Dakota Gold (DC) investor relations material

Market context and demand

• U.S. gold production has declined 55% since 2000, reaching only 145 tonnes in 2024, far below the 2025 domestic demand of 679.3 tonnes.

• Gold was designated a critical mineral by executive order in March 2025, highlighting its strategic importance.

• Silver was added to the U.S. critical minerals list in November 2025, with domestic production also falling short of demand.

• Industrial demand for gold and silver is rising due to their use in electronics, data centers, and renewable energy infrastructure.

Project portfolio and resources

• Richmond Hill is a development-stage project with 3.65 Moz M&I gold, 2.61 Moz inferred gold, 38.1 Moz M&I silver, and 22.8 Moz inferred silver resources.

• Maitland Project offers high-grade exploration potential, with the JB Gold Zone averaging 10.76 g/t Au over 4.0 meters and the Unionville Zone averaging 4 g/t Au over 6.4 meters.

• Both projects are located on private land in the historic Homestake District, benefiting from existing infrastructure.

Project economics and development timeline

• Richmond Hill’s after-tax NPV (5%) is $1.6–2.1 billion, with an IRR of 55–59% and a 17–28 year mine life.

• Initial capital is $384M, with LOM AISC of $1,047–$1,050/oz and average annual gold production of 142,000–153,000 oz.

• Pre-feasibility study is targeted for H2 2026, feasibility in H1 2027, and production as soon as 2029.

• Metallurgical testing and infill/expansion drilling are ongoing, with significant results from 2025 and 2026 campaigns.