Northern Dynasty Announces Closing of US$11.5 Million Bought Deal

NORTHERN DYNASTY ANNOUNCES CLOSING OF US$11.5 MILLION BOUGHT DEAL

March 18, 2019, Vancouver, BC – Northern Dynasty Minerals Ltd. (TSX: NDM; NYSE American: NAK)

(“Northern Dynasty” or the “ Company”) is pleased to report that it has closed its previously announced

bought deal offering, including the exercise in full of the over- allotment option (the “Offering”). A total of

17,968,750 common shares of the Company were sold at a price of US$0.64 per share for gross proceeds of

US$11.5 million. The Offering was completed pursuant to an underwriting agreement dated March 13, 2019

among the Company and Cantor Fitzgerald Canada Corporation, as lead underwriter and sole bookrunner,

and a syndicate of underwriters including BMO Capital Markets, H.C. Wainwright & Co., LLC. and TD Securities

Inc. (collectively, the “Underwriters”). The Company paid a 6% commission to the Underwriters.

The proceeds of the Offering are anticipated to be used for (i) operational expenditures, including

engineering, environmental, permitting and evaluation expenses associated with the Pebble Project and the

advancement of completion of the United States Army Corps of Engineers Environmental Impact Study, (ii)

enhanced outreach and engagement with political and regulatory offices in the Alaska state and U.S. federal

government, Alaska Native partners and broader regional and state-wide stakeholder groups, and (iii) general

corporate purposes. It remains one of the Company’s goals to partner the Pebble Project.

The Offering was completed by way of a prospectus supplement (the “ Prospectus Supplement”) to the

Company’s existing Canadian base shelf prospectus (the “Base Shelf Prospectus”) and related U.S. base shelf

prospectus included in the Company’s registration statement on Form F -10 (SEC File No. 333 -229262) (the

“Registration Statement”) filed under the Canada/U.S. multi- jurisdictional disclosure system. This press

release does not constitute an offer to sell or the soli citation 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 jurisdiction. The securities being

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

passed upon the accuracy or adequacy of the Prospectus Supplement, the Base Shelf 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, Pebble Limited

Partnership (“PLP”), is a 100% interest in a contiguous block of 2,402 mineral claims in southwest Alaska,

including the Pebble deposit. PLP 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

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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 (collectively referred to as “forward -looking information”). The use of any of the words “expect”,

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

statements include expectations about the use of proceeds of the Offering, the finalization by the United States Army

Corps of Engineers of the Environmental Impac t Study, the ability of the Company to proceed with permit applications

for the development of the Pebble Project and the ability of the Company to obtain the necessary federal and state

permits for the development of the Pebble Project. Though 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 r isks 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 .