Dakota Gold Intersects High-Grade Gold Mineralization in Expansion Drilling at Richmond HillNovember 19, 2025 6:30 AM EST | Source: Dakota Gold Corp.Lead, South Dakota--(Newsfile Corp. - November 19, 2025) - Dakota Gold Corp. (NYSE American: DC) ("Dakota Gold" or the "Company") is pleased to report assay results from 26 drill holes completed as part of its ongoing 2025 drilling campaign at the Richmond Hill Oxide Heap Leach Gold Project ("Richmond Hill" or the "Project"). These results include ...

Financial Performance - Net loss for the three months ended September 30, 2025, was $10.49 million, compared to a net loss of $10.09 million for the same period in 2024, reflecting a 3.9% increase in losses[10] - Net loss for the nine months ended September 30, 2025, was $20.70 million, a decrease from a net loss of $27.84 million for the same period in 2024, reflecting a 25.5% improvement[10] - The company reported a basic and diluted loss per share of $0.19 for the nine months ended September 30, 2025, an improvement from a loss of $0.31 per share in the same period of 2024[10] - Basic and diluted loss per share improved to $0.09 for the three months ended September 30, 2025, compared to $0.11 for the same period in 2024[10] - The company incurred a net loss of $10,093,122 for the three months ended September 30, 2025[40] Assets and Equity - Total assets increased to $119.25 million as of September 30, 2025, up from $95.35 million at December 31, 2024, representing a 25.1% increase[8] - Total stockholders' equity increased to $115.96 million as of September 30, 2025, up from $92.15 million at December 31, 2024, indicating a 25.8% growth[8] - Total stockholders' equity as of September 30, 2025, was approximately $93.3 million, down from $103.5 million as of December 31, 2023[18] Cash and Cash Equivalents - Cash and cash equivalents rose to $33.02 million at the end of September 2025, compared to $9.41 million at the beginning of the period, marking a 250.5% increase[13] - As of September 30, 2025, the company reported a cash balance of approximately $33.0 million and working capital of approximately $31.0 million[24] Liabilities - The company’s total liabilities stood at $3.29 million as of September 30, 2025, slightly up from $3.20 million at December 31, 2024[8] - Trade payables decreased to $1,343,749 as of September 30, 2025, from $1,721,119 as of December 31, 2024[40] Exploration and Operating Expenses - Exploration expenses for the nine months ended September 30, 2025, totaled $14.62 million, down 29.5% from $20.78 million in the same period of 2024[10] - Exploration expenses for the three months ended September 30, 2025, totaled $7,688,571, slightly lower than $7,802,543 for the same period in 2024[60] - The Company reported total operating expenses of $21,548,123 for the nine months ended September 30, 2025, down from $28,247,551 in the same period of 2024[60] - The company has not generated revenues from its mineral properties, which are still in the exploration stage[22] Stock and Equity Awards - The weighted average number of basic and diluted shares outstanding increased to 112.42 million for the three months ended September 30, 2025, compared to 93.60 million for the same period in 2024, reflecting a 20.0% increase[10] - The company issued 3,024,751 shares of common stock for its ATM program, net of issuance costs, raising approximately $6.83 million[18] - The Company raised approximately $35.1 million through a public offering by issuing 12,400,000 shares at a price of $2.83 per share, incurring share issuance costs of approximately $2.4 million[43] - The Company granted a total of 2,542,802 equity awards during the nine months ended September 30, 2025, compared to 1,808,127 in the same period of 2024[48] Compensation and Tax Rates - The company recognized stock-based compensation expense of $946,916 for the three months ended September 30, 2025[37] - Total stock-based compensation expense for the nine months ended September 30, 2025, was $2,373,711, a decrease from $2,859,650 in the same period of 2024[48] - The effective tax rates for the three and nine months ended September 30, 2025, were 0.15% and 0.18%, respectively, which are significantly lower than the statutory federal income tax rate of 21% due to unrecognized benefits from losses incurred[41] Warrants and Options - As of September 30, 2025, the Company had 6,179,840 warrants outstanding with an exercise price of $2.08, set to expire on March 15, 2026[51] - The Company has extended the option period for the Richmond Hill Option Agreement and the Barrick Option until December 31, 2028, with additional cash payments required[35]

Core Insights - Mercer, a business of Marsh McLennan, released its inaugural annual survey titled "Voice of the Plan Sponsor: 2025 Defined Contribution (DC) Practices" [1] - The survey indicates that DC plan sponsors are increasingly focusing on financial wellness and cost efficiency [1] Summary by Categories Financial Wellness - There is a growing emphasis among DC plan sponsors on enhancing financial wellness for participants [1] Cost Efficiency - DC plan sponsors are prioritizing cost efficiency in their plans, reflecting a trend towards more sustainable financial practices [1]

Core Insights - Dakota Gold Corp. continues to report significant gold mineralization from its ongoing 2025 drilling campaign at the Richmond Hill Oxide Heap Leach Gold Project, with high-grade gold being intercepted in the northern project area, supporting plans for initial mining operations [1][3] - The company is conducting a core drilling campaign aimed at completing a Feasibility Study, with a total of 27,500 meters (~90,000 feet) planned for the 2025 campaign [1][3] Drilling Results - Recent assay results from 32 infill and metallurgical drill holes indicate promising mineralization, particularly in the northern project area, which is targeted for the initial stages of mining [1][3] - Notable drill results include RH25C-241, which intersected 3.72 grams per tonne (g/t) gold over 20.5 meters, and RH25C-209 with 1.40 g/t Au over 73.5 meters, demonstrating the low-risk nature of the deposit [5][8] Future Plans - The ongoing drilling is expected to provide critical data for the Feasibility Study, enhancing geological resource understanding and supporting the transition to commercial production by 2029 [3][11] - The company anticipates further assay results from expansion and infill drilling in the northeast project area before the end of the year, with potential for resource expansion based on prior drilling [5][8]

Core Insights - Dakota Gold Corp. has announced progress in its 2025 drill campaign for the Richmond Hill Oxide Heap Leach Gold Project, with assay results from 16 metallurgical drill holes [1][2] - The company is conducting a total of 27,500 meters (~90,000 feet) of drilling using reverse circulation and core drilling methods [1][3] Drilling and Testing Progress - The metallurgical drilling for the 2025 campaign is now complete, and Dakota Gold has engaged Forte Dynamics for the metallurgical test work program, which is essential for advancing the project towards feasibility and future development [3][7] - Core drilling is focused on the northern portion of the project area to complete a Feasibility Study, with the aim of collecting metallurgical samples and upgrading existing resources [3][5] Assay Results - Recent drill holes have intercepted higher gold grades than the average resource grade, with notable results including RH25C-200 at 2.25 grams per tonne (g/t) over 33.4 meters and RH25C-212 at 1.44 g/t over 20.6 meters [5][11] - The average measured and indicated resource grade is reported at 0.463 g/t [5][17] Metallurgical Testing Program - The metallurgical testing program is scheduled from Q4 2025 to Q3 2026, focusing on characterizing the metallurgical behavior of oxide ores and defining process design criteria for heap leaching [7][8] - The program includes ore characterization, column leach testing, comminution studies, and assessments of deleterious elements to support permitting and environmental compliance [10][12] Future Plans - Dakota Gold aims to advance the Richmond Hill project to commercial production by 2029, while also outlining a high-grade underground gold resource at the Maitland Gold Project [13]

Core Insights - Dakota Gold Corp. is advancing its Richmond Hill Oxide Heap Leach Gold Project with a 2025 drill campaign and metallurgical test program, aiming to drill approximately 27,500 meters (about 90,000 feet) using Reverse Circulation and Core drilling methods [1][3][5] Drilling Campaign - The 2025 drill campaign is focused on the northern portion of the Richmond Hill Project area, with Core drilling aimed at collecting metallurgical samples, condemnation drilling for mine planning, infill drilling to upgrade existing resources, and expansion drilling where resources remain open [3][5] - Significant drill results include hole RH25C-171, which intercepted 1.50 grams per tonne gold (g/t Au) over 62.1 meters, indicating higher grades than the average resource grade of 0.463 g/t Au [5][8] - The northeast Project area is expected to yield assay results from expansion and infill drilling of higher-grade zones before the end of the year [5][8] Metallurgical Testing - The metallurgical testwork is being accelerated, with initial composite samples sent for column testing, and results expected before year-end to inform further drilling and testwork for 2026 [5][11] - The Company has appointed Mike Eiselein as Vice President of Project Development to oversee the metallurgical program, bringing over 34 years of relevant experience [10][11] Resource Expansion Potential - Condemnation drilling under historical leach pads shows potential for pit expansion, with drill hole RH25C-183 intersecting 1.82 g/t Au over 10.8 meters outside the current mine plan [8][11] - The ongoing drilling efforts are expected to refine the geo-metallurgical model and improve the precision of mine planning [7][11] Future Plans - The Feasibility Study for the Richmond Hill Project is expected to be completed in early 2027, with the current drill campaign contributing valuable data [3][5] - Dakota Gold aims to advance the Richmond Hill Project to commercial production by 2029, alongside outlining a high-grade underground gold resource at the Maitland Gold Project [20]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This part presents the company's unaudited condensed consolidated interim financial statements and management's discussion and analysis [Item 1. Condensed Consolidated Interim Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Interim%20Financial%20Statements%20%28unaudited%29) This section presents Dakota Gold Corp.'s unaudited interim financial statements and related notes for the periods ended June 30, 2025 and 2024 [Condensed Consolidated Interim Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Balance%20Sheets) This statement provides a snapshot of the company's financial position, including assets, liabilities, and equity, as of June 30, 2025 | ASSETS (June 30, 2025) | Amount ($) | | :----------------------- | :--------- | | Cash and cash equivalents | 41,971,015 | | Total current assets | 42,564,065 | | Mineral rights and properties | 82,733,264 | | Total assets | 127,825,912 | | LIABILITIES AND STOCKHOLDERS' EQUITY (June 30, 2025) | Amount ($) | | :------------------------------------------------- | :--------- | | Total current liabilities | 2,882,451 | | Total liabilities | 3,275,953 | | Total stockholders' equity | 124,549,959 | | Total liabilities and stockholders' equity | 127,825,912 | - Total assets increased from **$95,353,530** as of December 31, 2024, to **$127,825,912** as of June 30, 2025, primarily driven by a significant increase in cash and cash equivalents[9](index=9&type=chunk) - Cash and cash equivalents increased from **$9,408,270** at December 31, 2024, to **$41,971,015** at June 30, 2025[9](index=9&type=chunk) [Condensed Consolidated Interim Statements of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) This statement details the company's financial performance, including revenues, expenses, and net loss, for the interim periods | Metric (Three Months Ended June 30) | 2025 ($) | 2024 ($) | Change ($) | Change (%) | | :---------------------------------- | :------- | :------- | :--------- | :--------- | | Exploration expenses | 5,018,606 | 6,428,694 | (1,410,088) | -21.9% | | General and administrative expenses | 1,855,220 | 2,796,466 | (941,246) | -33.7% | | Loss from operations | (6,873,826) | (9,225,160) | 2,351,334 | -25.5% | | Net loss and comprehensive loss | (6,466,008) | (9,152,810) | 2,686,802 | -29.3% | | Basic and diluted loss per share | (0.06) | (0.10) | 0.04 | -40.0% | | Metric (Six Months Ended June 30) | 2025 ($) | 2024 ($) | Change ($) | Change (%) | | :-------------------------------- | :------- | :------- | :--------- | :--------- | | Exploration expenses | 6,931,835 | 12,974,352 | (6,042,517) | -46.6% | | General and administrative expenses | 3,756,088 | 5,044,365 | (1,288,277) | -25.5% | | Loss from operations | (10,687,923) | (18,018,717) | 7,330,794 | -40.7% | | Net loss and comprehensive loss | (10,211,551) | (17,747,391) | 7,535,840 | -42.5% | | Basic and diluted loss per share | (0.10) | (0.20) | 0.10 | -50.0% | - Interest income significantly increased for both the three and six months ended June 30, 2025, compared to 2024[10](index=10&type=chunk) [Condensed Consolidated Interim Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Cash%20Flows) This statement reports the cash generated and used by operating, investing, and financing activities for the interim periods | Cash Flow Activity (Six Months Ended June 30) | 2025 ($) | 2024 ($) | Change ($) | | :-------------------------------------------- | :------- | :------- | :--------- | | Net cash used in operating activities | (8,585,516) | (15,855,034) | 7,269,518 | | Net cash used in investing activities | (20,000) | (395,198) | 375,198 | | Net cash provided by financing activities | 41,168,261 | 6,778,188 | 34,390,073 | | Net change in cash and cash equivalents | 32,562,745 | (9,472,044) | 42,034,789 | | Cash and cash equivalents, end of period | 41,971,015 | 16,076,329 | 25,894,686 | - Net cash provided by financing activities increased significantly in 2025 due to proceeds from a common stock offering and ATM program[13](index=13&type=chunk) [Condensed Consolidated Interim Statements of Changes In Equity](index=7&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Changes%20In%20Equity) This statement outlines changes in stockholders' equity components, including common stock and accumulated deficit, for the interim periods | Equity Component (June 30, 2025) | Amount ($) | | :------------------------------- | :--------- | | Common stock | 112,258 | | Additional paid-in capital | 211,198,564 | | Accumulated deficit | (86,760,863) | | Total stockholders' equity | 124,549,959 | - Total stockholders' equity increased from **$92,151,950** at December 31, 2024, to **$124,549,959** at June 30, 2025, primarily due to proceeds from common stock offerings[16](index=16&type=chunk) - The company issued **12,400,000** shares of common stock through a public offering, raising **$32,684,881** net of issuance costs[16](index=16&type=chunk) [Notes to the Condensed Consolidated Interim Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) These notes provide additional information and explanations for the figures presented in the condensed consolidated interim financial statements [NOTE 1 - Organization and Nature of Business](index=8&type=section&id=NOTE%201%20-%20Organization%20and%20Nature%20of%20Business) This note describes Dakota Gold Corp.'s primary business activities, operational segment, and going concern assessment - Dakota Gold Corp. focuses on the acquisition, exploration, and development of mineral properties in the U.S., operating in a single segment: mineral exploration[18](index=18&type=chunk) - The company's mineral properties are at the exploration stage and have not generated revenues, with the Richmond Hill Project being the only one with a mineral resource estimate[19](index=19&type=chunk) - Management believes the cash balance of **$42.0 million** and working capital of **$39.7 million** as of June 30, 2025, along with the ability to scale down exploration, alleviate going concern doubts for the next twelve months[21](index=21&type=chunk) [NOTE 2 - Summary of Accounting Policies](index=8&type=section&id=NOTE%202%20-%20Summary%20of%20Accounting%20Policies) This note outlines the significant accounting principles and policies used in preparing the interim financial statements - The financial statements are prepared in accordance with U.S. GAAP and SEC rules for interim statements, with certain disclosures condensed or omitted[22](index=22&type=chunk)[24](index=24&type=chunk) - The company adopted ASU 2023-09, 'Income Taxes (Topic 740): Improvements to Income Tax Disclosures,' as of January 1, 2025, which will impact annual disclosures[26](index=26&type=chunk) - The financial statements include 100%-owned subsidiaries: DTRC, LLC, JR Resources (Canada) Services Corp., Dakota Gold Holdings LLC, and Dakota Gold (Canada) Services Corp[25](index=25&type=chunk) [NOTE 3 - Mineral Rights and Properties](index=9&type=section&id=NOTE%203%20-%20Mineral%20Rights%20and%20Properties) This note details the company's ownership and option agreements for its various mineral properties - Dakota Gold holds 100% ownership in several properties (Blind Gold, City Creek, Cambrian Unconformity, Tinton, West Corridor, Ragged Top, Poorman Anticline, Maitland, South Lead / Whistler Gulch) and options to acquire 100% of Barrick's interest in the Richmond Hill Property and surface rights in the Homestake District[29](index=29&type=chunk) - Barrick Gold extended the option period for both Richmond Hill and Homestake agreements until December 31, 2028, in exchange for additional annual cash payments[31](index=31&type=chunk) - The carrying value of mineral properties was approximately **$82.7 million** as of June 30, 2025, and December 31, 2024, with no amortization commenced as the company is in the exploration stage[32](index=32&type=chunk) [NOTE 4 - Property and Equipment](index=10&type=section&id=NOTE%204%20-%20Property%20and%20Equipment) This note provides a breakdown of the company's property and equipment, net of accumulated depreciation | Property and Equipment (June 30, 2025) | Amount ($) | | :------------------------------------- | :--------- | | Land | 418,884 | | Building | 1,423,810 | | Furniture and equipment | 961,875 | | Right-of-use ("ROU") assets | 274,564 | | Less: accumulated depreciation | (978,744) | | Property and equipment, net | 2,100,389 | - Net property and equipment decreased from **$2,247,722** at December 31, 2024, to **$2,100,389** at June 30, 2025[33](index=33&type=chunk) - The company recognized rent expense of **$0.04 million** and **$0.09 million** for the three and six months ended June 30, 2025, respectively, for operating leases[34](index=34&type=chunk) [NOTE 5 - Accounts Payable and Accrued Liabilities](index=11&type=section&id=NOTE%205%20-%20Accounts%20Payable%20and%20Accrued%20Liabilities) This note details the composition and changes in the company's accounts payable and accrued liabilities | Accounts Payable and Accrued Liabilities (June 30, 2025) | Amount ($) | | :------------------------------------------------------- | :--------- | | Trade payables | 1,799,295 | | Accrued liabilities | 907,202 | | Other payables | 37,134 | | Total | 2,743,631 | - Total accounts payable and accrued liabilities increased slightly from **$2,616,876** at December 31, 2024, to **$2,743,631** at June 30, 2025[37](index=37&type=chunk) [NOTE 6 - Income Taxes](index=11&type=section&id=NOTE%206%20-%20Income%20Taxes) This note explains the company's income tax expense or benefit and the factors affecting its effective tax rate | Income Tax Expense (Benefit) (Three Months Ended June 30) | 2025 ($) | 2024 ($) | | :-------------------------------------------------------- | :------- | :------- | | Income tax benefit computed at federal statutory rates | (1,387,243) | (1,932,400) | | Change in valuation allowance | 1,361,984 | 1,891,670 | | Total income tax expense (benefit) | 6,458 | (11,654) | - The effective tax rates for the three and six months ended June 30, 2025, were **0.10%** and **0.12%**, respectively, which were less than the statutory rate due to the company not expecting to realize a benefit from a portion of incurred losses[38](index=38&type=chunk) [NOTE 7 - Stockholders' Equity](index=11&type=section&id=NOTE%207%20-%20Stockholders%27%20Equity) This note provides details on changes in stockholders' equity, including stock offerings and stock-based compensation - Stockholders approved an increase in shares reserved for the 2022 Stock Incentive Plan from **6,250,000** to **10,750,000**, with **4,671,614** shares remaining available as of June 30, 2025[39](index=39&type=chunk) - A public offering on March 25, 2025, raised approximately **$35.1 million** in gross proceeds by issuing **12,400,000** shares at **$2.83** per share, resulting in net proceeds of approximately **$32.7 million**[40](index=40&type=chunk)[76](index=76&type=chunk) Stock-based Compensation Expense (Six Months Ended June 30) | Stock-based Compensation Expense (Six Months Ended June 30) | 2025 ($) | 2024 ($) | | :---------------------------------------------------------- | :------- | :------- | | RSUs | 683,941 | 799,375 | | PSUs | 141,443 | 358,810 | | Stock options | 34,634 | 317,405 | | Total stock-based compensation expense | 1,364,633 | 1,781,095 | [NOTE 8 - Net Loss per Share](index=13&type=section&id=NOTE%208%20-%20Net%20Loss%20per%20Share) This note presents the basic and diluted net loss per common share and explains the treatment of potentially dilutive securities - Basic and diluted loss per common share for the three months ended June 30, 2025, was **$(0.06)** compared to **$(0.10)** in 2024[10](index=10&type=chunk) - Basic and diluted loss per common share for the six months ended June 30, 2025, was **$(0.10)** compared to **$(0.20)** in 2024[10](index=10&type=chunk) - Potentially dilutive securities (warrants, stock options, RSUs, PSUs) were excluded from diluted EPS calculation due to net losses, making their effect anti-dilutive[49](index=49&type=chunk)[50](index=50&type=chunk) [NOTE 9 - Commitments and Contingencies](index=14&type=section&id=NOTE%209%20-%20Commitments%20and%20Contingencies) This note addresses potential legal actions, tax audits, and other contingent liabilities that may affect the company - The company may be party to various legal actions and tax audits in the ordinary course of business[52](index=52&type=chunk) - Management does not anticipate that the ultimate resolution of any potential lawsuits, claims, or audits will have a material adverse effect on the company's consolidated financial position, results of operations, or liquidity[52](index=52&type=chunk) [NOTE 10 - Segment Information](index=14&type=section&id=NOTE%2010%20-%20Segment%20Information) This note provides financial information about the company's single reportable segment: mineral exploration and evaluation - The company operates in one reportable segment: Exploration and Evaluation, focused on mineral properties in the same geographic location (Homestake District, U.S.)[53](index=53&type=chunk) - The Chief Executive Officer (CODM) monitors exploration and general and administrative expenses to assess segment performance and allocate resources[54](index=54&type=chunk) Significant Segment Expenses (Six Months Ended June 30) | Significant Segment Expenses (Six Months Ended June 30) | 2025 ($) | 2024 ($) | | :------------------------------------------------------ | :------- | :------- | | Exploration expenses | 6,931,835 | 12,974,352 | | General and administrative expenses | 3,756,088 | 5,044,365 | | Operating expenses | 10,687,923 | 18,018,717 | [NOTE 11 - Subsequent event](index=15&type=section&id=NOTE%2011%20-%20Subsequent%20event) This note discloses significant events that occurred after the balance sheet date but before the financial statements were issued - The company's Amended and Restated Equity Distribution Agreement (ATM Program) expired subsequent to June 30, 2025, upon filing an updated S-3 registration statement on July 24, 2025, effective August 8, 2025[59](index=59&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=16&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition, operational results, and future outlook for the interim periods [Cautionary Note Regarding Forward-Looking Statements](index=16&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This note advises readers about the inherent uncertainties and risks associated with forward-looking statements in the report - The report contains forward-looking statements regarding the company's business, exploration programs, capital expenditures, liquidity, financing, project development, and future values[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) - These statements are subject to known and unknown risks and uncertainties, including lack of defined mineral reserves, execution of strategy, limited operating history, and ability to maintain liquidity[63](index=63&type=chunk) - Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of their date, and the company disclaims any obligation to update them[64](index=64&type=chunk) [Overview](index=17&type=section&id=Overview) This section outlines Dakota Gold's strategic goals and its focus on gold exploration in the Homestake District of South Dakota - Dakota Gold's goal is to create stockholder value through the acquisition, exploration, and development of high-caliber gold properties in the Homestake District of South Dakota[67](index=67&type=chunk) - The company leverages its management and technical teams' extensive experience in the Homestake District, combined with modern exploration techniques and new geological understanding[67](index=67&type=chunk) - The Homestake District, historically yielding **45 million ounces** of gold, is considered underexplored outside the main mine area, especially under younger rock cover[69](index=69&type=chunk) [Drill Programs and Results](index=18&type=section&id=Drill%20Programs%20and%20Results) This section summarizes the company's drilling activities and progress across its key exploration projects - Dakota Gold has completed **315** holes for over **433,000 feet (132,000 meters)** since drilling began in 2022 across Maitland, Richmond Hill, and Cambrian Unconformity projects[73](index=73&type=chunk) - As of June 30, 2025, the company completed **84** core holes for **35,491 feet (10,817 meters)** on an infill and metallurgical testing program at Richmond Hill[73](index=73&type=chunk) - The company currently holds **thirteen** active permits for drilling, with one additional permit in process and another for Richmond Hill potentially budgeted later in 2025[72](index=72&type=chunk) [Significant Developments](index=18&type=section&id=Significant%20Developments) This section highlights major corporate and project-specific milestones, including assessment updates and financing activities - Key developments include the Richmond Hill Initial Assessment (April 30, 2024, and updated February 6, 2025, and July 7, 2025)[74](index=74&type=chunk)[76](index=76&type=chunk)[79](index=79&type=chunk) - Barrick Gold extended the option period for Richmond Hill and Homestake agreements until December 31, 2028[75](index=75&type=chunk) - The company successfully closed a public offering on March 25, 2025, raising approximately **$32.7 million** net proceeds[76](index=76&type=chunk) Richmond Hill Initial Assessment Key Parameters (July 7, 2025) | Parameter | M&I plan | MI&I plan | | :-------------------- | :--------- | :--------- | | Base Case Gold Price | $2,350/oz | $2,350/oz | | Mine Life (years) | 17 | 28 | | LOM Gold Payable (kozs) | 2,604 | 3,982 | | LOM AISC | $1,047 | $1,050 | | After-tax NPV5% | $1.6 B | $2.1 B | | After-tax IRR | 55% | 59% | [Planned Activities](index=20&type=section&id=Planned%20Activities) This section outlines the company's future operational plans, focusing on advancing the Richmond Hill Project and other exploration efforts - The company is focused on advancing the Richmond Hill Project through feasibility and into production, targeting completion by 2029, with a feasibility study targeted for 2027[83](index=83&type=chunk) - Planned activities at Richmond Hill include resource infill and conversion drilling, infrastructure condemnation, geometallurgical characterization, and updating historical baseline information for permitting[83](index=83&type=chunk) - At the Maitland project, additional geological modeling will be completed to assess drill density for S-K 1300-compliant resource estimation, with potential drilling later in the year[84](index=84&type=chunk) [Liquidity and Capital Resources](index=20&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's financial position, including working capital, cash balances, and funding sources - As of June 30, 2025, the company had working capital of approximately **$39.7 million** and an accumulated deficit of approximately **$86.8 million**[88](index=88&type=chunk) - Net proceeds of approximately **$32.7 million** were raised from a public offering on March 25, 2025[88](index=88&type=chunk) - With a cash balance of approximately **$42.0 million** at June 30, 2025, and the ability to scale down exploration, the company believes it has sufficient funds for the next twelve months, anticipating **$25.0 million** in cash expenditures for 2025[89](index=89&type=chunk)[90](index=90&type=chunk) [Results of Operations](index=21&type=section&id=Results%20of%20Operations) This section analyzes the company's financial performance, comparing key operational expenses and net loss across periods [Comparison of the Quarters ended June 30, 2025 and 2024](index=21&type=section&id=Comparison%20of%20the%20Quarters%20ended%20June%2030%2C%202025%20and%202024) This section compares the company's financial results for the three-month periods ended June 30, 2025, and 2024 - Net loss for Q2 2025 was approximately **$6.5 million**, a decrease from **$9.2 million** in Q2 2024[91](index=91&type=chunk) - Exploration expenses decreased by approximately **$1.4 million (21.9%)** to **$5.0 million** in Q2 2025, primarily due to reduced drilling activity[92](index=92&type=chunk) - General and administrative expenses decreased by approximately **$0.9 million (33.7%)** to **$1.9 million** in Q2 2025, mainly due to lower investor relations expenditures and non-cash stock-based compensation[93](index=93&type=chunk) [Comparison of the six months ended June 30, 2025 and 2024](index=21&type=section&id=Comparison%20of%20the%20six%20months%20ended%20June%2030%2C%202025%20and%202024) This section compares the company's financial results for the six-month periods ended June 30, 2025, and 2024 - Net loss for the six months ended June 30, 2025, was approximately **$10.2 million**, a decrease from **$17.7 million** in the prior year[95](index=95&type=chunk) - Exploration expenses decreased by approximately **$6.0 million (46.6%)** to **$6.9 million**, primarily due to reduced drilling activity[96](index=96&type=chunk) - General and administrative expenses decreased by approximately **$1.2 million (25.5%)** to **$3.8 million**, mainly due to lower investor relations and non-cash stock-based compensation[98](index=98&type=chunk) [Critical Accounting Estimates](index=22&type=section&id=Critical%20Accounting%20Estimates) This section discusses management's significant judgments and assumptions used in preparing the financial statements - Management's critical accounting estimates include the valuation of options granted to directors and officers using Black-Scholes and Monte Carlo models[103](index=103&type=chunk) - There have been no material changes to the company's critical accounting policies and estimates compared to those described in the Annual Report[103](index=103&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=22&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section confirms the absence of quantitative and qualitative disclosures about market risk for the reported period - Not applicable[104](index=104&type=chunk) [Item 4. Controls and Procedures](index=23&type=section&id=Item%204.%20Controls%20and%20Procedures) This section assesses the effectiveness of disclosure controls and internal control over financial reporting [Disclosure Controls and Procedures](index=23&type=section&id=Disclosure%20Controls%20and%20Procedures) This section reports on the effectiveness of the company's disclosure controls and procedures as of the reporting date - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[105](index=105&type=chunk) [Changes to Internal Controls and Procedures over Financial Reporting](index=23&type=section&id=Changes%20to%20Internal%20Controls%20and%20Procedures%20over%20Financial%20Reporting) This section confirms whether any material changes occurred in internal control over financial reporting during the period - Management, with CEO and CFO participation, concluded there were no material changes to internal control over financial reporting during the six months ended June 30, 2025[106](index=106&type=chunk) [PART II. OTHER INFORMATION](index=23&type=section&id=PART%20II.%20OTHER%20INFORMATION) This part includes additional information not covered in the financial statements, such as legal proceedings and exhibits [Item 1. Legal Proceedings](index=23&type=section&id=Item%201.%20Legal%20Proceedings) This section confirms the absence of any legal proceedings to report for the current period - None[107](index=107&type=chunk) [Item 1A. Risk Factors](index=23&type=section&id=Item%201A.%20Risk%20Factors) This section indicates no material changes to the risk factors previously disclosed in the Annual Report - There have been no material changes from the risk factors as previously disclosed in the Annual Report[108](index=108&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=23&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section reports no unregistered sales of equity securities or related use of proceeds - None[109](index=109&type=chunk) [Item 3. Defaults Upon Senior Securities](index=23&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section confirms the absence of any defaults upon senior securities - Not applicable[110](index=110&type=chunk) [Item 4. Mine Safety Disclosure](index=23&type=section&id=Item%204.%20Mine%20Safety%20Disclosure) This section clarifies that the company's exploration properties were not subject to federal mine safety regulations - During the six months ended June 30, 2025, the Company's exploration properties were not subject to regulation by the Federal Mine Safety and Health Administration[111](index=111&type=chunk) [Item 5. Other Information](index=23&type=section&id=Item%205.%20Other%20Information) This section reports on Rule 10b5-1 trading arrangements by directors or Section 16 officers - No director or Section 16 officer adopted, modified, or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" during the three months ended June 30, 2025[112](index=112&type=chunk) [Item 6. Exhibits](index=24&type=section&id=Item%206.%20Exhibits) This section lists all exhibits attached to or incorporated by reference in the Quarterly Report on Form 10-Q - Exhibits include Certificate of Conversion, Bylaws, Form of Employment Agreement, CEO/CFO Certifications (302 and 906), and Inline XBRL documents[113](index=113&type=chunk) [SIGNATURES](index=25&type=section&id=SIGNATURES) This section contains the signatures of authorized officers, certifying the accuracy and completeness of the report - The report was signed by Robert Quartermain, Chief Executive Officer, and Shawn Campbell, Chief Financial Officer, on August 13, 2025[117](index=117&type=chunk)

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]