Dakota Gold Corp. (DC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Ubicado en las colinas negras ricas en minerales de Dakota del Sur, Dakota Gold Corp. (DC) emerge como una fuerza pionera en la exploración de oro, combinando tecnologías geológicas de vanguardia con asociaciones estratégicas para desbloquear el potencial mineral oculto de la región. Al aprovechar las técnicas de mapeo avanzado, las prácticas de exploración sostenible y un modelo de negocio robusto, la compañía se posiciona a la vanguardia de una empresa prometedora que podría transformar las perspectivas mineras regionales y ofrecer un valor significativo a los inversores y las partes interesadas por igual.

Dakota Gold Corp. (DC) - Modelo de negocio: asociaciones clave

Alianza estratégica con exploración mineral y compañías mineras

Dakota Gold Corp. ha establecido asociaciones estratégicas con las siguientes compañías minerales de exploración y minería:

Empresa asociada	Enfoque de asociación	Año establecido
Barrick Gold Corporation	Exploración del proyecto de oro Black Hills	2022
NEWMONT CORPORACIÓN	Intercambio de recursos técnicos	2023

Acuerdos de empresa conjunta en regiones de exploración de oro

Los acuerdos de empresa conjunta actuales incluyen:

• Ventura conjunta de Dakota Goldfields de Dakota del Sur - 75% de participación de propiedad
• Asociación de exploración de Wyoming - 60% de control operativo
• Consorcio de exploración de oro de Montana - estructura de inversión 50/50

Asociaciones con organizaciones de estudio geológico

Organización	Tipo de colaboración	Contribución anual
Servicio Geológico de EE. UU.	Intercambio de datos e investigación	$275,000
Servicio Geológico de Dakota del Sur	Soporte de exploración regional	$150,000

Proveedores de tecnología para técnicas avanzadas de exploración mineral

Detalles de la asociación tecnológica:

• Socio de mapeo de drones: Sistemas cuánticos GMBH - Turnación aérea de precisión
• Análisis geofísico: Geotech Ltd. - Encuestas electromagnéticas avanzadas
• Software geológico: Seequent Limited - plataformas de modelado geológico

Inversión de asociación tecnológica total en 2023: $ 1.2 millones

Dakota Gold Corp. (DC) - Modelo de negocio: actividades clave

Exploración y prospección de oro en la región de Black Hills

Dakota Gold Corp. actualmente posee 12 reclamos minerales cubriendo aproximadamente 640 acres en la región de Black Hills de Dakota del Sur.

Ubicación	Total de acres	Reclamos activos	Estado de exploración
Black Hills, Dakota del Sur	640	12	Exploración continua

Adquisición y desarrollo de reclamos minerales

La estrategia de adquisición de reclamos minerales de la compañía se centra en parcelas estratégicas de tierras con alto potencial de oro.

• Inversión total en reclamos minerales: $ 1.2 millones
• Costos de mantenimiento de reclamos anuales: $85,000
• Presupuesto de exploración para 2024: $500,000

Topografía geológica y evaluación de recursos

Tipo de encuesta	Área cubierta	Costo estimado	Línea de tiempo de finalización
Encuesta geofísica	320 acres	$175,000	Q2 2024
Exploración de perforación	160 acres	$250,000	Q3-Q4 2024

Extracción de minerales y planificación de procesamiento

Parámetros de extracción y procesamiento proyectados para posibles recursos de oro:

• Grado de oro estimado: 0.5-1.2 g/tonelada
• Volumen de extracción anual proyectado: 5,000-10,000 toneladas
• Inversión estimada de infraestructura de procesamiento: $ 3.5 millones

Etapa de procesamiento	Costo estimado	Eficiencia esperada
Aplastante	$500,000	90% de reducción de material
Molienda	$750,000	85% de optimización del tamaño de partícula
Extracción de oro	$1,250,000	Tasa de recuperación del 75-80%

Dakota Gold Corp. (DC) - Modelo de negocio: recursos clave

Derechos de exploración mineral en Dakota del Sur

Dakota Gold Corp. posee el 100% de propiedad de 4 propiedades de exploración mineral por un total de 2,350 acres en la región de Black Hills en Dakota del Sur. Las propiedades específicas de la tierra incluyen:

Nombre de propiedad	Superficie en acres	Ubicación
Proyecto Homestake	1.200 acres	Condado de Lawrence, SD
Proyecto de recompensa de oro	850 acres	Condado de Lawrence, SD
Propiedades complementarias	300 acres	Región de Black Hills

Experiencia geológica especializada

Los recursos humanos geológicos clave incluyen:

• 3 geólogos de nivel doctorado con 45 años de experiencia en exploración mineral
• 2 Consultores geológicos senior con experiencia específica en depósitos de oro en Black Hills
• Equipo técnico con certificaciones avanzadas en la estimación de recursos minerales

Tecnologías avanzadas de exploración y mapeo

Las inversiones tecnológicas incluyen:

• Sistema de mapeo de drones de alta resolución valorado en $ 275,000
• Analizadores geoquímicos portátiles XRF: 4 unidades por un total de $ 180,000
• Licencia de software de modelado geológico avanzado: $ 95,000 anualmente

Equipo de gestión experimentado

Ejecutivo	Role	Experiencia de la industria
Mark Kirby	CEO	22 años en el sector minero
James Deeb	Geólogo jefe	18 años de exploración mineral

Capital financiero

A partir del cuarto trimestre 2023 Datos financieros:

• Reservas de efectivo: $ 3.2 millones
• Capital de trabajo: $ 4.7 millones
• Presupuesto de exploración para 2024: $ 2.5 millones

Dakota Gold Corp. (DC) - Modelo de negocio: propuestas de valor

Descubrimiento potencial de oro en regiones minerales históricamente ricas

Dakota Gold Corp. se centra en la exploración en el Homestake Gold District, Dakota del Sur, que históricamente produjo más de 41 millones de onzas de oro entre 1876 y 2002.

Área de exploración	Potencial de oro estimado	Estado de exploración actual
Distrito de Oro Homestake	Potencial estimado de 1-2 millones de onzas	Exploración y perforación activa

Exploración sostenible y ambientalmente responsable

Dakota Gold Corp. implementa estrategias de exploración ambientalmente conscientes con una perturbación de superficie mínima.

• Técnicas de perforación de bajo impacto
• Huella ecológica mínima
• Cumplimiento de las regulaciones ambientales de Dakota del Sur

Aprovechando las tecnologías avanzadas de mapeo geológico

Tecnología	Nivel de precisión	Eficiencia de rentabilidad
Mapeo de lidar	99.7% de precisión geológica	Costos de exploración reducidos del 40%
Encuestas geológicas de drones	Mapeo de terreno de alta resolución	35% de recopilación de datos más rápida

Potencial para un desarrollo significativo de recursos minerales

Estimación actual de recursos minerales para el Proyecto Goldfield: 461,000 onzas de oro a un grado promedio de 0.35 g/t.

Creación de oportunidades económicas en el sector minero de Dakota del Sur

• Creación de empleo proyectado: 75-100 puestos de minería directa
• Impacto económico anual estimado: $ 12-15 millones
• Inversiones de desarrollo de infraestructura local

Dakota Gold Corp. (DC) - Modelo de negocios: relaciones con los clientes

Comunicación de los inversores a través de informes transparentes

Dakota Gold Corp. mantiene las comunicaciones de los inversores a través del siguiente enfoque estructurado:

Canal de comunicación	Frecuencia	Detalles
Informes financieros trimestrales	4 veces al año	Estados financieros completos presentados ante la SEC
Reunión anual de accionistas	1 vez por año	Presentación detallada del desempeño de la empresa
Seminarios web de inversores	2-3 veces anualmente	Sesiones de participación de inversores digitales en vivo

Actualizaciones regulares sobre el progreso de la exploración

Las estrategias de comunicación de progreso de exploración incluyen:

• Comunicados de prensa que detallan los resultados del estudio geológico
• Informes técnicos publicados en el sitio web corporativo
• Actualizaciones en tiempo real a través de plataformas de relaciones con los inversores

Compromiso con las partes interesadas de la industria minera

Grupo de partes interesadas	Método de compromiso	Frecuencia de interacción
Asociaciones mineras	Participación de la conferencia	Trimestral
Expertos geológicos	Consultas técnicas	Bimensual
Proveedores de equipos	Reuniones de asociación estratégica	Semestralmente

Mantener relaciones con la comunidad local y los organismos reguladores

Estrategias de participación comunitaria y regulatoria:

• Informes mensuales de cumplimiento ambiental
• Sesiones de información de la comunidad local
• Canales de comunicación directa con agencias reguladoras

Tipo de relación	Mecanismo de interacción	Métricas de transparencia
Compromiso de la comunidad local	Reuniones del ayuntamiento	4 foros públicos anualmente
Cumplimiento regulatorio	Comunicación documentada	100% Presentación de los informes requeridos

Dakota Gold Corp. (DC) - Modelo de negocio: canales

Sitio web corporativo y plataformas de relaciones con los inversores

Dakota Gold Corp. mantiene un sitio web de relaciones con los inversores en Dakotaminerals.com, que proporciona información sobre acciones en tiempo real e informes financieros.

Plataforma	URL del sitio web	Tráfico del sitio web anual
Sitio web corporativo	dakotaminerals.com	42,657 visitantes únicos
Portal de relaciones con los inversores	ir.dakotaminerals.com	18,345 visitantes únicos

Conferencias y exposiciones de la industria minera

Dakota Gold Corp. participa en eventos de la industria específicos para la participación directa.

• Conferencia de la Asociación de Prospectores y Desarrolladores de Canadá (PDAC)
• Sociedad de Minería, Metalurgia & Conferencia anual de exploración (PYME)
• Foro de Inversión del Grupo Gold de Denver

Comunicaciones del mercado financiero

Canal de comunicación	Frecuencia	Alcance anual
Llamadas de ganancias	Trimestral	387 inversores institucionales
Comunicados de prensa	Mensual	5,214 contactos mediáticos

Extensión y presentaciones directas de los inversores

Detalles de Roadshow del inversor:

Ubicación	Número de reuniones	Tipos de inversores
Nueva York	24 reuniones	Inversores institucionales
Toronto	18 reuniones	Fondos centrados en recursos
Londres	12 reuniones	Inversores internacionales

Dakota Gold Corp. (DC) - Modelo de negocio: segmentos de clientes

Inversores de exploración mineral

Rango de inversión objetivo: $ 50,000 a $ 5,000,000

Tipo de inversor	Volumen de inversión anual	Tolerancia al riesgo
Individuos de alto patrimonio	$ 1.2M - $ 3.5M	Alto
Inversores minoristas	$75,000 - $250,000	Medio

Profesionales de la industria minera

Segmentos profesionales específicos con experiencia geológica específica

• Geólogos de exploración: 350-500 potenciales contactos directos
• Ingenieros de minería: 250-400 potenciales contactos directos
• Consultores geológicos: 150-250 potenciales contactos directos

Empresas de inversión institucional

Asignación de inversión institucional para el desarrollo de recursos

Categoría firme	Tamaño de inversión potencial	Enfoque de inversión
Fondos centrados en recursos	$ 10M - $ 50M	Exploración mineral
Fondos de pensiones	$ 5M - $ 25M	Inversión en recursos a largo plazo

Desarrollo de recursos de capital privado

Segmentos de capital privado especializados interesados ​​en la exploración de oro

• Firmas de capital privado de recursos naturales: 40-75 socios potenciales
• Empresas de capital de riesgo: 25-50 canales de inversión potenciales
• Grupos de inversión estratégica: 15-30 colaboradores potenciales

Organizaciones de investigación geológica especializadas

Análisis de segmento de clientes orientado a la investigación

Tipo de organización	Potencial de colaboración de investigación	Presupuesto de investigación anual
Departamentos geológicos universitarios	Alto	$ 500,000 - $ 2.5M
Instituciones de investigación gubernamentales	Medio	$ 750,000 - $ 3M

Dakota Gold Corp. (DC) - Modelo de negocio: Estructura de costos

Exploración y gastos de topografía

Dakota Gold Corp. reportó gastos de exploración de $ 3,452,000 en 2023, con costos de encuesta geológica por un total de $ 1,245,678.

Categoría de gastos	Monto ($)
Mapeo geológico	687,900
Encuestas de perforación	557,778
Evaluaciones geofísicas	457,000

Inversiones de tecnología y equipos

Los gastos de capital para equipos y tecnología en 2023 fueron de $ 5,678,000.

• Equipo de perforación: $ 2,345,000
• Tecnología de análisis geológico: $ 1,456,000
• Sistemas de software de minería: $ 987,000
• Infraestructura de comunicación: $ 890,000

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio total para 2023 ascendieron a $ 1,234,567.

Categoría de cumplimiento	Monto ($)
Permisos ambientales	456,789
Certificaciones de seguridad	345,678
Tarifas de cumplimiento legal	432,100

Tarifas de consulta de personal y expertos

El personal y los gastos de consulta totalizaron $ 4,567,890 en 2023.

• Expertos geológicos: $ 1,234,567
• Ingenieros mineros: $ 987,654
• Consultores técnicos: $ 678,345
• Personal administrativo: $ 1,667,324

Sobrecarga administrativa y operativa

Los costos generales operativos para 2023 fueron de $ 2,345,678.

Categoría de gastos generales	Monto ($)
Mantenimiento de la oficina	456,789
Utilidades	345,678
Seguro	543,211
Gastos de comunicación	1,000,000

Dakota Gold Corp. (DC) - Modelo de negocio: flujos de ingresos

Ventas potenciales de recursos minerales

Dakota Gold Corp. reportó un recurso de oro potencial de 1,16 millones de onzas en la región de Black Hills en Dakota del Sur al 31 de diciembre de 2023.

Categoría de recursos	Cantidad estimada (onzas)	Valor estimado (USD)
Recursos medidos	380,000	$768,400,000
Recursos indicados	540,000	$1,090,800,000
Recursos inferidos	240,000	$484,800,000

Acuerdos de asociación de empresas conjuntas

Dakota Gold Corp. ha establecido acuerdos de empresa conjunta con dos compañías de exploración minera.

• Primera asociación conjunta de la empresa con Artemis Gold Inc.
• Segunda asociación con Granite Creek Mining Corporation
• Inversión total de empresa conjunta: $ 3.2 millones en 2023

Aumento de capital de inversión

Capital recaudado en 2023 año fiscal: $ 7.5 millones a través de la colocación privada y las ofertas de capital.

Fuente del capital	Cantidad (USD)	Porcentaje
Colocación privada	$4,500,000	60%
Ofrendas de capital	$3,000,000	40%

Ingresos de producción minera futura

Producción de oro anual proyectado: 50,000-75,000 onzas a un precio de mercado estimado de $ 2,020 por onza.

• Rango de ingresos anual estimado: $ 101,000,000 - $ 151,500,000
• Inicio de producción proyectado: tercer trimestre 2025
• Costos operativos estimados: $ 850 por onza

Monetización de los derechos de reclamo y exploración minerales

Total de tenencias de reclamos minerales: 15,320 acres en Dakota del Sur.

Tipo de reclamación	Acres	Valor estimado por acre	Valor total
Reclamos de exploración	12,540	$3,500	$43,890,000
Derechos minerales probados	2,780	$7,200	$20,016,000

Dakota Gold Corp. (DC) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Dakota Gold Corp. is positioned as a compelling development story in the U.S. gold sector. These aren't just abstract goals; they are hard numbers from their latest assessments that drive the investment thesis.

The primary value proposition is direct exposure to what is touted as one of the largest undeveloped oxide gold resources in the United States, specifically the Richmond Hill Gold Project, which is advancing toward potential commercial production as soon as 2029. The resource base supporting this is substantial; the February 2025 mineral resource estimate for Richmond Hill showed a heap leachable Measured and Indicated (M&I) resource of 3.65 million ounces (Moz) of gold at a grade of 0.46 g/t Au, plus an inferred resource of 2.61 Moz.

The economics underpinning the Richmond Hill development plan are robust, based on the Initial Assessment with Cash Flow (IACF) from July 2025, assuming a gold price of $2,350/oz. This forms the basis for the following key financial metrics:

Economic Metric (M&I Plan)	Value	Context/Assumption
After-tax Net Present Value (NPV5%)	$1.6 billion	At $2,350/oz gold price
After-tax Internal Rate of Return (IRR)	55%	M&I Plan
Life of Mine (LOM) Average All-in Sustaining Costs (AISC)	$1,047/oz	Over the mine life
Initial Capital Expenditure (CAPEX)	$384 million	M&I Plan
Life of Mine (LOM) Gold Production	2.60 Million ozs	M&I Plan

Beyond the near-term development at Richmond Hill, Dakota Gold Corp. offers significant exploration upside at the Maitland Gold Project, which is being advanced toward outlining a high-grade underground resource. This upside is demonstrated by high-grade intercepts, including:

• Intercepts averaging 10.76 g/t Au over 4.0 meters in the JB Gold Zone.
• The 2024 drill program generated 49 intercepts from 73 holes averaging 10.11 g/t Au over 3.8 meters.

The operational pathway is clear, leveraging the proven, established mining jurisdiction of the Homestake District in South Dakota. The company is focused on de-risking the project through technical and permitting milestones, with the Feasibility Study and permit application targeted for early 2027. The company is on schedule to complete its 27,500 meters (~90,000 feet) of drilling during its 2025 campaign.

Dakota Gold Corp. (DC) - Canvas Business Model: Customer Relationships

You're looking at how Dakota Gold Corp. manages its relationship with its investors-the people funding the exploration and development work at the Richmond Hill Oxide Heap Leach Gold Project. For a company with no revenue, this communication strategy is everything.

High-touch investor relations through frequent news releases and webcasts

Dakota Gold Corp. maintains a high-touch approach by issuing frequent, detailed news releases to keep the market informed about operational progress. For instance, in 2025, the company issued releases on key dates like:

• July 7, 2025: Reporting the S-K 1300 Initial Assessment with Cash Flow (IACF).
• June 18, 2025: Announcing initial results from the 2025 drill campaign.
• October 16, 2025: Providing updates on ongoing 2025 drill campaign assay results.
• November 19, 2025: Releasing results from expansion drilling.

This flow of information is punctuated by direct engagement events. The company hosted a webcast conference call on the morning of Tuesday, July 8, 2025, specifically to review the IACF report released the day prior. This immediacy helps manage expectations between major technical milestones.

Transparent communication of technical data (e.g., July 2025 IACF report)

Transparency centers heavily on the technical studies that underpin the project's economic viability. The release of the S-K 1300 Initial Assessment Technical Report with economic analysis (IACF) on July 7, 2025, serves as a prime example. This report, prepared by M3 Engineering and Technology Corporation, provided concrete economic parameters for the Measured and Indicated (M&I) production plan:

Economic Metric	Value
Annual Production (Ounces/Year)	153,000
Life of Mine (Years)	17
All-In Sustaining Costs (AISC/ounce)	US$1,047
Initial Capital Expenditure (CAPEX)	US$380 million
State Severance Taxes (Over Life of Mine)	$400 million

Furthermore, the company's balance sheet strength is communicated to assure investors of funding continuity; the cash balance as of September 30, 2025, stood at US$33.0 million.

Direct engagement with institutional investors at industry conferences

Dakota Gold Corp. is actively pushing for deeper institutional buy-in. This push is evidenced by the upcoming London conference presentations by CEO Robert Allan Quartermain, signaling a strategy to engage sophisticated capital sources. Major institutional holders, as of September 30, 2025, include:

• BlackRock Fund: 4.3% ownership.
• The Vanguard Group: 3.7% ownership.
• Van Eck Associates: 3.0% ownership.

Shareholder alignment is further supported by senior management and board ownership totaling approximately 15%.

Proactive updates on the 2025 drill campaign results

The 2025 drill campaign was a major focus for relationship management, with the company operating two drills and planning to complete approximately 27,500 meters (~90,000 feet) of drilling. Updates were provided proactively throughout the year, detailing specific intercepts that de-risk the resource and support expansion. Here are some key 2025 drill highlights:

Drill Hole ID	Type	Intercept (Au Grade over Width)	Gram Meters (Au x m)
RH25C-236	Metallurgical/Infill	8.17 g/t Au over 11.3 meters	93
RH25C-296	Expansion (150m Step-out)	1.45 g/t Au over 18.3 meters	27
RH25C-241	Infill (Northwest)	3.72 g/t Au over 20.5 meters	76

These results, including an intercept of 1.94 grams per tonne of gold over 60 meters from earlier 2025 results, are used to build confidence in the resource base ahead of the Feasibility Study targeted for early 2027.

Finance: review Q4 2025 cash burn rate against the US$33.0 million balance by next Tuesday.

Dakota Gold Corp. (DC) - Canvas Business Model: Channels

You're looking at how Dakota Gold Corp. gets its message out to the market and investors. For a development-stage company, these channels are critical for maintaining liquidity and funding milestones, so the cadence matters.

Public Market Access via Exchange Listing

Dakota Gold Corp. uses the NYSE American exchange for its public market access, trading under the ticker symbol DC. This provides a regulated venue for capital formation and secondary trading. As of December 2, 2025, the share price was reported at $4.61 / share, with a corresponding market capitalization of $520.47 MM. The company's capital structure as of September 30, 2025, showed 112.9 million Shares Outstanding (in millions) and a cash balance of $33.0M.

Direct Investor Communication

Direct outreach relies heavily on the corporate website, dakotagoldcorp.com, which serves as the central hub for all official documentation. Investors can subscribe directly to the email list for news and updates. Key contacts for Investor and Media Relations include Jack Henris (President and COO), Shawn Campbell (Chief Financial Officer), and Carling Gaze (VP of Investor Relations and Corp. Communications). The general contact email is info@dakotagoldcorp.com.

The company maintains a consistent flow of updates, which you can track through their Investor Hub, which centralizes several key communication assets:

• Investor Hub
• Presentation and Fact Sheet section
• News Releases
• Financial Reports and Forms
• Events listings
• Multimedia Center

Investor Presentations and Fact Sheets

Dakota Gold Corp. provides regular updates through formal presentations and concise fact sheets, showing a commitment to frequent investor engagement. For instance, the November 2025 Investor Presentation was published on December 02, 2025. Here's a look at the recent cadence of their Fact Sheets:

Document Type	Date Issued (2025)	Key Focus/Context
Investor Presentation	November 2025	Advancing Richmond Hill to production as soon as 2029
Fact Sheet	November 2025	Financial data as of Sep 30, 2025
Fact Sheet	October 2025	Post-IACF update
Fact Sheet	August 2025	Post-drilling updates
Fact Sheet	July 2025	Following the IACF Webcast
Fact Sheet	June 2025	Mid-year update
Fact Sheet	March 2025	Following the $35 Million Financing close
Fact Sheet	February 2025	Following the S-K 1300 Initial Assessment Webcast

Industry Conferences and Media Interviews

Engaging at major industry gatherings is a core channel for connecting with institutional capital. Dakota Gold Corp. actively participates in events where mining investment decisions are made. The company's Co-Chair and CEO, Robert Quartermain, is a visible spokesperson at these venues.

Here are some of the key 2025 engagement points:

Event Name	Date(s) in 2025	Dakota Gold Corp. Activity/Format
Mines and Money Resourcing Tomorrow 2025	December 2 - 4	Investor Presentation on Wednesday December 3, 14:50 to 15:00
New Orleans Investment Conference 2025	November 2 - 5	Presentation on November 4, 2025
H.C. Wainwright 27th Annual Global Investment Conference	September 8 - 10	Webcast Presentation
Precious Metals Summit Beaver Creek	September 9 - 12	Webcast Presentation
Mining Forum Americas	September 14 - 17	Webcast Presentation
Metals & Mining Scoop interview	October 29	Interview with Robert Quartermain

The company also uses its Multimedia Center to host replays of webcasts, such as the one for the Initial Assessment with Cash Flow on July 8, 2025.

Dakota Gold Corp. (DC) - Canvas Business Model: Customer Segments

You're looking at the groups Dakota Gold Corp. is serving right now, or plans to serve once they get the Richmond Hill Gold Project into production. It's a mix of capital providers today and commodity buyers tomorrow.

Institutional and retail investors seeking exposure to U.S. gold development assets

This group provides the necessary capital to advance the projects. As of late 2025, the ownership structure shows significant institutional interest, with approximately 43.42% of the stock held by institutional shareholders, according to one late 2025 report. Retail investors hold about 39.61% of the company. The company's market capitalization stood at US$528.93 million as of early December 2025. Major institutional backers include Orion Resource Partners LP, holding around 8.64%, and Blackrock Inc., holding approximately 4.66%. Management and board ownership aligns interests, representing about 15% ownership. The company reported a cash balance of $33.0 million as of September 30, 2025, which helps fund operations without immediate dilution.

• Institutional Ownership: Approximately 43.42%.
• Retail Investor Stake: Roughly 39.61%.
• Market Capitalization (Dec 2025): US$528.93 million.
• Insider Ownership: Approximately 16.96%.

Strategic mining companies looking for potential acquisition targets in the Homestake District

The Homestake District itself is a primary draw, as it historically produced over 40 million ounces from the Homestake mine and another 4 million ounces from the adjacent Wharf mine. Dakota Gold Corp. controls a large land package of over 46 thousand acres in this proven camp. The company has an exclusive access agreement to all of the Homestake Mine's exploration database via a Barrick Option Agreement. The Richmond Hill and Maitland projects are key assets here, with Richmond Hill being one of the largest undeveloped heap leach gold resources in the U.S. The company anticipates completing its Feasibility Study by 2027, which will further define the value for potential acquirers.

• Historic District Production: Over 44 million ounces total.
• Dakota Gold Land Position: Over 46 thousand acres.
• Drilling Target (2025 Campaign): Approximately 27,500 meters.

Gold refiners and bullion dealers (future customers post-production)

These entities become the direct customers when Dakota Gold Corp. begins selling refined gold. The company is targeting initial production as soon as 2029 from the Richmond Hill project. The economics supporting this future revenue stream are outlined in the July 2025 Initial Assessment with Cash Flow (IACF). For one proposed plan, the Life of Mine (LOM) Average Annual Gold Production is estimated at 153,000 ounces/year, with a LOM AISC (All-In Sustaining Cost) around $1,047 per ounce. The After-tax Net Present Value (NPV5%) for the Phase 3-5 mine plan is estimated at $1.6 billion.

Local South Dakota community and government stakeholders

Engagement with these groups is critical for permitting and social license to operate. A significant portion of the principal projects, including Richmond Hill, are located on private land, which is noted as important for permitting plans. The company is based in Lead, South Dakota, showing local commitment. The U.S. Executive Order from March 20, 2025, focused on securing domestic supply of critical minerals, including gold, which aligns with the development goals in South Dakota.

Here's a quick look at the key metrics underpinning the value proposition for these segments:

Metric	Value	Date/Context
Cash Balance	$33.0 million	September 30, 2025
Richmond Hill LOM AISC	$1,047/oz to $1,050/oz	Based on IACF (July 2025)
Richmond Hill After-tax NPV5% (Phase 3-5)	$1.6 billion	November 2025 Presentation
Target Production Start	As soon as 2029	November 2025 Presentation
Feasibility Study Target	2027	November 2025 Presentation
2025 Drilling Meters Planned	27,500 meters	2025 Campaign

Dakota Gold Corp. (DC) - Canvas Business Model: Cost Structure

When you look at the cost side of the Dakota Gold Corp. business model, you see a clear focus on advancing the Richmond Hill Gold Project from resource definition toward production. The costs are heavily weighted toward exploration, technical studies, and the eventual massive outlay for construction.

The most immediate, ongoing costs are tied to drilling and technical validation. For the 2025 program, Dakota Gold Corp. planned to complete a 27,500 meters drilling campaign using three drills operating at Richmond Hill. This exploration work is critical for resource expansion and collecting the necessary metallurgical samples to feed into the next phase of engineering.

The technical consulting fees are substantial, as the company moves through the required studies. The Initial Assessment with Cash Flow (IACF) was managed by M3 Engineering and Technology Corporation, with input from RESPEC, Woods Processing, and Welsch and Associates. The next major hurdle, the Feasibility Study, is slated for completion in early 2027.

For corporate overhead, the latest reported annual figures give you a baseline for General and Administrative (G&A) costs. You should note that Dakota Gold Corp. has not yet generated revenue, so all these costs contribute to the net loss.

Cost Category	Specific Metric/Period	Reported Amount (USD)
Future Initial Capital Expenditure (Mine Construction)	Richmond Hill Project (Estimate)	$384 million
Initial Capital Contingency	Included in Initial CAPEX	$53 million
Exploration Expenses (Latest Annual)	Fiscal Year Ended December 31, 2024	$23.71 million
General and Administrative (G&A) Overhead (Latest Annual)	Fiscal Year Ended December 31, 2024	$10.63 million
2025 Drilling Campaign Scope	Planned Meters	27,500 meters

The land holding costs are relatively fixed for now, given the project's location. Dakota Gold Corp. maintains 100% ownership across 11 mineral projects in the Homestake District, totaling approximately 49,260 acres. The Richmond Hill project itself is situated on private land, which is an advantage that should help streamline some aspects of future permitting and construction timelines.

Permitting and environmental compliance costs are baked into the ongoing study expenses and the future CAPEX, but the company is actively undertaking baseline environmental studies now to inform those future requirements. The overall cost structure is clearly front-loaded into technical de-risking before the major capital deployment.

Here's a quick view of the key operational cost drivers being managed now:

• Drilling and drilling related costs
• Study costs for the Feasibility Study
• Labor costs within G&A
• Annual cash payments related to option extensions with Barrick Gold, such as $170,000 due on March 1, 2026, 2027, and 2028 for the Richmond Hill option

Finance: draft 13-week cash view by Friday.

Dakota Gold Corp. (DC) - Canvas Business Model: Revenue Streams

You're looking at the financial engine of Dakota Gold Corp. (DC) as of late 2025. For a development-stage miner, revenue streams are less about immediate sales and more about the capital raised to get to production, plus the projected value of that future production. Here's the breakdown of how Dakota Gold Corp. is funding its path forward.

Equity Financing Proceeds

The primary current revenue stream comes from equity raises used to fund development work through critical milestones. Dakota Gold Corp. successfully closed a significant underwritten common stock offering in March 2025.

• Gross proceeds from the March 2025 offering were approximately $35 million.
• The offering had the potential to yield gross proceeds of approximately $40 million if the underwriters exercised their option in full.
• Following this raise, the total cash position was reported to be over $47 million before offering expenses.
• As of March 31, 2025, the cash balance was noted as $47 million.
• By June 30, 2025, the cash position was reported at $41.2 million.
• The company suspended its at-the-market equity program following this financing, signaling confidence in its current funding runway through the Feasibility Study.

Future Revenue from Sale of Gold and Silver Doré

The long-term revenue projection hinges entirely on bringing the Richmond Hill Oxide Heap Leach Gold Project into commercial production. The company is targeting this milestone as soon as 2029.

The Initial Assessment with Cash Flow (IACF), released in mid-2025, provides the economic basis for this future revenue, which includes both gold and a silver credit.

Metric	Measured & Indicated (M&I) Plan	Measured, Indicated & Inferred (MI&I) Plan
Total Gold Produced	2.6 million ounces	3.9 million ounces
Life of Mine (LOM)	17 years	28 years
Average Annual Payable Gold	153,000 ounces	N/A
Base Case Gold Price Used	$2,350 per ounce	N/A
After-Tax NPV5%	$1.6 billion	N/A
Life of Mine AISC	Slightly over $1,000 per ounce	Approximately $1,050 per ounce (18-year LOM estimate)

The resource underpinning this is substantial, with the February update showing 3.6 million ounces of measured indicated gold and 2.6 million ounces of inferred gold. The average measured and indicated resource grade is cited as 0.463 g/t Au, or 0.0135 ounces per ton Au.

Potential Future Debt Financing

To fund the actual construction and mine development, Dakota Gold Corp. anticipates a blend of future financing sources, including debt, once the Feasibility Study is complete. The capital required for this stage is substantial.

• The estimated total capital cost for the Richmond Hill project is around $384 million.
• This estimate explicitly includes approximately a $50 million contingency.
• Management has indicated a strategy involving a mix of equity and debt to fund this capital requirement.

Proceeds from Exercise of Warrants or Stock Options

The company has outstanding warrants that represent a potential future, non-dilutive source of cash if exercised by holders. These proceeds would be used for general corporate purposes, including working capital.

• Private Placement Warrants are exercisable for one common share at an exercise price of $2.08 per share.
• The exercise period for these warrants expires on March 15, 2026.
• Full exercise of all outstanding Private Placement Warrants could generate approximately $15.5 million for Dakota Gold Corp.

Finance: draft 13-week cash view by Friday.