Kopernik Global Investors, LLC Files Early Warning Report in Respect of Northern Dynasty Minerals Ltd.

TAMPA, Fla., Nov. 12, 2026 /CNW/ -- Kopernik Global Investors, LLC ("Kopernik") today announced it has increased its position in Northern Dynasty Minerals Ltd. (TSX: NDM) (the "Issuer") (TSX: NDM, NYSE American: NAK) to 14.69%, calculated on a partially diluted basis. Since November 13, 2025, the date on which Kopernik's previous early warning report in respect of the Issuer was filed, Kopernik has acquired an aggregate of 10,959,875 common shares ("Common Shares") through the facilities of the NYSE American for an average price of US$1.269 (C$1.8147) per Common Share for a total of US$13,908,081 (C$19,888,885) and 2,244,703 Common Shares through client transfers (the "Acquisitions") (Canadian dollar amounts calculated using an exchange rate of US$1 equals C$1.43 as of November 12, 2026).

Prior to Acquisitions, Kopernik owned or controlled 38,410,280 Common Shares, and Convertible Notes in the aggregate principal amount of US$12,864,000, representing approximately 12.68% of the Common Shares calculated on a partially diluted basis.

Immediately following the Acquisition, Kopernik owned or controlled 49,370,155 Common Shares, and Convertible Notes in the aggregate principal amount of US$12,864,000, which are convertible into 36,165,308 Common Shares. Assuming all of the Convertible Notes over which Kopernik has beneficial ownership, or control or direction, were converted into Common Shares, Kopernik would have beneficial ownership of, or control or direction over, 87,870,235 Common Shares, representing approximately 14.69% of the Common Shares on a partially diluted basis as of November 12, 2026, based on 598,356,970 Common Shares issued and outstanding on a partially diluted basis, which is the sum of (i) 562,191,662 Common Shares outstanding as set forth on the Toronto Stock Exchange under the symbol "NDM" as of November 12, 2026 and (ii) 36,165,308 Common Shares issuable upon the conversion of the Convertible Notes.

Kopernik provides investment advisory services to institutional asset management clients, separately managed accounts, investment funds and other collective investment vehicles (collectively, the "Funds and Client Accounts"), and possesses voting and/or investment power over the securities of the Issuer described in this report. All of the securities of the Issuer described in this report are registered in the name of Kopernik or the Funds and Client Accounts and, in the case of the Funds and Client Accounts, are held for the benefit of Kopernik's clients. Mr. David B. Iben may be considered a joint actor of Kopernik. Mr. Iben is the controlling member of Kopernik. Mr. Iben's present principal occupation is Co-Chief Investment Officer of Kopernik. Mr. Iben does not directly own any securities that are the subject of this news release.

Kopernik does not have any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (k) of Item 5 of Form 62-103F1 – Required Disclosure under the Early Warning Requirements except as described herein, or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein.

Kopernik may engage in discussions and other communications with management and the board of directors of the Issuer (the "Board") regarding a variety of matters, which may include, among other things, the composition of the Board and corporate governance matters, and may involve the participation of, among others, Ms. Isabel Satra, a principal and Chief Financial Officer of Kopernik, who was previously appointed to the Board on March 24, 2023.

Kopernik intends to review its investment in the Issuer on a continuing basis. Subject to applicable law and depending on various factors including, without limitation, the Issuer's financial position and investment strategy, the Issuer's financial and/or operational performance, financial position and strategic direction and the price levels of the Common Shares, Kopernik may from time to time and at any time in the future take such actions with respect to its investment in the Issuer as it deems appropriate including, without limitation, engaging in additional communications with management and the Board, engaging in discussions with, or solicitations to, shareholders of the Issuer or other third parties about the Issuer and Kopernik's investment, including potential business combinations or dispositions involving the Issuer or certain of its businesses, making recommendations or proposals to the Issuer concerning changes to the capitalization, ownership structure, Board structure (including Board composition), potential business combinations or dispositions involving the Issuer or certain of its businesses, or suggestions for improving the Issuer's financial and/or operational performance, purchasing additional Common Shares or other securities in the open market or otherwise, selling some or all of its Common Shares or other securities in the open market or otherwise, exercising its conversion rights in respect of the Convertible Notes, engaging in short selling of or any hedging or similar transaction with respect to the Common Shares or other securities, including swaps and other derivative instruments, or changing its intention with respect to any and all matters described herein.

A report on Form 62-103F1 has been filed contemporaneously herewith in accordance with applicable securities laws and will be available under the Issuer's profile at www.sedarplus.ca. The head office of the Issuer is 1040 West Georgia St., Suite 1400, Vancouver, BC, Canada, V6E 4H1. The address of Kopernik is 2502 N Rocky Point Drive, Suite 300, Tampa, FL 33607, United States. For more information or to obtain a copy of the report, contact Kopernik Global Investors, LLC (email: [email protected]).

SOURCE Kopernik Global Investors, LLC