Dakota Gold (DC) H.C. Wainwright 28th Annual Global Investment Conference summary

Strategic positioning and project overview

• Advancing a U.S.-based gold project in the Homestake District, South Dakota, with a focus on reducing geopolitical risk for investors.

• Richmond Hill Gold Project is the primary asset, with 3,000 mineral acres and significant measured, indicated, and inferred resources.

• Fully funded to shovel-ready stage with $99 million in treasury, minimizing dilution risk.

• Project is located entirely on private land, streamlining permitting through state and county channels.

• Agreements with Barrick secured key land and rights, providing a large, contiguous land package.

Project economics and development timeline

• Initial Economic Assessment (IEA) at $2,350/oz gold shows $1.6 billion NPV; at current prices, NPV exceeds $4 billion.

• Mine life projected at 17 years (measured/indicated), with potential extension to 28 years including inferred resources.

• Production targeted at over 150,000 ounces per year at costs below $1,100/oz, with margins now exceeding $3,000/oz.

• Pre-Feasibility Study (PFS) due Q4 this year, Feasibility Study next year, construction start in late 2028, and production in late 2029.

• Trade-off studies underway to optimize throughput and sequencing, potentially increasing early production and cash flow.

Resource expansion and technical highlights

• Over 1,000 drill holes inform the resource, with 350 new holes to be added for the PFS, increasing confidence and potential resource size.

• Recent drilling focused on expanding northeast breccia zones, showing high recoveries (over 90%) and higher grades.

• Metallurgical testing shows rapid leaching (30–40 days) and high recoveries, de-risking the project.

• No significant processing challenges: no clay, deleterious elements, or preg-robbing, supporting reserve conversion.

• Infrastructure advantages include existing roads, power, water rights, and proximity to skilled labor.