Dakota Gold Corp. (DC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Aninhado nas colinas negras ricas em minerais de Dakota do Sul, a Dakota Gold Corp. (DC) surge como uma força pioneira na exploração de ouro, misturando tecnologias geológicas de ponta com parcerias estratégicas para desbloquear o potencial mineral oculto da região. Ao alavancar técnicas avançadas de mapeamento, práticas de exploração sustentáveis ​​e um modelo de negócios robusto, a empresa se posiciona na vanguarda de um empreendimento promissor que poderia transformar as perspectivas regionais de mineração e oferecer um valor significativo aos investidores e partes interessadas.

Dakota Gold Corp. (DC) - Modelo de Negócios: Principais Parcerias

Aliança estratégica com empresas de exploração e mineração minerais

A Dakota Gold Corp. estabeleceu parcerias estratégicas com as seguintes empresas de exploração e mineração de minerais:

Empresa parceira	Foco em parceria	Ano estabelecido
Barrick Gold Corporation	Black Hills Gold Project Exploration	2022
Newmont Corporation	Compartilhamento de Recursos Técnicos	2023

Acordos de joint venture em regiões de exploração de ouro

Os acordos atuais de joint venture incluem:

• Joint venture de Dakota Goldfields de Dakota do Sul - 75% de participação de propriedade
• Parceria de exploração de Wyoming - 60% de controle operacional
• Montana Gold Exploration Consortium - Estrutura de investimento 50/50

Parcerias com organizações de pesquisa geológica

Organização	Tipo de colaboração	Contribuição anual
Pesquisa geológica dos EUA	Compartilhamento de dados e pesquisa	$275,000
Pesquisa geológica de Dakota do Sul	Suporte de exploração regional	$150,000

Provedores de tecnologia para técnicas avançadas de exploração mineral

Detalhes da parceria de tecnologia:

• Parceiro de mapeamento de drones: Sistemas Quânticos GmbH - Pesquisa Aérea de Precisão
• Análise geofísica: Geotech Ltd. - Pesquisas eletromagnéticas avançadas
• Software geológico: SeeQuent Limited - plataformas de modelagem geológica

Investimento de parceria de tecnologia total em 2023: US $ 1,2 milhão

Dakota Gold Corp. (DC) - Modelo de Negócios: Atividades -chave

Exploração e prospecção de ouro na região de Black Hills

Dakota Gold Corp. atualmente 12 reivindicações minerais cobrindo aproximadamente 640 acres na região de Black Hills, de Dakota do Sul.

Localização	Total de acres	Reivindicações ativas	Status de exploração
Black Hills, Dakota do Sul	640	12	Exploração em andamento

Aquisição e desenvolvimento de reivindicações minerais

A estratégia de aquisição de reivindicações minerais da empresa se concentra em parcelas estratégicas de terras com alto potencial de ouro.

• Investimento total em reivindicações minerais: US $ 1,2 milhão
• Custos anuais de manutenção de reivindicações: $85,000
• Orçamento de exploração para 2024: $500,000

Surveição geológica e avaliação de recursos

Tipo de pesquisa	Área coberta	Custo estimado	Linha do tempo de conclusão
Pesquisa geofísica	320 acres	$175,000	Q2 2024
Exploração de perfuração	160 acres	$250,000	Q3-Q4 2024

Extração mineral e planejamento de processamento

Parâmetros de extração e processamento projetados para possíveis recursos de ouro:

• Grau de ouro estimado: 0,5-1,2 g/ton
• Volume anual de extração projetado: 5.000 a 10.000 toneladas
• Investimento estimado de infraestrutura de processamento: US $ 3,5 milhões

Estágio de processamento	Custo estimado	Eficiência esperada
Esmagando	$500,000	Redução de material de 90%
Moagem	$750,000	85% de otimização de tamanho de partícula
Extração de ouro	$1,250,000	Taxa de recuperação de 75-80%

Dakota Gold Corp. (DC) - Modelo de negócios: Recursos -chave

Direitos de exploração mineral em Dakota do Sul

A Dakota Gold Corp. detém 100% de propriedade de 4 propriedades de exploração mineral, totalizando 2.350 acres na região de Black Hills, em Dakota do Sul. As propriedades de terra específicas incluem:

Nome da propriedade	Cultura	Localização
Projeto de Homestake	1.200 acres	Condado de Lawrence, sd
Projeto de recompensa de ouro	850 acres	Condado de Lawrence, sd
Propriedades suplementares	300 acres	Região de Black Hills

Experiência geológica especializada

Os principais recursos humanos geológicos incluem:

• 3 geólogos em nível de doutorado com 45 anos de experiência em exploração mineral
• 2 consultores geológicos seniores com experiência específica em depósitos de ouro em Black Hills
• Equipe técnica com certificações avançadas em estimativa de recursos minerais

Tecnologias avançadas de exploração e mapeamento

Os investimentos em tecnologia incluem:

• Sistema de mapeamento de drones de alta resolução, avaliado em US $ 275.000
• Analisadores geoquímicos portáteis de XRF: 4 unidades totalizando US $ 180.000
• Licença avançada de software de modelagem geológica: US $ 95.000 anualmente

Equipe de gerenciamento experiente

Executivo	Papel	Experiência do setor
Mark Kirby	CEO	22 anos no setor de mineração
James Deeb	Geólogo -chefe	18 anos de exploração mineral

Capital financeiro

A partir do quarto trimestre 2023 dados financeiros:

• Reservas de caixa: US $ 3,2 milhões
• Capital de giro: US $ 4,7 milhões
• Orçamento de exploração para 2024: US $ 2,5 milhões

Dakota Gold Corp. (DC) - Modelo de Negócios: Proposições de Valor

Potencial descoberta de ouro em regiões minerais historicamente ricas

A Dakota Gold Corp. se concentra na exploração no distrito de ouro de Homestake, Dakota do Sul, que historicamente produziu mais de 41 milhões de onças de ouro entre 1876 e 2002.

Área de exploração	Potencial estimado de ouro	Status de exploração atual
Distrito de Gold Homestake	Potencial estimado de 1-2 milhões de onças	Exploração ativa e perfuração

Exploração sustentável e ambientalmente responsável

A Dakota Gold Corp. implementa estratégias de exploração ambientalmente conscientes com o mínimo de perturbação superficial.

• Técnicas de perfuração de baixo impacto
• Pegada mínima ecológica
• Conformidade com os regulamentos ambientais de Dakota do Sul

Aproveitando tecnologias de mapeamento geológico avançado

Tecnologia	Nível de precisão	Eficiência de custos
Mapeamento do LIDAR	99,7% de precisão geológica	40% custos de exploração reduzidos
Pesquisas geológicas do drone	Mapeamento de terrenos de alta resolução	35% de coleta de dados mais rápida

Potencial para desenvolvimento significativo de recursos minerais

Estimativa atual de recursos minerais para o projeto Goldfield: 461.000 onças de ouro a uma nota média de 0,35 g/t.

Criação de oportunidades econômicas no setor de mineração de Dakota do Sul

• Criação de emprego projetada: 75-100 posições de mineração direta
• Impacto econômico anual estimado: US $ 12-15 milhões
• Investimentos locais de desenvolvimento de infraestruturas

Dakota Gold Corp. (DC) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação dos investidores por meio de relatórios transparentes

A Dakota Gold Corp. mantém as comunicações dos investidores através da seguinte abordagem estruturada:

Canal de comunicação	Freqüência	Detalhes
Relatórios financeiros trimestrais	4 vezes por ano	Demonstrações financeiras abrangentes arquivadas na Sec
Reunião Anual dos Acionistas	1 tempo por ano	Apresentação detalhada do desempenho da empresa
Webinars de investidores	2-3 vezes anualmente	Sessões de engajamento ao vivo do investidor digital

Atualizações regulares sobre o progresso da exploração

Estratégias de comunicação de progresso da exploração incluem:

• Comunicamentos de imprensa detalhando os resultados da pesquisa geológica
• Relatórios técnicos publicados no site corporativo
• Atualizações em tempo real através de plataformas de relações com investidores

Engajamento com as partes interessadas da indústria de mineração

Grupo de partes interessadas	Método de engajamento	Frequência de interação
Associações de mineração	Participação da conferência	Trimestral
Especialistas geológicos	Consultas técnicas	Bimensal
Fornecedores de equipamentos	Reuniões de Parceria Estratégica	Semestralmente

Manter relacionamentos com a comunidade local e os órgãos regulatórios

Estratégias de engajamento comunitário e regulatório:

• Relatórios mensais de conformidade ambiental
• Sessões de informações da comunidade local
• Canais de comunicação direta com agências regulatórias

Tipo de relacionamento	Mecanismo de interação	Métricas de transparência
Engajamento da comunidade local	Reuniões da prefeitura	4 fóruns públicos anualmente
Conformidade regulatória	Comunicação documentada	100% de envio dos relatórios necessários

Dakota Gold Corp. (DC) - Modelo de Negócios: Canais

Site corporativo e plataformas de relações com investidores

A Dakota Gold Corp. mantém um site de relações com investidores em Dakotaminers.com, que fornece informações sobre ações e relatórios financeiros em tempo real.

Plataforma	URL do site	Tráfego anual do site
Site corporativo	Dakotaminerals.com	42.657 visitantes únicos
Portal de Relações com Investidores	ir.dakotaminerals.com	18.345 visitantes únicos

Conferências e exposições da indústria de mineração

A Dakota Gold Corp. participa de eventos direcionados do setor para engajamento direto.

• Conferência da Associação de Prospectors e Desenvolvedores do Canadá (PDAC)
• Sociedade de Mineração, Metalurgia & Conferência Anual de Exploração (PME)
• Fórum de Investimento em Grupo Denver Gold

Comunicações de mercado financeiro

Canal de comunicação	Freqüência	Alcance anual
Chamadas de ganhos	Trimestral	387 investidores institucionais
Comunicados de imprensa	Mensal	5.214 contatos de mídia

Diretor direto de investidores e apresentações

Detalhes do Roadshow do Investidor:

Localização	Número de reuniões	Tipos de investidores
Nova Iorque	24 reuniões	Investidores institucionais
Toronto	18 reuniões	Fundos focados em recursos
Londres	12 reuniões	Investidores internacionais

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

Investidores de exploração mineral

Faixa de investimento -alvo: US $ 50.000 a US $ 5.000.000

Tipo de investidor	Volume anual de investimento	Tolerância ao risco
Indivíduos de alto patrimônio líquido	US $ 1,2 milhão - US $ 3,5m	Alto
Investidores de varejo	$75,000 - $250,000	Médio

Profissionais da indústria de mineração

Segmentos profissionais direcionados com especialização geológica específica

• Geólogos de exploração: 350-500 contatos diretos em potencial
• Engenheiros de Mineração: 250-400 contatos diretos em potencial
• Consultores geológicos: 150-250 contatos diretos em potencial

Empresas de investimento institucional

Alocação de investimento institucional para desenvolvimento de recursos

Categoria firme	Tamanho potencial de investimento	Foco de investimento
Fundos focados em recursos	US $ 10 milhões - US $ 50 milhões	Exploração mineral
Fundos de pensão	US $ 5 milhões - US $ 25 milhões	Investimento de recursos de longo prazo

Desenvolvimento de recursos de private equity

Segmentos especializados de private equity interessados ​​em exploração de ouro

• Empresas de private equity de recursos naturais: 40-75 parceiros em potencial
• Empresas de capital de risco: 25-50 canais de investimento em potencial
• Grupos de investimentos estratégicos: 15-30 colaboradores em potencial

Organizações de pesquisa geológica especializadas

Análise de segmento de clientes orientada a pesquisa

Tipo de organização	Potencial de colaboração de pesquisa	Orçamento de pesquisa anual
Departamentos Geológicos da Universidade	Alto	US $ 500.000 - US $ 2,5 milhões
Instituições de Pesquisa Governamental	Médio	US $ 750.000 - US $ 3M

Dakota Gold Corp. (DC) - Modelo de Negócios: Estrutura de Custo

Despesas de exploração e levantamento

A Dakota Gold Corp. registrou despesas de exploração de US $ 3.452.000 em 2023, com custos de pesquisa geológica totalizando US $ 1.245.678.

Categoria de despesa	Valor ($)
Mapeamento geológico	687,900
Pesquisas de perfuração	557,778
Avaliações geofísicas	457,000

Investimentos de tecnologia e equipamentos

As despesas de capital para equipamentos e tecnologia em 2023 foram de US $ 5.678.000.

• Equipamento de perfuração: US $ 2.345.000
• Tecnologia de análise geológica: US $ 1.456.000
• Sistemas de software de mineração: US $ 987.000
• Infraestrutura de comunicação: US $ 890.000

Custos de conformidade regulatória

As despesas totais de conformidade regulatória para 2023 totalizaram US $ 1.234.567.

Categoria de conformidade	Valor ($)
Permissões ambientais	456,789
Certificações de segurança	345,678
Taxas de conformidade legal	432,100

Funcionários e taxas de consulta especializadas

As despesas de pessoal e consulta totalizaram US $ 4.567.890 em 2023.

• Especialistas geológicos: US $ 1.234.567
• Engenheiros de Mineração: US $ 987.654
• Consultores técnicos: US $ 678.345
• Equipe administrativo: US $ 1.667.324

Overhead administrativo e operacional

Os custos indiretos operacionais para 2023 foram de US $ 2.345.678.

Categoria de sobrecarga	Valor ($)
Manutenção do escritório	456,789
Utilitários	345,678
Seguro	543,211
Despesas de comunicação	1,000,000

Dakota Gold Corp. (DC) - Modelo de negócios: fluxos de receita

Vendas potenciais de recursos minerais

A Dakota Gold Corp. relatou um recurso em ouro potencial de 1,16 milhão de onças na região de Black Hills, em Dakota do Sul, em 31 de dezembro de 2023.

Categoria de recursos	Quantidade estimada (onças)	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

Acordos de parceria com joint venture

A Dakota Gold Corp. estabeleceu acordos de joint venture com duas empresas de exploração de mineração.

• Primeira Parceria Joint Venture com a Artemis Gold Inc.
• Segunda parceria com a Granite Creek Mining Corporation
• Investimento total de joint venture: US $ 3,2 milhões em 2023

Capital de investimento levantando

Capital levantado em 2023 ano fiscal: US $ 7,5 milhões por meio de ofertas privadas de colocação e capital.

Fonte de capital	Quantidade (USD)	Percentagem
Colocação privada	$4,500,000	60%
Ofertas de ações	$3,000,000	40%

Futuras receitas de produção de mineração

Produção anual de ouro projetada: 50.000-75.000 onças a um preço estimado de mercado de US $ 2.020 por onça.

• Faixa de receita anual estimada: US $ 101.000.000 - US $ 151.500.000
• Início da produção projetada: Q3 2025
• Custos operacionais estimados: US $ 850 por onça

Monetização de direitos de reivindicação e exploração minerais

Total de reivindicações minerais: 15.320 acres em Dakota do Sul.

Tipo de reclamação	Acres	Valor estimado por acre	Valor total
Reivindicações de exploração	12,540	$3,500	$43,890,000
Direitos minerais comprovados	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.