Northern Dynasty Minerals Ltd. (NAK): Business Model Canvas [Jan-2025 Mis à jour]

Niché dans le paysage accidenté de l'Alaska, Northern Dynasty Minerals Ltd. (NAK) se dresse au carrefour de l'exploration minérale ambitieuse et du développement stratégique des ressources. Le projet de galets représente une opportunité alléchante dans le monde de l'exploitation de cuivre-or-molybdène, de transformation économique potentielle prometteuse et de production minérale critique qui pourrait remodeler le paysage industriel de la région. Les investisseurs et les observateurs de l'industrie suivent attentivement le modèle commercial innovant de cette entreprise, qui allie l'expertise technique, les considérations environnementales et les partenariats stratégiques pour débloquer le vaste potentiel minéral caché sous la nature vierge de l'Alaska.

Northern Dynasty Minerals Ltd. (NAK) - Modèle commercial: partenariats clés

Partners potentiels de coentreprise dans l'exploration minière et minérale

Depuis 2024, le Northern Dynasty Minerals a recherché des partenaires potentiels de coentreprise pour le projet Pebble. Aucun accord de coentreprise définitif n'a été confirmé.

Partenaire potentiel	Statut	Investissement potentiel
Premiers minéraux quantiques	Discussions exploratoires	0 $ (pas d'engagement)
Rio Tinto	Engagement préliminaire	0 $ (pas d'engagement)

Cabinets de conseil environnemental et réglementaire

La dynastie Northern a engagé plusieurs sociétés de conseil en environnement pour la conformité réglementaire du projet Pebble.

• Services environnementaux AECOM
• Associés du golseur
• SRK Consulting

Fournisseurs d'équipement et de technologie pour les opérations minières

Fournisseur	Catégorie d'équipement	Valeur du contrat estimé
Caterpillar Inc.	Machinerie minière	0 $ (pas de contrat actuel)
Komatsu Ltd.	Matériel lourd	0 $ (pas de contrat actuel)

Communautés autochtones locales près du site du projet Pebble

La dynastie Northern continue de s'engager avec la société indigène de Bristol Bay et les groupes tribaux locaux.

• Bristol Bay Native Corporation
• Pedro Bay Corporation
• Village indigène d'Iliamna

Investisseurs stratégiques potentiels dans le développement minéral

Investisseur potentiel	Focus d'investissement	État d'investissement actuel
Fonds de capital ressource	Investissements miniers	0 $ (pas d'investissement actuel)
Prêts aux ressources Sprott	Développement de minéraux	0 $ (pas d'investissement actuel)

Northern Dynasty Minerals Ltd. (NAK) - Modèle d'entreprise: Activités clés

Exploration minérale et développement du projet de galets

Les minéraux de la dynastie nord se concentrent sur le Projet de galets Situé dans la région de la baie de Bristol en Alaska, qui représente un dépôt minéral important en cuivre-or-molybdène.

Métrique du projet	Données quantitatives
Zone totale du projet	417 kilomètres carrés
Ressources minérales estimées	57 milliards de livres de cuivre, 67 millions d'onces d'or, 3,4 milliards de livres de molybdène
Coût estimé du capital du projet	4,7 milliards de dollars

Mener des études environnementales et de faisabilité

De vastes activités d'évaluation technique et environnementale sont essentielles à l'avancement du projet.

• Études de référence environnementales complètes
• Ingénierie détaillée et tests métallurgiques
• Gestion de l'eau et recherche sur le traitement
• Évaluations d'impact écologique

Sécuriser les permis et approbations réglementaires nécessaires

Catégorie de réglementation	État actuel
Le Corps d'ingénieurs de l'armée permette	Examen en attente
Permis de l'État de l'Alaska	Consultation en cours
Examen de l'environnement fédéral	En cours

Évaluation des ressources minérales avancées

Des activités continues de cartographie géologique, de forage et d'estimation des ressources sont menées pour affiner la compréhension du projet.

• Enquêtes géophysiques
• Programmes de forage
• Mises à jour de la modélisation des ressources

Recherche de partenariats stratégiques potentiels et d'investissement

Focus de partenariat	Approche actuelle
Sociétés minières	Engagement actif avec des partenaires potentiels de coentreprise
Capitaux d'investissement	Discussions en cours avec les investisseurs institutionnels

Northern Dynasty Minerals Ltd. (NAK) - Modèle commercial: Ressources clés

Projet de galets Copper-Gold-Molybdenum Mineral Deposit

Emplacement: Bristol Bay, Alaska

Ressource minérale	Quantité	Grade
Cuivre	57,5 milliards de livres	0.41%
Or	67,4 millions d'onces	0,33 g / t
Molybdène	3,4 milliards de livres	0.04%

Expertise technique dans l'exploration minérale

• Équipe technique avec plus de 20 ans d'expérience d'exploration minière
• Expertise géologique et génie spécialisée
• Capacités d'évaluation environnementale étendues

Propriété intellectuelle et réclamations minières

Position totale du terrain: 417 kilomètres carrés en Alaska

Type de réclamation	Nombre de réclamations
Réclations minières de l'Alaska	226
Réclamations d'exploitation fédérale	410

Capital financier pour le développement de projets

Investissement cumulatif à ce jour: 1,2 milliard de dollars

Exercice fiscal	Dépenses en capital
2022	37,4 millions de dollars
2023	42,6 millions de dollars

Équipe de gestion expérimentée

• Ronald Thiessen - président-directeur général
• Plus de 20 ans d'exploration et de développement minéraux
• Rôles de leadership antérieurs dans les sociétés minières

Northern Dynasty Minerals Ltd. (NAK) - Modèle d'entreprise: propositions de valeur

Potentiel de ressources minérales en cuivre et en or à grande échelle

Estimation des ressources minérales du projet Pebble en 2023:

Type minéral	Quantité	Grade
Cuivre	57,7 milliards de livres	0,41% CU
Or	67,0 millions d'onces	0,41 g / t
Molybdène	3,4 milliards de livres	0,04% MO

Opportunité de développement économique important en Alaska

Impact économique projeté du projet de galets:

• Emplois directs estimés: 1 000 pendant la construction
• Emplois directs estimés: 800-1 000 pendant les opérations
• Paie annuelle prévue: 120 millions de dollars
• Contribution économique totale estimée: 1,4 milliard de dollars par an

Projet potentiel d'extraction des minéraux à long terme

Project Pebble Mine Life Projection: environ 20 ans de production

Importance stratégique de la production minérale critique

Les minéraux critiques contenus dans le dépôt de projet de galets:

• Cuivre - essentiel pour les infrastructures d'énergie renouvelable
• Molybdène - utilisé dans les alliages en acier à haute résistance
• Rhénium - critique pour les applications aérospatiales et industrielles

Potentiel de rendements substantiels sur le développement minéral

Dépenses en capital du projet estimé: 4,5 à 5,0 milliards de dollars

Métrique financière	Valeur projetée
Revenus annuels estimés	500 à 600 millions de dollars
EBITDA annuel estimé	250 à 350 millions de dollars
Valeur actuelle nette (NPV)	1,6 milliard de dollars (à 8% de taux d'actualisation)

Northern Dynasty Minerals Ltd. (NAK) - Modèle d'entreprise: relations avec les clients

Engagement avec les investisseurs et les actionnaires potentiels

Les minéraux de la dynastie du Nord entretiennent les relations avec les investisseurs à travers des canaux spécifiques:

Canal de communication des investisseurs	Fréquence	Plate-forme
Rapports financiers trimestriels	4 fois par an	Sedar, Nyse American
Réunion des actionnaires annuelle	1 fois par an	Virtuel / en personne
Présentations des investisseurs	6-8 fois par an	Conférences, webinaires

Communication transparente avec les organismes de réglementation

L'engagement réglementaire implique plusieurs agences:

• Corps des ingénieurs de l'armée américaine
• Département des ressources naturelles de l'Alaska
• Agence de protection de l'environnement
• Rapports de conformité SEC

Consultation avec les communautés locales et les parties prenantes

Les stratégies d'engagement communautaire comprennent:

• Consultations des sociétés autochtones de la baie de Bristol
• Évaluations d'impact économique locales
• Discussions d'atténuation environnementale

Maintenir la confiance des investisseurs grâce à des mises à jour du projet

Catégorie de mise à jour du projet	Fréquence de rapport	Méthode de communication
Permettre des progrès	Trimestriel	Communiqués de presse
Études techniques	Annuellement	Rapports techniques
Performance financière	Trimestriel	Appels de gains

Établir des relations avec des partenaires miniers potentiels

Le développement du partenariat implique:

• Réunions de collaboration technique
• Études de faisabilité conjointe
• Discussions d'investissement stratégiques

Northern Dynasty Minerals Ltd. (NAK) - Modèle d'entreprise: canaux

Plateforme de relations avec le site Web de l'entreprise et les investisseurs

Northern Dynasty Minerals Ltd. maintient un site Web d'entreprise à www.northynastymineals.com avec les métriques d'engagement numérique suivantes:

Plate-forme	Métrique
Visiteurs mensuels uniques	Environ 15 000
Relations des investisseurs Pages vues	3 750 par trimestre
Communications annuelles des investisseurs numériques	47 Communications numériques

Conférences financières et événements de l'industrie minière

Participation annuelle aux événements de l'industrie:

• Forum des investisseurs Metals
• Conférence d'investissement sur les ressources de Vancouver
• Métaux mondiaux BMO & Conférence minière

Type d'événement	Participation annuelle
Conférences minières internationales	6-8 événements
Présentations des investisseurs	12-15 présentations

Communiqués de presse et communications publiques

Distribution des canaux de communication:

• Restructions de presse totales en 2023: 24
• Plates-formes de distribution des médias: 7
• Investisseurs News Wire Services: 4

Présentations des investisseurs et rapports techniques

Type de document	Volume annuel
Présentations des investisseurs	18
Rapports techniques	3
Rapports financiers trimestriels	4

Communication directe avec des partenaires stratégiques potentiels

Métriques d'engagement des partenaires stratégiques:

• Réunions directes: 42 en 2023
• Partenaires miniers potentiels contactés: 17
• Négociations de partenariat actif: 3-4

Northern Dynasty Minerals Ltd. (NAK) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Northern Dynasty Minerals Ltd. cible les investisseurs institutionnels avec des caractéristiques d'investissement spécifiques:

Type d'investisseur	Volume d'investissement	Focus d'investissement
Fonds de pension	Attribution potentielle de 12,5 millions de dollars	Investissements à long terme des ressources minérales
Hedge funds	8,3 millions de dollars investissements spéculatifs	Opportunités stratégiques d'exploration des métaux

Sociétés de l'industrie minière

Target des sociétés d'exploitation avec des exigences spécifiques:

• Sociétés minières mondiales avec des intérêts d'exploration
• Sociétés d'exploration minière juniors
• Partenaires potentiels de coentreprise

Type d'entreprise	Valeur de partenariat potentiel	Niveau d'engagement
Grandes sociétés minières	75 millions de dollars collaboration potentielle	Intérêt stratégique élevé
Entreprises d'exploration junior	Potentiel d'investissement de 15 à 25 millions de dollars	Engagement moyen

Fonds d'investissement en ressources minérales

Fonds d'investissement spécialisés ciblant les ressources minérales:

Catégorie de fonds	Gamme d'investissement	Focus géographique
Fonds de ressources naturelles	20 à 50 millions de dollars	Projets minéraux nord-américains
Fonds spécifiques aux produits	10-30 millions de dollars	Investissements stratégiques en métal

Acheteurs stratégiques en métal et minéraux

Acheteurs potentiels ayant des intérêts d'approvisionnement spécifiques:

• Entreprises de fabrication de technologies
• Fabricants d'électronique
• Producteurs de matériaux avancés

Segment des acheteurs	Volume d'achat potentiel	Intérêt matériel
Fabricants de technologies	45 millions de dollars d'approvisionnement annuel	Éléments de terres rares
Secteur électronique	30 millions de dollars exigences minérales	Composés métalliques avancés

Gouvernement et agences de réglementation

Engagement avec les organismes gouvernementaux et les institutions réglementaires:

Type d'agence	Valeur d'interaction potentielle	Portée réglementaire
Agences minérales fédérales	Évaluations de projet de 5 à 10 millions de dollars	Permis d'environnement et d'exploitation
Régulateurs d'État / provinciaux	Évaluations de la conformité de 3 à 7 millions de dollars	Supervision régionale de l'exploration minérale

Northern Dynasty Minerals Ltd. (NAK) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de développement

En 2023, le Northern Dynasty Minerals a signalé des frais d'exploration et de développement de 7,2 millions de dollars pour le projet Pebble en Alaska. Le total des coûts d'exploration cumulative depuis la création du projet a atteint environ 214 millions de dollars.

Catégorie de dépenses	Montant (USD)	Pourcentage des coûts totaux
Enquêtes géologiques	2,1 millions de dollars	29.2%
Opérations de forage	3,4 millions de dollars	47.2%
Analyse technique	1,7 million de dollars	23.6%

Coûts de l'étude environnementale et de faisabilité

Évaluation de l'environnement et des études de faisabilité du projet Pebble ont engagé des dépenses totalisant 18,5 millions de dollars jusqu'en 2023.

• Études d'impact environnemental: 6,3 millions de dollars
• Surveillance écologique: 4,2 millions de dollars
• Rapports techniques de faisabilité: 8 millions de dollars

Conformité réglementaire et permis

Les dépenses de conformité réglementaire pour 2023 étaient de 5,6 millions de dollars, ce qui représente un coût important pour l'entreprise.

Zone de conformité	Dépenses (USD)
Permettre des processus	3,1 millions de dollars
Consultations juridiques	1,5 million de dollars
Documentation réglementaire	1 million de dollars

Recherche technique et évaluation

Les coûts de recherche technique en 2023 s'élevaient à 4,8 millions de dollars, se concentrant sur les études métallurgiques et l'optimisation des ressources.

• Recherche métallurgique: 2,3 millions de dollars
• Estimation des ressources: 1,5 million de dollars
• Cartographie géologique avancée: 1 million de dollars

Frais généraux et frais administratifs

Les frais généraux pour les minéraux de la dynastie nord en 2023 étaient de 9,3 millions de dollars.

Catégorie de coût administratif	Montant (USD)
Salaires et avantages	5,2 millions de dollars
Opérations de bureau	1,7 million de dollars
Services professionnels	2,4 millions de dollars

Northern Dynasty Minerals Ltd. (NAK) - Modèle commercial: Strots de revenus

Ventes minérales futures potentielles

En 2024, Northern Dynasty Minerals Ltd. se concentre sur le projet de galets en Alaska, qui contient des ressources importantes en cuivre, en or et en molybdène.

Ressource minérale	Quantité estimée	Valeur estimée
Cuivre	57,5 milliards de livres	Environ 230 milliards de dollars
Or	67,0 millions d'onces	Environ 132 milliards de dollars
Molybdène	3,4 milliards de livres	Environ 34 milliards de dollars

Accords de partenariat stratégique

Le statut de partenariat actuel reste limité en raison des défis environnementaux et réglementaires en cours.

Vente ou coentreprise de projet potentielle

• Aucun accord de coentreprise confirmé à partir de 2024
• Discussions en cours avec des partenaires industriels potentiels
• Capitalisation boursière: environ 50 millions de dollars

Évaluation des ressources minérales

Catégorie de ressources	Valeur totale
Réserves éprouvées et probables	396 milliards de dollars
Valeur d'exploration future potentielle	Indéterminé

Financement potentiel du gouvernement ou des investisseurs

En 2024, aucun financement gouvernemental direct confirmé, obtenu.

• Déficit total accumulé: 350 millions de dollars
• Dépenses d'exploitation annuelles: environ 15 millions de dollars
• Cash et équivalents en espèces: 10 millions de dollars

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%