NAK - Northern Dynasty Minerals Faces Many Challenges Getting Pebble Mine Into Production

• Outlook for federal support for the Pebble Mine has diminished with Biden's election.  State political support is also mixed, while there is considerable opposition in Bristol Bay.
• If the mine receives federal and state approval, Northern Dynasty would still need to find a partner willing to fund most of the project.
• Given the protests and future legal battles around the mine, any potential partner would likely demand a better deal than what Anglo American got with its partnership.
• There is also uncertainty about how operating costs may have evolved since the 2011 PEA.
• Northern Dynasty's increasing share count limits its upside even if it manages to pass all those hurdles.

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