Northern Dynasty Minerals Ltd (NDM) Q4 2025 earnings summary

Executive summary

• Focused on advancing the Pebble Project in Alaska, a large copper-gold-molybdenum-silver-rhenium deposit, through permitting, legal challenges, and stakeholder engagement.

• The company completed a $60M royalty agreement for gold and silver, issued $15M in convertible notes, and raised $3.4M in a private placement.

• Legal actions are ongoing to overturn EPA and USACE permit denials, with significant uncertainty regarding project advancement.

Financial highlights

• Net loss for 2025 was $104M, up from $36M in 2024, mainly due to a $61.7M increase in the fair value loss on convertible notes derivative.

• Cash and cash equivalents at year-end 2025 were $54.7M, up from $16.1M in 2024, driven by royalty and financing proceeds.

• Working capital deficit of $46M at year-end, impacted by classification of convertible notes and derivative as current liabilities.

• No operating revenue; funding sourced from equity, royalty, and convertible note financings.

Outlook and guidance

• 2026 focus is on legal challenges to EPA and USACE decisions, maintaining project claims, and seeking a development partner.

• Estimated 2026 expenditures are US$14.6M, primarily for legal, technical, and corporate activities.

• Additional financing will be required to advance the project beyond current cash resources.