Northern Dynasty Announces Closing of US$5.0 Million Bought Deal

NORTHERN DYNASTY ANNOUNCES CLOSING OF US$5.0 MILLION BOUGHT DEAL

June 24, 2019, Vancouver, BC – Northern Dynasty Minerals Ltd. (TSX: NDM; NYSE American: NAK) (“Northern

Dynasty” or the “Company”) announces that it has closed its previously announced bought deal offering. A

total of 12,200,000 common shares of the Company were sold at a price of US$0.41 per share (the “Offering

Price”) for gross proceeds of approximately US$5.0 million. The Offering was completed pursuant to an

underwriting agreement dated June 19, 2019 among the Company and Cantor Fitzgerald Canada

Corporation, as lead underwriter and sole book runner, and a syndicate of underwriters including BMO

Capital Markets, H.C. W ainwright & Co., LLC. and TD Securities Inc. (collectively, the “ Underwriters”). The

Underwriters were paid a 6% cash commission and received 244,000 non -transferable common share

purchase warrants (the “Underwriter Warrants”). Each Underwriter Warrant entitles the holder to acquire

one common share of the Company at the Offering Price for a period of 12 months.

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

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

advancement of the U.S. Army Corps of Engineers Environmental Impact Statement (“ EIS”); (ii) ongoing

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

governments, Alaska Native partners and broader regional and state -wide stakeholder groups ; and (iii)

general corporate purposes.

The Offering was made 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. registration statement

on Form F -10 (SEC File No. 333 -229262) (the “ Registration Statement ”). The U.S. form of Base Shelf

Prospectus is included in 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 jurisdict ion

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, n or has any such authority passed upon by 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, the Pebble

Partnership, is a 100% interest in a contiguous block 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

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

development of the Pebble Project and the ability of the Company to secure the required Canadian and US regulatory

and stock exchange acceptances for the Offering. Though the Company believes the expectations ex pressed 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 connec ted 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 .