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Analogy 1: An independent oil and gas exploration and development company, but for gold.

Analogy 2: A startup aiming to become a major gold producer like Newmont or Barrick Gold.

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• Gold Exploration: Conducting geological studies, drilling, and analysis to discover and define gold mineral resources.
• Gold Project Development: Advancing mineral discoveries through engineering, environmental, and economic studies toward potential mine construction and production.
• Mineral Property Holdings: Managing and expanding a portfolio of mineral claims and leases prospective for gold in the Homestake District, South Dakota.

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Dakota Gold Corp. (DC) is an exploration and development company focused on gold properties in the Homestake District of South Dakota. As an exploration-stage company, it is currently engaged in resource definition and development activities rather than commercial production.

Consequently, Dakota Gold Corp. does not currently have major customers, as it is not yet generating significant revenue from the sale of gold or other minerals.

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Robert Quartermain Co-Chairman, Director and CEO

Dr. Quartermain currently serves as Co-Chairman, Director and CEO of Dakota Gold. He founded Pretium Resources Inc. in October 2010, where he was Executive Chairman. Prior to Pretium, he was President and Chief Executive Officer of Silver Standard Resources Inc. (now SSR Mining Inc.) for 25 years from 1985-2010. Pretium Resources Inc. was acquired by Newcrest Mining for $2.8 billion in March 2022. Orion Mine Finance, a prominent private equity firm in mining, is a significant shareholder of Dakota Gold, supporting its management. Dr. Quartermain was also involved with investors Rick Rule and Jim Blanchard in building Silver Standard Resources.

Shawn Campbell Chief Financial Officer

Mr. Campbell serves as Chief Financial Officer of Dakota Gold. He previously held the position of Chief Financial Officer of GT Gold Corp from November 2019 to May 2021. Before that, he held several leadership roles at Goldcorp Inc., including Head of Investor Relations and Head of Finance for Canada & U.S.

Jack Henris President and Chief Operating Officer

Mr. Henris was appointed President and Chief Operating Officer of Dakota Gold effective June 1, 2025. He brings over 35 years of experience in the mining industry. Prior to joining Dakota Gold, Mr. Henris was Chief Operating Officer for Hycroft Mining. His extensive background also includes roles such as General Manager, Mine Manager, and Chief Mine Engineer with Newmont Mining, Senior Mining Consultant with Stantec, and Vice President of Mining and Geotechnical for Goldcorp.

Stephen O'Rourke Co-Chairman and Director

Dr. O'Rourke serves as Co-Chairman and Director of Dakota Gold. He previously held the position of President of global petroleum exploration for BHP Billiton and was a member of their senior management team. He also held various senior technical and management roles for Shell Oil Co. Dr. O'Rourke is a founding partner of Strategic Management Partners LLC, a consulting firm specializing in energy, minerals, and business development.

James Berry Vice President Exploration

Mr. Berry serves as the Vice President Exploration of Dakota Gold, bringing over 30 years of experience in the mining and exploration industry. He has worked as an exploration and production geologist for various companies, including Asarco LLC, Homestake Mining Company of California, Goldcorp Inc., Barrick Gold Corporation, Romarco Minerals Inc., OceanaGold Corporation, Nickel Creek Platinum Corp., and Hycroft Mining Holding Corporation.

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The key risks for Dakota Gold Corp. (symbol: DC) are:

1. Limited Operating History and Dependence on Successful Exploration and Development: Dakota Gold is an exploration and development company with a limited operating history and currently generates no revenue. Its future success is contingent upon the ability to successfully advance its exploration projects, such as Richmond Hill and Maitland, into economically viable reserves and eventually achieve commercial production. There is no assurance that the company will ever operate profitably.
2. Ongoing Cash Burn and Need for Future Capital Raises: As a development-stage company without revenue, Dakota Gold incurs significant expenditures for its exploration and development activities, leading to an ongoing cash burn. This necessitates future capital raises, potentially through the issuance of new shares, which could lead to dilution for existing shareholders.
3. Fluctuations in Gold Prices: Dakota Gold's business prospects and the value of its mineral properties are highly dependent on the volatile price of gold. Significant downward movements in gold prices could adversely affect the economic viability of its projects and the company's financial performance.

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Dakota Gold Corp. (symbol: DC) operates as a gold exploration and development company primarily focused on advancing gold projects within the historic Homestake District in Lead, South Dakota, United States. Its main products are gold deposits from projects such as Richmond Hill and Maitland.

The addressable market for Dakota Gold's primary product, gold, is the global gold market.

The global gold market was valued at approximately USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030, demonstrating a compound annual growth rate (CAGR) of 6.51% during the 2025-2030 forecast period. In terms of volume, the global gold market size stood at 4,890.0 tons in 2025 and is anticipated to grow to 7,424.4 tons by 2034, at a CAGR of 4.70%. Another estimate indicates the global gold market size at 4.42 kilotons in 2024, expected to reach 6.32 kilotons by 2029, with a CAGR of 7.38% from 2024 to 2029. Similarly, the gold market is projected to grow from 4.75 kilotons in 2025 to 5.1 kilotons in 2026, and further to 7.25 kilotons by 2031, with a CAGR of 7.30% over the 2026-2031 period.

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Expected Drivers of Future Revenue Growth for Dakota Gold (DC)

Dakota Gold Corp. (DC) is an exploration and development company, meaning its future revenue growth over the next 2-3 years will primarily be driven by successfully advancing its gold and silver projects toward commercial production and favorable market conditions for precious metals, rather than traditional sales growth. The company is currently unprofitable and not generating significant revenue from operations. Key drivers of future revenue growth include:

1. Advancement and Eventual Production at the Richmond Hill Gold and Silver Project: A primary driver is the progression of the Richmond Hill Oxide Heap Leach Gold Project towards commercial production. Dakota Gold plans to complete a Pre-Feasibility Study (PFS) in the second half of 2026, followed by a Feasibility Study (FS) in the first half of 2027. The PFS will focus on a 10-year mine plan and optimize processing throughput, potentially increasing from an initial assessment of 30,000 tons per day (TPD) up to 60,000 TPD. The project hosts a significant resource of 3.65 million ounces of measured and indicated gold, 2.61 million ounces of inferred gold, and 38.1 million ounces of measured and indicated silver, with commercial production targeted as soon as 2029. Once in production, Richmond Hill is estimated to generate approximately 150,000 ounces of gold per year and potentially over $100 million in free cash flow annually.
2. Resource Expansion and Potential Development of the Maitland Gold Project: The company is targeting a maiden resource for the Maitland Gold Project's Unionville Zone by year-end 2026. Successful step-out drilling at Maitland has nearly doubled the strike length of gold mineralization and identified high-grade intercepts, suggesting significant potential for further expansion and eventual development, which would contribute to future revenue streams.
3. Continued Exploration Success and Resource Growth Across the Homestake District: Ongoing positive drill results and the discovery of new high-grade zones across Dakota Gold's properties in the historic Homestake District are crucial. Expansion drilling at Richmond Hill has already intersected gold mineralization beyond current resource boundaries, indicating strong potential for increasing the overall resource base. Continued exploration success, including the discovery of new zones similar to the JB Gold Zone, could lead to significant resource expansion and enhance the long-term production and revenue potential of the company.
4. Favorable Precious Metal Prices: As a gold and silver focused company, future revenue will be highly influenced by the market prices of these commodities. Analysts maintain a constructive sentiment on Dakota Gold, and gold prices have shown significant increases over the past year. Additionally, silver's recent designation as a Critical Mineral in the United States highlights the strategic importance of projects like Richmond Hill, which could benefit from supportive market conditions for silver.

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Share Issuance

• In February 2026, Dakota Gold priced a public offering of 12,336,000 common shares, generating gross proceeds of approximately $75 million, with an option for underwriters to purchase an additional 1,850,400 shares for $11.25 million. The net proceeds are intended for working capital and general corporate purposes.
• In March 2025, the company completed a public offering of 12,400,000 shares of common stock, which yielded gross proceeds of approximately $35 million, with potential to reach $40 million if the underwriters' option was fully exercised. The net proceeds were designated for working capital and other general corporate purposes.

Inbound Investments

• Dakota Gold has secured significant capital through public offerings, which represent investments by a broad base of third-party investors. Notably, the February 2026 offering raised approximately $75 million (gross), and the March 2025 offering raised about $35 million (gross).
• As of December 2025, major institutional holders included Orion Resource Partners (USA) LP, The Vanguard Group, BlackRock Institutional Trust Co. N.A., and Van Eck Associates Corp., collectively holding a substantial portion of the company's shares.

Capital Expenditures

• The Initial Assessment with Cash Flow for the Richmond Hill Gold Project, released in July 2025, outlined an estimated initial capital cost of approximately $384.1 million to $383.4 million for the project.
• The project also has estimated sustaining capital costs of $219.6 million to $232.6 million and closure capital costs ranging from $73.0 million to $129.2 million.
• Dakota Gold's capital expenditures are primarily focused on advancing the Richmond Hill Gold Project, including ongoing drilling campaigns for metallurgical samples, condemnation drilling, and infill/expansion drilling, with a 27,500-meter drill program planned for 2025. A pre-feasibility study is expected in the second half of 2026, and a feasibility study is anticipated in 2027.