Dakota Gold (DC) Q3 2025 earnings summary

Executive summary

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

• Advanced the Richmond Hill Project, completing an updated Initial Assessment and progressing toward feasibility and permitting.

• Leadership changes included a new CEO and COO, and board appointments.

Financial highlights

• Net loss of $10.5M for Q3 2025 and $20.7M for the nine months ended September 30, 2025, both improved from prior year periods.

• Exploration expenses were $7.7M for Q3 2025 and $14.6M for the nine months, both lower year-over-year due to reduced drilling.

• General and administrative expenses were $3.2M for Q3 2025 and $6.9M for the nine months, with a decrease year-over-year.

• Cash and cash equivalents increased to $33.0M as of September 30, 2025, from $9.4M at year-end 2024.

• Raised $32.7M in a public offering and $7.3M via ATM program during the nine months.

Outlook and guidance

• Targeting Richmond Hill Project feasibility completion in 2027 and production in late 2029.

• Anticipates cash expenditures of $25M for 2025, with $18.4M already incurred by Q3.

• Management believes current liquidity is sufficient for the next twelve months.