First Quantum Makes the Right Decision to Exit Pebble Project

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May 25, 2018

Dan Cheyette, Vice President, Lands & Natural Resources or (907) 278-3602

BBNC: First Quantum makes the right decision to exit Pebble project
Pebble Mine would risk billions in economic impact and 20,000 American jobs.

Anchorage, AK – Bristol Bay Native Corporation (BBNC) praised First Quantum Minerals (FM) for its decision to terminate its framework agreement with Northern Dynasty Minerals (NAK), the sole member of the Pebble Limited Partnership (PLP).

Jason Metrokin, President and CEO of BBNC, made the following statement regarding First Quantum’s decision:

“I commend First Quantum for exiting the Pebble project. As we have said repeatedly since formally opposing the proposed mine nine years ago, Pebble mine is the wrong mine in the wrong place. The people of Bristol Bay and the majority of Alaskans will not trade salmon for gold.”

“This news could not have come at a more opportune time. The Alaska Department of Fish and Game is again forecasting strong salmon runs for Bristol Bay this year. It is great that the people of Bristol Bay can prepare for another summer of subsistence and commercial fishing, confident about the future of the region’s fisheries and fishing-based economy. The Bristol Bay commercial sockeye salmon fishery generates $1.5 billion in annual economic activity and supports 20,000 jobs throughout the country. This is a sustainable economy that Pebble Mine cannot duplicate.”

“First Quantum ultimately came to the right conclusion about the Pebble project. We hope its decision to exit the framework agreement is a catalyst that prompts Northern Dynasty Minerals to reexamine its efforts to build a mine that is incompatible with a place like Bristol Bay.”

The framework agreement, signed in December of 2017, would have given FM an opportunity to obtain a 50% stake in Pebble Mine during a four-year option period. FQ and NAK announced earlier today that they had terminated that framework agreement.