Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 Commission file number 000-41349 Dakota Gold Corp. (Exact Name of Registrant as Specified in its charter) incorporation or organization) Delaware 85-3475290 (State or other jurisdiction of (I.R ...

Core Insights - Dakota Gold Corp. has reported positive results from the 2025 drill campaign at the Richmond Hill Oxide Heap Leach Gold Project, indicating significant gold and silver resources and potential for expansion [1][3][4]. Resource Summary - The Richmond Hill Project contains 3.65 million ounces of measured and indicated gold and 2.61 million ounces of inferred gold, along with 38.1 million ounces of measured and indicated silver and 22.8 million ounces of inferred silver [1]. - The results from the 2025 and 2026 drill campaigns will be included in a Pre-Feasibility Study (PFS) expected to be published in the second half of 2026, which will help the company report reserves [1][3]. Drill Campaign Details - The 2025 drill campaign consisted of 242 drill holes totaling 29,524 meters, aimed at advancing the project towards completing a PFS [4]. - The campaign included various types of drilling such as infill, expansion, metallurgical, and site infrastructure testing [4]. Production Potential - The company anticipates an average annual gold production of 150,000 ounces based on an average gold grade of 0.55 g/t Au and a base case gold price of $2,350 per ounce [5]. - The Internal Rate of Revenue (IRR) for the mine plan is calculated at 59% [5]. Higher-Grade Gold Intersections - Notable drill results include intersections of 5.0 g/t Au over 24.9 meters and 3.14 g/t Au over 13.4 meters, indicating higher-grade gold opportunities [8][9]. - The 2025 campaign returned multiple gold assays exceeding the average gold grade of 0.566 g/t Au [5][9]. Ongoing Drilling Efforts - The 2026 drill campaign commenced in January and has already completed 7,565 meters in 48 infill drill holes, with a total of 15,481 meters planned for the year [3][8]. - The campaign aims to convert inferred resources to indicated resources in preparation for the upcoming PFS [3]. Future Outlook - Dakota Gold aims to advance the Richmond Hill Project to commercial production by 2029, building on the legacy of the Homestake Gold Mining District [15].

Core Insights - Dakota Gold Corp. is recognized as one of the best gold stocks to buy according to analysts [2][4] - The company announced a public offering of 12.34 million shares, aiming for gross proceeds of approximately $75 million, potentially increasing to $86.25 million if underwriters fully exercise their option [2][3] Financial and Project Details - The net proceeds from the offering will be utilized for working capital and general corporate purposes [3] - The company recently reported an intersection of 5 g/t gold over 24.9 meters at the Richmond Hill Oxide Heap Leach Gold Project, which has a significant resource of 3.65 million ounces of measured and indicated gold, along with 2.61 million ounces of inferred gold and 38.1 million ounces of measured and indicated silver [3][4] Strategic Importance - The Richmond Hill project is noted for its potential to support domestic supply of silver, which has been designated as a Critical Mineral in the United States, contributing to the nation's long-term mineral security [4] - Dakota Gold Corp. is focused on high-grade gold deposits in the historic Homestake District of Lead, South Dakota, with primary developments at the Richmond Hill and Maitland Gold Projects [4]

Core Viewpoint - Dakota Gold Corp. has appointed Brian G. Iverson to its Board of Directors, enhancing the company's strategic leadership as it advances exploration and development initiatives in South Dakota's Homestake District [1][3]. Group 1: Appointment Details - Brian G. Iverson brings over 30 years of experience in legal, financial, regulatory, and corporate governance functions, particularly within South Dakota [1][2]. - Iverson currently serves as General Counsel and Senior Vice President of Regulatory and Public Policy for TXNM Energy, overseeing legal operations and regulatory functions [2]. - His previous roles include significant executive positions at Black Hills Corporation, where he led financing initiatives and regulatory strategies [3]. Group 2: Company Strategy and Goals - Dakota Gold aims to revitalize exploration in the Homestake District, focusing on the Richmond Hill and Maitland Gold Projects [4]. - The company plans to advance the Richmond Hill Oxide Heap Leach Gold Project to commercial production by 2029 and outline resources at the Maitland Gold Project [5]. Group 3: Leadership and Expertise - The Co-Chairs of Dakota Gold expressed confidence in Iverson's expertise in corporate strategy, capital markets, and stakeholder engagement, which aligns with the company's goals for responsible exploration and long-term value creation [3]. - Iverson is recognized as a NACD Board Leadership Fellow and holds multiple degrees, including a Juris Doctor and an MBA from the University of South Dakota [4].

Dakota Gold Conference Call Summary Company Overview - **Company**: Dakota Gold (NYSEAM:DC) - **Focus**: Exploration and development of the Richmond Hill and Maitland projects in the Homestake District, South Dakota [1] Key Points and Arguments Project Development - **Richmond Hill Project**: Central to Dakota Gold's growth strategy, aiming to revitalize the Homestake District which has not seen systematic exploration since the 1990s [2] - **Maitland Project**: Expected to complement the Richmond Hill project, located just 2 miles north of the historic Homestake Mine, which produced over 40 million ounces of gold [3] Resource and Economic Highlights - **Mineral Tenures**: Dakota Gold has accumulated 48,000 mineral tenures in the Homestake District [2] - **Resource Estimates**: Updated S-K 1300 resource indicates over 160 million tons of material at a grade of approximately 0.017 or 0.566 grams of gold [4] - **Mine Life**: Projected mine lives of 17 and 28 years for Richmond Hill and Maitland projects respectively [5] - **Production Capacity**: Initial plans to process 30,000 tons per day, with potential expansion to 45,000-60,000 tons per day, targeting 153,000 ounces of gold and nearly 500,000 ounces of silver annually [5] Financial Projections - **Net Present Value**: Project estimated to have a net present value of over $4 billion at $4,000 gold prices [7] - **Capital Costs**: Well-defined capital costs with a $50 million contingency included [6] Regulatory and Operational Considerations - **Location Advantage**: Proximity to Wharf Mine provides real-time data for financial modeling and regulatory familiarity [6][14] - **Permitting Process**: On private land, Dakota Gold is engaging with regulators for a defined permitting process, with plans to submit a Notice of Intent by the end of the year [15][16] Future Plans - **Drilling and Studies**: Plans for 50,000 meters of drilling in 2026, including infill drill holes to inform a feasibility study by year-end [12] - **Production Timeline**: Anticipated construction to begin in late 2028, with production targeted for the end of 2029 [17] Financial Position - **Recent Financing**: Successfully raised $75 million, bringing total cash to approximately $108 million, positioning the company for three years of development [20] - **Team Expansion**: Plans to grow the team from 40 to 250-300 people over the next three years [21] Additional Important Information - **Historical Context**: The Homestake Mine operated for 120 years, indicating potential for additional mineralization in the district [17] - **Enterprise Value Comparison**: Dakota Gold's planned production of 150,000 ounces annually could lead to an enterprise value exceeding $3 billion [19] - **Oxidized Mineralization**: Potential for oxidized mineralization in the Unionville Zone, which may be processed at Richmond Hill [18] This summary encapsulates the key aspects of Dakota Gold's conference call, highlighting the company's strategic focus, project details, financial outlook, and operational plans.

Core Viewpoint - Dakota Gold Corp. has announced a public offering of 12,336,000 shares of its common stock, aiming to raise approximately $75 million, which could increase to about $86.25 million if the underwriters fully exercise their option [1][2]. Group 1: Offering Details - The public offering is expected to close on or about February 11, 2026, pending customary closing conditions [1]. - The gross proceeds from the offering, before expenses, are estimated at approximately $75 million, with a potential increase to $86.25 million if the underwriters exercise their option in full [2]. - The net proceeds from the offering will be utilized for working capital and other general corporate purposes [2]. Group 2: Underwriters and Options - BMO Capital Markets and Scotiabank are acting as lead book-running managers for the offering, with several other firms serving as co-managers [3]. - The underwriters have been granted an option to purchase an additional 1,850,400 shares, representing up to 15% of the shares being sold in the offering, exercisable for 30 days from the underwriting agreement date [4]. Group 3: Regulatory Compliance - The offering is being conducted under the company's effective shelf registration statement on Form S-3, which includes a base prospectus previously filed with the SEC [5].

Core Insights - Dakota Gold Corp. has reported additional drill results from the Richmond Hill Oxide Heap Leach Gold Project, highlighting a significant resource of 3.65 million ounces of measured and indicated gold and 2.61 million ounces of inferred gold, along with 38.1 million ounces of measured and indicated silver and 22.8 million ounces of inferred silver [1][3][9] Drill Campaign Updates - The 2025 drill campaign included 242 drill holes, with assays from 37 holes still pending. The 2026 drill campaign has commenced, involving 15,481 meters of drilling across 109 holes, expected to be completed by Q3 2026 [3][6] - Notable drill results include hole RH25C-310, which intersected 5.00 grams per tonne gold and 28.64 grams per tonne silver over 24.9 meters, and hole RH25C-348, which intersected 2.46 grams per tonne gold and 19.16 grams per tonne silver over 32.7 meters [6][10] Silver's Strategic Importance - Silver has been designated as a Critical Mineral in the U.S., emphasizing its growing importance to the economy and national security. The Richmond Hill project is positioned to support domestic silver supply amid rising industrial demand [8][9] - The company anticipates significant silver production, with projections of 8.7 million ounces over a 17-year mine plan and 12.9 million ounces over a 28-year mine plan [9] Future Plans - A Pre-Feasibility Study incorporating the latest gold and silver assay results is scheduled for publication in the second half of 2026, which will enable the company to report reserves and further de-risk the project as it moves towards expected production in 2029 [3][9][13]

Group 1 - Dakota Gold Corp. is recognized as one of the 11 Best Gold Stocks to Buy for 2026 [1] - The company announced new drill results and plans for the Richmond Hill and Maitland projects, with drilling at Richmond Hill yielding significant gold grades [2] - The 2026 drilling program will cover 15,481 meters across 109 holes, supporting a Pre-Feasibility Study scheduled for the second half of 2026 [2] Group 2 - Expansion drilling at Richmond Hill confirmed mineralization extending up to 230 meters north of current resources, with notable gold grades reported [3] - A total of 242 holes were completed in the expansion drilling, totaling 29,279 meters, with 136 assays released [3] - Metallurgical drilling results support feasibility studies, revealing gold grades of 2.87 g/t over 17.3 meters [3]

Core Insights - Dakota Gold Corp. is advancing its Richmond Hill Oxide Heap Leach Gold Project and plans to conduct a drilling program to support a Pre-Feasibility Study (PFS) in the second half of 2026 while also targeting a maiden resource at the Maitland Gold Project by year-end 2026 [1][3][12] 2026 Richmond Hill Program - The company aims to complete studies for a PFS in the second half of 2026, followed by a Feasibility Study in the first half of 2027, which will include processing design and throughput trade-off studies [4][5] - The PFS will optimize processing tons per day from an initial assessment of 30,000 TPD up to 60,000 TPD, incorporating high-grade opportunities and updated metallurgical testing [4][5] - The 2026 drill campaign will consist of 15,481 meters (50,790 feet) across 109 holes, focusing on infill drilling to convert inferred resources to measured and indicated resources [6][12] 2025 Drilling Campaign Results - The 2025 drilling campaign included 242 drill holes totaling 29,279 meters (~96,000 feet), with 181 assay results released to date [5][6] - Significant gold intercepts were reported, including RH25C-323, which intersected 2.19 g/t Au over 31.1 meters, and RH25C-319, which intersected 1.18 g/t Au over 47.6 meters [6][10] 2026 Maitland Program - The 2026 Maitland drill campaign will focus on infill drilling to define a maiden resource for the Unionville Zone, which has a confirmed strike length of at least 2,000 meters (6,562 feet) [12][13] - The JB Gold Zone, a high-grade underground discovery, has an average grade of 10.76 g/t Au from 47 drill holes, providing long-term high-grade optionality [13][12] Company Overview - Dakota Gold is working to advance the Richmond Hill project to commercial production by 2029 and is also outlining a maiden resource at the Maitland Gold Project, both located in South Dakota [17]

Core Insights - Dakota Gold Corp. (NYSE:DC) is recognized as one of the best junior gold mining stocks to buy, with a Buy rating initiated by H.C. Wainwright and a price target of $9.75, indicating an upside potential of 80.86% based on a median price target of $9.88 from all analysts covering the stock [1][3]. Company Overview - Dakota Gold Corp. is actively working to build on the 145-year legacy of mining in the district, holding over 48,000 acres of high-quality gold mineral properties [2]. - The company is in the development stage, primarily focused on exploring gold deposits and aims to restore gold mining in the Homestake District located in Lead, South Dakota [4]. Recent Developments - On December 23, Dakota Gold Corp. reported additional drill hole assay results from the Richmond Hill Gold Project, indicating resource expansion potential with recent drilling intersecting up to 230 meters north of the current Measured and Indicated resource boundary [3]. - In 2025, the company completed 242 drill holes totaling 29,279 meters, with results from 136 drill holes released and 106 pending, expected to be reported in early 2026 [4].