Core Viewpoint - Dakota Gold Corp. is advancing its metallurgical testing program for the Richmond Hill Oxide Heap Leach Gold Project, which is crucial for the feasibility study and aims to assess the project's potential and mitigate risks associated with gold recovery [1][4]. Metallurgical Testing Program - The feasibility study metallurgical program is set to be completed in Q3 2026, involving extensive testing and reporting milestones [2]. - The company has completed significant metallurgical drilling in 2025 and plans to ship 4,000 kg of material for testing, representing 28 potential geo-metallurgical domains [2][9]. - Initial results from the MW3 zone indicate variability in column recoveries, consistent with historical data, supporting the potential for low-cost heap leach processing [4][10]. Project Economics - The project shows strong leverage to rising gold prices, with a net present value (NPV) exceeding $4 billion at gold prices above $4,000 per ounce [5][6]. - The Initial Assessment with Cash Flow (IACF) published in July 2025 outlines various recovery scenarios, indicating significant potential returns based on gold price fluctuations [5][6]. Resource Evaluation - The company is evaluating mine plan sequences and will update the resource model in 2026, incorporating results from 200 drill holes completed in 2025 [7]. - High-grade areas have been identified, with notable drill intercepts such as 1.94 g/t Au over 60.0 meters and 2.78 g/t Au over 39.3 meters [7]. Column Testing Results - Column recoveries for tested materials ranged from 61% to 65% within 60 days, with specific grades of 0.96 g/t Au and 0.53 g/t Au being tested at different crush sizes [7][10]. - Historical data indicates an average recovery of 89% for oxide materials, which aligns with current testing results [12]. Future Steps - The metallurgical program will include further analysis to optimize recoveries and process design, with ongoing testing to assess the impact of various factors on gold recovery [9][11]. - The company is committed to advancing the Richmond Hill project towards potential production by 2029 [6][14].