UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or Dakota Gold Corp. (Exact Name of Registrant as Specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 85-3475290 (I.R.S. Employer Identification No.) [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the tr ...

Core Viewpoint - Dakota Gold Corp. has released a robust Initial Assessment Technical Report for the Richmond Hill Oxide Heap Leach Gold Project, indicating strong economic potential and a pathway to production by 2029 [1][3][10] Economic Analysis - The M&I plan identifies 168.3 million tonnes at a grade of 0.566 grams per tonne gold, totaling 2.6 million ounces over a 17-year mine life, while the MI&I plan identifies 273.7 million tonnes at a grade of 0.530 g/t Au, totaling 3.9 million ounces over a 28-year mine life [5][10] - At a base case gold price of $2,350 per ounce, the after-tax NPV5% is $1.6 billion with an IRR of 55% for the M&I plan, and $2.1 billion with an IRR of 59% for the MI&I plan [5][6] - With recent metal prices at $3,350 per ounce, the NPV5% increases to $2.9 billion and 99% for the M&I plan, and $3.7 billion and 107% for the MI&I plan [5][7] Cost Structure - Initial capital costs are estimated at $384 million, including a $53 million contingency, with life of mine All-in Sustaining Costs averaging $1,047 for the M&I plan and $1,050 for the MI&I plan [5][6] - The project is expected to generate $400 million in state severance taxes over its life and create hundreds of high-paying jobs [3][5] Development Timeline - A Feasibility Study is underway, expected to be completed by early 2027, with construction planned for 2028 and production targeted for 2029 [5][6] - A drill campaign of 24,384 meters is currently in progress to target higher-grade areas and convert resources from inferred to measured and indicated categories [5][10] Resource and Historical Data - The Richmond Hill project hosts a large near-surface heap leachable resource, with a total of 3.65 million ounces of gold and 38.1 million ounces of silver in measured and indicated resources [10][11] - The resource is supported by a historical database of 56,734 gold assays from 902 drill holes and additional drilling conducted by Dakota Gold since 2022 [11][12] Community and Economic Impact - The project is expected to contribute significantly to the local economy, with the potential for high-paying jobs and substantial tax revenues for South Dakota [3][5] - The Richmond Hill project is situated on previously mined, privately held land, facilitating efficient advancement through permitting and development [13]

Core Insights - Jeremy Szafron has joined Kitco News as an anchor and producer, bringing a wealth of experience in journalism, particularly in finance and current affairs [1][5] Background and Career Development - Jeremy began his journalism career in 2006 at CTV, initially focusing on entertainment before transitioning to business reporting, particularly in mining and small-cap sectors [2] - He gained recognition for his macro-financial and market trends analysis, becoming a sought-after commentator on CTV Morning Live and CTV News Network [2] - A significant highlight of his career was covering the 2010 Vancouver Olympic Games, which led to the development of an online video news program for PressReader, a digital newsstand with 8,000 editions in 60 languages [3] Digital Media and Industry Engagement - In 2012, Jeremy launched The Green Scene Podcast, which quickly attracted over 400,000 subscribers, establishing him as a prominent voice in the cannabis industry [4] - Following this success, he created Investor Scene and Initiate Research, platforms that provide exclusive market insights and deal-flow opportunities in mining and Canadian small-cap markets [4] Professional Expertise - Jeremy has experience as a market strategist and investor relations consultant for various publicly traded companies across mining, energy, consumer packaged goods (CPG), and technology sectors [5] - He holds a BA in Journalism from Concordia University, which has supported his diverse career trajectory [5]

Core Points - Dakota Gold Corp. is set to release the S-K 1300 Initial Assessment Technical Report for the Richmond Hill Oxide Heap Leach Gold Project on July 7, 2025, after market close [1] - A webcast conference call will take place on July 8, 2025, to discuss the report [2] Company Overview - Dakota Gold is focused on advancing the Richmond Hill Oxide Heap Leach Gold Project and developing a high-grade underground gold resource at the Maitland Gold Project in South Dakota [2]

Core Insights - Dakota Gold Corp. has published its 2024 Sustainability Report, aimed at enhancing understanding of its ESG strategy, practices, and risk management [1][2] - The report emphasizes transparency in communicating performance results to stakeholders, including shareholders and local communities [1] Group 1: Company Developments - The company has transitioned from exploration to development at the Richmond Hill Gold Project, marking a significant phase in its growth [3] - Dakota Gold has achieved four years without a lost time incident and zero reportable environmental incidents since drilling began in early 2022, highlighting its commitment to health and safety [3] Group 2: Project Focus - Dakota Gold is advancing the Richmond Hill Oxide Heap Leach Gold Project towards commercial production and is outlining a high-grade underground gold resource at the Maitland Gold Project [5]

Core Insights - Dakota Gold Corp. has announced initial results from its 2025 drill campaign at the Richmond Hill Oxide Heap Leach Gold Project, with significant gold intersections reported [1][3][5] - The company is focused on heap leachable resources and aims to better define oxide and sulfide boundaries through ongoing drilling [3][5] Drilling Campaign Details - The drilling campaign commenced on April 1, 2025, with 56 holes completed, representing 30% of the total campaign [5] - Notable drill results include: - RH25C-164: 1.94 g/t Au over 60.0 meters - RH25C-166: 2.25 g/t Au over 44.3 meters - RH25C-169: 2.78 g/t Au over 39.3 meters [5][9] - The campaign is expected to drill a total of 24,384 meters (~80,000 feet) using both Reverse Circulation and Core drilling methods [1][5] Project Development and Financials - Richmond Hill is recognized as one of the largest undeveloped oxide gold resources in the U.S. [8] - The company has a cash balance of $47 million as of March 31, 2025, fully financing the Initial Assessment with Cash Flow (IACF) and the Feasibility Study [8] - The Feasibility Study is anticipated to be completed in early 2027, with ongoing updates expected as drill results are received [7][8] Safety and Environmental Considerations - The drill campaign has maintained an excellent safety record with zero Lost Time Incidents (LTI) or environmental incidents reported [3]

Core Insights - Dakota Gold Corp. is advancing its Richmond Hill Heap Leach Oxide Gold Project towards an Initial Assessment with Cash Flow (IACF) expected in mid-2025 and a Feasibility Study anticipated in early 2027 [1][7] - The company has a cash balance of $47 million as of March 31, 2025, fully financing the IACF and the subsequent Feasibility Study [3] - The Maitland Gold Project is also being developed, with an initial inferred gold resource assessment expected to be completed in fall 2025 [4] Richmond Hill Project - Richmond Hill is one of the largest undeveloped oxide gold resources in the U.S. being advanced by a junior mining company [3] - The project is supported by a consultancy group and is expected to make significant progress in 2025 and into 2026 [5] - The company is currently drilling approximately 80,000 feet (24,384 meters) in 2025, focusing on metallurgical samples and resource expansion [7] Maitland Gold Project - The Maitland Gold Project is assessing exploration data from the JB Gold Zone and Unionville Zone to outline an initial inferred gold resource [4] - The JB Gold Zone has reported high-grade intersections averaging 10.76 g/t Au over 4.0 meters, while the Unionville Zone averages 4 g/t Au over 6.4 meters [4] Leadership and Corporate Structure - Recent additions to the Board and senior management include Todd Kenner, Kevin Puil, Jack Henris, and Amy Koenig, enhancing the company's leadership capacity [5] - The company emphasizes a strong safety record with no loss time incidents over the past four years [5] Feasibility Planning - Dakota Gold has engaged various consulting groups for the IACF and Feasibility Study, with M3 Engineering as the overall Study Manager [7] - The Feasibility Study is expected to be completed in 2027, focusing on a 30,000 ton per day crushing circuit [7]

Core Viewpoint - Dakota Gold Corp. is enhancing its leadership team and Board of Directors to support the transition from exploration to production, particularly for the Richmond Hill Heap Leach Gold Project [1][2][3] Leadership Changes - Jack Henris will be appointed as President and COO effective June 1, 2025, succeeding Gerald Aberle, who will remain on the Board [1][3] - Todd Kenner and Kevin Puil have been appointed to the Board effective May 15, 2025, while Amy Koenig will resign from the Board to take on the role of Senior Vice President, Chief Legal Officer, and Corporate Secretary [1][2][4] Leadership Experience - Jack Henris has over 35 years of mining experience, including roles at Barrick and Newmont, and will guide the Richmond Hill project through feasibility and construction phases [3][5] - Todd Kenner, former CEO of RESPEC, brings extensive engineering and business management experience, having grown RESPEC's revenue from $14 million in 2009 to $142 million in 2024 [3][6] - Kevin Puil has over 25 years of experience in resource investments and corporate governance, enhancing the Board's capital markets expertise [3][7] - Amy Koenig has significant legal and governance experience from her previous role at Black Hills Corporation, which will be beneficial for Dakota Gold [3][8] Project Focus - Dakota Gold is advancing the Richmond Hill Oxide Heap Leach Gold Project towards commercial production and outlining a high-grade underground gold resource at the Maitland Gold Project [10]

Part I - Financial Information [Condensed Consolidated Interim Financial Statements (unaudited)](index=4&type=section&id=Item%201%20Condensed%20Consolidated%20Interim%20Financial%20Statements%20(unaudited)) The company's Q1 2025 financials show a significant increase in cash and total assets, driven by successful financing activities and a reduced net loss [Condensed Consolidated Interim Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Balance%20Sheets) The balance sheet grew substantially due to capital raised from stock offerings, with cash increasing to $46.6 million and total assets to $132.6 million Balance Sheet Summary (in $) | Balance Sheet Items | March 31, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | 46,604,648 | 9,408,270 | | Total current assets | 47,247,309 | 9,932,164 | | Mineral rights and properties | 82,733,264 | 82,713,264 | | Total assets | 132,573,493 | 95,353,530 | | **Liabilities & Equity** | | | | Total current liabilities | 1,795,672 | 2,746,295 | | Total liabilities | 2,217,919 | 3,201,580 | | Total stockholders' equity | 130,355,574 | 92,151,950 | [Condensed Consolidated Interim Statements of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) The company's Q1 2025 net loss improved to $3.7 million from $8.6 million year-over-year, primarily due to a sharp decrease in exploration expenses Statement of Operations Summary (in $) | Operating Metrics | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Exploration expenses | 1,913,229 | 6,545,658 | | General and administrative expenses | 1,900,868 | 2,247,899 | | Loss from operations | (3,814,097) | (8,793,557) | | Net loss | (3,745,543) | (8,594,581) | | Basic and diluted loss per share | (0.04) | (0.10) | [Condensed Consolidated Interim Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Cash%20Flows) Financing activities generated $41.1 million in Q1 2025, leading to a net cash increase of $37.2 million despite a $3.9 million operating cash outflow Cash Flow Summary (in $) | Cash Flow Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | (3,938,839) | (10,194,285) | | Net cash used in investing activities | - | (153,631) | | Net cash provided by (used in) financing activities | 41,135,217 | (92,500) | | **Net change in cash and cash equivalents** | **37,196,378** | **(10,440,416)** | [Notes to the Condensed Consolidated Interim Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) The company remains an exploration-stage entity, having raised significant capital and extended key agreements to ensure sufficient liquidity for the next year - The company is an exploration-stage business focused on mineral properties in the United States, with its properties **not yet generating revenue**[19](index=19&type=chunk)[20](index=20&type=chunk) - Management believes the cash balance of approximately **$46.6 million** as of March 31, 2025, is **sufficient to fund operations for at least the next twelve months**[22](index=22&type=chunk) - On February 6, 2025, the company **extended option agreements with Barrick Gold** for the Richmond Hill and Homestake properties until December 31, 2028, for additional annual cash payments[28](index=28&type=chunk) - In March 2025, the company raised gross proceeds of approximately **$35.1 million** through a public offering of 12.4 million shares at $2.83 per share[38](index=38&type=chunk) - During Q1 2025, the company raised net proceeds of approximately **$7.3 million** by issuing 2,548,713 shares through its At-The-Market (ATM) program[39](index=39&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=15&type=section&id=Item%202%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses its exploration strategy in South Dakota, highlighting reduced operating losses and sufficient liquidity for planned 2025 activities [Overview](index=16&type=section&id=Overview) The company aims to explore and develop gold properties in South Dakota's historically significant but underexplored Homestake District - The company's goal is to create value through the acquisition, exploration, and future development of high-caliber gold properties in the **Homestake District of South Dakota**[58](index=58&type=chunk) - The Homestake District has historically produced approximately **45 million ounces of gold** and is considered underexplored outside the main mine area[59](index=59&type=chunk) [Drill Programs and Results](index=17&type=section&id=Drill%20Programs%20and%20Results) The company has completed over 400,000 feet of core drilling since 2022 and holds thirteen active permits, with drilling resuming in April 2025 - Since 2022, the company has completed over 250 drill holes for a total of over **400,000 feet (125,000 meters)**[64](index=64&type=chunk) - The company holds **thirteen active permits**, with five on the Maitland Project, six on the Richmond Hill Project, one on the City Creek Project, and one on the Cambrian Unconformity Project[63](index=63&type=chunk) [Planned Activities](index=18&type=section&id=Planned%20Activities) The 2025 plan focuses on an Initial Resource analysis for the Richmond Hill project, with a goal of completing a Feasibility Study by 2027 - Initial 2025 activities will focus on an **S-K 1300 Initial Resource with Cash Flow analysis** on the heap leachable portion of the Richmond Hill resource estimate[72](index=72&type=chunk) - The company is working towards a future **Feasibility Study for the Richmond Hill Project, targeted for completion in 2027**, to fast-track future mine permitting[72](index=72&type=chunk) - At the Maitland project, additional geological modeling will be completed for the JB and Unionville zones to assess the need for further drilling for a compliant resource estimate[73](index=73&type=chunk) [Liquidity and Capital Resources](index=19&type=section&id=Liquidity%20and%20Capital%20Resources) With $45.5 million in working capital and a $46.6 million cash balance, the company has sufficient funds for its anticipated $25.0 million in 2025 expenditures Liquidity Position as of March 31, 2025 (in $) | Metric | Amount | | :--- | :--- | | Working Capital | ~45.5 million | | Cash Balance | ~46.6 million | | Accumulated Deficit | ~80.3 million | - The company anticipates cash expenditures of approximately **$25.0 million** for the twelve months ending December 31, 2025[79](index=79&type=chunk) - Management believes it has **sufficient funds for the next twelve months**, based on the current cash balance and the ability to scale down the exploration program if necessary[80](index=80&type=chunk) [Results of Operations](index=19&type=section&id=Results%20of%20Operations) The operating loss for Q1 2025 decreased to $3.8 million from $8.8 million in Q1 2024, driven by a $4.6 million reduction in exploration expenses Operating Results Comparison (in $ millions) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Loss from Operations | 3.8 | 8.8 | (5.0) | | Net Loss | 3.7 | 8.6 | (4.9) | | Exploration Expenses | 1.9 | 6.5 | (4.6) | | G&A Expenses | 1.9 | 2.2 | (0.3) | - The decrease in exploration expenses was mainly due to a **reduced level of drilling activity** in Q1 2025 compared to the same period in 2024[82](index=82&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=21&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable to the company for this reporting period - The company states that **this item is not applicable**[90](index=90&type=chunk) [Controls and Procedures](index=21&type=section&id=Item%204%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective as of March 31, 2025**[91](index=91&type=chunk) - **No changes in internal control over financial reporting** occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[92](index=92&type=chunk) Part II - Other Information [Legal Proceedings](index=22&type=section&id=Item%201%20Legal%20Proceedings) The company reported no legal proceedings during the period - **None**[94](index=94&type=chunk) [Risk Factors](index=22&type=section&id=Item%201A%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K - There have been **no material changes** from the risk factors as previously disclosed in the Annual Report[95](index=95&type=chunk) [Mine Safety Disclosures](index=22&type=section&id=Item%204%20Mine%20Safety%20Disclosure) The company's properties were not subject to Federal Mine Safety and Health Administration regulation, requiring no disclosures for the quarter - During the three months ended March 31, 2025, the Company's exploration properties were **not subject to regulation** by the Federal Mine Safety and Health Administration under the Federal Mine Safety and Health Act of 1977[98](index=98&type=chunk) [Other Information](index=22&type=section&id=Item%205%20Other%20Information) No director or officer adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the first quarter of 2025 - During the quarter, **no director or Section 16 officer adopted, modified, or terminated** a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement"[99](index=99&type=chunk)

Core Viewpoint - Dakota Gold Corp. has successfully raised $35 million through a common stock offering, enhancing its cash position to over $47 million, which will fund the Richmond Hill Oxide Heap Leach Gold Project through the Feasibility Study phase [1][2][3]. Group 1: Financing and Cash Position - The company raised $35 million from an underwritten common stock offering, resulting in a total cash position exceeding $47 million before expenses [1]. - With this strong cash position, the company will suspend its at-the-market equity program previously used for generating working capital [1]. Group 2: Richmond Hill Project Development - Richmond Hill is identified as one of the largest undeveloped gold resources in the U.S., with potential production expected as early as 2029 following the completion of the Feasibility Study [2]. - The company plans to release the Richmond Hill Initial Assessment with Cash Flow (IACF) in mid-2025, which is a critical step towards commercial production [3]. - Drilling operations are set to commence on April 1, 2025, focusing on infill drilling and sample collection in the northwest corner of the project [4]. Group 3: Environmental and Regulatory Considerations - Baseline environmental studies are being conducted to inform future permitting requirements for the Richmond Hill project [3]. - The project is located on private land within a mining jurisdiction that has existing infrastructure, which is expected to lower construction costs and timelines [5]. Group 4: Maitland Gold Project - At the Maitland Gold Project, the company is reviewing drilling and database information to outline an initial resource for the JB Gold Zone and the Unionville Zone [6]. - Maitland is seen as providing long-term high-grade optionality within the company's project pipeline [6]. Group 5: Market Context - The company anticipates that resource projects on the development track will benefit from a favorable government-supported permitting process, especially with gold prices at record highs [2][7].