- **Northern Dynasty Minerals Ltd.** and its subsidiary **Pebble Limited Partnership** filed a **Summary Judgement Brief in Alaska Federal Court on October 3, 2025**, asserting that the **Environmental Protection Agency's (EPA) veto is illegal and should be withdrawn immediately**.  **[1164771_0001654954-25-011471_ndm_ex991.htm:0]** 
- The brief highlights several arguments, including the EPA's alleged underestimation of the veto's **negative economic impact**, violation of the **Alaska Statehood Act**, reliance on **unsubstantiated speculation** regarding environmental harm, and misapplication of **wetlands regulation**.  **[1164771_0001654954-25-011471_ndm_ex991.htm:0]** 
- The company's President and CEO, Ron Thiessen, stated confidence in winning the case and emphasized that negotiating a prompt withdrawal of the veto remains the preferred outcome.  **[1164771_0001654954-25-011471_ndm_ex991.htm:0]** 
- The government is required to file a response brief by **January 2, 2026**, but has requested a stay due to a U.S. government shutdown that commenced on **October 1, 2025**, a request Northern Dynasty opposes.  **[1164771_0001654954-25-011471_ndm_ex991.htm:0]** **[1164771_0001654954-25-011471_ndm_ex991.htm:1]**

Northern Dynasty Minerals Files Legal Brief Challenging EPA Veto

- Northern Dynasty Minerals received a **$12 million payment**, representing the fourth tranche of a **$60 million royalty financing agreement**, to support its Pebble copper-gold project in Alaska.  **[1164771_aa430068bb7e4780a7e221fb275c6e75]** 
- The company is actively negotiating with the U.S. government to lift a veto blocking the project and plans to file opening briefs in court by **October 3, 2025**, to challenge this federal decision.  **[1164771_aa430068bb7e4780a7e221fb275c6e75]** 
- Northern Dynasty's cash position was **CA$25.2 million at the end of Q2 2025**, but the company faces **significant financial challenges** including a lack of revenue and ongoing losses.  **[1164771_aa430068bb7e4780a7e221fb275c6e75]**

Northern Dynasty Receives Royalty Payment Amid Pebble Project Veto Talks

- Northern Dynasty Minerals Ltd. announced the receipt of the **fourth $12 million tranche** of a royalty investment on **September 25, 2025**, bringing the total investment under the agreement to **$48 million** out of a possible **$60 million**.  **[1164771_0001654954-25-011124_ndm_ex991.htm:0]** 
- The royalty investor has the right to elect to complete the **fifth and final $12 million tranche** investment at any time up to and including **December 31, 2025**.  **[1164771_0001654954-25-011124_ndm_ex991.htm:0]** 
- This investment, combined with inflows from stock options and warrants, has strengthened the company's treasury, adding to its **Q2 2025 closing cash balance of CA$25.2 million ($18.5 million)**.  **[1164771_0001654954-25-011124_ndm_ex991.htm:0]** 
- The company is continuing discussions with the government regarding the **withdrawal of a veto** and is also pursuing a parallel legal track, with opening briefs to be filed by **October 3, 2025**.  **[1164771_0001654954-25-011124_ndm_ex991.htm:0]**

NORTHERN DYNASTY MINERALS (NAK)