- 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)