• A junior gold explorer, like a focused, early-stage Newmont for the historic Homestake District.
• Think of it as a regional gold prospecting firm, similar to how Barrick Gold identifies new deposits, but on a smaller scale in South Dakota.

• Gold Exploration and Resource Development: Focuses on discovering and advancing high-grade gold deposits, primarily within the Black Hills of South Dakota, to define economically viable gold resources.

Dakota Gold Corp. (symbol: DC) is a gold exploration and development company. Its primary business is focused on identifying, exploring, and delineating gold resources in the Black Hills of South Dakota. As an early-stage exploration and development company, Dakota Gold does not currently engage in commercial gold production or the sale of gold products.

Therefore, Dakota Gold does not have traditional "major customers" in the sense of selling a product (like gold ore, refined gold, or gold-related services) to other companies or individuals. Its business model at this stage involves:

• Investors: The company primarily raises capital through equity offerings to fund its exploration programs. Its "market" in this context is the investment community interested in natural resource opportunities.
• Potential Strategic Partners or Acquirers: In the long term, if Dakota Gold successfully proves a commercially viable gold deposit, it might seek to enter into joint ventures with larger mining companies or become an acquisition target for companies looking to expand their gold reserves and production. These entities would be considered strategic partners or eventual acquirers rather than traditional customers.

Given its stage of operations, Dakota Gold does not sell primarily to other companies or individuals, and thus the requested categories of customers do not apply in the conventional sense.

• N.K.S. Drilling Inc.

The key risks to Dakota Gold (DC) are primarily associated with the inherent uncertainties of mineral exploration and development, volatility in commodity prices, and stringent regulatory and environmental factors.

1. Exploration, Development, and Operational Success: As an exploration and development company, Dakota Gold currently generates no revenue and incurs net losses. Its future success is entirely dependent on its ability to successfully explore, define economic mineral resources, secure necessary financing, obtain permits, and ultimately develop its projects into producing mines. There is significant risk that the company may not achieve further exploration success, which could materially impact its valuation.

2. Commodity Price Volatility: Dakota Gold's business is highly susceptible to fluctuations in the market price of gold and silver. Adverse changes in these commodity prices could significantly impact the economic viability of its projects, its future revenue, and overall profitability.

3. Regulatory and Environmental Risks: The mining industry is subject to extensive governmental regulations, including restrictions on production, taxation, and environmental controls. Changes in these regulations, delays in obtaining permits and licenses, potential environmental lawsuits, and increased land reclamation requirements can significantly affect Dakota Gold's operations, costs, and project timelines.

null

Here are the expected drivers of future revenue growth for Dakota Gold (DC) over the next 2-3 years:

1. Commencement of Commercial Production at the Richmond Hill Project: Dakota Gold is currently an exploration and development company with no generated revenue. The most significant driver of future revenue will be the successful transition of its Richmond Hill Oxide Heap Leach Gold Project to commercial production. The company is actively advancing this project, with expectations to begin production as early as 2029. A feasibility study for Richmond Hill is targeted for completion in early 2027, and an Initial Assessment in July 2025 demonstrated robust economics for the project.
2. Increased Gold Production Volume from Richmond Hill: Once operational, the volume of gold extracted and processed from the Richmond Hill project will directly drive revenue growth. The project is seen as having significant potential, with an estimated early-stage gold production of approximately 150,000 ounces per year, which could generate over $100 million in free cash flow annually. Ongoing drill campaigns are aimed at expanding and infilling higher-grade zones, which has the potential to increase Measured, Indicated, and Inferred resources.
3. Advancement and Potential Future Production from the Maitland Gold Project: While Richmond Hill is the near-term focus, Dakota Gold is also outlining a high-grade underground gold resource at the Maitland Gold Project. Continued exploration success and resource delineation at Maitland could lead to its eventual development and contribute to revenue diversification and growth beyond the initial years of Richmond Hill's operation, though it is a longer-term driver than Richmond Hill.
4. Favorable Gold Prices: As a gold exploration and development company, Dakota Gold's future revenue, once production commences, will be highly sensitive to the market price of gold. Fluctuations in gold prices can significantly impact the company's revenues and profitability. Analyst reports suggest that strong project progress and gold price tailwinds are factors in the company's valuation.

Share Repurchases

• Dakota Gold Corp. did not effect any share repurchases in the fiscal year ended December 31, 2024.

Share Issuance

• On March 31, 2022, a merger with Dakota Territory Resource Corp. resulted in the issuance of 35,209,316 shares of Dakota Gold common stock.
• On March 20, 2025, Dakota Gold announced the pricing of a public offering of 12.4 million shares of common stock, expected to generate approximately $35 million in gross proceeds. The net proceeds from this offering are intended for working capital and general corporate purposes.
• On July 24, 2025, the company filed a registration to offer up to $250 million in mixed securities, including common stock, preferred stock, and warrants, to secure additional capital for operations and potential expansion.

Inbound Investments

• On October 12, 2023, Dakota Gold announced a strategic partnership with Orion Mine Finance, which included an equity investment of $17 million.
• On June 26, 2024, Orion made an additional investment of $6 million, with a potential to increase to $9 million. This funding supports the company's gold exploration in the Homestake district.
• A non-binding financial proposal from Orion Mine Finance for up to $300 million, announced October 12, 2023, could provide a financial pathway to a commercial gold operation.

Capital Expenditures

• For the fiscal year 2023, proposed cash exploration expenditures amounted to $26.5 million, with $15.5 million allocated to drilling, field programs, met testing, and data compilation, and $6.3 million for property acquisition.
• In 2024, the company completed 117 drill holes, totaling 146,691 feet of core, primarily focused on the Maitland and Richmond Hill projects. The planned exploration program for 2024 was $30 million.
• Anticipated capital expenditures for 2025 are up to $25 million for exploration and resource development drilling. The initial capital requirement for the Richmond Hill Oxide Heap Leach Gold Project is projected at $384 million, with construction expected in 2028 and production targeted by 2029, focusing on ore preparation, heap leach pad & ponds, and Merrill Crowe & Refinery.