The Hunter June 2025 Edition | Page 5

Annual Meeting recap |
NANA

President and CEO report summary

Presented by John Lincoln at the 2025 annual meeting

NANA’ s annual meeting is a longstanding tradition rooted in our shared ancestry, history, and Iñupiat culture. For over 50 years, these gatherings have served as a vital forum for shareholders to unite, discuss important issues, and address differing perspectives.

This year’ s meeting continued that legacy, with key discussions on topics like the Ambler Access Prject and NANA’ s federal contracting business. While certain topics are legally or contractually bound by confidentiality, the meeting emphasized open and honest dialogue as we work together to determine the best path forward for shareholders and the region.
Reflecting on a shared history of resilience spanning over 10,000 years, this year’ s theme, Pathways to Prosperity, encapsulates NANA’ s dedication to growth, cultural preservation, and economic success.
In 2024, NANA achieved recordbreaking net revenue of $ 2.4 billion, a testament to the board ' s strategic decision-making and the effective execution by our management team and employees.
This milestone was reached despite a significant reduction in royalty income from Red Dog Mine compared to FY22. Our diversified business strategy ensured continued growth and resilience during this period, reinforcing NANA’ s financial strength.
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For fiscal year 2024, NANA reported a strong net income of $ 286.6 million, exceeding budget expectations and showing growth compared to 2023. By reducing dependence on sources like Red Dog royalties, NANA is ensuring greater financial stability and long-term benefits for shareholders.
The below chart illustrates NANA ' s income sources since 2017, highlighting a shift from reliance on Red Dog Mine to business-driven income. Historically,
Red Dog has been a critical financial pillar, generating profits, funding the Northwest Arctic Borough with $ 30 million annually, and supporting over
1,000 shareholder jobs with $ 67 million in wages last year. However, with the mine set to close in six years, NANA has taken strategic steps to prepare for the future.
The NANA board allocated $ 403 million and all future Red Dog earnings to a permanent fund within the NANA Shareholder Settlement Trust, ensuring long-term financial stability. Currently, NANA ' s shareholder programs, dividends, and initiatives are funded entirely by business operations. Business income has grown from $ 69 million in 2017 to $ 185 million in FY24, demonstrating the success of this strategic shift. This proactive approach secures a stronger, more sustainable future for shareholders.
CEO Report Summary Continued on Page 6
The Hunter | 2025 June
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