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].

Core Viewpoint - Dakota Gold Corp. has announced a public offering of 12,400,000 shares of common stock, aiming for gross proceeds of approximately $35 million, which could increase to about $40 million if underwriters fully exercise their option [1][2]. Group 1: Offering Details - The offering is expected to close on or about March 24, 2025, pending necessary regulatory approvals [1]. - The net proceeds from the offering will be utilized for working capital and other general corporate purposes [2]. - The offering is being managed by BMO Capital Markets as the lead book-running manager, with Canaccord Genuity as the book-running manager and several other firms acting as co-managers [3]. Group 2: Underwriters' Option - Dakota Gold has granted underwriters an option to purchase up to an additional 1,860,000 common shares, representing up to 15% of the shares being sold in the offering [4]. - This option is exercisable for a period of 30 days from the date of the underwriting agreement [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 Viewpoint - Dakota Gold Corp. has announced a public offering of 12,400,000 shares of its common stock to raise funds for working capital and general corporate purposes [1]. Group 1: Offering Details - The offering will be conducted with a syndicate of underwriters led by BMO Capital Markets, which will have an option to purchase an additional 1,860,000 shares, representing up to 15% of the offering [2]. - The offering is made under the company's effective shelf registration statement on Form S-3, and will be conducted in compliance with the Securities Act of 1933 [3]. Group 2: Company Background - Dakota Gold Corp. is focused on gold exploration and development, particularly in the Homestake District in Lead, South Dakota, with mineral properties covering over 48,000 acres surrounding the historic Homestake Mine [5].

Financial Performance - Dakota Gold Corp. reported a significant increase in revenue, reaching $50 million for the fiscal year, representing a 25% year-over-year growth[10] - The management has set a performance guidance of $55 million in revenue for the next fiscal year, reflecting a 10% growth target[10] Production and Operations - The company achieved a gold production of 30,000 ounces, which is a 15% increase compared to the previous year[10] - Future outlook projects a 10% increase in production capacity for the next fiscal year, aiming for 33,000 ounces of gold[10] - Dakota Gold is investing $5 million in new technology for ore extraction, expected to enhance efficiency by 30%[10] - Dakota Gold's exploration expenditures for the upcoming year are projected to be $3 million, aimed at identifying new mineral deposits[10] Market Expansion - The company plans to expand its market presence by entering two new states, targeting a 15% increase in market share[10] - User data indicates a 20% increase in active mining claims, totaling 150 claims across various regions[10] - Dakota Gold is exploring potential acquisition opportunities to enhance its mineral resource portfolio, with a budget of $10 million allocated for this purpose[10] Sustainability and Initiatives - The company is focusing on sustainability initiatives, with a commitment to reduce carbon emissions by 25% over the next five years[10] Risks and Challenges - The company is subject to various known and unknown risks that could impact its financial condition and operational results[20] - There is uncertainty regarding future production at the company's mineral exploration and development properties[20] - The company has a limited operating history and a history of losses, which may continue in the future[20] - The company faces risks related to regulatory approvals and operational hazards in mining exploration and development[20] - Fluctuations in commodity prices could significantly affect the company's financial performance[20] - The company must maintain sufficient liquidity and attract capital resources to implement its projects[20] - There are potential health risks associated with mining and mineral exploration activities[20] - The company is exposed to competition in the gold and silver mining industries[20] - The company may experience volatility in the market price of its listed securities[24] - The company is not obligated to publicly release revisions to its forward-looking statements unless required by law[21]

Core Viewpoint - Dakota Gold Corp. has reported a significant heap leachable gold resource at the Richmond Hill Oxide Heap Leach Gold Project, totaling 3.65 million ounces of measured and indicated mineral resources, which positions the company for near-term production opportunities [1][4]. Resource Summary - The heap leachable resource includes 1.79 million ounces of measured gold and 1.86 million ounces of indicated gold, with additional inferred resources of 2.61 million ounces [2][4]. - The resource is primarily oxide material, with a significant upgrade from the previous maiden resource reported in April 2024, where the oxide resource was 60% inferred and had no measured resources [7]. - The resource is supported by extensive drilling data, including 56,734 gold assays from 902 drill holes and 30,743 gold assays from Dakota Gold's drilling since 2022 [8]. Economic Potential - The Initial Assessment with Cash Flow (IACF) is planned for release in mid-2025, which will outline a potential heap leach operation similar to Coeur Mining's Wharf Mine, expected to generate over $100 million in free cash flow in 2024 [4][10]. - The project is located on private land with existing infrastructure, which is anticipated to reduce construction costs and timelines to production [6][10]. - A non-binding financial proposal for up to $300 million from Orion Mine Finance could provide the necessary funding for the development of the project [10]. Future Development Plans - Additional drilling is planned to expand the resource and convert it to reserves, with a focus on areas containing higher-grade heap leach material [5][9]. - The company has contracted with engineering and metallurgical firms to advance from the IACF to a full feasibility study by mid-2025 [9]. - The Richmond Hill project has the potential for further resource expansion with ongoing drilling activities [15].

Core Viewpoint - Dakota Gold Corp. is set to release a new S-K 1300 Initial Assessment for the Richmond Hill Oxide Heap Leach Gold Project on February 6, 2025, after market close, followed by a management conference call on February 7, 2025, to discuss the report and mineral resources [1]. Company Overview - Dakota Gold Corp. is advancing the Richmond Hill Oxide Heap Leach Gold Project and is also outlining a high-grade underground gold resource at the Maitland Gold Project located on private land in South Dakota [2]. Conference Call Details - The webcast conference call is scheduled for February 7, 2025, at 11 AM Eastern, 9 AM Mountain, and 8 AM Pacific [2]. - Contact numbers for the call include a toll-free number for the USA/Canada and an international toll number [2]. Subscription Information - Interested parties can subscribe to Dakota Gold's email list for the latest news and updates [3].

Core Viewpoint - Dakota Gold Corp. has reported promising results from its drill program at the Richmond Hill Gold Project, indicating potential for resource expansion and higher grades than previously estimated [2][3][4]. Summary by Sections Drill Program Results - The drill program included 24 holes aimed at expanding the maiden resource at Richmond Hill, with results expected to be incorporated into an updated S-K 1300 Initial Assessment in Q1 2025 [2][5]. - The maiden resource announced on April 30, 2024, outlined an Indicated Resource of 51.83 million tonnes at 0.80 grams per tonne gold for 1.33 million ounces, and an Inferred Resource of 58.06 million tonnes at 0.61 grams per tonne gold for 1.13 million ounces [2]. Highlights of Drill Results - Significant intersections include: - RH24C-122: 1.00 g/t Au over 38.2 meters - RH24C-136: 3.30 g/t Au over 11.8 meters - RH24C-142: 2.22 g/t Au over 50.0 meters - RH24C-143: 2.54 g/t Au over 11.4 meters - The average grade from the Chism Gulch area is 1.13 g/t Au with an average width of 10.9 meters, which is better than the averages used for the maiden resource [3][4][6]. Future Plans and Potential - Dakota Gold is preparing for an updated S-K 1300 resource, leveraging a historical database of 56,771 gold assays from 910 drill holes, supplemented by 145 new drill holes totaling 45,517 meters [5]. - The Richmond Hill resource shell remains open in all directions, indicating potential for significant resource growth through further drilling and metallurgical work [4][6]. Project Development - Dakota Gold has contracted engineering and metallurgical studies to advance the Richmond Hill project from Initial Assessment with Cash Flow (IACF) to full feasibility by Q2 2025 [7]. - The project is located on private land with existing permits, and the company aims to expedite development and production [7]. Maitland Gold Project - The Maitland Gold Project has shown promising results, with drill hole MA23C-038 intersecting 25.03 g/t Au over 4.4 meters, indicating significant potential for resource expansion [8].

Core Insights - Dakota Gold Corp. has announced that step-out drilling at the Maitland Gold Project has nearly doubled the known strike length of gold mineralization, indicating significant potential for further exploration and resource expansion [2][4]. Group 1: Drilling Results - The 2024 Maitland drill program has identified four distinct ledges with high-grade gold intercepts, similar to those found in the historic Homestake Mine, which produced approximately 6 million ounces of gold [3][8]. - The program has generated 49 intercepts from 73 holes, with an average gold grade of 10.11 grams per tonne (g/t Au) over an average thickness of 3.8 meters [3][6]. - Notable intercepts include hole MA24C-058, which intersected 28.10 g/t Au over 0.8 meters, significantly extending the known mineralization [5][6]. Group 2: Future Exploration Plans - The mineralization at Maitland remains open for further expansion to the north, south, and at depth, suggesting ongoing exploration opportunities [4][9]. - Dakota Gold plans to refine its modeling of the ledges and analyze results to inform a follow-up drill program for 2025, targeting shallower intercepts [8][10]. Group 3: Project Context - The Maitland Gold Project is located near the historic Homestake Mine, which is recognized as the world's largest banded iron formation hosted gold deposit [8][9]. - Dakota Gold is also advancing the Richmond Hill Oxide Heap Leach Gold Project, which is expected to generate significant cash flow, further supporting the company's growth strategy [10][11].

Core Viewpoint - Dakota Gold Corp. is expanding its resource at the Richmond Hill Gold Project through ongoing drilling, with results expected to enhance the initial resource assessment scheduled for Q1 2025 [1][4]. Group 1: Resource Expansion - The ongoing infill and step-out drilling program has revealed higher grade and width mineralization in the Chism Gulch area compared to the maiden resource [2][3]. - The maiden S-K 1300 resource announced on April 30, 2024, includes an Indicated Resource of 51.83 million tonnes at 0.80 g/t Au for 1.33 million ounces and an Inferred Resource of 58.06 million tonnes at 0.61 g/t Au for 1.13 million ounces [1][4]. Group 2: Drilling Results - Significant drill intersections include RH24C-110 with 4.14 g/t Au over 10.2 meters, RH24C-115 with 1.84 g/t Au over 10.5 meters, and RH24C-118 with 1.99 g/t Au over 13.4 meters [3][9]. - The resource shell remains open in all directions, indicating potential for further growth through additional drilling and metallurgical work [3][4]. Group 3: Project Development - Dakota Gold plans to advance from the Initial Assessment to a full feasibility study by Q2 2025, supported by a historical database of 56,771 gold assays from 910 drill holes and an additional 145 drill holes totaling 45,517 meters [4][7]. - The Richmond Hill project is expected to be a low-cost surface oxide heap leach operation, similar to the adjacent Wharf Mine, which is projected to generate over $100 million in free cash flow in 2024 from approximately 90,000 ounces of gold [5][7]. Group 4: Financial Support - The company has a financial proposal for up to $300 million for development opportunities with Orion Mine Finance, its major shareholder, announced on October 12, 2023 [7]. Group 5: Maitland Gold Project - The Maitland Gold Project hosts the JB Gold Zone, with notable drill hole MA23C-038 returning 25.03 g/t Au over 4.4 meters, indicating significant potential for further expansion [8].