Dakota Gold (DC) Investor presentation summary

Strategic positioning and project overview

• Focus on revitalizing the Homestake District in South Dakota with two principal projects: Richmond Hill (development stage) and Maitland (exploration stage).

• Richmond Hill is one of the largest undeveloped heap leach gold resources in the U.S., targeting production by 2029.

• Maitland offers high-grade gold exploration potential, with a maiden resource expected by end of 2026.

• Both projects are located on private land with existing infrastructure, minimizing permitting and development risks.

• Fully funded through feasibility with a $33M cash balance as of September 2025.

Richmond Hill project economics and development

• S-K 1300 resource: 3.65 Moz M&I gold, 2.61 Moz inferred gold, 38.1 Moz M&I silver, 22.8 Moz inferred silver.

• Initial Assessment outlines after-tax NPV (5%) of $1.6B–$2.1B, IRR of 55%–59%, and 17–28 year mine life.

• LOM average annual gold production of 142,000–153,000 oz at AISC of ~$1,050/oz.

• Initial capital cost of ~$384M, with robust cash flow projections.

• Project expected to generate $400M in state severance taxes and hundreds of high-paying jobs.

Technical progress and exploration

• 2025 drilling program completed, with final results pending; 2026 program includes 15,481 meters in 109 holes for infill, expansion, and geotechnical studies.

• Metallurgical testing underway, with staged milestones and completion expected in Q3 2026.

• Trade-off studies evaluating mining rates, stacking methods, and leach pad design to optimize project economics.

• Phase 1–5 mine plans include concurrent reclamation and progressive site restoration.