Dakota Gold (US:DC)2025-11-13 18:07Financial 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]