January 2017

Cautionary & Forward Looking Information

This presentation includes certain statements that may be deemed "forward-looking statements". All statements in this presentation, other than statements of
historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements.
Although the Company believes the expectations expressed in its forward-looking statements are based on reasonable assumptions, such statements should
not be in any way construed as guarantees of the ultimate size, quality or commercial feasibility of the Pebble Project or of the Company's future performance
or the outcome of litigation. Assumptions used by the Company to develop forward-looking statements include the following: the Pebble Project will obtain all
required environmental and other permits and all land use and other licenses, studies and development of the Pebble Project will continue to be positive, and
no geological or technical problems will occur. 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 obtaining necessary mining and construction permits, approvals, licenses
and title on a timely basis, delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and
exploitation, the final outcome of any litigation, completion of pre-feasibility and final feasibility studies, preparation of all necessary engineering for surface or
underground mining and processing facilities as well as receipt of significant additional financing to fund these objectives as well as funding mine
construction. Such funding may not be available to the Company on acceptable terms or on any terms at all. There is no known ore at the Pebble Project and
there is no assurance that the mineralization at the Pebble Project will ever be classified as ore. The need for compliance with extensive environmental and
socio-economic rules and practices and the requirement for the Company to obtain government permitting can cause a delay or even abandonment of a
mineral project. The Company is also subject to the specific risks inherent in the mining business as well as general economic and business conditions. For
more information on the Company, Investors should review the Company's filings with the United States Securities and Exchange Commission and its home
jurisdiction filings that are available at www.sedar.com.

This presentation also uses the terms measured resources, "indicated resources" and "inferred resources". Although these terms are recognized and
required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects), the U.S. Securities and Exchange
Commission does not recognize them. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be
converted into reserves. In addition, "inferred resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. It
cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of
Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for a Preliminary Economic Assessment
as defined under 43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.

The technical information contained in this presentation has been reviewed and approved by qualified persons which are not independent of Northern
Dynasty. Information on geology, drilling and exploration potential has been reviewed by James Lang, PGeo., information on Mineral Resources by David
Gaunt, PGeo., and information related to engineering and metallurgy by Stephen Hodgson, PEng.

During the period 2007 to 2013, the Pebble Limited Partnership expended several hundred million dollars on the Pebble Project, a major portion of which was
spent on exploration programs, resource estimates, environmental data collection and technical studies, with a significant portion spent on engineering of
various possible mine development models, as well as related infrastructure, power and transportation systems. As a consequence of several factors,
including EPA Clean Water Act 404(c) action on the Pebble Project, the withdrawal of Anglo American from the project and the passage of time, technical
and engineering studies related to mine-site and infrastructure development are considered to have very uncertain and perhaps little value at this time.

2
 Investment Highlights A World-Class Investment Opportunity

Resource World Class Tier 1 by every measure Pebble is strategic

Strategic First-World Alaska USA State land Exploration & Development designation
Advantages Location Politically stable-history of responsible resource management and rule-of-law
Very significant benefits to USA, Alaska and the region

Resolution Multi-prong strategy to resolve impasse with EPA

Position Pebble to initiate permitting unencumbered by any extraordinary development restrictions
Strategic Re-Partnering Mining cycle has turned
Priorities
The kind of long-life asset that major mining companies covet
THE THREE RS
Re-Positioning Strategic initiative to restore balance to public debate and prepare Pebble for permitting
Change the face of Pebble through key partnerships with Alaska interests

The Asset $US 750+ million invested to date in Project*

Including $US 150 million Environmental Baseline Document

Rigorous science facilitates the best mine
National Environmental Policy Act (NEPA) permitting process well established
Strategic
Opportunity Compelling Value EV/Resource Basis Northern Dynasty is compelling value

Catalysts Trump Presidency a return to normal permitting

The Three Rs
Northern Dynasty and Pebble Limited Partnership are committed to results

* Environmental Baseline and geological data aside, uncertain economic value due to EPA action as further described in slide 2.
3
 A World-Class Mineral Resource

Resources Measured &

Inferred
Indicated
6.44 B tonnes of Measured & Indicated
Copper 57 B lb 25 B lb
4.46 B tonnes of Inferred Gold 70 M oz 37 M oz
Molybdenum 3.4 B lb 2.2 B lb
Silver 344 M oz 170 M oz
* Refer to table of Measured, Indicated and Inferred
Resources in Appendix

4
 Global Ranking of Porphyry Deposits1
Contained Copper and Contained Gold
Pebble is the Worlds Largest Undeveloped Copper And Gold Resource
Source: Company filings, Metals Economics
Group; BMO Capital Markets
Note: Includes inferred resource.
1. At 0.30% Cu Eq. cut-off.
Source: Company filings, Metals Economics Group, street research;
BMO Capital Markets
Note: Includes inferred resource.
1. Converted to Au Eq. at street consensus Au price of US$1,200/oz
and Ag price of US$18.00/oz
2. At 0.30% Cu Eq. cut-off.
3. Source: World Gold Council (http://www.gold.org/history-and-
facts/facts-about-gold ) says that less than 175,000 tonnes of gold
have been mined since the beginning of civilization. Pebble resource
represents 3,340 T (10,776,800,344 tonnes x 0.31 g/t = 3,340 T).
5
Pebble Project Area Strategically Situated in Alaska, USA
Six Major Producing Mines - Alaska a Resource Development State

Alaska State Constitution (1949)

It is the Policy of the State of Alaska to
encouragethe development of its
resources by making them available for
maximum use consistent with the public
interest

Cook Inlet Land Exchange (1974)

Three way land swap involving Federal
government, State of Alaska and Cook
Inlet Regional Inc. (CIRI)
State of Alaska accepted land including
what is now Pebble, explicitly for its
mineral prospectivity without restriction

Bristol Bay Area Plan (2005)

The general resource management intent
for the Pebble Copper Area is to
accommodate mineral exploration and
development

The Alaska Permanent Fund

Resource development is important

6
 Pebble Multi-Prong Strategy in Action

Federal Advisory Committee Act (FACA) litigation

Preliminary Injunction granted
EPA Motion to Dismiss denied
Depositions ongoing

Freedom of Information Act litigation a significant success

Cohen / DLA Piper Highly critical, independent report released October 2015

Media Strategy Washington Post, WSJ beginning to lay bare EPA misconduct

Inspector General report Found misconduct by one EPA official

Congressional Activity
Several congressional committees conducting or considering hearings

Objective of resolution with EPA remains top priority

Joint Notice for mediation filed with Federal court by PLP and EPA
Joint motion for legal stay of proceedings Approved by Federal Court
Indicates both sides seek resolution to impasse

7
 Trump Election Victory A Return to Normal

President-elect Donald Trumps Administration is widely

expected to re-visit EPAs unprecedented pre-emptive veto
A timely return to a normal permitting process is anticipated:
Clean Water Act 404 permit application in 2017
Environmental Impact Statement process under National
Environmental Policy Act
US Army Corps of Engineers serves as lead federal agency

8
 Pebble: The Path to a Record of Decision
NEPA and 404 Permit Process

For a project like Pebble once an application

has been filed:
Scoping year
Prepare Draft EIS 1 - 1 years
Public Comments - 1 year
Final EIS/ROD 1 year
Total = 3 4 years
Our View:
EPA will not proceed to a preemptive 404c veto or development
restriction
Pebble will get a 404 permit

9
 Pebble Project National Economic Impact Study1
Pebble can help address Alaskas fiscal crisis

Nationally
15,000 jobs
$2.7 billion to US GDP annually
Increase US copper production by 20% over decades
of production
In Alaska
Some 3,000 high-wage jobs
$109,500 average annual salary for mine workers
more than double the state average
More than $1 billion in annual operating expenses
Pebble-related economic activity in Alaska will boost
the state's GDP by more than 3% over 2011 levels
Pebble will literally transform the regional
economy in Bristol Bay
Secure, high-paying jobs
Of 5,394 working-age residents, just 63% worked in
2011 and only 35% were employed throughout the year
Increase Lake and Peninsula Borough tax base by a
staggering 600% annually over 2013 levels
Potential for affordable power for Southwest Alaska
1 The May 30, 2013 IHS report is intended to provide information about general economic effects/contribution of a development at Pebble to Alaska and the USA. The report should
not be used to evaluate the Pebble Projects impact on Northern Dynasty.

10

10
 Copper Demand Outlook
Chinas Shift to Consumption Supports Demand

Copper intensity expected to increase in China2

Non-OECD demand
growth forecast at
+3.6% per annual to
20302
Includes Chinese
demand growth
+2.6% p.a. to 2030
and
OECD demand
decline of 0.6% p.a.
to 2030

Source: United Nations; Wood Mackenzie; BHP Billiton analysis.

1. Purchasing Power Parity (PPP)
2. See BHP Copper Marketing: Attractive industry fundamentals at http://www.bhpbilliton.com/~/media/bhp/documents/investors/news/2015/151201_coppersitetourday1.pdf?la=en

11
 Copper A Significant Structural Deficit is Forecast

Expecting continued decline in Significant copper supply deficit

average mined ore grade1 expected to emerge later this decade1

Peak production next year

2% p.a. supply reduction thereafter
Grade by 19% since 2000
Further 17% by 2025

Source: Wood Mackenzie; BHP Billiton analysis.

1. See BHP Copper Marketing: Attractive industry fundamentals at http://www.bhpbilliton.com/~/media/bhp/documents/investors/news/2015/151201_coppersitetourday1.pdf?la=en
2. Based on average grade weighted by paid copper.

12
 Gold Supply

Supply: Gold Production in 2015

See Goldcorp Corporate Presentation Together, Creating Sustainable Value at www.goldcorp.com

(1) Source: SNL Metals Economics Group
(2) Source: Consensus estimates. Includes CPM Group, GFMS, and Metals Focus

13
 Global C1 Copper Cash Costs1

Pebbles C1 copper cash costs are anticipated to be in the first decile of global primary copper mines1
C1 Cash Costs Net of By-Product Credits US$/lb Cu

The United States and the world need low cost, long-life,
environmentally sound supplies of strategically important copper

1 Source: Wood Mackenzie and BMO Capital Markets

Note: Based on 2016E cash cost data.

14
 Valuation Potential

Current share price provides significant in-situ valuation upside relative to copper and gold
peers as the Pebble Project advances

As at January 3, 2017
Source: BMO Capital Markets,
Bloomberg, Public Disclosure
Assumptions: Shares of NAK: 338.7 M,
estimated theoretical cash position:
US$42.5 M. (assumes basic share count
of 265.4 M plus exercise, for cash
proceeds, of in-the-money
warrants/options. (Actual cash at
September 30, 2016 was $CAD 7.9M).
Copper equivalent metrics calculated
using long-term street consensus pricing
of US$2.85/lb Cu, US$1,300/oz Au,
US$8.00/lb Mo, US$20.00/oz Ag
1 Measured and Indicated Resources
only, excludes Inferred Resources. See
appendices for details on Qualified
Persons as defined in NI 43-101
2 EV= Enterprise Value = Market
Capitalization less cash

15
 Precedent Transactions There is Extraordinary Value
in Pebble/Northern Dynasty

Northern Dynasty In-Situ Values1:

60/100ths of 1 cent per lb Cu US$8.66 per oz Au
Exceptional In-Situ Value
EV/Resource EV/Resource
Date Acquiror Target Stage Date Acquiror Target Stage
(US/lb) (US$/oz)
Copper Developer Transactions Gold Developer Transactions
24-Apr-16 Nevsun Reservoir Scoping Study 33.9 07-Nov-16 Gold Fields 50% Gruyere (Gold Road) Feas $83
24-Apr-16 Reservoir Timok (Freeport) Scoping Study 8.4 19-Jun-16 Teranga Gold Gryphon Minerals Feas $17
27-Aug-15 Goldcorp El Morro (30%) (New Gold) Feas 3.6 08-Jun-16 Fortuna Silver Goldrock Feas $21
26-May-15 Zijin 50% Kamona (IVN) Resource Estimate 1.6 12-May-16 Goldcorp Kaminak Feas $71
03-Nov-14 Antofagasta Duluth Metals Pre-Feas 0.3 04-Mar-16 Endeavour True Gold Construction $53
08-Sep-14 Taseko Curis Pre-Feas 3.0 28-Feb-16 Perseus Amara Pre-Feas $9
13-Jul-14 Maaden 50% Jabal Sayid (Barrick) Construction 26.8 Spring Valley (70%) &
12-Nov-15 Waterton Mix $16
Ruby Hill (Baeeick)
17-Jun-14 First Quantum Lumina Scoping Study 1.1
06-Nov-15 Evolution Mining Phoenix Gold Feas $9
13-Apr-14 MMG-led Consortium Las Bambas (Glencore) Construction 22.3
15-Oct-15 Alamos Gold Carlisle Goldfields Scoping Study $5
09-Feb-14 HudBay Augusta Feas 6.9
30-Jul-15 OceanaGold Romarco Construction $97
24-Oct-12 Cupric Canyon Capital Hana Mining Scoping Study 2.1
17-Feb-15 Timmins Newstrike Scoping Study $53
11-Jul-11 Stillwater Peregrine Metals Resource Estimate 3.5
19-Jan-15 Goldcorp Probe Mines Resource Estimate $96
17-Apr-11 Capstone Mining Far West Mining Scoping Study 16.5
17-Dec-14 Coeur Mining Paramount Gold and Silver Scoping Study $19
10-Jan-11 HudBay Norsemont Feas 8.5
21-Oct-14 Lundin Gold Fruta del Norte (Kinross) Resource Estimate $24
25-Oct-10 Equinox Minerals Citadel Construction 48.6
15-Oct-14 SEMAFO Orbis Scoping Study $55
18-Oct-10 First Quantum Antares Minerals Scoping Study 3.3
08-Sep-14 Agnico Eagle Cayden Exploration n/a
17-Sep-10 Jinchuan Group Continental Minerals Feas 4.2
03-Jun-14 B2Gold Papillon Pre-Feas $108
15-Jul-10 Thompson Creek Terrane Construction 4.4
21-May-14 Rio Alto Mining Sulliden Gold Feas $57
01-Mar-10 China Sci-Tech Chariot Resources Feas 4.2
18-Feb-14 Waterton Chaparral Gold Feas $1
07-Jan-10 Goldcorp 70% El Morro Feas 7.1
17-Dec-13 Asanko PMI Gold Feas $19
28-Dec-09 CRCC - Tongling Corriente Resources Feas 2.0
10-Dec-13 Centamin Ampella Resource Estimate $8
23-Nov-09 First Quantum Kiwara Resource Estimate 0.9
05-Nov-13 Argonaut Gold San Agustin (Silver Standard) Resource Estimate $13
28-Oct-13 B2Gold Volta Resources Pre-Feas $6

Source: Public disclosure, Bloomberg and BMO Capital Markets. 1. See page 20 for in-situ values
16
 Northern Dynastys (NYSE MKT NAK)
Long Term Share Price

Message for investors:

Northern Dynasty = Value + Catalysts = Opportunity

Fully-diluted market capitalization peaked at an adjusted*

$USD 4.488 billion when stock peaked at $USD 21.76
on February 7, 2011 just prior to the issuance of our
Preliminary Economic Assessment and EPAs initiation of what
became known as the Bristol Bay Watershed Assessment

Fully-diluted market
capitalization is
$USD 656 million

2011 January 6, 2017

*Actual market capitalization doubled to adjust for the fact that in 2011 Northern Dynasty owned 50% of Pebble Limited Partnership and today it owns 100%

17
 Pebble Project Milestones Completed and Projected

2016 Resolve EPAs Proposed Determination and position Pebble to initiate permitting
unencumbered by any extraordinary development restrictions

Advance conversations regarding potential partner(s) transaction
Negotiate transportation corridor agreements with Alaska Native village corporations
Enhance public and political support for the Pebble Project

The Three Rs
2017 Resolution with EPA: position Pebble to initiate permitting unencumbered by
any extraordinary development restrictions
Re-partner: advance ongoing partner conversations to a successful conclusion
Re-position: begin roll-out of strategic initiatives to restore balance to public
debate on Pebble
Advance key Alaska and Native partnerships
Advance into US Army Corps of Engineers-led permitting process once the 404(c)
action is withdrawn
Finalize transportation corridor agreements with Alaska Native village corporation
landowners
Feasibility study completed
2020 Project construction commenced

2024 Commercial production

18
 Investment Conclusions A World-Class Investment Opportunity

World-Class Resource
US$750+* million invested
Great Location
Fisheries and mining can safely co-exist
Strategic Advantages
Very Important Economic Benefits for Alaska and USA
Conclusion
Pebble is a world-class deposit
Resolution with EPA, Re-partnering and Re-positioning are potential catalysts
We believe Pebble will receive a 404 permit
Compelling valuation
Northern Dynasty and PLP are committed to delivering results

* Environmental Baseline and geological data aside, uncertain economic value due to EPA action as further described in slide 2.
19
APPENDICES
 Northern Dynasty Shares are Undervalued

Listed NYSE MKT NAK; TSX NDM

Shares Out (Fully Diluted) 270.9 (341.8)1 Million
Average Daily Volume (LTM) 2,505,477 shares/day
Management Owns (Fully Diluted) 8.6%
Cash $CAD 7.9 Million (September 30, 2016)

1. Includes warrants exercisable as follows: 2,735,433 at $CAD 3.00 to September 2017; 13,182,076 at $CAD 0.55 to July 2020; 42,444,376 at $CAD 0.65 to June 10, 2021.

21
Pebble is Among the Worlds Greatest Stores of Mineral Wealth

22

22
Historical Mining Activity

Historical Mine Sites in Alaska

23
Southwest Alaska & Bristol Bay

Access corridor as
per prior studies

24

24
Pebble Environmental, Fisheries & Mitigation

25
Bristol Bay Watershed Context Hydrology/Fisheries
The Real story The Fishery is Not Threatened

26
 Water Management Surplus Water Situation
Robust engineered water management
system
all contact water collected, stored for re-use,
treatment, &/or release
extensive seepage management collection &
monitoring systems
State of the art water treatment &
conditioning
Strategic surplus water releases
Scientifically proven habitat modeling
(PHABSIM) to define flow habitat effects
Considers salmon & resident fish species for
each key life stage
Pebble will maintain downstream water quality &
flows to safeguard fish, wildlife & communities.
WATER MANAGEMENT
KEY PRINCIPLES:
1. Water Management Boundary
Water will be restricted from entering the
mine area by diversion to nearby
streams
2. Tailings Pond
Water collected from parts of mine area
will be pumped for storage, treatment, &
re-use/release
3. Water Treatment Plants
Mine contact water will be treated to
meet stringent water quality standards
before release to the environment
4. Strategic Water Releases
Surplus water will be strategically
released into nearby streams to
optimize fish habitat productivity
27
 Comprehensive Multi-Disciplinary Science

Exhaustive data collection since 2004:

Environmental Studies
Surface Water Wildlife
Water Quality Air Quality
Groundwater Noise
Geochemistry Cultural Resources
Snow Surveys Subsistence
Analytical QA/QC Land Use
Fish & Aquatic Resources Recreation
Macro-invertebrates Socioeconomics
Wetlands Visual Aesthetics
Trace Elements Impact Assessment
Flow Habitat Study & Management
Iliamna Lake Study Mine Closure
Marine & Reclamation

28
 Environmental Baseline Document (EBD) January 2012
Scientific Integrity Foundation for Successful Permitting

State/Federal permitting requires scientific rigor

Pebble environmental science unprecedented
scope/rigor
$150 million spent on intensive multi-disciplinary
studies over 9 years 27,000 pages
Data collection and other preparatory work ongoing
Integrity of work unassailable World class 3rd party
scientists

Empirical knowledge used to:

Characterize local environmental conditions
Provide unique guidance to optimize engineering design
Assess residual effects and inform mitigation measures
Establish a database for long-term project monitoring
Facilitate effective permitting
Counter ill-informed negative rhetoric

Conclusions:
We have the science to build and operate a safe mine
Fisheries and mines can & do co-exist

29
 Pebble Limited Partnership Approach
Responsible Mineral Development

Environmentally driven design Engineers and Scientists collaborate on optimal design

Avoid, minimize, mitigate and compensate
EBD science informs the project impacts which in turn inform mitigation response
and design
Mitigation possibilities include:
In-stream habitat improvement Improves existing and/or creates new habitat
Off channel habitat improvement Creates new habitat
Water discharge Project will have stringent water quality standards. Pebble site has
excess water. Depending on water usage, flow at Pebble will be distributed spatially and
temporarily to maximize downstream fish habitat
Habitat suitability modeling
Very helpful during periods of natural water flow reduction
Wetlands in kind and mitigation banks
Exceptional commitment to the environment Great neighbor
Conclusion No net loss of any fishery AND enhancement possibilities abound
Fisheries and mining do co-exist around the world

30
Comprehensive Basin-Wide Knowledge of Hydrology

31
 Example of Habitat Model Results Weighted Usable Width
(2012 - SFK-B, Coho Spawning)

Mine flows create negligible fish habitat changes compared to natural conditions
Abundant habitat remains to meet fish needs

30 30
Average Year Pre-Mine
25 Mine Affected
25
Difference
Average WUW (feet)

20 20

15 15

10 10

5 5

0 0

-5 -5

-10 -10
24 25 26 27 28 29 30 31 32 33 34

River Kilometer

32
 Salmon Mitigation/Enhancement Opportunities

Numerous Pebble/Bristol Bay streams not

producing fish at full potential due to natural
constraints:
beaver dams & other barriers
dewatered & relic channels
low habitat complexity
limiting water quality
Early June 2004
poor seeding due to low escapement

Significant opportunities exist to apply proven

techniques to remove constraints & enhance fish
production:
agency friendly
proven success with +50 years of fish habitat mitigation
track record
typically low technology measures
cost-effective Late July 2004
Strategic surplus water releases using PHABSIM* Exact same location

* The Physical Habitat Simulation (PHABSIM) model, originally developed more than 30 years ago by the U.S. Geological Survey and the U.S Fish and Wildlife
Service, is one of the most scientifically advanced and widely accepted methodologies for determining aquatic habitat versus stream flow relationships.

33
Alaska Fish Habitat Enhancement Projects Agency Approved

34
 Hard Rock Mining & Salmon Do Co-Exist
Fraser River Basin, BC*

Fraser River basin a Mined Metals Tonnage Versus Salmon Escapement

in Fraser Watershed
close analogue to
Bristol Bay basin
Empirical evidence
shows mining activity
over last 50 years had:
No negative effect on
salmon populations
No negative effect on
commercial salmon
fishery
No large scale effects
on salmon habitat
No relationship to
salmon price * Ford, B. & J. Sarchuk, 2015 (Fraser River Salmon & Mining Review, AECOM)

35
Highland Valley Copper Mine Mining & Salmon in British Columbia

36
Highland Valley Copper Mine Mining & Salmon in British Columbia

37
Gibraltar Mine, British Columbia

Fraser River

38
 Mines & Fisheries Do Co-Exist

Gibraltar Mine, BC
Seepage Collection Pond

Healthy fish with metal levels equal to

or less than that found in control lakes
outside the mine area.

Trophy Rainbow Trout

Conclusion:
We have the science to build and operate a safe mine

39
 Salmon Habitat Mitigation Summary

Physical/biological sciences applied to successful salmon mitigation

projects for +50 years
Agency approved measures
Successful examples include:
Flow regulation to optimize downstream fish habitat availability
Removal of natural barriers to improve access & fish production
In-stream improvements to increase habitat quality/quantity & fish #s
Off-channel improvements to increase habitat quality/quantity
Off-site mitigation projects to increase fish production

Rigorous and effective mitigation planning underway for Pebble

Fisheries protection and enhancement is assured

40
 Summary

Environmental science-driven design:

Engineers & scientists collaborated on optimal design to avoid, minimize, mitigate &
compensate for project effects
Application of best science identifies project impacts which in turn defines mitigation response
& design needs

Deposit area watersheds are minor systems contributing negligible water &
habitat relative to massive Bristol Bay area

Proven mitigation programs include:

In-stream habitat improvement Improves existing &/or creates new habitat
On/off-site habitat development Creates new habitat & enhances fish production
Surplus Water releases:
* meets stringent water quality standards
* surplus water distributed spatially & temporarily to maximize downstream fish habitat

Conclusion: Pebble will not only achieve fisheries conservation, but also create
salmon enhancement.
41
Pebble Geology

42
Pebble Geology

43
Pebble Property Captures the Worlds Most Extensive
Mineral System Exploration Potential is High

Induced Polarization has been

the principal historical
discovery method

44
East-West Geology Section Looking North

45
 Very High Grades Extend into the East Graben

East Graben
1000 ft
Brittle-ductile
deformation

What Happens
East of the ZG1
Fault?
The highest grades at Pebble are truncated by the
East Graben
DDH-6348 intersected 289 m grading 1.98% CuEQ
below basalts in the graben; no follow up
Interval Cu % Au g/t Mo % CuEQ
High grades & the deposit clearly extend to the east (m) %

289.1 1.24 0.79 0.042 1.98

Patterns west of the ZG1 may be repeated to the east
Note: CuEQ uses metal prices: $1.80/lb Cu; $800/oz Au; $10/lb Mo
Results from DDH-6348
46
 Pebble May Host Other Major Deposits

Pebble Oyu Tolgoi Mineral Chuquicamata Andina-Los Bronce-Los

Alaska Trend, Mongolia Chile Sulfatos, Chile

The extent of
mineralization at Pebble
is comparable to:
Oyu Tolgoi
Chuquicamata
Los Bronces/Andina

Exploration potential at
deposit and within
region is noteworthy

Each area is shown at the same scale

47
Pebble Engineering

48
Existing Infrastructure at Iliamna Operations Centre

Lake Iliamna

Iliamna

49

49
 Cross Section

A
A

Note: Metal prices used for copper equivalent (CuEQ) are same as for resource (see page 52).

50

50
 Plan View

Note: Metal prices used for copper equivalent (CuEQ) are same as for resource (see page 52).

51

51
6.44 Billion Tonnes Measured & Indicated
4.46 Billion Tonnes Inferred

Notes:
David Gaunt, P.Geo., a qualified person who is
not independent of Northern Dynasty is
responsible for the estimate.
These resource estimates have been prepared
in accordance with NI 43-101 and the CIM
Definition Standards. Inferred mineral
Resources are considered to be too speculative
to allow the application of technical and
economic parameters to support mine planning
and evaluation of the economic viability of the
project. Under Canadian rules, estimates of
Inferred Mineral Resources may not form the
basis of feasibility or pre-feasibility studies, or
economic studies except for Preliminary
Economic Assessments as defined under 43-
101. It cannot be assumed that all or any part of
the Inferred resources will ever be upgraded to
a higher category.
Copper equivalent calculations use metal prices
of $1.85/lb for copper, $902/oz for gold and
$12.50/lb for molybdenum, and recoveries of
85% for copper 69.6% for gold, and 77.8% for
molybdenum in the Pebble West zone and
89.3% for copper, 76.8% for gold, 83.7% for
molybdenum in the Pebble East zone.
Contained metal calculations are based on
100% recoveries.
A 0.30% CuEQ cut-off is considered to be
appropriate for porphyry deposit open pit mining
operations in the Americas.
All mineral resource estimates, cut-offs and
metallurgical recoveries are subject to change
as a consequence of more detailed economic
analyses that would be required in pre-
feasibility and feasibility studies.

52
 Anticipated Relative Values by Metal

Note: Based on Measured and Indicated Resources only, as identified on page 52. Prices assumed are current long term consensus forecasts of $USD 2.96 lb Cu;
$1,250 oz Au; $8.00 lb Mo and 17.75 oz Ag.
Source: Company data and BMO Capital Markets.

53

53
Probable Process Flowsheet

54
 Pebble: Answering Important Questions with Science
What About Seismicity?

Engineered design criteria for Pebble SSF and

other facilities are extremely conservative
SSF design earthquake:
Various earthquake scenarios studied at locations
throughout region
Lake Clark extension of Castle Mountain fault
(inactive for 10,000+ years)
Design assumes fault runs 10+ miles closer to
Pebble than USGS estimates
Design incorporates maximum estimated 7.5Mw
magnitude earthquake caused by rupture along
entire length of inactive fault
Modern SSF dams operate in regions with higher
seismic risk than Pebble
Fort Knox Alaska 7.9Mw earthquake in 2002
Los Tortolas & 3 others Chile 8.8Mw
earthquake in 2010
All project facilities engineered to withstand
Maximum Credible Earthquake scenarios
associated with the region

CONCLUSION: Pebble will be designed to withstand seismic events larger than could have
occurred over the last 10,000+ years and to more stringent criteria than regulations require.
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 Pebble: Answering Important Questions with Science
What About the Sand Storage Facility?

OVERALL PRINCIPLES:
Three highly engineered embankments to provide safe, permanent storage of
1.8 billion tons of sand
Conservatively designed to withstand maximum forecast flood, storm, seismic events
Strict regulatory oversight and regular inspections by Alaska Dam Safety Program
Conventional porphyry deposit water/solid composition
PAG sand (~10%) to be stored sub-aqueously and encapsulated in sand mass
SSF water at similar porphyry deposits support healthy fish populations
Modified Centerline Design

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Project Power Alternatives

Significant energy
requirement
400 MW

Gas combined cycle

plant
Several solutions
evaluated
Located at mine site

Gas supply
Via pipeline from
Kenai Peninsula

IPP opportunity

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 Preliminary Bathymetry Data Design Vessel

Bathymetry data
Minimum depth 36 ft
Average sea level +8 ft
Mean high water +14 ft

HandyMax
20,000 to 50,000 DWT
Draft of 41 ft

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Pebble and Northern Dynasty Public Affairs

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Southwest Alaska & Bristol Bay

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 Elders Forums / Elders Advisory Committee

Fifth annual Elders Forum held in August 2013

220 elders, escorts and youth representing 22 of the 31 in
region communities
Presentations on economics, permitting & NEPA process,
mitigation, tailings structures, workforce development, etc.
Traditional dances and songs performed by Elders from
Nushagak communities of New Stuyahok and Koliganek

Elders Advisory Committee (EAC)

10 seated members representing 8
sub-regions of Bristol Bay, and two
appointed open seats

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Elders Forums / Elders Advisory Committee

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 Business Development Alaska

Commercial Relationships with

Local Businesses
Iliamna Development Corporation
Pedro Bay Corporation
Alaska Peninsula Corporation
Iliamna Lake Contractors
Tanalian Corporation
Kijik Corporation
o Food services
o Housekeeping
o Fuel, transportation, aviation
o Medical
o Bear guards
o Housing and vehicle leasing
o Surveying, ground clearing,
reclamation

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 Workforce Development Plan

Comprehensive, long-term workforce

development strategy
The Pebble Partnership Scholarship
Fund
Job specific training for locals
Partnerships with colleges & training
organizations
Apprenticeship/internship programs
Support for the Alaska Native Science
Engineering Program at UAA
Core Drillers Program

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Environmental Baseline Document

One of the most extensive

environmental databases ever
assembled for a resource
development project in America
Climate, water quality, wetlands, fish
and aquatic habitat, wildlife, land and
water use, socioeconomics and
subsistence
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The Pebble Fund

Five year, $5 million commitment

established in 2008
Enhance sustainability of regional
fisheries and local communities; create
infrastructure
Over $4.7 million in grants to date,
leveraging nearly $13 million in
matching funds
Leveraged nearly $13 million in
matching funds
$500,000 awarded in 2013

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 Forecast Economic Benefits for Alaska

The IHS report (see page 15) is intended to provide information about general economic effects/contribution of a development at Pebble to Alaska and the USA.
The report should not be used to evaluate the Pebble Projects impact on Northern Dynasty.

67

67
 Forecast Economic Benefits for Southwest Alaska

The IHS report (see page 15) is intended to provide information about general economic effects/contribution of a development at Pebble to Alaska and the USA.
The report should not be used to evaluate the Pebble Projects impact on Northern Dynasty.

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 Forecast Economic Benefits for the United States

The IHS report (see page 15) is intended to provide information about general economic effects/contribution of a development at Pebble to Alaska and the USA.
The report should not be used to evaluate the Pebble Projects impact on Northern Dynasty.

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 Investment Highlights A World-Class Investment Opportunity

Resource World Class Tier 1 by every measure Pebble is strategic

Strategic First-World Alaska USA State land Exploration & Development designation
Advantages Location Politically stable-history of responsible resource management and rule-of-law
Very significant benefits to USA, Alaska and the region

Resolution Multi-prong strategy to resolve impasse with EPA

Position Pebble to initiate permitting unencumbered by any extraordinary development restrictions
Strategic Re-Partnering Mining cycle has turned
Priorities
The kind of asset that major mining companies covet
THE THREE RS
Re-Positioning Strategic initiative to restore balance to public debate and prepare Pebble for permitting
Change the face of Pebble through key partnerships with Alaska interests

The Asset $US 750+ million invested to date in Project*

Including $US 150 million Environmental Baseline Document

Rigorous science facilitates the best mine
National Environmental Policy Act (NEPA) permitting process well established
Strategic
Opportunity Compelling Value EV/Resource Basis Northern Dynasty is compelling value

Catalysts Trump Presidency

The three Rs
Northern Dynasty and Pebble Limited Partnership are committed to results

* Environmental Baseline and geological data aside, uncertain economic value due to EPA action as further described in slide 2.
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 Northern Dynasty Directors & Management
Robert Dickinson Executive Chairman
Mr. Dickinson is an economic geologist with more than 40 years of
mineral exploration experience, is Executive Chairman of Northern
Dynasty and a director of the Pebble Limited Partnership. Mr. Dickinson
leads Northern Dynastys project development activities and is Chairman
of Hunter Dickinson Inc.
Ronald Thiessen CEO and Director
Mr. Thiessen is an accredited public accountant with more than 25 years
of corporate development experience, is President and CEO of Northern
Dynasty and a Director of the Pebble Limited Partnership. Mr. Thiessen
leads Northern Dynastys corporate development and financing activities
and is President and CEO of Hunter Dickinson Inc.
Marchand Snyman Chief Financial Officer
Mr. Snyman is a chartered accountant with more than 20 years of
experience in corporate finance in the mining industry working on
international projects. Mr. Snyman is responsible for financial/corporate
management and financing activities at Northern Dynasty Minerals Ltd.
and is Chief Operating Officer for Hunter Dickinson Inc.
Bruce Jenkins
Senior Vice President, Corporate Development
Mr. Jenkins is a corporate and government relations executive with more
than 40 years of experience in project and corporate management. Mr.
Jenkins oversees environmental affairs and sustainable development for
Northern Dynasty.
Stephen Hodgson Vice President, Engineering
Mr. Hodgson is a professional engineer with more than 40 years of experience in
mine operations, mine development and project engineering. Mr. Hodgson
directs all engineering activities for the Pebble Project. Mr. Hodgson is also
Executive Vice President, Engineering for Hunter Dickinson Inc.
Sean Magee Vice President, Public Affairs
Sean Magee is a former journalist and speech writer with more than 20 years of
natural resource industry communications experience. Formerly Director of
Public Affairs for the Pebble Partnership, Mr. Magee has had a working
relationship with Hunter Dickinson Inc. for more than 12 years and is the
company's Executive Vice President of Strategic Communications and Public
Affairs.
Doug Allen Vice President, Corporate Communications
Mr. Allen is an asset management industry specialist with more than 35 years of
experience on both the sell-side and buy-side of the investment industry, and
more recently the mining industry. He serves as the primary liaison with the
broker-dealer and asset management industries, and also works on corporate
development activities.
Trevor Thomas Company Secretary
Mr. Thomas is the company secretary to Northern Dynasty Minerals. Mr.
Thomas has practiced in the areas of corporate commercial, corporate finance,
securities and mining law since 1995, both in private practice environment as
well as in-house positions and is currently in-house General Counsel for Hunter
Dickinson Inc.
Non Executive Directors
Desmond Balakrishnan, Stephen Decker, Gordon Keep, David Laing, Christian
Milau, Ken Pickering
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Pebble Limited Partnership biographies
Tom Collier CEO
Tom Collier is a regulatory lawyer and former Chief of Staff in the
U.S. Department of Interior with extensive experience in federal
permitting -- specifically the Environmental Impact Statement (EIS)
process under NEPA and 404 wetlands permitting under the Clean
Water Act. Prior to being appointed CEO of the Pebble Partnership
in February 2014, Collier had a 40+ year legal career with
Washington DC-based Steptoe & Johnson, with a specialty for
guiding companies through federal environmental permitting
processes. He has worked on numerous Alaska resource projects,
including reauthorization of the Trans-Alaska Pipeline System,
Alpine oil development and Conoco Phillips' CD-5 project.
Sean Magee Chief of Staff
Sean Magee is a former journalist and speech writer with more
than 15 years of natural resource industry communications
experience. Formerly Director of Public Affairs for the Pebble
Partnership, Mr. Magee has had a working relationship with
Hunter Dickinson Inc. for more than 12 years and is the
company's Executive Vice President of Strategic
Communications and Public Affairs.
Mike Heatwole Vice President of Public Affairs
Mike Heatwole is Vice President of Public Affairs for the Pebble
Partnership, a position he has held since August 2008. Prior to
this, Mike served as the director of corporate communications for
Alyeska Pipeline Service Company. He has worked for the
Alaska State Legislature and the United States Senate and has
run several statewide election campaigns. He is past board
member of Alaska Resource Education and the Alaska Chamber
of Commerce. He also coaches youth soccer coach. A long time
Alaskan, Mike enjoys mountain running, reading American
history, and spending time with his family.
John Shively Chairman
John Shively came to Alaska in 1965 as a VISTA volunteer.
What began as a one-year assignment turned into a career
involved in issues that have shaped Alaska. Shively worked
with NANA Regional Corporation to negotiate development
of Teck's Red Dog zinc mine. He served under two
governors, including as Natural Resources Commissioner.
He's been a Trustee for the Alaska Permanent Fund,
Regent at the University of Alaska and board member for
the Alaska State Chamber of Commerce and the Resource
Development Council of Alaska -- serving the latter as
president for five years. Shively received the Bill Egan
Award as the State Chamber's Alaskan of the Year in 2009,
and has also been recognized by the Alaska Federation of
Natives with its prestigious Denali Award.
Marit Carlson-Van Dort Manager of Community
& Social Relations
Marit Carlson-Van Dort was born and raised in Alaska and
is of Alutiiq decent. After spending 15 years on a
commercial salmon seiner, Marit has worked the past ten
years in state politics and government affairs on issues and
policies relating to environment, resource development, and
permitting. Marit currently serves as PLPs Manager of
Community and Social Relations.
Marit is a shareholder of Bristol Bay Native Corporation and
Koniag, Inc. In addition to her work at PLP, she is the
currently the President & CEO of Far West, Inc., the
ANCSCA village-corporation of Chignik Bay, AK in the
Bristol Bay region and its wholly owned 8(a) subsidiary
companies. She is also serves as the chair of the Far West
Shareholders Settlement Trust board of trustees.
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Contact Information
General Office Corporate Communications Websites
15th Floor Doug Allen VP, Corporate Communications www.northerndynasty.com
1040 W. Georgia Street dougallen@northerndynasty.com www.pebblepartnership.com
Vancouver, BC Tel: 604.684.6365 www.pebbleresearch.com
Canada V6E 4H1 TF: 800.667.2114