UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM 40-F
☐
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REGISTRATION STATEMENT PURSUANT TO SECTION
12 OF THE SECURITIES EXCHANGE ACT OF 1934
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OR
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☒
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ANNUAL REPORT PURSUANT TO SECTION 13(a)
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For
the fiscal year ended December 31, 2018
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Commission
File Number: 001-32210
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NORTHERN
DYNASTY MINERALS LTD.
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(Exact name of Registrant
as specified in its charter)
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British
Columbia Canada
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1040
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Not
Applicable
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(Province or Other
Jurisdiction of
Incorporation or Organization)
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(Primary Standard
Industrial
Classification Code)
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(I.R.S. Employer
Identification No.)
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15
th
Floor, 1040 West Georgia Street
Vancouver, British Columbia
Canada V6E 4H1
(604) 684-6365
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(Address and telephone
number of Registrant’s principal executive offices)
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Corporation Service
Company
Suite 400, 2711 Centerville Road
Wilmington, Delaware 19808
(800) 927-9800
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(Name, address (including
zip code) and telephone number (including
area code) of agent for service in the United States)
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Securities registered or to be registered
pursuant to section 12(b) of the Act:
Title
Of Each Class
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Name
Of Each Exchange On Which Registered
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Common Shares, no
par value
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NYSE American
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Securities registered or to be registered
pursuant to Section 12(g) of the Act:
None
Securities for which there is a reporting
obligation pursuant to Section 15(d) of the Act:
None
For annual reports, indicate by check
mark the information filed with this Form:
☒ Annual Information
Form
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☒ Audited Annual Financial
Statements
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Indicate the number of outstanding
shares of each of the Registrant’s classes of capital or common stock as of the close of the period covered by the annual
report:
313,417,856 Common Shares
Indicate by check mark whether the
Registrant by filing the information contained in this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934 (the “Exchange Act”). If “yes” is marked,
indicate the file number assigned to the Registrant in connection with such Rule.
Indicate by check mark whether the
Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months
(or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days.
Indicate by check mark whether the
registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to
be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months
(or for such shorter period that the Registrant was required to submit and post such files).
Indicate by
check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
Emerging
growth company ☒
If an emerging
growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has
elected not to use the extended transition period for complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act.
Introductory
Information
In this annual
report, references to “we”, “our”, “us”, the “Company” or “Northern Dynasty”,
mean Northern Dynasty Minerals Ltd. its subsidiaries and consolidated interests, unless the context suggests otherwise.
Northern Dynasty
is a Canadian issuer eligible to file its annual report pursuant to Section 13 of the Securities Exchange Act of 1934, as amended
(the “
Exchange Act
”) on Form 40-F pursuant to the multi-jurisdictional disclosure system (the “
MJDS
”)
adopted by the United States Securities and Exchange Commission (the “
SEC
”). The equity securities of the Company
are further exempt from Sections 14(a), 14(b), 14(c), 14(f) and 16 of the Exchange Act pursuant to Rule 3a12-3 of the Exchange
Act.
Unless otherwise
indicated, all amounts in this annual report are in Canadian dollars and all references to “$” mean Canadian dollars.
principal
documents
The following
documents that are filed as exhibits to this annual report are incorporated by reference herein:
Document
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Exhibit
No.
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Annual
Information Form of the Company for the year ended December 31, 2018 (the “
AIF
”)
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99.7
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Audited
consolidated financial statements of the Company as at and for the years ended December 31, 2018 and 2017, including the report
of the Independent Registered Public Accounting Firm with respect thereto
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99.5
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Management’s
Discussion and Analysis of the Company for the year ended December 31, 2018 (the “
MD&A
”)
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99.6
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FORWARD-LOOKING
STATEMENTS
This annual
report includes or incorporates by reference certain statements that constitute “forward-looking statements” within
the meaning of the United States
Private Securities Litigation Reform Act of 1995
. These statements appear in a number
of places in this annual report and documents incorporated by reference herein and include statements regarding our intent, belief
or current expectation and that of our officers and directors. These forward-looking statements involve known and unknown risks
and uncertainties that may cause our actual results, performance or achievements to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking statements. When used in this annual report or in documents
incorporated by reference in this annual report, words such as “believe”, “anticipate”, “estimate”,
“project”, “intend”, “expect”, “may”, “will”, “plan”,
“should”, “would”, “contemplate”, “possible”, “attempts”, “seeks”
and similar expressions are intended to identify these forward-looking statements. All statements in documents incorporated herein,
other than statements of historical facts that address future production, permitting, reserve potential, exploration drilling,
exploitation activities and events or developments that the Company expects are forward-looking statements. These forward-looking
statements are based on various factors and were derived utilizing numerous assumptions that could cause our actual results to
differ materially from those in the forward-looking statements. Accordingly, you are cautioned not to put undue reliance on these
forward-looking statements. Other forward-looking statements include, among others, statements regarding:
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our expectations regarding
the potential for securing the necessary permitting of a mine at the Pebble Project and our ability to establish that such
a permitted mine can be economically developed;
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our ability to successfully apply for and
obtain the federal and state permits that we will be required to obtain for the Pebble Project under the Clean Water Act (“
CWA
”)
and the National Environmental Policy Act (“
NEPA
”);
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our plan of operations, including our plans
to carry out and finance exploration and development activities;
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our ability to raise capital for exploration
and development activities
and working capital;
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our expected financial performance in future
periods;
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our expectations regarding the exploration
and development potential of the Pebble Project
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the outcome of any other legal proceedings
in which we are engaged; and
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factors relating to our investment decisions.
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Certain of the assumptions
we have made include assumptions regarding, among other things:
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that we will be able
to secure sufficient capital necessary for continued environmental assessment and permitting activities and engineering work
which must be completed prior to any potential development of the Pebble Project which would then require engineering and
financing in order to advance to ultimate construction;
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that we will ultimately
be able to demonstrate that a mine at the Pebble Project can be developed and operated in an environmentally sound and socially
responsible manner, meeting all relevant federal, state and local regulatory requirements so that we will be ultimately able
to obtain permits authorizing construction of a mine at the Pebble Project;
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that the market prices
of copper, gold, molybdenum and silver will not decline significantly or stay depressed for a lengthy period of time;
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that our key personnel
will continue their employment with us; and
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that we will continue
to be able to secure minimum adequate financing on acceptable terms.
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Some of the risks and uncertainties
that could cause our actual results to differ materially from those expressed in our forward-looking statements include:
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an inability to ultimately
obtain permitting for a mine at the Pebble Project;
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an inability to establish that the Pebble
Project may be economically developed and mined or contain commercially viable deposits of ore based on a mine plan for which
government authorities are prepared to grant permits;
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an inability to complete a partnering transaction
on terms satisfactory to the Company;
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an inability to continue
to fund exploration and development activities and other operating costs;
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the highly cyclical
and speculative nature of the mineral resource exploration business;
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the pre-development
stage economic viability and technical uncertainties of the Pebble Project and the lack of known reserves on our Pebble Project;
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an inability to recover
even the financial statement carrying values of the Pebble Project if we cease to continue on a going concern basis;
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the potential for
loss of the services of key executive officers;
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a history of, and
expectation of further, financial losses from operations impacting our ability to continue on a going concern basis;
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the volatility of
gold, copper, molybdenum and silver prices and share prices of mining companies;
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the inherent risk
involved in the exploration, development and production of minerals and the presence of unknown geological and other physical
and environmental hazards at the Pebble Project;
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the potential for
changes in, or the introduction of new, government regulations relating to mining, including laws and regulations relating
to the protection of the environment and project legal titles;
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potential claims by
third parties to titles or rights involving the Pebble Project;
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the uncertainty of
the outcome of current or future litigation;
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the possible inability
to insure our operations against all risks;
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the highly competitive
nature of the mining business;
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our ability to obtain funding for working
capital and other purposes;
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the potential equity
dilution to current shareholders from future equity financings or from the exercise of share purchase options and warrants
to purchase the Company’s shares; and
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that we have never
paid dividends and will not do so in the foreseeable future.
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We refer you
to the section entitled “Risk Factors” under Item 5 in our AIF for more detailed discussion of such risks and other
important factors that could cause our actual results to differ materially from those in such forward-looking statements. Except
as required by law, we assume no obligation to update or to publicly announce the results of any change to any of the forward-looking
statements contained or incorporated by reference herein to reflect actual results, future events or developments, changes in
assumptions or changes in other factors affecting the forward-looking statements.
CAUTIONARY
NOTE TO UNITED STATES INVESTORS CONCERNING
CANADIAN MINERAL PROPERTY DISCLOSURE STANDARDS
The
disclosure in this annual report, including the documents incorporated by reference herein, uses terms that comply with reporting
standards in Canada and certain estimates are made in accordance with Canadian National Instrument 43-101
Standards of Disclosure
for Mineral Projects
(“NI 43-101”). NI 43-101 is a rule developed by the Canadian Securities Administrators that
establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.
In accordance with NI 43-101, the Company uses the terms mineral reserves and resources as they are defined in accordance with
the CIM Definition Standards on mineral reserves and resources (the “
CIM Definition Standards
”) adopted by
the Canadian Institute of Mining, Metallurgy and Petroleum.
The
SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose
securities are registered with the SEC under the U.S. Exchange Act. These amendments became effective February 25, 2019 (the “
SEC
Modernization Rules
”). The SEC Modernization Rules have replaced the historical property disclosure requirements for
mining registrants that were included in SEC Industry Guide 7 (“Guide 7”), which will be rescinded upon expiry
of a transition period.
The
SEC Modernization Rules include the adoption of definitions of the following terms, which are substantially similar to the corresponding
terms under the CIM Definition Standards under “
Canadian Mineral Property Disclosure Standards and Resource Estimates
”:
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feasibility study;
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indicated mineral
resource;
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inferred mineral resource;
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measured mineral resource;
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mineral reserve;
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mineral resource;
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modifying factors;
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preliminary feasibility
study (or “pre-feasibility study”);
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probable mineral resource;
and
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proven mineral reserve.
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As
a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of “measured mineral resources”,
“indicated mineral resources” and “inferred mineral resources”. In addition, the SEC has amended its definitions
of “proven mineral reserves” and “probable mineral reserves” to be substantially similar to the corresponding
CIM Definitions.
We
are not required to provide disclosure on our mineral properties, including the Pebble Project, under the SEC Modernization Rules
as we are presently a “foreign issuer” under the U.S. Exchange Act and entitled to file continuous disclosure reports
with the SEC under the MJDS between Canada and the United States. Accordingly, we anticipate that we will be entitled to continue
to provide disclosure on our mineral properties, including the Pebble Project, in accordance with NI 43-101 disclosure standards
and CIM Definition Standards. However, if we either cease to be a “foreign issuer” or cease to be entitled to file
reports under the MJDS, then we will be required to provide disclosure on our mineral properties under the SEC Modernization Rules.
Accordingly, United States investors are cautioned that the disclosure that we provide on our mineral properties, including the
Pebble Project, in this annual report and under our continuous disclosure obligations under the U.S. Exchange Act may be different
from the disclosure that we would otherwise be required to provide as a U.S. domestic issuer or a non-MJDS foreign issuer under
the SEC Modernization Rules.
United
States investors are cautioned that while the above terms are substantially similar to CIM Definitions, there are differences
in the definitions under the SEC Modernization Rules and the CIM Definition Standards. Accordingly, there is no assurance any
mineral resources that we may report as “measured mineral resources”, “indicated mineral resources” and
“inferred mineral resources” under NI 43-101 would be the same had we prepared the resource estimates under the standards
adopted under the SEC Modernization Rules.
United
States investors are also cautioned that while the SEC will now recognize “measured mineral resources”, “indicated
mineral resources” and “inferred mineral resources”, investors should not assume that any part or all of the
mineral deposits in these categories will ever be converted into a higher category of mineral resources or into mineral reserves.
Mineralization described by these terms has a great amount of uncertainty as to their existence, and great uncertainty as to their
economic and legal feasibility. Accordingly, investors are cautioned not to assume that any “measured mineral resources”,
“indicated mineral resources”, or “inferred mineral resources” that we report in this annual report are
or will be economically or legally mineable.
Further,
“inferred resources” have a great amount of uncertainty as to their existence and as to whether they can be mined
legally or economically. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred
resources exist. In accordance with Canadian securities laws, estimates of “inferred mineral resources” cannot form
the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.
In
addition, disclosure of “contained ounces” is permitted disclosure under Canadian regulations; however, the SEC only
permits issuers to report mineralization as in place tonnage and grade without reference to unit measures.
For
the above reasons, information contained in this annual report and the documents incorporated by reference herein containing descriptions
of our mineral deposits may not be comparable to similar information made public by United States companies subject to the reporting
and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.
NOTE
TO UNITED STATES READERS REGARDING DIFFERENCES
BETWEEN UNITED STATES AND CANADIAN REPORTING PRACTICES
The Company
is permitted to prepare this annual report in accordance with Canadian disclosure requirements which require Canadian public companies
to prepare financial statements in accordance with International Financial Reporting Standards as issued by the International
Accounting Standards Board (“IASB”) and interpretations of the IFRS Committee (together, “IFRS”). Accordingly,
the Company’s audited consolidated financial statements for the years ended December 31, 2018 and 2017 have been prepared
in accordance with IFRS, and the audit is performed in accordance with the standards of the Public Company Accounting Oversight
Board (United States) (“PCAOB”) and our auditor is subject to both Canadian auditor independence standards and the
auditor independence standards of the PCAOB and the SEC. Therefore, the Company’s consolidated financial statements incorporated
by reference in this annual report may not be comparable to financial statements prepared in accordance with US GAAP.
DISCLOSURE
CONTROLS AND PROCEDURES
Disclosure controls
and procedures are defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act to mean controls and other procedures of an
issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits
under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules
and forms and includes, without limitation, controls and procedures designed to ensure that such information is accumulated and
communicated to the issuer’s management, including its principal executive and principal financial officers, or persons
performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
As of the end
of the period covered by this report, our management carried out an evaluation, with the participation of our Chief Executive
Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of our disclosure controls and
procedures. Based upon that evaluation, our CEO and CFO concluded that, as of the end of the period covered by this report, our
disclosure controls and procedures, as defined in Rule 13a-15(e), were effective to give a reasonable assurance that the information
required to be disclosed by us in reports that we file or submit to the SEC under the Exchange Act is:.
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recorded, processed,
summarized and reported within the time periods specified in the SEC’s rules and forms, and
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accumulated and communicated
to our management, including our CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.
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It should be
noted that while our CEO and our CFO believe that our disclosure controls and procedures provide a reasonable level of assurance
that they are effective, they do not expect that our disclosure controls and procedures or internal control over financial reporting
will prevent all errors and fraud. A control system, no matter how well conceived or operated, can provide only reasonable, not
absolute, assurance that the objectives of the control system will be met.
INTERNAL
CONTROL OVER FINANCIAL REPORTING
Internal Control over Financial
Reporting
The Company’s
management, including the CEO and the CFO, is responsible for establishing and maintaining adequate internal control over financial
reporting. Internal control over financial reporting (“ICFR”), as defined by Rule 13a-15(f) and 15d-15(f) of the Exchange
Act, is a process designed by, or under the supervision of the Company’s principal executive and principal financial officers
or persons performing similar functions and effected by the Company’s Board of Directors, management and other personnel,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with IFRS as issued by the IASB. The Company’s ICFR includes those policies and procedures
that:
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pertain to the maintenance
of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
Company;
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provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS,
and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and
directors of the company; and
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provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s
assets that could have a material effect on the financial statements.
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The Company’s
management, including its CEO and CFO, believe that any system of internal control over financial reporting, no matter how well
conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.
Furthermore, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls
must be considered relative to their costs. Because of the inherent limitations in all control systems, they cannot provide absolute
assurance that all control issues and instances of fraud, if any, within the Company have been prevented or detected. These inherent
limitations include the realities that judgments in decision-making can be faulty and breakdowns can occur because of simple error
or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people,
or by unauthorized override of control. The design of any system of controls is also based in part upon certain assumptions about
the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under
all potential future conditions. Accordingly, because of the inherent limitations in a cost effective control system, misstatements
due to error or fraud may occur and not be detected.
Management’s Report on Internal
Control over Financial Reporting
The Company’s
management is responsible for establishing and maintaining adequate internal control over financial reporting (as such term is
defined in Rule 13a-15(f) of the Exchange Act) for the Company.
The Company’s
management, with the participation of the CEO and CFO, assessed the effectiveness of the Company’s ICFR as of December 31,
2018. In making the assessment, it used the criteria set forth in the
Internal Control-Integrated Framework (2013)
published
by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based on its assessment, management
has concluded that the Company’s ICFR was effective as of December 31, 2018.
Auditor’s Attestation Report
The Company
is presently an “emerging growth company” as defined in section 3(a) of the Exchange Act, and the Company will continue
to qualify as an “emerging growth company” until the earliest of:
(a)
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the last day of the
fiscal year during which the Company has total annual gross revenues of US$1,000,000,000 (as such amount is indexed for inflation
every 5 years by the SEC) or more;
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(b)
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the last day of the
Company’s fiscal year following the fifth anniversary of the date of the first sale of common equity securities pursuant
to an effective registration statement under the Securities Act;
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(c)
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the date on which
the Company has, during the previous 3-year period, issued more than US$1,000,000,000 in non-convertible debt; or
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(d)
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the date on which
the Company is deemed to be a “large accelerated filer”, as defined in Exchange Act Rule 12b–2.
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Northern Dynasty
expects to continue to be an emerging growth company until December 31, 2020.
Generally, a
registrant that registers any class of its securities under section 12 of the Exchange Act is required to include in the second
and all subsequent annual reports filed by it under the Exchange Act, a management report on internal control over financial reporting
and, subject to an exemption available to registrants that are neither an “accelerated filer” or a “larger accelerated
filer” (as those terms are defined in Exchange Act Rule 12b-2), an auditor attestation report on management’s assessment
of internal control over financial reporting. However, for so long as the Company continues to qualify as an emerging growth company,
the Company will be exempt from the requirement to include an auditor attestation report in its annual reports filed under the
Exchange Act, even if it were to qualify as an “accelerated filer” or a “larger accelerated filer”. The
Company was an “accelerated filer” for fiscal 2018 (as determined on June 30, 2018, being the last day of the Company’s
second fiscal quarter). Based on the Company’s current status as an “emerging growth company” management’s
report was not subject to attestation by the Company’s registered public accounting firm and, accordingly, this Annual Report
does not include an attestation report of the Company’s registered public accounting firm regarding internal control over
financial reporting.
No Changes in Internal Control
over Financial Reporting
Management,
including the CEO and CFO, has evaluated the Company’s ICFR to determine whether any changes occurred during the period
covered by this annual report on Form 40-F that have materially affected, or are reasonably likely to materially affect, the Company’s
ICFR. There have been no changes that occurred during the Company’s fiscal year ended December 31, 2018 that have materially
affected, or are reasonably likely to materially affect, the Company’s ICFR.
AUDIT
COMMITTEE
Our Board of
Directors (the “Board”) has established a separately-designated independent Audit and Risk Committee (the “Audit
Committee”) of the Board in accordance with Section 3(a)(58)(A) of the Exchange Act for the purpose of overseeing our accounting
and financial reporting processes and the audits of our annual financial statements. As at the date of this annual report, the
Audit Committee was comprised of Gordon Keep, Christian Milau (Chair) and Ken Pickering. The Board has determined that each of
the members of the Audit Committee is independent as determined under Rule 10A-3 of the Exchange Act and Section 803 of the NYSE
American LLC Company Guide.
AUDIT
COMMITTEE FINANCIAL EXPERT
Our Board has
determined that Mr. Christian Milau is an audit committee financial expert (as that term is defined in Item 407 of Regulation
S-K under the Exchange Act) and is an independent director under applicable securities laws and the listing requirements of the
NYSE American LLC.
PRINCIPAL
ACCOUNTING FEES AND SERVICES
The following table sets forth information
regarding amounts billed to us by our independent auditor for each of our last two fiscal years ended December 31 in Canadian
dollars:
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2018
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2017
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Audit
Fees
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$ 110,000
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$ 107,000
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Audit-Related
Fees
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–
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–
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Tax Fees
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–
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10,000
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All Other Fees
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–
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–
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Total
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$ 110,000
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$ 117,000
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Audit Fees
Audit fees are
the aggregate fees billed by our independent auditor for the audit of our annual consolidated financial statements, reviews of
interim consolidated financial statements and attestation services that are provided in connection with statutory and regulatory
filings or engagements.
Audit-Related Fees
Audit–Related
Fees include services that are traditionally performed by the auditor. These audit-related services include employee benefit audits,
due diligence assistance, accounting consultations on proposed transactions, internal control reviews and audit or attest services
not required by legislation or regulation.
Tax Fees
Tax fees are
fees for tax compliance and tax advice on actual or contemplated transactions.
All Other Fees
All other fees
relate to services other than the audit fees, audit-related fees and tax fees described above.
Audit Committee Pre-Approval
Policies
From time to
time, management of the Company recommends to and requests approval from the audit committee for audit and non-audit services
to be provided by the Company’s auditor. The audit committee routinely considers such requests at committee meetings, and
if acceptable to a majority of the audit committee members, pre-approves such audit and non-audit services by a resolution authorizing
management to engage the Company’s auditor for such non-audit services, with set maximum dollar amounts for each itemized
service. During such deliberations, the audit committee assesses, among other factors, whether the non-audit services requested
would be considered “prohibited services” as contemplated by the SEC, and whether the non-audit services requested
and the fees related to such services could impair the independence of the auditor.
OFF-BALANCE
SHEET ARRANGEMENTS
The Company
has not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect
on our financial condition, changes in financial condition, revenues, expenses, results of operations, liquidity, capital expenditures
or capital resources that is material to investors.
CONTRACTUAL
OBLIGATIONS
The following
table lists information as of December 31, 2018 with respect to our known contractual obligations in thousands of Canadian dollars:
Contractual
obligation
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Total
(‘000)
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Payments
due by period
(‘000)
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Less
than 1 Year
|
Between
1 and 3 years
|
Between
3 and 5 years
|
Long
term debt obligations
|
$ –
|
$ –
|
$ –
|
$ –
|
Capital
(finance) lease obligation
|
–
|
–
|
–
|
–
|
Operating
lease obligations
1
|
1,284
|
494
|
790
|
–
|
Purchase
obligations
|
0
|
0
|
0
|
–
|
Other
long term liabilities
1, 2
|
7,194
|
ؘ0
|
7,194
|
–
|
Total
|
$ 8,478
|
$ 494
|
$ 7,984
|
$ –
|
Notes
1.
|
Amounts are to be
paid by the Company in US dollars. The conversion rate employed in the table was the year end rate of Cdn$1.3641 / US dollar.
|
|
|
2.
|
Relates
to the final annual instalment of US$5,274 in additional fees due to legal counsel on
the joint settlement with the EPA in May 2017 that were to be paid in December 2019 and is now due on or before
January 31, 2020.
|
The term purchase
obligation means an agreement to purchase goods or services that is enforceable and legally binding on the registrant that specifies
all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and
the approximate timing of the transaction.
CODE
OF ETHICS
We have adopted
a Code of Ethics that applies to our officers, employees and directors and promotes, among other things, honest and ethical conduct.
The Code of Ethics meets the requirements for a “code of ethics” within the meaning of that term in Form 40-F. The
Code of Ethics was updated in 2007, 2009, 2012 and again in 2013 and is contained in the the Corporate Governance Policies and
Procedures Manual in Appendix 4 which is available for download from the Company’s website under Corporate at
www.northerndynastyminerals.com.
No substantive
amendments were made to the Company’s Code of Ethics during the fiscal year ended December 31, 2018, and no waivers of the
Company’s Code of Ethics were granted to any principal officer of the Company or any person performing similar functions
during the fiscal year ended December 31, 2018.
NYSE
AMERICAN Equities CORPORATE GOVERNANCE
The Company’s
common shares are listed for trading on the NYSE American Exchange (“NYSE American”). Section 110 of the NYSE American
LLC Company Guide permits NYSE American to consider the laws, customs and practices of their home country in relaxing certain
NYSE American listing criteria otherwise applicable to foreign issuers, and grants exemptions from NYSE American listing criteria
based on these considerations. A company seeking relief under these provisions is required to provide written certification from
independent local counsel that the non-complying practice is not prohibited by home country law. A description of the significant
ways in which the Company’s governance practices differ from those followed by United States domestic companies pursuant
to NYSE American standards is contained on the Company’s website at
www.northerndynastyminerals.com
.
MINE
SAFETY DISCLOSURE
Pursuant to
Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“
Dodd-Frank Act
”),
issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States are required
to disclose in their periodic reports filed with the SEC information regarding specified health and safety violations, orders
and citations, related assessments and legal actions, and mining-related fatalities under the regulation of the Federal Mine safety
and Health Administration under the Federal Mine Safety and Health Act of 1977. The Company was not the operator of a mine in
the United States during the fiscal year ended December 31, 2018.
UNDERTAKING
The Registrant
undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff,
and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant
to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions
in said securities.
CONSENT
TO SERVICE OF PROCESS
The Company
previously filed an Appointment of Agent for Service of Process and Undertaking on Form F-X signed by the Company and its agent
for service of process with respect to the class of securities in relation to which the obligation to file this annual report
arises, which Form F-X is incorporated herein by reference. Any change to the name or address of the Company’s agent for
service shall be communicated promptly to the Commission by amendment to Form F-X referencing the file number of the Company.
SIGNATURES
Pursuant to
the requirements of the Exchange Act, the Company certifies that it meets all of the requirements for filing on Form 40-F and
has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: April 1, 2019.
|
NORTHERN DYNASTY MINERALS
LTD.
|
|
|
|
By:
|
/s/
Ronald W. Thiessen
|
|
|
Ronald W. Thiessen
|
|
|
Chief Executive Officer
|
EXHIBIT
INDEX
Exhibit
Number
|
|
Exhibit
Description
|
|
|
|
99.1
|
|
Certification
of Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
|
|
|
99.2
|
|
Certification
of Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
|
|
|
99.3
|
|
Certification
of Chief Executive Officer pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
99.4
|
|
Certification
of Chief Financial Officer pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
99.5
|
|
Audited
consolidated financial statements of the Company and notes thereto as at and for the years ended December 31, 2018, and 2017,
together with the report of the Independent Registered Public Accounting Firm thereon
|
|
|
|
99.6
|
|
Management’s
Discussion and Analysis for the year ended December 31, 2018
|
|
|
|
99.7
|
|
Annual
Information Form of the Company for the year ended December 31, 2018
|
|
|
|
99.8
|
|
Consent
of Deloitte LLP, Independent Registered Public Accounting Firm
|
|
|
|
99.9
|
|
Consent
of J. David Gaunt, P.Geo.
|
|
|
|
99.10
|
|
Consent
of James Lang, P.Geo.
|
|
|
|
99.11
|
|
Consent
of Eric Titley, P.Geo.
|
|
|
|
99.12
|
|
Consent
of Ting Lu, P.Eng.
|
|
|
|
99.13
|
|
Consent
of Stephen Hodgson, P.Eng.
|
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