Initial Assessment with Cash Flow Demonstrates Robust Economics for Richmond Hill

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]