Alaskan Copper-Gold Acquisitions

In the last eight weeks there has been some interesting acquisition activity which has taken place, or is proposed
that suggests that large capitalized mining companies are working to acquire interests in intermediate sized
companies that control large resource positions with significant upside potential. This activity is taking place in
Alaska where large porphyry copper-gold and large volcanogenic massive sulfides (VMS) deposits are being
developed.

On June 27, 2006, Northern Dynasty Minerals Ltd. (AMEX: NAK) announced that Kennecott Canada
Explorations Inc., an affiliate of international mining giant Rio Tinto PLC, has signed an agreement to purchase
8,745,845 shares of NAK at C$10 per share. This will give Kennecott an approximate 9.9% interest in NAK. This
purchase agreement provides Kennecott with a first right of refusal to participate in up to a 50% of future share
placements by NAK. For details of the placement refer to the NAK website.

NAK is developing the world class Pebble Copper-Gold-Molybdenum Project in Southwestern Alaska which
contains copper, gold, and molybdenum resources with an estimated 4.52 billion tons of open pit mineralization at
Pebble West and an estimated 1.99 billion tons of underground mineralization at Pebble East. Pebble contains an
estimated resource of 64 million ounces of gold; 49 billion pounds of copper; and 2.9 billion pounds of
molybdenum. Thus Pebble rank as one of the largest metal accumulations in the world.

On July 25, 2006, Barrick Gold Corporation (ABX) said it will make an unsolicited C$1.53 billion bid for
NovaGold Resources Inc. (AMEX: NG). ABX’s goal is to build on its recent acquisition of Placer Dome Inc.
which had joint venture agreements in place with NG in Alaska pertaining to: 1) Donlin Creek which at year-end
2005 had 14.8 million ounces of measured and indicated gold resources, and 13.6 million ounces of inferred gold
resources; 2) Galore Creek which has measured and indicated resources of 6.0 million ounces of gold, 75.4 million
ounces of silver, 6.8 billion pounds of copper, as well as inferred resources of 7.2 million ounces of gold, 73.4
million ounces of silver, and 5.0 billion pounds of copper; and 3) an option to acquire a joint venture interest in the
Ambler project from Rio Tinto PLC. Ambler is a VMS deposit containing a resource of 817,000 ounces of gold, 62
million ounces of silver, 3.2 billion pounds of copper, 4.2 billion pounds of zinc, and 640 million pounds of lead.

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