NORTHERN DYNASTY MINERALS LT

Ticker: NAK CUSIP: 66510M204 Class: Equities

Empyrean Capital Partners, LP's Holding History (CIK: 0001317195)

Note: Option positions (PUT/CALL) are excluded.

Q1 2017

Shares 817,191 Value ($000) $1,169 Avg Close $2.05 Range $1.06 - $3.45

Q4 2016

Shares 2,613,149 Value ($000) $5,409 Avg Close $1.16 Range $0.54 - $2.50

Q3 2016

Shares 963,149 Value ($000) $684 Avg Close $0.68 Range $0.30 - $1.16

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2017	817,191	$1,169	$2.05	$1.06 - $3.45
Q4 2016	2,613,149	$5,409	$1.16	$0.54 - $2.50
Q3 2016	963,149	$684	$0.68	$0.30 - $1.16