GoldMinerPulse Report on Northern Dynasty Minerals Ltd.: (NI) 43-101 Metal Valuation Report

Northern Dynasty Minerals Ltd. (NDM)

Company Web Site: www.northerndynastyminerals.com
This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2009-09-02. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-09-02.
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GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-09-02
Project/Deposit CC MVpSh PP% MI% I% Gold Copper Molybdenum
    Pebble US $2,237.45 0 64% 36% 47.17 M oz     16.31 M t     1.09 M t

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Sept-02
Metric / Metal Gold Copper Molybdenum
    Metal Totals 47.17 M oz     16.31 M t     1.09 M t
    Metal Prices in US$ (from 2010-09-02) $1,251.30 per oz     $3.46130 per lb     $15.30 per lb
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $599.65     $1,264.69     $373.11
    Percentage of Total Metal Value 26.80%     56.52%     16.68%
    PP% | MI% | I% 0 | 61% | 39%     0 | 67% | 33%     0 | 60% | 40%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Sept-02
    Metal Value per Share (MVpSh)    US$2,237.45
    Average Ore Value per Tonne    US$48.6
    Metal Value Leverage (MVL)    314.70
    Market Capitalization as % of Metal Value    0.3%
    Recent Stock Price    C$7.49   (TSX/TSXV close on 2010-09-02.)
Conversion rate used: 1 Cnd$ = 0.949244 US$ )
    Fully Diluted Share Count    98.43 M    ( Fully diluted shares estimated using common shares and options counts from 1.15.2 Disclosure of Outstanding Share Data of the MD&A document for six months ended June 30, 2009. )
    PP% | MI% | I%    0 | 64% | 36%
Gold Metrics-- all Projects/Deposits
    Average Gold Ore Grade    0.324 g/t
    Market Capitalization
    per oz of Gold In Ground    $14.84   US$  |   15.63   C$
    Gold Eq Oz Estimate    176.00 M oz   ( 47.17 M oz are in ground)
    Market Capitalization
    per oz of Gold Equilavent    $3.98   US$  |   4.19   C$

See terms for more about GoldMinerPulse metrics.
GoldMinerPulse Coverage Status:
GoldMinerPulse coverage of Northern Dynasty Minerals Ltd. is complete pending a final internal review.

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold	Copper	Molybdenum
Pebble	US	$2,237.45	0	64%	36%	47.17 M oz	16.31 M t	1.09 M t

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Sept-02
Metric / Metal	Gold	Copper	Molybdenum
Metal Totals	47.17 M oz	16.31 M t	1.09 M t
Metal Prices in US$ (from 2010-09-02)	$1,251.30 per oz	$3.46130 per lb	$15.30 per lb
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$599.65	$1,264.69	$373.11
Percentage of Total Metal Value	26.80%	56.52%	16.68%
PP% \| MI% \| I%	0 \| 61% \| 39%	0 \| 67% \| 33%	0 \| 60% \| 40%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Sept-02
Metal Value per Share (MVpSh)	US$2,237.45
Average Ore Value per Tonne	US$48.6
Metal Value Leverage (MVL)	314.70
Market Capitalization as % of Metal Value	0.3%
Recent Stock Price	C$7.49 (TSX/TSXV close on 2010-09-02.) Conversion rate used: 1 Cnd$ = 0.949244 US$ )
Fully Diluted Share Count	98.43 M ( Fully diluted shares estimated using common shares and options counts from 1.15.2 Disclosure of Outstanding Share Data of the MD&A document for six months ended June 30, 2009. )
PP% \| MI% \| I%	0 \| 64% \| 36%
Gold Metrics-- all Projects/Deposits
Average Gold Ore Grade	0.324 g/t
Market Capitalization per oz of Gold In Ground	$14.84 US$ \| 15.63 C$
Gold Eq Oz Estimate	176.00 M oz ( 47.17 M oz are in ground)
Market Capitalization per oz of Gold Equilavent	$3.98 US$ \| 4.19 C$

See terms for more about GoldMinerPulse metrics.

Pebble - ^top^

(NI) 43-101 Report:

Title: TECHNICAL REPORT ON THE 2008 PROGRAM AND UPDATE ON MINERAL RESOURCES AND METALLURGY PEBBLE COPPER-GOLD-MOLYBDENUM PROJECT ILIAMNA LAKE AREA SOUTHWESTERN ALASKA, U.S.A.
Date: 2009-02-13 (170 pages)

Project Location: Alaska, USA

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $364.49    28.67 M oz     0.350 g/t     5.10 B t
   Copper $849.40    10.96 M t       4,300.000 g/t     5.10 B t
   Molybdenum $223.53    652.29 K t       256.000 g/t     5.10 B t
Estimate notes: See Table 20.1 November 2008 Mineral Resource Estimate on p. 109 of 170 in the NI 43-101 dated Feburary 2009.
Resource quantities adjusted for ownership percentage of 50.0%.
0.3 % CuEQ cutoff

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$364.49	28.67 M oz	0.350 g/t	5.10 B t
Copper	$849.40	10.96 M t	4,300.000 g/t	5.10 B t
Molybdenum	$223.53	652.29 K t	256.000 g/t	5.10 B t
Estimate notes: See Table 20.1 November 2008 Mineral Resource Estimate on p. 109 of 170 in the NI 43-101 dated Feburary 2009. Resource quantities adjusted for ownership percentage of 50.0%. 0.3 % CuEQ cutoff

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $235.16    18.50 M oz     0.290 g/t     3.97 B t
   Copper $415.29    5.36 M t       2,700.000 g/t     3.97 B t
   Molybdenum $149.58    436.48 K t       220.000 g/t     3.97 B t
Estimate notes: See notes for Measured + Indicated.
Resource quantities adjusted for ownership percentage of 50.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$235.16	18.50 M oz	0.290 g/t	3.97 B t
Copper	$415.29	5.36 M t	2,700.000 g/t	3.97 B t
Molybdenum	$149.58	436.48 K t	220.000 g/t	3.97 B t
Estimate notes: See notes for Measured + Indicated. Resource quantities adjusted for ownership percentage of 50.0%.