Valuation Metrics and Re‑rating Potential

Jack Henris, President and COO, and Shawn Campbell, CFO of Dakota Gold (NYSE American: DC), both join me for an exploration and development update, and key catalysts on tap for the balance of 2026 that will feed into updated economics on their Richmond Hill Oxide Heap Leach Gold Project.  We also outline the long-term optionality of their Maitland Gold Project, which will also being receiving some exploration work and maiden resource this year.  Both projects are located in the historic Homestake District of South Dakota, near existing mining infrastructure.

We start off reviewing more broad zones of mineralization that were announced over the last month from drilling at Richmond Hill. Jack highlighted that the grades being intercepted in the Northeast Project area contain much higher grades than the average overall resource grade. These results are encouraging their team to consider trade-off studies for the upcoming Pre-Feasibility Study (PFS), to potentially access these higher-grade areas in the first several years of mining.

• Expansion drill hole RH25C-310 intersected 5.00 grams per tonne gold (g/t Au) and 28.64 g/t silver (Ag) over 24.9 meters (124 gram meters Au), including 60.82 g/t Au and 61.68 g/t Ag over 1.5 meters (89 gram meters Au) and RH25C-348 intersected  2.46 g/t Au and 19.16 g/t Ag over 32.7 meters (81 gram meters Au).
• Expansion drill hole RH25C-359 intersected 3.14 grams per tonne gold (g/t Au) and 10.57 g/t silver (Ag) over 13.4 meters (42 gram meters Au), including 12.25 g/t Au and 20.10 g/t Ag over 1.5 meters (19 gram meters Au).
• Infill drill hole RH25C-328 intersected 2.49 g/t Au and 16.63 g/t Ag over 26.9 meters (67 gram meters Au), including 18.60 g/t Au and 41.20 g/t Ag over 1.8 meters (34 gram meters Au).

The 2026 Drill Campaign at Richmond Hill is underway and has completed 7,565 meters in 48 infill drill holes to date, representing one third of the total planned drilling for the year. The campaign includes 15,481 meters of drilling in 109 holes to follow up on the success from 2025 and consists of a combination of infill, expansion, geotechnical and mine plan drilling. The campaign is expected to be completed in the third quarter of this year, with a steady string of assay results anticipated over the balance of the year.

Richmond Hill is one of the largest undeveloped oxide gold resources in the United States being advanced by a junior mining company, with over 6 million ounces of gold and over 60 million ounces of silver moving along the pathway of development into heap leach production as soon as 2029. Principle Projects are on Private Land which equates to a positive attribute for efficient permitting with State and County organizations.

The Company will complete a Pre-Feasibility Study for Richmond Hill in the later part of 2026.

• With the resource expansion drilling in the north intersecting significantly higher grades than resource cutoff.
• This resource drilling will be complimented with an extensive metallurgical test program, so that the Company will undertake a PFS with a focus on the first ten years of mining.
• This work will allow the Company to report reserves in 2026 and will inform the Feasibility Study to be completed in the first half of 2027.

The Company will launch a 2026 Maitland drill campaign of 5,578 meters (18,300 feet) in 44 holes.

• The goal of this infill drilling, when combined with historic drill results, will be to define a maiden resource for the Tertiary-aged Unionville gold Zone.

Jack and Shawn highlight how these robust gold and silver resources, advantageous site infrastructure, ease of permitting on private land, and robust project economics, point to a future low-cost, long-life mining operation that can deliver high margins and generate meaningful revenues. We also review the potential for a rerating in valuation metrics when looked at through the lens of peer gold developer comparisons.

If you have any questions for Jack or Shawn regarding Dakota Gold, then please email those to me at Shad@kereport.com.

• In full disclosure, Shad is a shareholder of Dakota Gold at the time of this recording, and may choose to buy or sell shares at any time.

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