Dakota Gold (DC) Investor presentation summary

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 and silver are increasingly critical for technology, including cell phones and data centers, with demand expected to rise.

• A 2025 executive order designated gold as a critical mineral for U.S. supply security.

Project portfolio and development

• Two principal projects: Richmond Hill (development stage, heap leach) and Maitland (high-grade exploration).

• Richmond Hill hosts 3.65 Moz measured & indicated (M&I) gold and 2.61 Moz inferred gold, with 38.1 Moz M&I silver.

• Maitland project features high-grade gold zones analogous to historic Homestake Mine, with infill drilling and maiden resource targeted for Q1 2027.

Richmond Hill project economics and timeline

• Initial assessment outlines after-tax NPV (5%) of $1.6B, IRR of 55%, and 17-year mine life for M&I plan.

• Life-of-mine production: 2.6 Moz gold and 8.7 Moz silver at $1,047/oz AISC.

• Pre-feasibility study expected H2 2026, feasibility study H1 2027, with production targeted for 2029.

• Project is fully funded through feasibility with $107M cash as of March 31, 2026.