Pebble Project

Reserves and Resources

Threshold
CuEQ %

CuEQ%

Tonnes

Cu
(%)

Au
(g/t)

Mo
(ppm)

Ag
(g/t)

Cu
Blb

Au
Moz

Mo
Blb

Ag
Moz

Measured

0.3

0.65

527,000,000

0.33

0.35

178

1.66

3.83

5.93

0.21

28.13

0.4

0.66

508,000,000

0.34

0.36

180

1.68

3.80

5.88

0.20

27.42

0.6

0.77

279,000,000

0.40

0.42

203

1.84

2.46

3.77

0.12

16.51

1.0

1.16

28,000,000

0.62

0.62

302

2.27

0.38

0.56

0.02

2.04

Indicated

0.3

0.77

5,912,000,000

0.41

0.34

245

1.66

53.42

64.62

3.20

315.50

0.4

0.82

5,173,000,000

0.45

0.35

260

1.75

51.31

58.21

2.97

291.05

0.6

0.99

3,450,000,000

0.55

0.41

299

1.99

41.82

45.47

2.27

220.71

1.0

1.29

1,411,000,000

0.77

0.51

343

2.42

23.95

23.14

1.07

109.79

Measured + Indicated

0.3

0.76

6,439,000,000

0.40

0.34

240

1.66

56.76

70.38

3.40

343.63

0.4

0.81

5,681,000,000

0.44

0.35

253

1.75

55.09

63.92

3.17

319.62

0.6

0.97

3,729,000,000

0.54

0.41

291

1.98

44.38

49.15

2.39

237.37

1.0

1.29

1,439,000,000

0.76

0.51

342

2.42

24.11

23.60

1.08

111.97

Inferred

0.3

0.54

4,460,000,000

0.25

0.26

222

1.19

24.55

37.25

2.18

170.49

0.4

0.68

2,630,000,000

0.33

0.30

266

1.39

19.14

25.38

1.55

117.58

0.6

0.89

1,290,000,000

0.48

0.37

291

1.79

13.66

15.35

0.83

74.28

1.0

1.20

360,000,000

0.69

0.45

377

2.27

5.41

5.14

0.30

25.94

Notes:

These resource estimates have been prepared in accordance with NI 43-101 and the CIM Definition Standards.  Inferred Mineral Resources are considered to be too speculative to allow the application of technical and economic parameters to support mine planning and evaluation of the economic viability of the project. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for Preliminary Economic Assessments as defined under 43-101. It cannot be assumed that all or any part of the Inferred resources will ever be upgraded to a higher category.

Copper equivalent calculations use metal prices of $1.85/lb for copper, $902/oz for gold and $12.50/lb for molybdenum, and recoveries of 85% for copper 69.6% for gold, and 77.8% for molybdenum in the Pebble West zone and 89.3% for copper, 76.8% for gold, 83.7% for molybdenum in the Pebble East zone.

Contained metal calculations are based on 100% recoveries.

A 0.30% CuEQ cut-off is considered to be appropriate for porphyry deposit open pit mining operations in the Americas. 

All mineral resource estimates, cut-offs and metallurgical recoveries are subject to change as a consequence of more detailed economic analyses that would be required in pre-feasibility and feasibility studies.

Estimated as of December 31, 2014 by David Gaunt, P.Geo., a qualified person who is not independent of Northern Dynasty, is responsible for the estimate.

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