Investor Presentaiton

The Pebble Mine A major new potential mining project in Alaska is the proposed Pebble mine, which would develop copper and gold from a very large deposit in southwestern Alaska. The Pebble Partnership, a consortium of mining companies, is working to develop the project. This involves extensive studies and a long and complicating permitting process. This Pebble mine is generating a lot of controversy-and is likely to generate more-- because other resource values in this area, including fisheries and wilderness, are also very high. In particular, the Pebble project is in headwaters of Bristol Bay drainage—home to Alaska's most valuable salmon fishery and many sport-fishing lodges. Red Dog Prudhoe Bay E PEBBLE WEST 1 GOLD DISCOVERY PEBBLE EAST 25 GOLD DISCOVERY ALASKA Illinois Creek Nixon Fork Fort Knox • Fairbanks Pogo Usibelli Paxen Donlin Creek Anchorage Pebble Chuitna Kenai Dillingham Iliamna Ceal Seward Homer Tok 38 PORPHYRY DISCOVERY IP ANOMALY McCarthy 37 Cordova SKARN DISCOVERY 308 PORPHYRY DISCOVERY Source: Northern Dynasty Minerals Ltd presentation on Pebble project, downloaded March 14 2006 from: http://www.hdgold.com/i/ndm/NDM_Feb06_BMO_RAD.pdf 32 32

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