Northern Dynasty: Update on Negotiations with EPA
Northern Dynasty: Update on Negotiations with EPA
July 4, 2025 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” or “PLP”) announce that we are negotiating with the Environmental Protection Agency (“EPA”)
to explore a potential settlement.
In the latest EPA court filing, dated July 3, 2025, the text includes “ …agency officials were briefed on the
litigation and have been actively considering the agency decisions. Agency officials remain open to
reconsideration, and defendants and PLP are negotiating to explore a potential settlement. Those discussions
have addressed a potential further submission from PLP that would inform any agency reconsideration.
Defendants and PLP currently expect to reach agreement within the next two weeks about what that
submission would entail …Accordingly, defendants and PLP respectfully request that the Court extend the
abeyance for an additional 14 days, with a status report due on July 17, 2025…”
“We are pleased to be in discussions with the EPA, because we see this as the fastest path forward for
withdrawal of the veto. They have asked for additional information to assist in finalizing that decision,” said
Ron Thiessen, Northern Dynasty President and CEO . “ A decision to withdraw th is egregious and
unsubstantiated veto would help the U.S. to secure a domestic supply of metals like copper, which is critical
for the economy because of its fundamental use in electrification, and rhenium, which is a key component in
several military applications . It also provides the opportunity for significant economic benefits over
generations in this region of Alaska, the state and the country and would be consistent with the stated pledge
of this administration to remove impediments to permitting.”
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
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
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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, which address permitting , including the withdrawal of the EPA veto and the
development and production for the Pebble Project 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 operating 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 Pebb le 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
Environmental Protection Agency’s (“EPA’s”) Final Determination process under the Clean Water Act and ultimately the U.S. Army
Corps of Engineers 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 permitting 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 a ll land use and other licenses without undue delay, (ii) any feasibility
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 miner al resources to mineral reserves, (iv) NDM will be able to establish 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 F inal Determination will ultimately not be successful in restricting 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 thes e
objectives as well as funding mine construction. NDM is also subject to the specific risks inherent in the mining bu siness 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
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.