Dakota Gold (DC) Q3 2026 earnings summary

Executive summary

• Exploration-stage operations generated no revenue; Q3 2026 net loss was $8.4M versus $10.5M YoY, while 9M net loss was $25.2M versus $20.7M.

• Cash and cash equivalents were $92.2M at September 30, 2026; management expects liquidity to cover obligations for at least one year from issuance of the statements.

Financial highlights

• Q3 exploration expense was $6.3M versus $7.7M YoY; G&A was $2.8M versus $3.2M, bringing operating loss to $9.1M versus $10.9M.

• 9M exploration expense rose to $19.3M from $14.6M; G&A increased to $8.0M from $6.9M, and operating loss widened to $27.3M from $21.5M.

• 9M interest income was $2.2M versus $0.9M YoY, largely reflecting higher cash balances after February financing; 9M loss per share was $0.19 in both periods.

• 9M operating cash use was $22.3M versus $18.4M; investing cash use was $2.4M versus $0.3M, mainly due to timing of property and equipment advances.

Outlook and guidance

• Remaining 2026 priorities include completing the Richmond Hill Pre-Feasibility Study in Q4, advancing permitting and environmental baseline work, and technical de-risking.

• A feasibility study is targeted for 2027; planned work includes mine planning, engineering trade-offs, closure and reclamation, water-treatment design, and permitting baseline data.

• Richmond Hill drilling planned for the remainder of 2026 and 2027 totals ~15,000 meters for metallurgical follow-up, lithogeochemical data, and resource conversion.

• 2027 Maitland plans focus on infill drilling at Unionville toward a maiden resource and continued evaluation of JB Gold Zone exploration potential.