Dakota Gold Corp. (DC): Business Model Canvas [Dec-2025 Updated]

Honestly, when you look at a pure-play explorer like Dakota Gold Corp. sitting on a 3.65 million ounce Measured and Indicated resource at Richmond Hill, the real question for us analysts is the transition from potential to production. As of September 2025, they have $33.0 million cash on hand, which is key because it fully funds the Feasibility Study needed to hit their 2029 production target in a stable U.S. jurisdiction. With economics showing a $1.6 billion NPV at a low projected AISC of $1,047/oz, the value proposition is strong, but the near-term risk centers on executing that massive 27,500-meter drill campaign this year. Dive into the Business Model Canvas below to see precisely how Dakota Gold Corp. is structuring its operations, partnerships, and financing to de-risk this path to becoming a domestic gold producer.

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

You're looking at the core external relationships Dakota Gold Corp. relies on to move its Richmond Hill and Maitland projects forward, especially after securing major funding in early 2025. These partnerships are critical for technical execution and financial stability.

The financing partnership with financial institutions was a major event. Dakota Gold Corp. closed a successful underwritten common stock offering on March 20, 2025, raising gross proceeds of approximately $35 million. 12.4 million shares were offered, with an underwriter option for up to an additional 1.86 million shares that could have pushed gross proceeds to $40 million. This capital infusion resulted in a cash balance of over $47 million as of March 31, 2025, before offering expenses, which the Company stated fully funds them through the completion of the Feasibility Study. This move also allowed Dakota Gold Corp. to suspend its at-the-market equity program.

The syndicate of financial institutions supporting this raise included BMO Capital Markets as the lead book-running manager, Canaccord Genuity as a book-running manager, and CIBC Capital Markets, RBC Capital Markets, Scotiabank, and Agentis Capital Markets Partnership as co-managers.

For the critical Feasibility Study management, Dakota Gold Corp. relies on specialized engineering and consulting firms:

• M3 Engineering acts as the overall Study Manager and leads processing aspects for the Feasibility Study planning.
• RESPEC manages the mining and environmental components of the Feasibility Study.
• The Feasibility Study itself is targeted for completion in early 2027.

The technical work for the Initial Assessment with Cash Flow (IACF), targeted for mid-2025, involved M3 leading the group of subject matter consultants.

Resource modeling and technical updates, particularly for the Maitland Gold Project, involve specific retained experts. Mike Hester of IMC was retained to assess exploration data to outline an initial inferred gold resource for the JB Gold Zone and Unionville Zone, with work expected to conclude in the fall of 2025. IMC is also tasked with providing an update to the resource based on new drilling results.

Metallurgical testing, a key component for the Feasibility Study, involves several groups:

Consulting Group	Role/Test Focus	Key Activity/Timeline
Forte Dynamics	Conduct metallurgical test work for the Feasibility Study	Testing scheduled for Q4 2025 - Q3 2026.
Woods Processing	Qualified Person for metallurgy and design/operation of the heap leach	Attended engineering meetings on Richmond Hill.
Welsch and Associates	Qualified Person for metallurgy and design/operation of the heap leach	Attended engineering meetings on Richmond Hill.

Dakota Gold Corp. sent an initial two composite samples totaling 1,500 pounds to Forte Dynamics for column testing.

The relationship with Barrick Gold Corporation is foundational, given Dakota Gold Corp.'s focus on the legacy of the 145-year-old Homestake Gold Mining District.

Key financial and access agreements with Barrick Gold Corporation include:

• Surface Option Agreement: Extended until December 31, 2028, requiring additional annual payments of $340,000, with the first due March 1, 2026.
• Maitland Purchase Agreement: Involved $3.5 million cash and the issuance of 750,000 shares, granting Barrick a 2.5% NSR.
• Barrick holds a potential interest of up to 7.48% in Dakota Gold Corp., representing a potential holding of 5.55 million common shares.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core operational drivers for Dakota Gold Corp. as of late 2025. These are the specific actions they are executing to move their projects toward production, grounded in the numbers from their recent updates.

Execute the 27,500-meter 2025 drill campaign at Richmond Hill

Dakota Gold Corp. planned to complete approximately 27,500 meters (or ~90,000 feet) of drilling during the 2025 campaign at the Richmond Hill Oxide Heap Leach Gold Project. The drilling uses a mix of reverse circulation and core drilling techniques. As of early December 2025, the company was operating two drills on site. The core drilling component was specifically designed to collect metallurgical samples, perform infill drilling to upgrade the existing resource, and carry out expansion drilling where the resource remains open.

The drilling has yielded high-grade intercepts that exceed the average resource grade. For example:

• Metallurgical drill hole RH25C-236 intersected 8.17 grams per tonne gold (g/t Au) over 11.3 meters (93 gram meters) at surface in the central area.
• Expansion drill hole RH25C-296 intersected 1.45 g/t Au over 18.3 meters (27 gram meters) in a step-out 150 meters (500 ft) north of the current Measured and Indicated resource boundary.

Advance the Richmond Hill Oxide Heap Leach Project to a Feasibility Study

The primary technical goal is advancing the Richmond Hill Project toward a Feasibility Study (FS), which is targeted for completion in early 2027. The company announced that the FS is fully funded following a $35 million offering, which brought their total cash position to more than $47 million before expenses at that time. An analyst noted a strong balance sheet of US$33 million in cash as of September 30, 2025, which fully funds the company through the FS completion. The underlying economics are informed by the July 7, 2025 Initial Assessment with Cash Flow (IACF), which outlined production of 153,000 ounces per year over 17 years at US$1,047/ounce AISC (all-in sustaining costs), with an initial capital expenditure of US$380 million.

Conduct metallurgical test work to refine the heap leach process

Metallurgical test work is a critical input for the Feasibility Study. Dakota Gold Corp. selected Forte Dynamics to conduct this testing. The company completed metallurgical drilling and advanced to column testing, sending an initial two composite samples totaling 1,500 pounds for testing, with results expected before year-end 2025. The results from this work will inform follow-up metallurgical drilling and testing planned for 2026.

Outline an initial inferred gold resource at the Maitland Gold Project

At the Maitland Gold Project, Dakota Gold Corp. retained consultants to assess exploration data from the JB Gold Zone and the Unionville Zone with the intent of outlining an initial inferred gold resource, with work expected to be completed in the fall of 2025. While the final 2025 outline isn't confirmed in the latest data, prior exploration results provide context for the potential:

Zone	Average Grade	Intercept Width	Example Intercept Grade
JB Gold Zone	10.76 g/t Au	4.0 meters	25.03 g/t Au over 4.4 meters (MA24C-038)
Unionville Zone	4 g/t Au	6.4 meters	3.33 g/t Au over 9.9 meters (July 2024)

The 2024 resource update for Maitland outlined 58.1 million inferred tonnes grading 0.61 gram gold for 1.1 million ounces.

Secure environmental baseline studies and permitting for future production

Permitting activities are advancing in parallel with the Feasibility Study, which is targeted for completion in early 2027, aligning with the permit application target date. Dakota Gold Corp. successfully completed drilling and pump installation at all 28 water wells required for permitting, in consultation with the South Dakota Department of Agriculture and Natural Resources (SD DANR).

The next step in this process involves:

• Start water sampling in November 2025.
• Conduct 12 months of monitoring following the sampling start.
• The Project footprint is located on private land, which streamlines the requirement to state and county permits.

The company intends to mobilize drills to Richmond Hill on April 1 and 'could see potential' production in 2029.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Dakota Gold Corp. (DC) is leaning on to drive its development strategy in the Homestake District. These aren't abstract concepts; they are hard numbers and tangible holdings that anchor the near-term plan.

Financially, the company holds a $33.0 million cash balance as of September 30, 2025. Honestly, this is a critical resource because it fully funds the ongoing Feasibility Study work, which is a major de-risking milestone for any project. This funding position alleviates immediate dilution concerns while they push toward the Feasibility Study expected in 2027.

The physical footprint is substantial. Dakota Gold Corp. controls over 48,000 mineral acres within the historic Homestake District. A key advantage here is that the principal projects, including Richmond Hill and Maitland, are located on private land. This private ownership status is a major factor in simplifying the permitting process compared to federal land, which is a distinct operational benefit.

Here's a quick look at the core quantifiable resources driving the valuation narrative:

Resource Category	Metric	Value
Financial Strength (as of Sep 30, 2025)	Cash Balance	$33.0 million
Land Position	Total Mineral Acres in Homestake District	Over 48,000
Richmond Hill Resource (Heap Leachable)	Measured and Indicated Gold Ounces	3.65 million ounces
Richmond Hill Resource (Heap Leachable)	Inferred Gold Ounces	2.61 million ounces
2025 Exploration Activity	Planned Drilling Completion	Approximately 27,500 meters

The human capital is another non-negotiable resource. The leadership team brings direct, relevant experience, specifically with operational history at both the Homestake Mine and the adjacent Wharf Mine. This local, deep-seated knowledge is invaluable when planning a new heap leach operation similar to the nearby Wharf Mine, which generated over $100M in annual free cash flow in a recent year. Furthermore, shareholder alignment is strong, with senior management and board ownership sitting around ~15% of the company.

Other important supporting resources include:

• The Richmond Hill project's mineralization is described as shallow, with portions exposed at or near surface.
• The July 2025 Initial Assessment with Cash Flow (IACF) outlined a potential production profile of 153,000 ounces per year over 17 years.
• The IACF estimated initial capital expenditure at $380 million with an All-In Sustaining Cost (AISC) of $1,047/ounce.
• The company is targeting commercial production by 2029.

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.