Dakota Gold (DC) investor relations material

Richmond Hill development and economics

• July 2025 initial assessment modeled 30,000 tons/day, average annual production of 150,000 oz, 2.6M oz over a 17-year mine life, and after-tax NPV of $1.6B–$2.1B.

• Study assumptions included gold at $2,350/oz and silver at $29/oz; AISC was just over $1,000/oz. A sensitivity case showed potential NPV above $4B under a range of recoveries and gold prices.

• PFS targeted for this quarter will incorporate over 350 drill holes, representing 30% new drilling data; updated mine sequencing may bring higher-grade, higher-recovery material into earlier production years.

• Trade-off studies are evaluating a gyratory crusher with flexibility to reach 60,000 tons/day, one larger heap leach pad, and truck stacking; PFS will provide updated project details.

• Two drills are conducting definition drilling to convert inferred material to measured and indicated for a feasibility study targeted for mid-2027; northeast intersections included grades of 2.8, 5 and 11 g/t.

Permitting, funding and timeline

• Richmond Hill targets production as soon as 2029; both projects are on private land, with permitting through South Dakota and county processes.

• Notice of intent planned for this year; after the feasibility study is published in 2027, permit submissions are planned with the county and State of South Dakota.

• Baseline work includes water wells, air-quality monitoring and wildlife surveys; a build slot for a power substation was secured to help reduce construction delays.

• $99M cash and zero debt are expected to fund work through permitting and the start of construction, with $30M remaining for long-lead items; lender discussions are planned between the PFS and feasibility study.

• Initial assessment estimated $384M CapEx, including $50M contingency; PFS CapEx is expected to increase with the higher-throughput crusher and larger single heap leach pad.

Maitland and district potential

• Maitland infill drilling is underway, with a maiden resource targeted for H1 2027; the high-grade underground target is 2 km from Richmond Hill.

• Maitland intercepts averaged 11 g over 4 m across approximately 47 surface drill holes; Unionville averaged 4 g over 6 m, with potential to test whether material could be processed at Richmond Hill.

• Richmond Hill and Maitland sit within a 50,000-mineral-acre land position in the Homestake District; historic Homestake produced 40M oz over 125 years, and Coeur Mining’s Wharf operation has produced over 4M oz.

• Richmond Hill cash flow could support an underground drift to Maitland and continued development of a second mine within the same local operating area.