Northern Dynasty Minerals Ltd.

Supreme Court of British ColumbiaCommencement Date: December 03, 2020

Updates

BRITISH COLUMBIA COURT APPROVED THE SETTLEMENT ON FEBRUARY 23, 2024

On February 23, 2024, the Honourable Mr. Justice Kirchner of the Supreme Court of the British Columbia approved the settlement in this class proceeding. A notice will be issued in due course, which will provide the details regarding the claims process, and will provide instructions regarding how eligible shareholders may submit a claim. A copy of the Court’s judgments are available at the following hyperlinks:

December 15, 2023: A proposed settlement has been reached in this securities class proceeding on behalf of investors who acquired securities of Northern Dynasty Minerals Ltd. between March 29, 2018 and November 25, 2020, inclusive, and held some or all of those securities as of August 22, 2020 or November 25, 2020. The settlement is subject to approval of the Supreme Court of British Columbia at this time. A copy of the Settlement Agreement is available here. A copy of the Long Form Notice is available in English and in French. A copy of the Order of the Supreme Court of British Columbia certifying this class proceeding for settlement purposes and approving notice to class members is available here. More information regarding the settlement is available on the website of the Court-approved settlement and claims administrators at www.northerndynastymineralsclassaction.com. Inquiries may be directed to Class Counsel by email to [email protected].

Summary

This is a proposed securities class action against Northern Dynasty Minerals Ltd., certain of its current and former directors and officers, and the underwriter for its public offerings conducted during the Class Period. This class action advances primary and secondary market claims pursuant to the British Columbia Securities Act, a claim for oppression pursuant to section 227 of the British Columbia Business Corporations Act, and negligence claims at common law, pertaining to the Defendants’ conduct and representations with regards to the development and permitting of Northern Dynasty’s copper, gold and molybdenum mineral project in southwest Alaska (the “Pebble Project”).

Specifically, this lawsuit alleges that the Defendants: (1) made misrepresentations in Northern Dynasty’s primary market offering documents and continuous disclosure documents pertaining to their plan for and the permitting of the Pebble Project; (2) were negligent in their preparation of the Prospectuses for Northern Dynasty’s Class Period primary market offerings; and (3) engaged in oppressive conduct in violation of their obligations at law and the shareholders’ reasonable expectations.

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