Northern Dynasty Minerals Ltd. is engaged in the exploration of mineral properties. The Company’s core mineral property interest is the Pebble Copper-Gold-Molybdenum Project (the Pebble Project) located in Alaska, United States of America. The Company through its subsidiaries holds a 100% indirect interest in 1,940 mineral claims (194,360 acres) that comprise the Pebble property, 542 Kaskanak mineral claims (86,720 acres) and 95 mineral claims (15,200 acres) held by U5 Resources, which are subject to annual renewal. The Pebble Project is located in southwest Alaska, 19 miles from the villages of Iliamna and Newhalen, and approximately 200 miles southwest of the city of Anchorage. As of September, 30, 2014, the Company is in the process of exploring and developing the Pebble Project and has not yet determined whether the Pebble Project contains mineral reserves that are recoverable.