# EDGAR Filing Document

**Accession Number:** 0001599814
**File Stem:** 0000921895-25-002990
**Filing Date:** 2025-11
**Character Count:** 16508
**Document Hash:** 972388a84efb51b10c770748dd43808a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000921895-25-002990.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0000921895-25-002990

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN DYNASTY MINERALS LTD
- **CENTRAL INDEX KEY:** 0001164771
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-81955
- **FILM NUMBER:** 251475628

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 14TH FLOOR
- **STREET 2:** 1040 WEST GEORGIA STREET
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6E 4H8
- **BUSINESS PHONE:** 604-684-6365

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 14TH FLOOR
- **STREET 2:** 1040 WEST GEORGIA STREET
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6E 4H8
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kopernik Global Investors, LLC
- **CENTRAL INDEX KEY:** 0001599814

**ORGANIZATION NAME:**
- **EIN:** 462760679
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** TWO HARBOUR PLACE, 302 KNIGHTS RUN AVE.
- **STREET 2:** SUITE 1225
- **CITY:** TAMPA
- **STATE:** FL
- **ZIP:** 33602
- **BUSINESS PHONE:** 813-314-6127

**MAIL ADDRESS:**
- **STREET 1:** TWO HARBOUR PLACE, 302 KNIGHTS RUN AVE.
- **STREET 2:** SUITE 1225
- **CITY:** TAMPA
- **STATE:** FL
- **ZIP:** 33602

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 3)**

**NORTHERN DYNASTY MINERALS LTD**

*(Name of Issuer)*

**Common Shares, no par value**

*(Title of Class of Securities)*

**66510M204**

*(CUSIP Number)*

**Kopernik Global Investors, LLC**<br>2502 N. Rocky Point Drive, Suite 300<br>Tampa FL 33607<br>813-314-6100

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**11/12/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **66510M204** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Kopernik Global Investors, LLC** | Name of reporting person<br>**Kopernik Global Investors, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**69903910.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**74575588.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**74575588.00** | Aggregate amount beneficially owned by each reporting person<br>**74575588.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**12.7%** | Percent of class represented by amount in Row (11)<br>**12.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Comment for Reporting Person:** "Shared Dispositive Power" and "Aggregate amount beneficially owned by each reporting person" includes 36,165,308 Common Shares that Kopernik Global Investors, LLC has the right to acquire pursuant to the Convertible Notes (defined below).

"Percentage of class represented by amount in Row (11)" is based on 587,969,449 Common Shares issued and outstanding, on a partially diluted basis, which is the sum of (i) 551,804,141 Common Shares outstanding as set forth on the Toronto Stock Exchange under the symbol "NDM" as of November 12, 2025 and (ii) 36,165,308 Common Shares issuable upon the conversion of the Convertible Notes.

| **CUSIP No.** | **66510M204** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**IBEN DAVID B** | Name of reporting person<br>**IBEN DAVID B** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**69903910.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**74575588.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**74575588.00** | Aggregate amount beneficially owned by each reporting person<br>**74575588.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**12.7%** | Percent of class represented by amount in Row (11)<br>**12.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**HC** | Type of Reporting Person (See Instructions)<br>**HC** | |

---

**Comment for Reporting Person:** "Shared Dispositive Power" and "Aggregate amount beneficially owned by each reporting person" includes 36,165,308 Common Shares that Kopernik Global Investors, LLC has the right to acquire pursuant to the Convertible Notes.

"Percentage of class represented by amount in Row (11)" is based on 587,969,449 Common Shares issued and outstanding, on a partially diluted basis, which is the sum of (i) 551,804,141 Common Shares outstanding as set forth on the Toronto Stock Exchange under the symbol "NDM" as of November 12, 2025 and (ii) 36,165,308 Common Shares issuable upon the conversion of the Convertible Notes.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares, no par value

**(b) Name of Issuer:**
NORTHERN DYNASTY MINERALS LTD

**(c) Address of Issuer's Principal Executive Offices:**
14TH FLOOR, 1040 WEST GEORGIA STREET, VANCOUVER, A1, V6E 4H8

This Schedule 13D relates to shares of Common Shares, no par value ("Common Shares"), of Northern Dynasty Minerals Ltd., a British Columbia, Canada corporation (the "Issuer"). The principal executive office of the Issuer is 14th Floor, 1040 West Georgia Street, Vancouver, British Columbia Canada V6E 4H8.

**Item 4. Purpose of Transaction**

The Reporting Persons purchased the Issuer's securities based on the Reporting Persons' belief that such securities, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Common Shares at prices that would make the purchase or sale of Common Shares desirable, the Reporting Persons intend to continue to review their investment in the Issuer on an ongoing basis and may, from time to time and at any time, acquire additional Common Shares or Convertible Notes in the open market or otherwise, dispose of any or all of the Common Shares or Convertible Notes in the open market or otherwise, and/or engage in hedging or similar transactions with respect to the Common Shares or Convertible Notes.

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 previously converted the beneficial ownership filing on Schedule 13G to a filing on Schedule 13D.

The Reporting Persons have engaged, and intend to continue to engage, in discussions and other communications with management and the Board of Directors (the "Board") of the Issuer, regarding a variety of matters relating to the Issuer, which may include, among other things, the composition of the Board and corporate governance.

No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors including, without limitation, the Issuer's financial position and investment strategy, the price levels of the Common Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, engaging in additional communications with management and the Board, engaging in discussions with stockholders of the Issuer or other third parties about the Issuer and the Reporting Persons' investment, including potential business combinations or dispositions involving the Issuer or certain of its businesses, making recommendations or proposals to the Issuer concerning changes to the capitalization, ownership structure, board structure (including board composition), potential business combinations or dispositions involving the Issuer or certain of its businesses, or suggestions for improving the Issuer's financial and/or operational performance, purchasing additional Common Shares or Convertible Notes, selling some or all of their Common Shares or Convertible Notes, engaging in short selling of or any hedging or similar transaction with respect to the Common Shares or Convertible Notes, including swaps and other derivative instruments, or changing their intention with respect to any and all matters referred to in Item 4.

**Item 5. Interest in Securities of the Issuer**

**(a)**
All percentages are based on 587,969,449 Common Shares issued and outstanding, on a partially diluted basis, which is the sum of (i) 551,804,141 Common Shares outstanding as set forth on the Toronto Stock Exchange under the symbol "NDM" as of November 12, 2025 and (ii) 36,165,308 Common Shares issuable upon the conversion of the Convertible Notes.

The Reporting Persons may be deemed to beneficially own, in the aggregate, 74,575,588 Common Shares, representing 12.7% of the outstanding Common Shares.

**(b)**
With respect to any rights or powers to vote, or to direct the vote of, or to dispose of, or to direct the disposition of, the Common Shares owned by the Reporting Persons:

(i) Sole power to vote, or to direct the vote of, or to dispose of, or to direct the disposition of:

Not applicable.

(ii) Shared power to vote, or to direct the vote of, or to dispose of, or direct the disposition of:

Kopernik Global Investors has the shared power to vote, or to direct the vote of, 69,903,910 Common Shares and shared power to dispose of, or direct the disposition of, 74,575,588 Common Shares.

Mr. Iben has the shared power to vote, or to direct the vote of, 69,903,910 Common Shares and shared power to dispose of, or direct the disposition of, 74,575,588 Common Shares.

**(c)**
The Reporting Persons have not engaged in any transactions in the Common Shares in the past 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Except as otherwise described herein, there are no contracts, arrangements, understandings or relationships (legal or otherwise) among the persons named in Item 2 and between such persons and any person with respect to any securities of the Issuer, including, but not limited to, transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.

2023 Convertible Notes

On December 18, 2023, pursuant to the Investment Agreement, Kopernik Global Investors purchased convertible notes having an aggregate principal amount of $15 million (the "Convertible Notes"). The Convertible Notes have a term of 10 years from the date of issuance, being December 18, 2023, and bear interest at a rate of 2.0% per annum, payable in cash semi-annually in arrears on December 31 and June 30 of each year, commencing on June 30, 2024. The principal amount of the Convertible Notes is convertible at any time at the option of Kopernik Global Investors into Common Shares at a per share conversion price of $0.3557 (the "Conversion Price"), subject to adjustment in certain circumstances (i.e., including a change of control). If the Issuer proceeds with an equity financing in the future, the terms of the Convertible Notes require that the Issuer redeem the Convertible Notes at 150% of the principal amount of the Convertible Notes, in cash or convert at the Conversion Price, at the election of the Investor, and pay any accrued but unpaid interest in cash. This financing is subject to customary exclusions for non-financing issuances of the Issuer's equity securities. In addition, the Convertible Notes include change of control provisions under which (i) Kopernik Global Investors may elect to convert the Convertible Notes concurrent with a change of control transaction at the lower of the fixed Conversion Price and the price per common share implied by the change of control transaction, and (ii) if Kopernik Global Investors does not elect to convert, the Issuer will be required to offer to repurchase the Convertible Notes at 101% of the principal amount, plus accrued but unpaid interest. The foregoing descriptions of the Investment Agreement and the Convertible Note do not purport to be complete and are qualified in their entirety by reference to the full text of the Investment Agreement, which is filed hereto as Exhibit 99.3, and the Convertible Note, which is filed hereto as Exhibit 99.4, and are incorporated by reference herein.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Kopernik Global Investors, LLC

**Signature:** /s/ Sarah L. Bertrand

**Name/Title:** Sarah L. Bertrand, General Counsel and Chief Compliance Officer

**Date:** 11/13/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** IBEN DAVID B

**Signature:** /s/ Sarah L. Bertrand

**Name/Title:** Sarah L. Bertrand, power of attorney for David B. Iben

**Date:** 11/13/2025