Northern Dynasty Announces Closing of C$10.1 Million Underwritten Offering

NORTHERN DYNASTY ANNOUNCES CLOSING OF C$10.1 MILLION UNDERWRITTEN OFFERING

May 13, 2020, Vancouver, BC – Northern Dynasty Minerals Ltd. (TSX: NDM; NYSE American: NAK) (“Northern

Dynasty” or the “Company”) announces that the Company has closed its previously announced underwritten

public offering of common shares of the Company (the “ Common Shares”), including exercise in full of the

over-allotment option (the “Offering”). A total of 14,375,000 Common Shares were sold at a price of C$0.70

per Common Share (“Offering Price”) for gross proceeds of approximately C$10.1 million. The Offering was

completed pursuant to an underwriting agreement dated April 29, 2020 among the Company and Cantor

Fitzgerald Canada Corporation, as lead underwriter and sole b ookrunner, and a syndicate of underwriters

including BMO Nesbitt Burns Inc., H.C. Wainwright & Co., LLC. and TD Securities Inc.

The Company intends to use the net proceeds of the Offering and the Concurrent Private Placement for (i)

operational expenditure s, including engineering, environmental, permitting and evaluation expenses

associated with the Pebble Project and the advancement of completion of the USACE Environmental Impact

Study, (ii) enhanced outreach and engagement with political and regulatory of fices in the Alaska state and

U.S. federal government, Alaska Native partners and broader regional and state -wide stakeholder groups,

and (iii) payment of current liabilities associated with the Company's working capital deficiency.

The Offering was comple ted pursuant to a short form prospectus (the “ Prospectus”) and related U.S.

registration statement on Form F -10 (SEC File No. 333 -237875) (the “Registration Statement”). This press

release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be

any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior

to the registration or qualification under the securities laws of any such jurisd iction. The securities being

offered have not been approved or disapproved by any regulatory authority, nor has any such authority

passed upon by the accuracy or adequacy of the Prospectus or the Registration Statement.

About Northern Dynasty Minerals Ltd.

Northern Dynasty is a mineral exploration and development company based in Vancouver, Canada. Northern

Dynasty's principal asset, owned through its wholly owned, Alaska -based U.S. subsidiary, the Pebble

Partnership, is a 100% interest in a contiguous bl ock of 2,402 mineral claims in southwest Alaska, including

the Pebble deposit. The Pebble Partnership is the proponent of the Pebble Project, an initiative to develop

one of the world's most important mineral resources.

Ronald W. Thiessen

President & CEO

US Media Contact:

Dan Gagnier

Gagnier Communications

(646) 569-5897

Forward Looking Information and other Cautionary Factors

This news release contains “forward -looking information” within the meaning of applicable Canadian securities

legislation, and “forward -looking statements” within the meaning of the United States Private Securities Litigation

Reform Act of 1995 (collective ly referred to as “forward -looking information”). The use of any of the words “expect”,

“plan”, “update” and similar expressions are intended to identify forward -looking information or statements. These

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statements include expectations about the use of proceeds of the Offering, the finalization of the Environmental Impact

Study by the U.S. Army Corps of Engineers, the ability of the Company to proceed with permit applications for the

development of the Peb ble Project, and the ability of the Company to obtain the necessary federal and state permits

for the development of the Pebble Project. Although the Company believes the expectations expressed in its forward -

looking statements are based on reasonable assumptions, such statements are subject to future events and third party

discretion such as regulatory personnel. For more information on the Company, and the risks and uncertainties

connected with its business, Investors should review the Company's home jurisdiction filings at www.sedar.com and its

filings with the United States Securities and Exchange Commission at www.sec.gov.