Dakota Gold (DC) investor relations material

Market context and demand

• U.S. gold production has declined 55% since 2000, reaching 145 tonnes in 2024, far below 2025 domestic demand of 679.3 tonnes, creating a significant supply gap.

• Gold was designated a critical mineral by executive order in March 2025, highlighting its strategic importance.

• Silver was added to the U.S. critical minerals list in November 2025, with domestic production also falling short of rapidly rising industrial demand.

• Gold and silver are essential for electronics, including cell phones and data centers, with demand expected to grow alongside technology and renewable energy sectors.

Project portfolio and resources

• Richmond Hill is a development-stage project on private land with 3.65 Moz M&I gold, 2.61 Moz inferred gold, 38.1 Moz M&I silver, and 22.8 Moz inferred silver resources.

• Maitland Project offers high-grade exploration potential, with the JB Gold Zone averaging 10.76 g/t Au over 4.0 meters and the Unionville Zone averaging 4 g/t Au over 6.4 meters.

• Richmond Hill’s after-tax NPV (5%) is $1.6–2.1B, IRR is 55–59%, with a 17–28 year mine life and average annual gold production of 142,000–153,000 oz at $1,047–$1,050/oz AISC.

• The company controls over 48,000 mineral acres in the Homestake District, with principal projects benefiting from existing infrastructure and proximity to labor.

Project development and timeline

• Richmond Hill is advancing through feasibility, with a pre-feasibility study expected in H2 2026 and a feasibility study in H1 2027.

• Production is targeted for as soon as 2029, with permitting, engineering, and construction milestones mapped out through 2030.

• Metallurgical testing and infill/expansion drilling are ongoing, with 29,524 meters drilled in 2025 and 15,481 meters planned for 2026.

• The Maitland Unionville Zone is targeting a maiden resource by year-end 2026, with a 5,578-meter infill drill campaign planned.