Northern Dynasty: U.S. Army Corps Sends Pebble Permit Application Back to Alaska Office for More Work

Rhea-AI Summary

Northern Dynasty Minerals Ltd. (TSX:NDM)(NYSE American:NAK) reports a significant development regarding its Pebble Project. The U.S. Army Corps of Engineers (USACE) has acknowledged that the process for the final Record of Decision for the project was not correctly followed, leading to a remand of the decision back to the Alaska District. CEO John Shively expressed optimism about this recognition of procedural fairness. The Pebble Partnership is now focused on reviewing the released material and determining next steps regarding the EPA's preemptive veto.

The Pebble Project aims to develop one of the world's key mineral resources, with a 100% interest in 1,840 mineral claims in Southwest Alaska.

Positive

• USACE has acknowledged procedural issues in the Pebble Project's permit process.
• The decision to remand allows for further evaluation by the USACE Alaska District, potentially benefiting the project.

Negative

• The project faces ongoing challenges, including the EPA's preemptive veto, which could hinder development.
• Uncertainties remain regarding federal and state permits necessary for project advancement.

VANCOUVER, BC / ACCESSWIRE / April 26, 2023 / Northern Dynasty Minerals Ltd. (TSX:NDM)(NYSE American:NAK) ("Northern Dynasty" or the "Company" or "NDM") announces that its 100%-owned U.S.-based subsidiary Pebble Limited Partnership ("Pebble Partnership" or "PLP") has responded to yesterday's announcement that the U.S. Army Corps of Engineers ("USACE") Pacific Ocean Division had accepted the Pebble Partnership's position that the process for the final Record of Decision for the Pebble Project was not properly followed. The Pacific Ocean Division did not sustain the permit denial decision on the Pebble Project that was originally made by the USACE Alaska District and remanded the matter back to that office to re-evaluate specific issues.

The following statement, by John Shively, CEO of PLP, is reiterated in full below:

"The USACE has recognized that the final decision process for Pebble was not properly undertaken and sent its decision document back to the Alaska District following our appeal over two years ago. I am encouraged that some in the federal government recognize the importance of following a fair and established process for reviewing resource projects in Alaska.

"Our technical and permitting team will now spend some time looking through all the material released today as there is a fair amount to digest. We have several issues in motion around the project and a key current focus for us right now is what next steps we will be taking regarding the EPA's preemptive veto of the project."

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 block 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, an initiative to develop one of the world's most important mineral resources.

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. Review Canadian public filings at www.sedar.com and U.S. public filings 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 release 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 presentation, other than statements of historical facts, which address permitting, development and production for the Pebble Project are forward-looking statements. These include statements regarding (i) the mine plan for the Pebble Project, (ii) the political and public support for the permitting process, (iii) the ability to successfully appeal the negative Record of Decision and secure the issuance of a positive Record of Decision by the U.S. Army Corps of Engineers and the ability of the Pebble Project to secure all required federal and state permits, (iv) the status/merit of the EPA Final Determination and the actions of the EPA with respect to its Final Determination with respect to the Pebble Project; (v) exploration potential of the Pebble Project, (vi) future demand for copper, gold and other metals, and (vii) 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, 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 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 mineral resources to mineral reserves, (iv) NDM will be able to establish the commercial feasibility of the Pebble Project, (v) NDM will be able to secure the financing required to develop the Pebble Project, and (vi) the EPA's Final Determination will ultimately not be successful in restricting or prohibiting development of the Pebble Project.

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) obtaining necessary mining and construction permits, licenses and approvals without undue delay, including without delay due to third party opposition or changes in government policies, (ii) finalization of the mine plan for the Pebble Project, (iii) the completion of feasibility studies demonstrating that any Pebble Project mineral resources that can be economically mined, (iv) completion of all necessary engineering for mining and processing facilities, (v) 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, such as the current uncertainties with regard to COVID-19. Investors should also consider the risk factors identified in its Annual Information Form for the year ended December 31, 2022, as filed on SEDAR (www.sedar.com) and included in the Company's annual report on Form 40-F filed by the Company with the SEC 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.

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 the Pebble Project and associated infrastructure may vary significantly from that currently contemplated. As a result, the Company will continue to consider various development options and no final project design has been selected at this time.

For more 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.sedar.com.

SOURCE: Northern Dynasty Minerals Ltd.

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FAQ

What did the US Army Corps of Engineers decide regarding the Pebble Project on April 25, 2023?

The US Army Corps of Engineers acknowledged that the final decision process for the Pebble Project was not properly followed and remanded the decision back to the Alaska District for reevaluation.

How does the remand decision affect Northern Dynasty Minerals Ltd. (NAK)?

The remand decision provides Northern Dynasty a chance to address the procedural issues that led to the initial permit denial, which may improve the project's prospects.

What are the next steps for Northern Dynasty after the USACE remand?

Northern Dynasty's technical and permitting team will review the material released by the USACE and determine next steps regarding the EPA's preemptive veto of the project.

What is the significance of the Pebble Project for Northern Dynasty Minerals (NAK)?

The Pebble Project is a critical asset for Northern Dynasty, representing a 100% interest in a substantial mineral resource in Southwest Alaska.