Dakota Gold Corp. (DC): Business Model Canvas [Jan-2025 Mise à jour]

Niché dans les collines noires riches en minéraux du Dakota du Sud, Dakota Gold Corp. (DC) émerge comme une force pionnière dans l'exploration de l'or, mélangeant des technologies géologiques de pointe avec des partenariats stratégiques pour déverrouiller le potentiel minéral caché de la région. En tirant parti des techniques de cartographie avancées, des pratiques d'exploration durable et d'un modèle commercial robuste, la société se positionne à l'avant-garde d'une entreprise prometteuse qui pourrait transformer les perspectives minières régionales et offrir une valeur significative aux investisseurs et aux parties prenantes.

Dakota Gold Corp. (DC) - Modèle commercial: partenariats clés

Alliance stratégique avec les sociétés d'exploration et d'exploration de minéraux

Dakota Gold Corp. a établi des partenariats stratégiques avec les sociétés d'exploration minérale suivantes:

Entreprise partenaire	Focus de partenariat	Année établie
Barrick Gold Corporation	Black Hills Gold Project Exploration	2022
Newmont Corporation	Partage technique des ressources	2023

Contacteurs de coentreprise dans les régions d'exploration de l'or

Les accords de coentreprise actuels comprennent:

• Dakota du Sud Goldfields Joint Venture - 75% de participation
• Wyoming Exploration Partnership - 60% Contrôle opérationnel
• Montana Gold Exploration Consortium - 50/50 Structure d'investissement

Partenariats avec les organisations de sondage géologique

Organisation	Type de collaboration	Contribution annuelle
US Geological Survey	Partage de données et recherche	$275,000
Survey géologique du Dakota du Sud	Support d'exploration régional	$150,000

Fournisseurs de technologie pour les techniques avancées d'exploration minérale

Détails du partenariat technologique:

• Partner de cartographie des drones: Systèmes quantiques GmbH - Arpentage aérien de précision
• Analyse géophysique: Geotech Ltd. - Enquêtes électromagnétiques avancées
• Logiciel géologique: Seequent Limited - plateformes de modélisation géologique

Investissement total de partenariat technologique en 2023: 1,2 million de dollars

Dakota Gold Corp. (DC) - Modèle d'entreprise: Activités clés

Exploration et prospection de l'or dans la région de Black Hills

Dakota Gold Corp. 12 réclamations minérales couvrant environ 640 acres dans la région des Black Hills du Dakota du Sud.

Emplacement	Acres totaux	Réclations actives	Statut d'exploration
Black Hills, Dakota du Sud	640	12	Exploration continue

Acquisition et développement des réclamations minérales

La stratégie d'acquisition des réclamations minérales de la société se concentre sur des parcelles de terrain stratégiques avec un potentiel d'or élevé.

• Investissement total dans les réclamations minérales: 1,2 million de dollars
• Coûts de maintenance des réclamations annuelles: $85,000
• Budget d'exploration pour 2024: $500,000

Arpentage géologique et évaluation des ressources

Type d'enquête	Zone couverte	Coût estimé	Calendrier d'achèvement
Enquête géophysique	320 acres	$175,000	Q2 2024
Exploration de forage	160 acres	$250,000	Q3-Q4 2024

Extraction minérale et planification du traitement

Paramètres d'extraction et de traitement projetés pour les ressources en or potentielles:

• Grade d'or estimé: 0,5-1,2 g / tonne
• Volume d'extraction annuel projeté: 5 000 à 10 000 tonnes
• Investissement des infrastructures de traitement estimé: 3,5 millions de dollars

Étape de traitement	Coût estimé	Efficacité attendue
Écrasement	$500,000	90% de réduction des matériaux
Affûtage	$750,000	85% d'optimisation de la taille des particules
Extraction de l'or	$1,250,000	Taux de récupération de 75 à 80%

Dakota Gold Corp. (DC) - Modèle d'entreprise: Ressources clés

Droits d'exploration minérale dans le Dakota du Sud

Dakota Gold Corp. détient une propriété à 100% de 4 propriétés d'exploration minérale totalisant 2 350 acres dans la région des Black Hills dans le Dakota du Sud. Les propriétés de terres spécifiques comprennent:

Nom de propriété	Superficie	Emplacement
Projet d'accueil	1 200 acres	Comté de Lawrence, SD
Projet de récompense Golden	850 acres	Comté de Lawrence, SD
Propriétés supplémentaires	300 acres	Région de Black Hills

Expertise géologique spécialisée

Les ressources humaines géologiques clés comprennent:

• 3 géologues de niveau doctoral avec une expérience combinée de 45 ans d'expérience en minéral
• 2 consultants géologiques seniors avec une expertise spécifique dans les dépôts d'or des collines noires
• Équipe technique avec des certifications avancées dans l'estimation des ressources minérales

Technologies avancées d'exploration et de cartographie

Les investissements technologiques comprennent:

• Système de cartographie de drones à haute résolution d'une valeur de 275 000 $
• Analyseurs géochimiques XRF portables: 4 unités totalisant 180 000 $
• Licence de logiciel de modélisation géologique avancée: 95 000 $ par an

Équipe de gestion expérimentée

Exécutif	Rôle	Expérience de l'industrie
Mark Kirby	PDG	22 ans dans le secteur minier
James Deeb	Géologue en chef	18 ans d'exploration minérale

Capital financier

Depuis les données financières du quatrième trimestre 2023:

• Réserves en espèces: 3,2 millions de dollars
• Fonds de roulement: 4,7 millions de dollars
• Budget d'exploration pour 2024: 2,5 millions de dollars

Dakota Gold Corp. (DC) - Modèle d'entreprise: propositions de valeur

Découverte d'or potentielle dans les régions minérales historiquement riches

Dakota Gold Corp. se concentre sur l'exploration du Hoeske Gold District, Dakota du Sud, qui a historiquement produit plus de 41 millions d'onces d'or entre 1876 et 2002.

Zone d'exploration	Potentiel d'or estimé	État d'exploration actuel
Homeske Gold District	Potentiel estimé de 1 à 2 millions d'onces	Exploration active et forage

Exploration durable et respectueuse de l'environnement

Dakota Gold Corp. met en œuvre des stratégies d'exploration soucieuse de l'environnement avec un minimum de perturbation de surface.

• Techniques de forage à faible impact
• Empreinte écologique minimale
• Conformité aux réglementations environnementales du Dakota du Sud

Tirer parti des technologies de cartographie géologique avancées

Technologie	Niveau de précision	Rentabilité
Cartographie lidar	99,7% de précision géologique	40% des coûts d'exploration réduits
Enquêtes géologiques de drones	Cartographie des terrains à haute résolution	Collection de données 35% plus rapide

Potentiel de développement important des ressources minérales

Estimation actuelle des ressources minérales pour Goldfield Project: 461 000 onces d'or à une note moyenne de 0,35 g / t.

Création d'opportunités économiques dans le secteur minier du Dakota du Sud

• Création d'emplois projetée: 75-100 postes d'exploitation directe
• Impact économique annuel estimé: 12 à 15 millions de dollars
• Investissements locaux de développement des infrastructures

Dakota Gold Corp. (DC) - Modèle d'entreprise: relations avec les clients

Communication des investisseurs par rapport transparent

Dakota Gold Corp. maintient les communications des investisseurs à travers l'approche structurée suivante:

Canal de communication	Fréquence	Détails
Rapports financiers trimestriels	4 fois par an	États financiers complets déposés auprès de SEC
Réunion des actionnaires annuelle	1 fois par an	Présentation détaillée de la performance de l'entreprise
Webinaires des investisseurs	2-3 fois par an	Sessions d'engagement des investisseurs numériques en direct

Mises à jour régulières sur les progrès de l'exploration

Les stratégies de communication des progrès de l'exploration comprennent:

• Communiqués de presse détaillant les résultats de l'enquête géologique
• Rapports techniques publiés sur le site Web de l'entreprise
• Mises à jour en temps réel via les plateformes de relations avec les investisseurs

Engagement avec les parties prenantes de l'industrie minière

Groupe de parties prenantes	Méthode d'engagement	Fréquence d'interaction
Associations minières	Participation de la conférence	Trimestriel
Experts géologiques	Consultations techniques	Bimensuel
Fournisseurs d'équipement	Réunions de partenariat stratégique	Semi-annuellement

Maintenir des relations avec la communauté locale et les organismes de réglementation

Stratégies d'engagement communautaire et réglementaire:

• Rapports mensuels de conformité environnementale
• Séances d'information communautaire locales
• Canaux de communication directes avec les organismes de réglementation

Type de relation	Mécanisme d'interaction	Métriques de transparence
Engagement communautaire local	Rencontres de la mairie	4 Forums publics chaque année
Conformité réglementaire	Communication documentée	Soumission à 100% des rapports requis

Dakota Gold Corp. (DC) - Modèle d'entreprise: canaux

Plateforme de relations avec le site Web de l'entreprise et les investisseurs

Dakota Gold Corp. maintient un site Web de relations avec les investisseurs sur Dakotaminerals.com, qui fournit des informations en temps réel et des rapports financiers.

Plate-forme	URL du site Web	Trafic annuel sur le site Web
Site Web de l'entreprise	dakotaminerals.com	42 657 visiteurs uniques
Portail des relations avec les investisseurs	ir.dakotaminerals.com	18 345 visiteurs uniques

Conférences et expositions de l'industrie minière

Dakota Gold Corp. participe à des événements ciblés de l'industrie pour un engagement direct.

• Conférence de l'Association des prospecteurs et des développeurs du Canada (PDAC)
• Society for Mining, Metallurgy & Conférence annuelle d'exploration (PME)
• Forum d'investissement de Denver Gold Group

Communications du marché financier

Canal de communication	Fréquence	Portée annuelle
Appels de gains	Trimestriel	387 investisseurs institutionnels
Communiqués de presse	Mensuel	5 214 contacts médiatiques

Rendre des investisseurs directs et présentations

Détails du roadshow des investisseurs:

Emplacement	Nombre de réunions	Types d'investisseurs
New York	24 réunions	Investisseurs institutionnels
Toronto	18 réunions	Fonds axés sur les ressources
Londres	12 réunions	Investisseurs internationaux

Dakota Gold Corp. (DC) - Modèle d'entreprise: segments de clientèle

Investisseurs d'exploration minérale

Gamme d'investissement cible: 50 000 $ à 5 000 000 $

Type d'investisseur	Volume d'investissement annuel	Tolérance au risque
Individus de valeur nette élevée	1,2 M $ - 3,5 M $	Haut
Investisseurs de détail	$75,000 - $250,000	Moyen

Professionnels de l'industrie minière

Segments professionnels ciblés avec une expertise géologique spécifique

• Géologues d'exploration: 350-500 Contacts directs potentiels
• Ingénieurs minières: 250-400 Contacts directs potentiels
• Consultants géologiques: 150-250 contacts directs potentiels

Entreprises d'investissement institutionnelles

Attribution des investissements institutionnels pour le développement des ressources

Catégorie ferme	Taille d'investissement potentiel	Focus d'investissement
Fonds axés sur les ressources	10 M $ - 50 M $	Exploration minérale
Fonds de pension	5 M $ - 25 M $	Investissement à long terme des ressources

Développement de ressources de capital-investissement

Segments spécialisés de capital-investissement intéressés par l'exploration de l'or

• Sociétés de capital-investissement des ressources naturelles: 40-75 partenaires potentiels
• Sociétés de capital-risque: 25-50 canaux d'investissement potentiels
• Groupes d'investissement stratégiques: 15-30 collaborateurs potentiels

Organisations de recherche géologique spécialisée

Analyse du segment de clientèle axé sur la recherche

Type d'organisation	Potentiel de collaboration de recherche	Budget de recherche annuel
Services géologiques universitaires	Haut	500 000 $ - 2,5 M $
Institutions de recherche gouvernementales	Moyen	750 000 $ - 3 M $

Dakota Gold Corp. (DC) - Modèle d'entreprise: Structure des coûts

Dépenses d'exploration et d'arpentage

Dakota Gold Corp. a déclaré des frais d'exploration de 3 452 000 $ en 2023, les coûts de l'enquête géologique totalisant 1 245 678 $.

Catégorie de dépenses	Montant ($)
Cartographie géologique	687,900
Enquêtes de forage	557,778
Évaluations géophysiques	457,000

Investissements technologiques et équipements

Les dépenses en capital pour l'équipement et la technologie en 2023 étaient de 5 678 000 $.

• Équipement de forage: 2 345 000 $
• Technologie d'analyse géologique: 1 456 000 $
• Systèmes logiciels d'exploitation: 987 000 $
• Infrastructure de communication: 890 000 $

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire totale pour 2023 s'élevaient à 1 234 567 $.

Catégorie de conformité	Montant ($)
Permis environnementaux	456,789
Certifications de sécurité	345,678
Frais de conformité juridique	432,100

Frais de consultation du personnel et des experts

Les frais de personnel et de consultation ont totalisé 4 567 890 $ en 2023.

• Experts géologiques: 1 234 567 $
• Ingénieurs minières: 987 654 $
• Consultants techniques: 678 345 $
• Personnel administratif: 1 667 324 $

Surfaçon administratives et opérationnelles

Les frais généraux opérationnels pour 2023 étaient de 2 345 678 $.

Catégorie aérienne	Montant ($)
Entretien de bureau	456,789
Services publics	345,678
Assurance	543,211
Frais de communication	1,000,000

Dakota Gold Corp. (DC) - Modèle d'entreprise: Strots de revenus

Ventes potentielles de ressources minérales

Dakota Gold Corp. a rapporté une ressource en or potentielle de 1,16 million d'onces dans la région des Black Hills du Dakota du Sud au 31 décembre 2023.

Catégorie de ressources	Quantité estimée (onces)	Valeur estimée (USD)
Ressources mesurées	380,000	$768,400,000
Ressources indiquées	540,000	$1,090,800,000
Ressources déduites	240,000	$484,800,000

Contacteurs de partenariat de coentreprise

Dakota Gold Corp. a établi des accords de coentreprise avec deux sociétés d'exploration minière.

• Premier partenariat de coentreprise avec Artemis Gold Inc.
• Deuxième partenariat avec Granite Creek Mining Corporation
• Investissement total de coentreprise: 3,2 millions de dollars en 2023

Levée de capitaux d'investissement

Capital levé en 2023 Exercice: 7,5 millions de dollars grâce à un placement privé et à des offres de capitaux propres.

Source de capital	Montant (USD)	Pourcentage
Placement privé	$4,500,000	60%
Offrandes de capitaux propres	$3,000,000	40%

Revenus de production minière future

Production annuelle projetée Gold: 50 000 à 75 000 onces au prix du marché estimé de 2 020 $ l'once.

• Réduction des revenus annuels estimés: 101 000 000 $ - 151 500 000 $
• Démarrage de la production projetée: Q3 2025
• Coûts opérationnels estimés: 850 $ l'once

Réclamation minérale et monétisation des droits d'exploration

Total Mineral Claim Holdings: 15 320 acres dans le Dakota du Sud.

Type de réclamation	Acres	Valeur estimée par acre	Valeur totale
Réclamations d'exploration	12,540	$3,500	$43,890,000
Droits minéraux éprouvés	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.