

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Commercial Relationships with Local Businesses • Iliamna Development Corporation• Pedro Bay Corporation• Alaska Peninsula Corporation• Iliamna Lake Contractors• Tanalian Corporation• Kijik Corporation

o Food services o Housekeepingo Fuel, transportation, aviationo Medicalo Bear guards o Housing and vehicle leasing o Surveying, ground clearing,

reclamation

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Workforce Development Plan

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• Comprehensive, long-term workforce development strategy

• The Pebble Partnership Scholarship Fund

• Job specific training for locals

• Partnerships with colleges & training organizations

• Apprenticeship/internship programs

• Support for the Alaska Native Science Engineering Program at UAA

• Core Drillers Program

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Environmental Baseline Document

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• One of the most extensive environmental databases ever assembled for a resource development project in America

• Climate, water quality, wetlands, fish and aquatic habitat, wildlife, land and water use, socioeconomics and subsistence

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The Pebble Fund

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• Five year, $5 million commitment established in 2008

• Enhance sustainability of regional fisheries and local communities; create infrastructure

• Over $4.7 million in grants to date, leveraging nearly $13 million in matching funds

• Leveraged nearly $13 million in matching funds

• $500,000 awarded in 2013

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Forecast Economic Benefits for Alaska

71

The IHS report (see page 19) is intended to provide information about general economic effects/contribution of a development at Pebble to Alaska and the USA.The report should not be used to evaluate the Pebble Project’s impact on Northern Dynasty.

72

Forecast Economic Benefits for Southwest Alaska

72

The IHS report (see page 19) is intended to provide information about general economic effects/contribution of a development at Pebble to Alaska and the USA.The report should not be used to evaluate the Pebble Project’s impact on Northern Dynasty.

73

Forecast Economic Benefits for the United States

73

The IHS report (see page 19) is intended to provide information about general economic effects/contribution of a development at Pebble to Alaska and the USA.The report should not be used to evaluate the Pebble Project’s impact on Northern Dynasty.

ConclusionsInvestment Highlights – A World-Class Investment Opportunity

State land, designated for mineral exploration and development Politically stable, established mining jurisdiction Rigorous laws and regulations, including NEPA. We believe the rule-of-law will prevail 1000 ft above sea level; gentle rolling terrain; no permafrost Very manageable water supplies

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World-Class Resource

Most important, new greenfield copper-gold-molybdenum resource in the world. Well understood Current total resource includes a Measured and Indicated Resource of 5.9 billion tonnes containing 55 billion lbs copper,

66.9 million oz of gold and 3.2 billion lbs molybdenum, and Inferred Mineral Resources of 4.8 billion tonnes containing 25.6 billion lbs copper, 40.4 million oz gold and 2.3 billion lbs molybdenum (see Appendices)

Development could bring low cost power for Alaska and Southwest Alaska in particular-Stakeholder benefits Close proximity to tidewater and Asian markets Access to existing infrastructure The kind of long-life, potentially low cost asset that major mining companies covet Strong local management in Pebble Limited Partnership (PLP)

On an EV/Resource basis Northern Dynasty offers compelling value to investors and strategic buyers

US$10 million cash, no debt US$730 M+ invested to date in the Project Funding flexibility by a metal streaming, royalties, off-take agreements etc.

Strategic Advantages

StrongAsset

CompellingValuation

Conclusion Pebble is a world-class deposit Key 2015 milestones include finding a strategic partner(s) Northern Dynasty and PLP are committed to delivering results Pebble is strategic. We believe it will be reviewed under the NEPA permit process

GreatLocation

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Northern Dynasty Directors & Management

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Robert Dickinson Executive ChairmanMr. Dickinson is an economic geologist with more than 40 years of mineralexploration experience, is Executive Chairman of Northern Dynasty and adirector of the Pebble Limited Partnership. Mr. Dickinson leads NorthernDynasty’s project development activities and is Chairman of HunterDickinson Inc.

Ronald Thiessen CEOMr. Thiessen is an accredited public accountant with more than 25 years ofcorporate development experience, is President and CEO of NorthernDynasty and a Director of the Pebble Limited Partnership. Mr. Thiessenleads Northern Dynasty’s corporate development and financing activities andis President and CEO of Hunter Dickinson Inc.

Marchand Snyman Chief Financial OfficerMr. Snyman is a chartered accountant with more than 18 years of experiencein corporate finance in the mining industry working on international projects.Mr. Snyman is responsible for financial/corporate management and financingactivities at Northern Dynasty Minerals Ltd. and is Chief Operating Officer forHunter Dickinson Inc.

Bruce JenkinsSenior Vice President, Corporate DevelopmentMr. Jenkins is a corporate and government relations executive with morethan 35 years of experience in project and corporate management. Mr.Jenkins oversees environmental affairs and sustainable development forNorthern Dynasty.

Stephen Hodgson Vice President, EngineeringMr. Hodgson is a professional engineer with more than 30 years ofexperience in mine operations, mine development and project engineering.Mr. Hodgson is Director of Engineering for the Pebble Limited Partnershipand directs all engineering activities for the Pebble Project. Mr. Hodgson isalso Executive Vice President, Engineering for Hunter Dickinson Inc.

Sean Magee Vice President, Public AffairsMr. Magee is a corporate communication and public affairs specialist withmore than 18 years experience in natural resource and major projectdevelopment spanning the mining, energy, forestry and transportationsectors. Mr. Magee serves on the Pebble Limited Partnership communicationcommittee and guides public affairs and permitting strategies for the project.

Doug Allen Vice President, Corporate CommunicationsMr. Allen is an asset management industry specialist with more than 30years experience on both the sell-side and the buy-side of the investmentindustry. His experience includes extensive investment work in the miningindustry. Mr. Allen serves as the primary liaison between the broker-dealerand asset management industries and the company.

Loretta FordVice President, Environment and SustainabilityLoretta Ford is an environmental scientist with more than 20 years ofexperience managing environmental programs and permitting industrialdevelopment projects. Ms. Ford has been managing environmentalprograms and working with the engineering design team for the PebbleProject since 2004.

Trevor Thomas Company SecretaryMr. Thomas is the company secretary to Northern Dynasty Minerals. Mr.Thomas has practiced in the areas of corporate commercial, corporatefinance, securities and mining law since 1995, both in private practiceenvironment as well as in-house positions and is currently in-house GeneralCounsel for Hunter Dickinson Inc.

Non Executive DirectorsScott Cousens, Gordon Fretwell, Russell Hallbauer, Wayne Kirk, Peter Mitchell, Ken Pickering

Pebble Limited Partnership Executives

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Contact InformationGeneral Office15th Floor1040 W. Georgia StreetVancouver, BCCanada V6E 4H1

Corporate CommunicationsDoug Allen │ VP, Corporate Communicationsdougallen@northerndynasty.comTel: 604.684.6365TF: 800.667.2114

Websiteswww.northerndynasty.comwww.pebblepartnership.com www.pebbleresearch.com