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

1.7

3.83

5.93

0.21

28.1

0.4

0.66

508,000,000

0.34

0.36

180

1.7

3.81

5.88

0.20

27.4

0.6

0.77

279,000,000

0.40

0.42

203

1.8

2.46

3.77

0.12

16.5

1.0

1.16

28,000,000

0.62

0.62

302

2.3

0.38

0.56

0.02

2.0

Indicated

0.3

0.77

5,929,000,000

0.41

0.34

246

1.7

53.58

64.81

3.21

316.4

0.4

0.82

5,185,000,000

0.45

0.35

261

1.8

51.42

58.35

2.98

291.7

0.6

0.99

3,455,000,000

0.55

0.41

299

2.0

41.88

45.54

2.27

221.1

1.0

1.29

1,412,000,000

0.77

0.51

343

2.4

23.96

23.15

1.07

109.9

Measured + Indicated

0.3

0.76

6,456,000,000

0.40

0.34

240

1.7

56.92

70.57

3.42

344.6

0.4

0.81

5,693,000,000

0.44

0.35

253

1.8

55.21

64.06

3.18

320.3

0.6

0.97

3,734,000,000

0.54

0.41

291

2.0

44.44

49.22

2.40

237.7

1.0

1.29

1,440,000,000

0.76

0.51

342

2.4

24.12

23.61

1.08

112.0

Inferred

0.3

0.55

4,454,000,000

0.25

0.25

226

1.2

24.54

35.80

2.22

170.4

0.4

0.68

2,646,000,000

0.33

0.30

269

1.4

19.24

25.52

1.57

119.1

0.6

0.89

1,314,000,000

0.48

0.37

292

1.8

13.90

15.63

0.85

75.6

1.0

1.20

361,000,000

0.68

0.45

377

2.3

5.41

5.22

0.30

26.3

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 2017 by David Gaunt, P.Geo., a qualified person who is not independent of Northern Dynasty.

Information about Measured, Indicated and Inferred Resources.  This website uses the terms ’measured resources”, “indicated resources” and “inferred resources.” Northern Dynasty advises investors that although these terms are recognized and required under Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects), the U.S. Securities and Exchange Commission does not recognize them.  Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves.  In addition, “inferred resources” have a great amount of uncertainty as to their existance, and economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category.  Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for a Preliminary Economic Assessment as defined under 43-101. Investors are cautioned not to assume that part of all of an Inferred Resource exists, or is economically or legally mineable.

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