Northern Dynasty Minerals Cash Flow Statement

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2020 - 2016
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	2020 - 2016
Net Income	-104.37	-36.15	-21	-24.44	-31.54	Upgrade
Depreciation & Amortization	0.17	0.16	0.16	0.26	0.33	Upgrade
Loss (Gain) From Sale of Assets	-	-	-	-0	0	Upgrade
Stock-Based Compensation	1.45	0.03	1.07	2.3	2.86	Upgrade
Other Operating Activities	79.66	17.46	-1.34	-0.25	-0.15	Upgrade
Change in Accounts Receivable	-0.15	1.01	-0.24	-0.57	-0.02	Upgrade
Change in Accounts Payable	0.14	0.35	-0.8	-1.12	-3.48	Upgrade
Change in Other Net Operating Assets	-0.11	0	0.04	-0.14	-0.47	Upgrade
Operating Cash Flow	-23.21	-17.15	-22.11	-23.96	-32.48	Upgrade
Capital Expenditures	-	-	-	-0.03	-	Upgrade
Sale of Property, Plant & Equipment	-	-	0	0	-	Upgrade
Other Investing Activities	50.54	14.59	2.95	15.7	0.16	Upgrade
Investing Cash Flow	50.54	14.59	2.95	15.67	0.16	Upgrade
Short-Term Debt Issued	-	-	20.1	-	-	Upgrade
Total Debt Issued	-	-	20.1	-	-	Upgrade
Long-Term Debt Repaid	-0.17	-0.15	-0.15	-0.13	-0.2	Upgrade
Net Debt Issued (Repaid)	-0.17	-0.15	19.95	-0.13	-0.2	Upgrade
Issuance of Common Stock	12.26	0.02	3.42	-	12.82	Upgrade
Repurchase of Common Stock	-0.06	-	-	-	-	Upgrade
Other Financing Activities	-0.06	-	-0.06	-	-0.43	Upgrade
Financing Cash Flow	11.97	-0.12	23.31	-0.13	12.19	Upgrade
Foreign Exchange Rate Adjustments	-0.71	0.62	-0.12	0.3	-0.05	Upgrade
Net Cash Flow	38.59	-2.06	4.03	-8.12	-20.17	Upgrade
Free Cash Flow	-23.21	-17.15	-22.11	-23.99	-32.48	Upgrade
Free Cash Flow Per Share	-0.04	-0.03	-0.04	-0.04	-0.06	Upgrade
Levered Free Cash Flow	49.93	7.62	0.67	-14.06	-21.61	Upgrade
Unlevered Free Cash Flow	50.5	8.14	0.72	-14.02	-21.57	Upgrade
Change in Working Capital	-0.12	1.36	-1.01	-1.83	-3.97	Upgrade

Source: S&P Capital IQ. Standard template. Financial Sources.