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SCHEDULE Filed 2025-03-07 Event 2025-03-05 SEC 0000930413-25-000898 →

Kopernik Global Investors, LLC NORTHERN DYNASTY MINERALS LTD NAK

Stake: 12.70% Shares: 73,552,952 CUSIP: 66510M204 Class: Common Shares, no par value

Item 4 — Purpose of Transaction

The Reporting Persons acquired the Issuer's securities for investment purposes. While the Reporting Persons do not have any current plans, proposals or agreements with respect to the Common Shares, the Reporting Persons intend to continue to review, on an ongoing and continuing basis, its investment in the Issuer, and may, from time to time and at any time, acquire additional Common Shares in the open market or otherwise and reserve the right to dispose of any or all of the Common Shares in the open market or otherwise, at any time and from time to time, and to engage in any hedging or similar transactions with respect to the Common Shares. On March 24, 2023, Ms. Isabel Satra was appointed as a director of the Issuer. Ms. Satra is currently a Principal at Kopernik Global Investors and serves as the firm's Chief Financial Officer. As a result of Ms. Satra's appointment to the Board, the Reporting Persons are converted the beneficial ownership filing on Schedule 13G to a filing on Schedule 13D. Except as described in this Schedule 13D, the Reporting Persons do not have any present plans or proposals that relate to or would result in any of the actions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D, although, the Reporting Persons, at any time and from time to time, may review, reconsider and change their position and/or change their purpose and/or develop such plans and may seek to influence management or the Board with respect to the business and affairs of the Issuer and may from time to time consider pursuing or proposing such matters with advisers, the Issuer or other persons.

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Short Interest · settle 2026-03-31
DTC 3.76
29,566,305 shares short · +17.4% vs prior

Institutional Consensus · 2025-12-31

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Point72 Asset MgmtSoros Fund Management

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