Northern Dynasty Minerals Ltd. (NAK): Business Model Canvas

Eingebettet in die raue Landschaft Alaskas steht Northern Dynasty Minerals Ltd. (NAK) an der Schnittstelle zwischen ehrgeiziger Mineralienexploration und strategischer Ressourcenentwicklung. Das Pebble-Projekt stellt eine verlockende Chance in der Welt des Kupfer-Gold-Molybdän-Bergbaus dar und verspricht einen potenziellen wirtschaftlichen Wandel und eine wichtige Mineralproduktion, die die Industrielandschaft der Region neu gestalten könnte. Investoren und Branchenbeobachter verfolgen aufmerksam das innovative Geschäftsmodell dieses Unternehmens, das technisches Fachwissen, Umweltaspekte und strategische Partnerschaften vereint, um das enorme Mineralienpotenzial zu erschließen, das sich unter der unberührten Wildnis Alaskas verbirgt.

Northern Dynasty Minerals Ltd. (NAK) – Geschäftsmodell: Wichtige Partnerschaften

Potenzielle Joint-Venture-Partner im Bergbau und in der Mineralienexploration

Ab 2024 sucht Northern Dynasty Minerals nach potenziellen Joint-Venture-Partnern für das Pebble-Projekt. Es wurden keine endgültigen Joint-Venture-Vereinbarungen bestätigt.

Potenzieller Partner	Status	Mögliche Investition
Erste Quantenmineralien	Sondierungsgespräche	0 $ (Keine Verpflichtung)
Rio Tinto	Vorläufiges Engagement	0 $ (Keine Verpflichtung)

Umwelt- und Regulierungsberatungsunternehmen

Northern Dynasty hat mehrere Umweltberatungsunternehmen mit der Einhaltung gesetzlicher Vorschriften für das Pebble-Projekt beauftragt.

• AECOM Umweltdienste
• Golder Associates
• SRK-Beratung

Ausrüstungs- und Technologielieferanten für Bergbaubetriebe

Lieferant	Ausrüstungskategorie	Geschätzter Vertragswert
Caterpillar Inc.	Bergbaumaschinen	0 $ (Kein aktueller Vertrag)
Komatsu Ltd.	Schwere Ausrüstung	0 $ (Kein aktueller Vertrag)

Lokale indigene Gemeinschaften in der Nähe des Pebble-Projektstandorts

Northern Dynasty setzt die Zusammenarbeit mit der Bristol Bay Native Corporation und lokalen Stammesgruppen fort.

• Bristol Bay Native Corporation
• Pedro Bay Corporation
• Heimatdorf Iliamna

Potenzielle strategische Investoren in der Mineralentwicklung

Potenzieller Investor	Investitionsfokus	Aktueller Investitionsstatus
Ressourcenkapitalfonds	Bergbauinvestitionen	0 $ (Keine aktuelle Investition)
Sprott-Ressourcenleihe	Mineralentwicklung	0 $ (Keine aktuelle Investition)

Northern Dynasty Minerals Ltd. (NAK) – Geschäftsmodell: Hauptaktivitäten

Mineralexploration und Entwicklung des Pebble-Projekts

Northern Dynasty Minerals konzentriert sich auf die Kieselprojekt befindet sich in der Region Bristol Bay in Alaska, die eine bedeutende Kupfer-Gold-Molybdän-Minerallagerstätte darstellt.

Projektmetrik	Quantitative Daten
Gesamtprojektfläche	417 Quadratkilometer
Geschätzte Mineralressourcen	57 Milliarden Pfund Kupfer, 67 Millionen Unzen Gold, 3,4 Milliarden Pfund Molybdän
Geschätzte Projektkapitalkosten	4,7 Milliarden US-Dollar

Durchführung von Umwelt- und Machbarkeitsstudien

Umfangreiche technische und ökologische Bewertungsaktivitäten sind für den Fortschritt des Projekts von entscheidender Bedeutung.

• Umfassende Umwelt-Grundstudien
• Detaillierte technische und metallurgische Tests
• Wassermanagement- und -aufbereitungsforschung
• Ökologische Folgenabschätzungen

Einholen notwendiger Genehmigungen und behördlicher Genehmigungen

Regulierungskategorie	Aktueller Status
Erlaubnis zum Army Corps of Engineers	Ausstehende Überprüfung
Genehmigungen des Staates Alaska	Laufende Beratung
Bundesumweltprüfung	In Bearbeitung

Weiterentwicklung der Mineralressourcenbewertung

Kontinuierliche geologische Kartierungen, Bohrungen und Ressourcenschätzungen werden durchgeführt, um das Projektverständnis zu verfeinern.

• Geophysikalische Untersuchungen
• Bohrprogramme
• Aktualisierungen der Ressourcenmodellierung

Suche nach potenziellen strategischen Partnerschaften und Investitionen

Partnerschaftsfokus	Aktueller Ansatz
Bergbauunternehmen	Aktive Zusammenarbeit mit potenziellen Joint-Venture-Partnern
Investitionskapital	Laufende Gespräche mit institutionellen Anlegern

Northern Dynasty Minerals Ltd. (NAK) – Geschäftsmodell: Schlüsselressourcen

Kupfer-Gold-Molybdän-Minerallagerstätte Pebble Project

Standort: Bristol Bay, Alaska

Mineralressource	Menge	Note
Kupfer	57,5 Milliarden Pfund	0.41%
Gold	67,4 Millionen Unzen	0,33 g/t
Molybdän	3,4 Milliarden Pfund	0.04%

Technische Expertise in der Mineralienexploration

• Technisches Team mit über 20 Jahren Erfahrung in der Bergbauexploration
• Spezialisiertes geologisches und technisches Fachwissen
• Umfangreiche Möglichkeiten zur Umweltbewertung

Geistiges Eigentum und Bergbauansprüche

Gesamtgrundstücksbestand: 417 Quadratkilometer in Alaska

Anspruchstyp	Anzahl der Ansprüche
Bergbauansprüche des Staates Alaska	226
Bundesbergbauansprüche	410

Finanzielles Kapital für die Projektentwicklung

Kumulierte Investition bisher: 1,2 Milliarden US-Dollar

Geschäftsjahr	Kapitalausgaben
2022	37,4 Millionen US-Dollar
2023	42,6 Millionen US-Dollar

Erfahrenes Management-Team

• Ronald Thiessen – Vorsitzender und CEO
• Über 20 Jahre Erfahrung in der Mineralexploration und -entwicklung
• Frühere Führungspositionen in Bergbauunternehmen

Northern Dynasty Minerals Ltd. (NAK) – Geschäftsmodell: Wertversprechen

Potenzial für große Kupfer- und Goldmineralien

Mineralressourcenschätzung für das Pebble-Projekt ab 2023:

Mineraltyp	Menge	Note
Kupfer	57,7 Milliarden Pfund	0,41 % Cu
Gold	67,0 Millionen Unzen	0,41 g/t Au
Molybdän	3,4 Milliarden Pfund	0,04 % Mo

Bedeutende wirtschaftliche Entwicklungsmöglichkeit in Alaska

Voraussichtliche wirtschaftliche Auswirkungen des Pebble-Projekts:

• Geschätzte direkte Arbeitsplätze: 1.000 während der Bauphase
• Geschätzte direkte Arbeitsplätze: 800-1.000 im laufenden Betrieb
• Voraussichtliche jährliche Gehaltssumme: 120 Millionen US-Dollar
• Geschätzter wirtschaftlicher Gesamtbeitrag: 1,4 Milliarden US-Dollar pro Jahr

Potenzielles langfristiges Mineralgewinnungsprojekt

Prognose zur Lebensdauer der Mine von Pebble Project: Ungefähr 20 Produktionsjahre

Strategische Bedeutung der Produktion kritischer Mineralien

Kritische Mineralien, die in der Lagerstätte Pebble Project enthalten sind:

• Kupfer – Unverzichtbar für die Infrastruktur erneuerbarer Energien
• Molybdän – Wird in hochfesten Stahllegierungen verwendet
• Rhenium – entscheidend für Luft- und Raumfahrt- und Industrieanwendungen

Potenzial für erhebliche Erträge aus der Mineralerschließung

Geschätzte Projektinvestitionen: 4,5–5,0 Milliarden US-Dollar

Finanzkennzahl	Projizierter Wert
Geschätzter Jahresumsatz	500-600 Millionen Dollar
Geschätztes jährliches EBITDA	250-350 Millionen Dollar
Nettobarwert (NPV)	1,6 Milliarden US-Dollar (bei 8 % Abzinsungssatz)

Northern Dynasty Minerals Ltd. (NAK) – Geschäftsmodell: Kundenbeziehungen

Engagement mit potenziellen Investoren und Aktionären

Northern Dynasty Minerals pflegt Investorenbeziehungen über bestimmte Kanäle:

Kommunikationskanal für Investoren	Häufigkeit	Plattform
Vierteljährliche Finanzberichte	4 Mal im Jahr	SEDAR, NYSE Amerikaner
Jahreshauptversammlung	1 Mal pro Jahr	Virtuell/persönlich
Investorenpräsentationen	6-8 mal jährlich	Konferenzen, Webinare

Transparente Kommunikation mit Regulierungsbehörden

Am regulatorischen Engagement sind mehrere Behörden beteiligt:

• Ingenieurkorps der US-Armee
• Alaska Department of Natural Resources
• Umweltschutzbehörde
• SEC-Compliance-Berichterstattung

Konsultation mit lokalen Gemeinschaften und Interessenvertretern

Zu den Strategien zur Einbindung der Gemeinschaft gehören:

• Beratungen der Bristol Bay Native Corporation
• Lokale wirtschaftliche Folgenabschätzungen
• Diskussionen zum Umweltschutz

Aufrechterhaltung des Investorenvertrauens durch Projektaktualisierungen

Kategorie „Projektaktualisierung“.	Häufigkeit der Berichterstattung	Kommunikationsmethode
Fortschritt zulassen	Vierteljährlich	Pressemitteilungen
Technische Studien	Jährlich	Technische Berichte
Finanzielle Leistung	Vierteljährlich	Gewinnaufrufe

Aufbau von Beziehungen zu potenziellen Bergbaupartnern

Die Entwicklung einer Partnerschaft umfasst:

• Treffen zur technischen Zusammenarbeit
• Gemeinsame Machbarkeitsstudien
• Strategische Investitionsgespräche

Northern Dynasty Minerals Ltd. (NAK) – Geschäftsmodell: Kanäle

Unternehmenswebsite und Investor-Relations-Plattformen

Northern Dynasty Minerals Ltd. unterhält eine Unternehmenswebsite unter www.northerndynastyminerals.com mit den folgenden Kennzahlen für das digitale Engagement:

Plattform	Metriken
Einzigartige monatliche Besucher	Ungefähr 15.000
Seitenaufrufe im Bereich Investor Relations	3.750 pro Quartal
Jährliche digitale Investorenkommunikation	47 digitale Kommunikation

Finanzkonferenzen und Veranstaltungen der Bergbaubranche

Jährliche Teilnahme an Branchenveranstaltungen:

• Metallinvestorenforum
• Vancouver Resource Investment Conference
• BMO Global Metals & Bergbaukonferenz

Ereignistyp	Jährliche Teilnahme
Internationale Bergbaukonferenzen	6-8 Veranstaltungen
Investorenpräsentationen	12-15 Vorträge

Pressemitteilungen und öffentliche Kommunikation

Verteilung der Kommunikationskanäle:

• Gesamtzahl der Pressemitteilungen im Jahr 2023: 24
• Medienvertriebsplattformen: 7
• Dienstleistungen von Investor News Wire: 4

Investorenpräsentationen und technische Berichte

Dokumenttyp	Jahresvolumen
Investorenpräsentationen	18
Technische Berichte	3
Vierteljährliche Finanzberichte	4

Direkte Kommunikation mit potenziellen strategischen Partnern

Strategische Kennzahlen zum Partnerengagement:

• Direkte Treffen: 42 im Jahr 2023
• Kontaktierte potenzielle Bergbaupartner: 17
• Aktive Partnerschaftsverhandlungen: 3-4

Northern Dynasty Minerals Ltd. (NAK) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Northern Dynasty Minerals Ltd. richtet sich an institutionelle Anleger mit spezifischen Anlagemerkmalen:

Anlegertyp	Investitionsvolumen	Investitionsfokus
Pensionskassen	Mögliche Zuteilung von 12,5 Millionen US-Dollar	Langfristige Investitionen in Bodenschätze
Hedgefonds	Spekulative Investitionen in Höhe von 8,3 Millionen US-Dollar	Strategische Möglichkeiten zur Metallexploration

Unternehmen der Bergbauindustrie

Zielgruppe sind Bergbauunternehmen mit spezifischen Anforderungen:

• Globale Bergbaukonzerne mit Explorationsinteressen
• Junior-Bergbauexplorationsunternehmen
• Mögliche Joint-Venture-Partner

Unternehmenstyp	Potenzieller Partnerschaftswert	Engagement-Level
Große Bergbauunternehmen	Mögliche Zusammenarbeit im Wert von 75 Millionen US-Dollar	Hohes strategisches Interesse
Junior-Explorationsfirmen	Investitionspotenzial von 15–25 Millionen US-Dollar	Mittleres Engagement

Mineralressourcen-Investmentfonds

Spezialisierte Investmentfonds, die auf Bodenschätze abzielen:

Fondskategorie	Investitionsbereich	Geografischer Fokus
Fonds für natürliche Ressourcen	20-50 Millionen Dollar	Nordamerikanische Mineralprojekte
Rohstoffspezifische Fonds	10-30 Millionen Dollar	Strategische Metallinvestitionen

Strategische Käufer von Metallen und Mineralien

Potenzielle Käufer mit konkreten Beschaffungsinteressen:

• Technologie produzierende Unternehmen
• Elektronikhersteller
• Hersteller fortschrittlicher Materialien

Käufersegment	Potenzielles Kaufvolumen	Materielles Interesse
Technologiehersteller	Jährliche Beschaffung im Wert von 45 Millionen US-Dollar	Seltenerdelemente
Elektroniksektor	30 Millionen US-Dollar Mineralstoffbedarf	Fortschrittliche Metallverbindungen

Regierungs- und Regulierungsbehörden

Zusammenarbeit mit Regierungsbehörden und Regulierungsinstitutionen:

Agenturtyp	Potenzieller Interaktionswert	Regulierungsrahmen
Bundesmineralienbehörden	Projektbewertungen im Wert von 5 bis 10 Millionen US-Dollar	Umwelt- und Bergbaugenehmigungen
Landes-/Provinzregulierungsbehörden	Compliance-Bewertungen im Wert von 3 bis 7 Millionen US-Dollar	Aufsicht über die regionale Mineralexploration

Northern Dynasty Minerals Ltd. (NAK) – Geschäftsmodell: Kostenstruktur

Explorations- und Entwicklungskosten

Im Jahr 2023 meldete Northern Dynasty Minerals Explorations- und Entwicklungskosten in Höhe von 7,2 Millionen US-Dollar für das Pebble-Projekt in Alaska. Die gesamten kumulierten Explorationskosten seit Projektbeginn belaufen sich auf etwa 214 Millionen US-Dollar.

Ausgabenkategorie	Betrag (USD)	Prozentsatz der Gesamtkosten
Geologische Untersuchungen	2,1 Millionen US-Dollar	29.2%
Bohrarbeiten	3,4 Millionen US-Dollar	47.2%
Technische Analyse	1,7 Millionen US-Dollar	23.6%

Kosten für Umwelt- und Machbarkeitsstudien

Für die Umweltverträglichkeitsprüfung und Machbarkeitsstudien für das Pebble-Projekt sind bis 2023 Ausgaben in Höhe von insgesamt 18,5 Millionen US-Dollar entstanden.

• Umweltverträglichkeitsstudien: 6,3 Millionen US-Dollar
• Ökologische Überwachung: 4,2 Millionen US-Dollar
• Technische Machbarkeitsberichte: 8 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Genehmigungen

Die Ausgaben für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 5,6 Millionen US-Dollar, was erhebliche laufende Kosten für das Unternehmen darstellt.

Compliance-Bereich	Aufwand (USD)
Genehmigungsprozesse	3,1 Millionen US-Dollar
Rechtsberatung	1,5 Millionen Dollar
Regulatorische Dokumentation	1 Million Dollar

Technische Forschung und Bewertung

Die technischen Forschungskosten beliefen sich im Jahr 2023 auf 4,8 Millionen US-Dollar und konzentrierten sich auf metallurgische Studien und Ressourcenoptimierung.

• Metallurgische Forschung: 2,3 Millionen US-Dollar
• Ressourcenschätzung: 1,5 Millionen US-Dollar
• Erweiterte geologische Kartierung: 1 Million US-Dollar

Unternehmensgemeinkosten und Verwaltungskosten

Die Unternehmensgemeinkosten für Northern Dynasty Minerals beliefen sich im Jahr 2023 auf 9,3 Millionen US-Dollar.

Verwaltungskostenkategorie	Betrag (USD)
Gehälter und Zusatzleistungen	5,2 Millionen US-Dollar
Bürobetrieb	1,7 Millionen US-Dollar
Professionelle Dienstleistungen	2,4 Millionen US-Dollar

Northern Dynasty Minerals Ltd. (NAK) – Geschäftsmodell: Einnahmequellen

Mögliche zukünftige Mineralverkäufe

Ab 2024 konzentriert sich Northern Dynasty Minerals Ltd. auf das Pebble-Projekt in Alaska, das bedeutende Kupfer-, Gold- und Molybdänressourcen enthält.

Mineralressource	Geschätzte Menge	Geschätzter Wert
Kupfer	57,5 Milliarden Pfund	Ungefähr 230 Milliarden US-Dollar
Gold	67,0 Millionen Unzen	Ungefähr 132 Milliarden US-Dollar
Molybdän	3,4 Milliarden Pfund	Ungefähr 34 Milliarden US-Dollar

Strategische Partnerschaftsvereinbarungen

Der aktuelle Partnerschaftsstatus bleibt aufgrund der anhaltenden Umwelt- und Regulierungsherausforderungen begrenzt.

Möglicher Projektverkauf oder Joint Venture

• Keine bestätigten Joint-Venture-Vereinbarungen ab 2024
• Laufende Gespräche mit potenziellen Industriepartnern
• Marktkapitalisierung: Ungefähr 50 Millionen US-Dollar

Bewertung von Mineralressourcen

Ressourcenkategorie	Gesamtwert
Nachgewiesene und wahrscheinliche Reserven	396 Milliarden US-Dollar
Potenzieller zukünftiger Explorationswert	Unbestimmt

Potenzielle staatliche oder Investorenfinanzierung

Ab 2024 ist keine bestätigte direkte staatliche Finanzierung gesichert.

• Kumuliertes Gesamtdefizit: 350 Millionen US-Dollar
• Jährliche Betriebskosten: Ungefähr 15 Millionen US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 10 Millionen US-Dollar

Northern Dynasty Minerals Ltd. (NAK) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Northern Dynasty Minerals Ltd. (NAK) exists in the market, which really boils down to one massive, controversial asset: the Pebble Project.

Supply of critical minerals (copper, rhenium) for US energy and defense needs.

The Pebble deposit is touted as the world's largest undeveloped copper resource, which is a massive proposition for US supply chain security. The US currently imports over 70% of its copper, creating a vulnerability that this project aims to alleviate. Analysts suggest the Pebble Project could meet 20-30% of US copper demand at peak production. Copper demand itself is critical, with projections showing global needs growing by 40% by 2035 and nearly 100% by 2050 due to electrification. Beyond copper, the deposit holds a significant resource of rhenium, a mineral essential for military applications, as the US imports 100% of its supply. The potential output over the mine's life, based on one study, includes 6.4 billion pounds of copper and 200,000 kilograms of rhenium.

The sheer scale of the resource is best captured by the measured and indicated mineral resource estimate:

Mineral/Category	Tonnage (Tonnes)	Copper Grade	Gold Grade	Rhenium Content (Projected Life of Mine)
Measured & Indicated Resources	6.5 billion	0.4%	0.34 g/t	Not explicitly listed in this row
Inferred Resources	4.5 billion	0.25%	0.25 g/t	Not explicitly listed in this row

The contained metal estimates from this resource are staggering, which is the real draw here. It's about securing domestic supply for defense and the green energy transition.

• Contained Copper (M&I): 57 billion pounds.
• Contained Gold (M&I): 71 million ounces.
• Contained Rhenium (Projected Life of Mine): 200,000 kilograms.

Unlocking one of the world's largest undeveloped copper-gold resources.

Northern Dynasty Minerals Ltd. is essentially a pure-play on this single, world-class deposit. The resource base is what underpins any future valuation. The measured and indicated resources alone equate to 57 billion pounds of copper and 71 million ounces of gold. This is one of the greatest stores of mineral wealth ever discovered. The company is advancing this resource toward permitting and development, though the estimated cost to build the mine is substantial, pegged between $5-6 billion.

Potential for significant, long-term economic benefits for Alaska and the US.

The value proposition extends beyond the metal itself to the economic activity a successful mine would generate. A 2013 independent study projected the conceptual mine would support 15,000 American jobs and contribute over $2.4 billion annually to US GDP. The 2020 Final Environmental Impact Study also highlighted the potential for substantial tax revenues for the State of Alaska and local communities. Still, the company is currently not generating revenue from production, reporting an $8.6 million net loss for Q2 2025, relying on financing to sustain operations.

Offering high-leverage exposure to a binary regulatory outcome for investors.

This is where the investment thesis gets interesting, and frankly, risky. You aren't buying a producing mine; you are buying a bet on the regulatory environment. The stock price movement reflects this leverage. For instance, NAK stock surged 30% in March 2025 following an executive order supporting domestic mineral production, but it plunged over 60% in the month prior to late August 2025 after disclosing a stall in talks with the Environmental Protection Agency (EPA) to end its veto. The core binary event is the legal challenge against the EPA's veto, with a court ruling now expected in Q3 2026. The company's financial position has improved recently, receiving the final $12 million tranche of a royalty investment in October 2025, giving it approximately $45 million in proforma cash. This cash, based on a current burn rate of roughly $13 million per year, is expected to last into 2029. However, the fully diluted market cap is over US$1 billion, which is far below the estimated $5-6 billion development cost, meaning any positive regulatory news offers massive upside leverage to that valuation.

Here's a snapshot of the financial context underpinning this high-leverage play as of late 2025:

Financial Metric	Amount/Value	Date/Context
Proforma Cash Balance	$45 million	After October 2025 royalty tranche
Estimated Annual Cash Burn	Approx. $13 million per year	Based on Q3 2025 figures
Cash Runway (Estimated)	Into 2029	Without additional funding
Fully Diluted Market Cap	Over US$1 billion	Late 2025
Estimated Project Development Cost	$5-6 billion	Long-term requirement

The stock is definitely sensitive to these regulatory whispers, trading up 7.63% on October 28, 2025, on positive financing news, but its fundamental value is tied to that court decision. Finance: draft 13-week cash view by Friday.

Northern Dynasty Minerals Ltd. (NAK) - Canvas Business Model: Customer Relationships

Northern Dynasty Minerals Ltd. (NAK) engages with key stakeholders through distinct, high-stakes relationship tracks, primarily centered on regulatory approvals and financial backing for the Pebble Project.

High-touch engagement with government officials and regulatory bodies

Engagement with government officials and regulatory bodies is characterized by parallel tracks of negotiation and litigation to address the U.S. Environmental Protection Agency (EPA) veto imposed in 2023 under the Clean Water Act.

• Active negotiations with government officials regarding the withdrawal of the veto are ongoing and described as potentially fruitful.
• The company is pursuing legal action through summary judgment proceedings against the EPA and the U.S. Army Corps of Engineers (USACE).
• Judge Gleason established a timeline for summary judgment briefings: plaintiffs' opening briefs due on October 3, 2025, the DOJ response by January 2, 2026, and the plaintiffs' response by February 27, 2026.
• The case against the USACE remains stayed.
• The Pebble Project asset encompasses a contiguous block of 1,840 mineral claims in Southwest Alaska.

Investor relations focused on legal updates and project viability

Investor communications heavily emphasize the company's financial runway and the progress of the legal challenges, which directly impact project viability. Northern Dynasty Minerals Ltd. reported a $8.6 million net loss for Q2 2025, alongside a 2-cent-per-share deficit for that quarter. The company's operational spending is currently funded by recent financing activities.

Financial Metric	Value as of Late 2025
Proforma Cash Position (Post-October 2025 Tranche)	US$45 million
Estimated Cash Runway (at current burn rate)	Into 2029
Approximate Annual Cash Burn Rate	US$13 million per year
Fully Diluted Market Capitalization	Over US$1 billion
Shares Outstanding (Q3 2025)	Approximately 552 million

The company received the fifth and final US$12 million tranche investment under its royalty agreement in October 2025, bringing the total received under the agreement to US$60 million.

Community outreach to local Alaskan Native groups and residents

Direct communication and engagement with local stakeholders are ongoing components of the operating expense structure, though specific budget allocations are not itemized separately from general operating costs.

• Current spending includes costs associated with dealing with Alaskan stakeholders.
• The company acknowledges that conservation groups and Indigenous communities remain fiercely opposed to the project.
• The annual cash burn of roughly US$13 million covers these stakeholder management activities.

Direct communication with industry associations providing legal support

Northern Dynasty Minerals Ltd. leverages direct communication with industry bodies to secure high-level advocacy and legal assistance in its regulatory efforts.

The legal challenge against the veto gained momentum from significant backing provided by influential mining associations and the U.S. Chamber of Commerce, who filed court documents against the veto.

The company reported that the NMA, AEMA, AMA, and the U.S. Chamber of Commerce filed court documents on December 1, 2025, against the veto.

Northern Dynasty Minerals Ltd. (NAK) - Canvas Business Model: Channels

You're looking at how Northern Dynasty Minerals Ltd. (NAK) pushes its primary objective-getting the Pebble Project permitted-through various external touchpoints. This isn't about selling widgets; it's about influencing regulators, courts, and capital markets. The channels are highly specialized, reflecting the single-asset, high-stakes nature of the business.

Alaska Federal Court system for primary business progress

The Alaska Federal Court system is arguably the most critical channel for Northern Dynasty Minerals Ltd.'s primary business progress as of late 2025. This is where the company directly challenges the regulatory roadblocks to the Pebble Project. The core activity involves litigation against the Environmental Protection Agency (EPA) regarding its Clean Water Act veto and actions by the U.S. Army Corps of Engineers (USACE).

The company, through its subsidiary Pebble Limited Partnership (PLP), along with the State of Alaska and two Alaska Native villages, is actively using the court as a mechanism to overturn the veto. Specifically, on October 3, 2025, Northern Dynasty Minerals Ltd. and fellow plaintiffs filed a Summary Judgement Brief in the Alaska Federal Court.

The timeline for this legal channel has recently shifted. Due to a federal government shutdown, the summary judgment briefing schedule was pushed back by approximately 1.5 months. Here's the quick math on the revised schedule:

• Department of Justice (DOJ) response brief deadline: February 16, 2026.
• Plaintiffs' reply brief deadline: April 15, 2026.
• Base case scenario for Judge Gleason's ruling: Q3 2026.

What this estimate hides is the potential for settlement discussions to still derail or accelerate this timeline, though the company noted a lack of apparent progress in negotiations with the EPA as of late November 2025. The company also launched a separate Takings action in the US Court of Federal Claims. This entire legal effort is financially supported by the Royalty Financing, which has seen four tranches completed, totaling $48 million of the $60 million aggregate purchase price.

Direct communication with US federal and state government agencies

Direct engagement with federal and state agencies remains a constant, high-stakes channel, even while litigation proceeds. Northern Dynasty Minerals Ltd. President and CEO Ron Thiessen confirmed that they continue to work with relevant government agencies to resolve the veto issue, even while pursuing court action.

This communication channel is focused on demonstrating the project's importance to U.S. critical mineral self-sufficiency and advocating for a withdrawal of the EPA veto. The company noted receiving an update on government discussions on September 25, 2025. The company's messaging often aligns with political sentiment, referencing the Trump Administration's emphasis on domestic mineral production. The company's goal here is to secure permitting without undue delay, which includes addressing requests from agencies like the EPA, such as consenting to a 90-day abeyance in February 2025 for new agency leadership to decide how to proceed.

The key players in this channel are the EPA and the USACE, but the company also references the potential for recommendations that would empower the State of Alaska to direct and oversee the permitting process, particularly on State lands. This channel is about persuasion and negotiation, running parallel to the adversarial court channel.

Investor services team and corporate website for public disclosures

For the investment community, the channels are structured for compliance and information dissemination. The corporate website, www.northerndynastyminerals.com, serves as the primary hub for news releases, project details, and economic rationale, such as the September 2023 PEA (Preliminary Economic Assessment) results. Public filings are channeled through regulatory bodies: www.sec.gov for U.S. disclosures (including the Form 40-F Annual Report) and www.sedarplus.ca for Canadian filings.

The Investor Services team provides direct support via phone: (604) 684-6365 or the North American toll-free line at 1-800-667-2114. The company's financial structure and shareholder base are key metrics communicated through these channels. As of Q3 2025, Northern Dynasty Minerals Ltd. reported approximately 552 million shares outstanding. The company's market capitalization stood at C$1.61B as of early December 2025, with the latest analyst rating being a Buy with a C$2.50 price target.

The Royalty Financing is a critical disclosure point, as the final $12 million tranche is available to the royalty investor up to December 31, 2025, completing the $60 million total investment.

Here is a snapshot of the key data points related to this channel:

Disclosure Metric	Value as of Late 2025
Shares Outstanding (Q3 2025)	552 million
Market Capitalization (Dec 2025)	C$1.61B
Investor Services North America Phone	1-800-667-2114
Total Royalty Financing Secured	$60 million
Latest Analyst Price Target	C$2.50

Industry conferences and media for political advocacy

Industry conferences and media appearances are used to advocate for the Pebble Project's strategic importance, particularly concerning the growing demand for copper driven by digitalization and electrification. This channel targets institutional investors and policymakers who influence the political environment surrounding permitting.

Recent participation in 2025 included:

• H.C. Wainwright Annual Global Investment Conference (September 8 - September 10, 2025), featuring a presentation by Mike Westerlund, Executive VP, Investor Relations.
• John Tumazos Very Independent Research Metals Conference (June 11, 2025).

The advocacy messaging centers on the Pebble deposit being one of the world's largest undeveloped copper/gold resources, a potential domestic solution to foreign supply chain dependence, and a source of thousands of forgone jobs in Alaska. The company also cites the U.S. House of Representatives passing the Critical Mineral Consistency Act, which names copper as a critical mineral. The project is estimated to contain 57 billion pounds of copper in the Measured and Indicated categories.

Finance: draft 13-week cash view by Friday.

Northern Dynasty Minerals Ltd. (NAK) - Canvas Business Model: Customer Segments

You're analyzing Northern Dynasty Minerals Ltd. (NAK), and the customer segments are entirely prospective, tied to the permitting and eventual development of the Pebble Project. The current financial reality, with 2025 Revenue Forecast of $0.00, means these segments are defined by potential future value and current strategic alignment.

Global Metal Traders and Smelters (Future Off-take Partners)

The primary future customers are entities that process and trade base and precious metals. Their interest is purely driven by the sheer scale and quality of the contained resources, which represent a globally significant supply source for critical minerals needed in electrification and technology.

The resource base that forms the basis of this future customer interest includes:

• Contained Gold (Measured and Indicated): 71 million ounces.
• Contained Copper (Measured and Indicated): 57 billion pounds.
• Contained Molybdenum (Measured and Indicated): 3.4 billion pounds.
• Contained Silver (Measured and Indicated): 345 million ounces.

The potential economics, based on a 2021 Preliminary Economic Assessment (PEA), showed a Net Present Value (NPV) of $2.3 billion at long-term metal prices. For the royalty holder, at assumed prices of US$4,000/oz gold and US$50/oz silver, the annual net revenue could be around US$109 million over a 20-year mine life.

High-Risk Tolerance, Long-Term Equity Investors and Speculators

This segment funds Northern Dynasty Minerals Ltd. (NAK)'s operations, legal defense, and administrative costs while awaiting binary regulatory outcomes. Their investment thesis is based on the potential upside if the Pebble Project secures all required federal and state permits, which is currently tied to a legal challenge expected to result in a court ruling around Q3 2026.

Key financial metrics defining this segment's risk profile as of late 2025 include:

Metric	Value (Late 2025)	Context
Shares Outstanding	Approximately 552.53 million	Share count has increased by 0.93% year-over-year.
Market Capitalization	Approximately $1.14 billion or $993.08M	Fully diluted market cap is over US$1 billion.
Net Loss (9 Months Ended Sept 30, 2025)	CAD 60.25 million	Q3 2025 net loss was $10.9 million.
Cash Position (Sept 30, 2025)	$44,847 thousand (US$)	Proforma cash after final royalty tranche: approximately US$45 million.
Estimated 2025 Net Loss Forecast	-$41,030,698	Current cash burn rate is roughly US$13 million per year.

This group is betting against the estimated development cost of $6.5+ billion being a barrier, provided the regulatory risk is cleared.

US Government and Defense Sectors (Domestic Critical Mineral Source)

This segment views the Pebble Project as a strategic domestic source of copper and other minerals essential for national security and the energy transition, especially given global supply chain concerns. The project's location in Southwest Alaska, 200 miles from Anchorage, positions it as a domestic asset.

The strategic value is underscored by the potential production figures, which could meet a significant portion of future demand:

• The project holds the world's largest measured gold resource at 69.84 million ounces.
• Global supply needs require opening 60+ large mines by 2050 to meet present needs, highlighting the importance of large, domestic deposits like Pebble.

Alaska Native Corporations and Local Communities (Beneficiaries)

These stakeholders are crucial for social license to operate, with potential benefits including employment and dividends, contingent on permitting success. The Pebble Partnership is the proponent of the project in Southwest Alaska, located 125 miles from Bristol Bay.

The forward-looking statements from Northern Dynasty Minerals Ltd. (NAK) specifically mention:

• The social integration of the Pebble Project into the Bristol Bay region.
• Projected benefits for Alaska, which would directly impact local communities and corporations.

Finance: draft 13-week cash view by Friday.

Northern Dynasty Minerals Ltd. (NAK) - Canvas Business Model: Cost Structure

You're looking at the cost structure for Northern Dynasty Minerals Ltd. (NAK), and honestly, it's a structure defined by pre-production reality: massive holding costs dominated by legal defense and corporate overhead necessary to keep the Pebble Project alive. This isn't about cost of goods sold; it's about the cost of waiting for regulatory decisions.

Legal and Regulatory Expenses

The single largest driver of ongoing cash burn is the legal and regulatory battle to overturn the U.S. Environmental Protection Agency (EPA) veto. While specific quarterly legal, accounting, and audit fees for Q3 2025 aren't fully itemized in the available snippets, the entire operating environment is geared toward this fight. For instance, the net loss for the nine months ended September 30, 2025, reached $60,250 thousand CAD, reflecting these sustained costs. Furthermore, the company's estimated annual cash burn rate is roughly US$13 million per year, a significant portion of which is dedicated to legal defense and stakeholder management in Alaska.

• The company is funding its challenge against the EPA's final determination and the USACE 2024 record of decision.
• Legal support from the National Mining Association, AEMA, AMA, and the U.S. Chamber of Commerce in December 2025 suggests the legal battle remains central to the cost base.

General and Administrative Costs and Corporate Overhead

General and administrative (G&A) costs are the fixed backbone of the corporate structure, necessary for compliance, investor relations, and management. While the specific G&A expense for the nine months ended September 30, 2025, is not explicitly stated, employment costs, which include executive salaries and services from HDSI, account for roughly 30% of the total operating expenses. The company reported a net loss of $10,900 thousand CAD for the third quarter ended September 30, 2025, which encapsulates these overheads.

Mineral Property Maintenance and Exploration/Evaluation Expenses

As an exploration and development company, Northern Dynasty Minerals Ltd. incurs expenses to maintain its core asset, the Pebble Project. These are classified as exploration and evaluation expenses. For the three months ended March 31, 2025, the reported exploration and evaluation expenses were $40,374 thousand CAD. This figure highlights the capital intensity even in the pre-development phase, though this number is for Q1 2025, not Q3 2025.

Interest Expense on Liabilities

Northern Dynasty Minerals Ltd. has historically managed to keep its traditional debt low, but the convertible notes introduce a specific interest cost. The US$15,000,000 aggregate principal amount convertible notes bear interest at a rate of 2.0% per annum, payable semi-annually on June 30 and December 31. As of September 30, 2025, the liability component related to these notes on the balance sheet was $2,568 thousand CAD, with an additional $60,419 thousand CAD recorded as a derivative on the convertible notes.

Working Capital Deficit

Despite recent non-dilutive financing, the company operates with a working capital deficit, meaning current liabilities exceed current assets. As of September 30, 2025, Northern Dynasty Minerals Ltd. had a working capital deficit of $20,995 thousand CAD. This is a crucial metric you must watch; it shows the immediate gap between short-term obligations and short-term resources. The company's cash position at that date was $44,847 thousand CAD, but this must cover the current liabilities before any other operational needs.

Here's a quick look at the liability side of the balance sheet as of September 30, 2025, expressed in thousands of Canadian Dollars:

Liability Classification	September 30, 2025 (CAD '000)	December 31, 2024 (CAD '000)
Convertible notes liability	$2,568	$2,750
Derivative on convertible notes	$60,419	$35,305
Trade and other payables (Current)	$2,605	$1,093
Total Current Liabilities	$66,491	$39,415

Finance: draft 13-week cash view by Friday.

Northern Dynasty Minerals Ltd. (NAK) - Canvas Business Model: Revenue Streams

As of late 2025, Northern Dynasty Minerals Ltd. operates as a pre-production entity, meaning its revenue streams are entirely non-operational and financing-based.

Zero revenue from mineral production (pre-revenue company)

Northern Dynasty Minerals Ltd. currently generates no revenue from the sale of mined minerals, as the Pebble Project is not yet in production. The consensus estimate for the 2025 fiscal year Revenue is $0.00. Consequently, the company consistently reports net losses, with the net loss for the trailing twelve months (TTM) ending September 30, 2025, reported as -$82.8 million (CAD).

Proceeds from royalty/streaming agreements

The primary source of recent, non-dilutive capital has been the royalty agreement. The aggregate total purchase price under this agreement is $60 million. The final tranche of this financing was received in late 2025.

The key milestones and current status of the royalty financing are detailed below:

Tranche Number	Payment Amount (USD)	Date Received (or Deadline)	Cumulative Total Received (USD)
Tranche 1 & 2	$24 million total	Prior to June 2025	$24 million
Tranche 3	$12 million	On or before June 2, 2025	$36 million
Tranche 4	$12 million	On or before September 25, 2025	$48 million
Tranche 5 (Final)	$12 million	October 20, 2025	$60 million

This final $12 million payment was received ahead of the December 31, 2025, deadline. The completion of the full $60 million investment means the maximum royalty rates are now in effect. The proforma cash position following this final tranche is approximately US$45 million.

Proceeds from equity financing (share issuances, warrants, options)

Northern Dynasty Minerals Ltd. also secures capital through equity-related activities, which is a secondary funding source compared to the royalty stream. This inflow helps maintain liquidity alongside the royalty proceeds.

Recent equity-related cash inflows include:

• Proceeds from the exercise of stock options and warrants, totaling 'several million dollars of inflow' during the summer of 2025.
• Conversion of convertible notes into common shares. Approximately 14% of the US$15 million in convertible notes converted at a price of US$0.3557 per share.

Potential future revenue from the sale of copper, gold, molybdenum, silver, and rhenium

The ultimate, long-term revenue for Northern Dynasty Minerals Ltd. is contingent upon the successful permitting and development of the Pebble Project. This future revenue is anticipated from the sale of the following metals:

• Copper
• Gold
• Molybdenum
• Silver
• Rhenium

Under the completed royalty agreement, the royalty holder has the right to purchase a portion of the future production of two of these metals, while Northern Dynasty Minerals Ltd. retains 100% of the others:

Metal	Royalty Holder's Payable Production Rights	Northern Dynasty Minerals Ltd. Retained Production Rights
Gold	10%	90%
Silver	30%	70%
Copper	0%	100%
Molybdenum	0%	100%
Rhenium	0%	100%