Dakota Gold (DC) Q2 2026 earnings summary

Executive summary

• Focused on gold exploration in the Homestake District, South Dakota, with no commercial production or revenue as of June 30, 2026.

• Completed significant drilling at Maitland and Richmond Hill, advancing Richmond Hill toward feasibility and Maitland toward a maiden resource.

• Raised substantial capital through public offerings and warrant exercises, maintaining strong liquidity.

• CEO transition announced, with Jack Henris to succeed Dr. Robert Quartermain in August 2026.

Financial highlights

• Net loss for Q2 2026 was $8.3 million, up from $6.5 million in Q2 2025; six-month net loss was $16.8 million, up from $10.2 million year-over-year.

• Operating expenses for Q2 2026 were $9.2 million, up from $6.9 million in Q2 2025; six-month operating expenses were $18.2 million, up from $10.7 million.

• Exploration expenses for Q2 2026 were $6.5 million, up from $5.0 million; six-month exploration expenses were $13.0 million, up from $6.9 million.

• General and administrative expenses for Q2 2026 were $2.7 million, up from $1.9 million; six-month G&A expenses were $5.2 million, up from $3.8 million.

• Interest income increased to $0.9 million in Q2 2026 and $1.4 million for six months, reflecting higher cash balances.

Outlook and guidance

• Richmond Hill Project advancing to Pre-Feasibility Study in H2 2026, with a Feasibility Study targeted for 2027.

• Planned 15,500 meters of drilling at Richmond Hill and 5,600 meters at Maitland in 2026.

• Metallurgical test work and permitting activities ongoing to support construction readiness.