Northern Dynasty: Response to DOJ Brief

Northern Dynasty: Response to DOJ Brief

February 19, 2026 Vancouver – Northern Dynasty Minerals Ltd. (TSX: NDM; NYSE American: NAK) ("Northern

Dynasty" or the "Company") and its 100%-owned, U.S.-based subsidiary Pebble Limited Partnership (“Pebble

Partnership”) respond to the Department of Justice (“DOJ”) brief filed in Alaska Federal Court on February

17, 2026.

Ron Thiessen, Northern Dynasty President and CEO commented:

“Our strategy has always been grounded in a solid legal case that this veto was illegal, and a high level of

confidence that the court will agree with us. This DOJ brief makes many arguments that we have seen before

and that directly contradict the findings of the Final Environmental Impact Statement (“ FEIS”). The flaws in

this brief only increase that confidence. We are eager to file our response on or before April 15 which will

delineate those flaws, and to take this case to court for a decision as soon as possible. It is important to

remember that Tuesday’s filing by the DOJ represents the Environmental Protection Agency’s (“EPA’s”) side

of the complex issues in this case. In October, we submitted to the court our opening brief for why the veto

is unlawful, and our April 15 brief will address the DOJ filing to further establish that the court should order

the veto invalid.”

“We will, of course, continue to explore settlement with EPA as we prepare our brief, but we will also push

for a decision by the court as soon as possible.”

“When you consider the significant negative impacts the Obama/Biden veto will bring about, it is surprisingly

short-sighted that the EPA would file a brief in support of it. This precedent will be used by future Democratic

administrations to reverse the progress this administration has made to advance its pro-energy, pro-mining,

and pro-development agenda. Every permit issued by the Army Corps of Engineers, the Forest Service, the

Bureau of Land Management, and others will be at risk. Projects with permits issued years before and that

have been operational for years or any of the other 60-75,000 Clean Water Act 404 permits issued each year

in the U.S., representing hundreds of billions of dollars of economic activity – are at risk.”

“This brief makes a number of arguments that we do not believe any pro-business Republican Administration

has made before, including that a major EPA ruling like this one involving a project that has the potential to

generate very significant revenue in Alaska can be issued without a comprehensive cost impact analysis; that

a veto can be based on speculative conclusions ( i.e., that a project may cause some impact, not that it will

cause the impact); that a veto can cover hundreds of square miles beyond the f ootprint of the project, thus

turning valuable Alaska state land into what would essentially be a federal park; that a veto can be issued

using a standard substantially lower than the statute requires; that a veto can be issued even though the

supposed factual “findings” are contradicted by findings in the FEIS, signed off by the U.S. Army Corps of

Engineers, among many other flawed positions.”

“The brief reads like it was written by an Obama/Biden/Anti-mining/Anti-oil/Anti-development coalition.

Unfortunately, these arguments can be cited repeatedly by the next Democratic administration as it seeks to

unravel this administration’s laudable progress in moving forward so many new energy/mining/development

projects.”

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, is a 100% interest in a contiguous bl ock of 1,840 mineral claims in Southwest Alaska, including

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the Pebble deposit, located 200 miles from Anchorage and 125 miles from Bristol Bay. The Pebble Partnership

is the proponent of the Pebble Project.

For further details on Northern Dynasty and the Pebble Project, please visit the Company's website at

www.northerndynastyminerals.com or contact Investor services at (604) 684-6365 or within North America

at 1-800-667-2114. Public filings, which include forward looking information cautionary language and risk

factor disclosure regarding the Company and the Pebble Project can be found in Canada at www.sedarplus.ca

and in the United States at www.sec.gov.

Ronald W. Thiessen

President & CEO

U.S. Media Contact:

Dan Gagnier, Gagnier Communications (646) 569-5897

Forward Looking Information and other Cautionary Factors

This document includes certain statements that may be deemed "forward -looking statements" under the United States Private

Securities Litigation Reform Act of 1995 and under applicable provisions of Canadian provincial securities laws. All statements in this

document, other than statements of historical facts are forward-looking statements. Additional forward looking statements made by

the Company under its continuous disclosure obligations include statements regarding (i) the development plan for the Pebble Project

(ii) the right-sizing and de-risking of the Pebble Project, (iii) the design and operating parameters for the Pebble Project development

plan, including projected capital and oper ating costs, (iv) the social integration of the Pebble Project into the Bristol Bay region and

benefits for Alaska, (v) the political and public support for the permitting process, (vi) the ability of the Pebble Project to ultimately

secure all required federal and state permits, (vii) the ability of the Company and/or the State of Alaska to challenge the EPA’s Final

Determination process under the Clean Water Act and ultimately the USACE’s Record of Dec ision (“USACE ROD ”) through legal

actions; (viii) exploration potential of the Pebble Project, (ix) future demand for copper, gold and other metals, (x) if per mitting is

ultimately secured, the ability to demonstrate the Pebble Project is ultimately commercially viable, and (xi) the potential addition of

partners in the Pebble Project. Although NDM believes the expectations expressed in these forward -looking statements are based

on reasonable assumptions, such statements should not be in any way be construed as guarantees that the Pebble Project will secure

all required government permits or regarding the ability of NDM to develop the Pebble Project in light of the USACE ROD and its

subsequent remand decision and the EPA’s Final Determination, establish the commercial feasibility of the Pebble Project, achieve

the required financing or develop the Pebble Project.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by

NDM as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and

contingencies. Assumptions used by NDM to develop forward-looking statements include the assumptions that (i) the Pebble Project

will obtain all required environmental and other permits and all land use and other licenses without undue delay, (ii) any fe asibility

studies prepared for the development of the Pebble Project will be positive, (iii) NDM’s estimates of mineral resources will not change,

and NDM will be successful in converting mineral resources to mineral reserves, (iv) NDM will be able to estab lish the commercial

feasibility of the Pebble Project, and (v) NDM will be successful in its legal action against the EPA and the USACE and any action taken

by the EPA in connection with the Final Determination will ultimately not be successful in restrict ing or prohibiting development of

the Pebble Project.

In addition, the likelihood of future mining at the Pebble Project is subject to a large number of risks and will require achievement of

a number of technical, economic and legal objectives, including (i) the current development plan may not reflect the ultimate mine

plan for the Pebble Project, (ii) obtaining necessary mining and construction permits, licenses and approvals without undue del ay,

including without delay due to third party opposition or changes in government policies, (iii) finalization of the mine plan for the

Pebble Project, (iv) the completion of feasibility studies demonstrating that any Pebble Project mineral resources that can b e

economically mined, (v) completion of all necessary engineering for mining and processing facilities, (vi) the ability of NDM to secure

a partner for the development of the Pebble Project, and (vi) receipt by NDM of significant additional financing to fund these

objectives as well as funding mine construction. NDM is also subject to the specific risks inherent in the mining business as well as

general economic and business conditions. Investors should also consider the risk factors identified in the Company’s Annual

Information Form for the year ended December 31, 202 4, as filed on SEDAR+ (www.sedarplus.ca) and included in its annual report

on Form 40 -F filed on EDGAR (www.sec.gov), as well as the risk factors set out in the Company’s subsequent public continuous

disclosure filings available on SEDAR+ and EDGAR. For mor e information on the Company, Investors should review the Company's

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filings with the United States Securities and Exchange Commission at www.sec.gov and its home jurisdiction filings that are available

at www.sedarplus.ca.

The National Environment Policy Act Environmental Impact Statement process requires a comprehensive “alternatives assessment”

be undertaken to consider a broad range of development alternatives, the final project design and operating parameters for th e

Pebble Project and associated infrastructure may vary significantly from that currently contemplated. As a result, the Company w ill

continue to consider various development options and no final project design has been selected at this time.