Dakota Gold (DC) Q3 2024 earnings summary

Executive summary

• Focused on gold exploration in the Homestake District, South Dakota, with no commercial production or revenue to date.

• Completed inaugural S-K 1300 compliant technical report for Richmond Hill property in April 2024.

• Drilling and exploration activities continued at Maitland and Richmond Hill projects, with 73 holes drilled in the first three quarters of 2024.

• Raised $7.67M via ATM program and $5.71M from Orion Equity Investment in 2024.

• CEO transition: Dr. Robert Quartermain appointed CEO in October 2024.

Financial highlights

• Net loss for Q3 2024: $10.09M, compared to $8.54M in Q3 2023.

• Net loss for nine months ended September 30, 2024: $27.84M, compared to $27.63M in 2023.

• Exploration expenses for Q3 2024: $7.80M (up from $6.94M in Q3 2023); nine months: $20.78M (down from $21.38M in 2023).

• General and administrative expenses for Q3 2024: $2.43M (up from $1.92M in Q3 2023); nine months: $7.47M (up from $7.23M in 2023).

• Cash and cash equivalents at September 30, 2024: $14.70M.

Outlook and guidance

• Anticipates cash expenditures of ~$34M for 2024, with $24.45M already incurred by September 30, 2024.

• Sufficient funds expected for the next 12 months, with ability to scale down exploration if needed.

• Planned focus on advancing exploration and resource development at Maitland and Richmond Hill, with additional fieldwork at other properties.