Dakota Gold (DC) investor relations material

Market context and project overview

• U.S. gold production has declined 55% since 2000, creating a supply gap and opportunity for new projects.

• Richmond Hill aims for 150,000 ounces of gold per year, potentially elevating South Dakota's gold production rank.

• Gold demand is rising in technology sectors due to its conductive and non-corrosive properties.

• The company is advancing two flagship projects: Richmond Hill (development stage) and Maitland (exploration upside).

• Both projects are on private land, streamlining permitting and development.

Project milestones and financials

• Richmond Hill's initial assessment outlined 2.6 million ounces over 17 years, averaging 153,000 ounces annually.

• Pre-feasibility study is due in the second half of this year, with feasibility study in the first half of next year.

• $75 million was raised this year, bringing cash balance to $107 million and supporting progress to shovel-ready status.

• Market cap is around $750 million, with shares trading at $5.30 and strong analyst coverage.

• Largest shareholder holds 6%, with significant institutional support.

Technical and operational highlights

• Richmond Hill is a simple open-pit heap leach project with a low strip ratio (0.6) and AISC of $1,050/oz.

• After-tax NPV at 5% discount is $1.6–2.1 billion, with IRR of 55–59%; higher gold prices could push NPV to $4 billion.

• Capital cost is $384 million, including $50 million contingency, with existing infrastructure nearby.

• Phased mining plan starts in the northeast, targeting higher grades and concurrent reclamation to minimize disturbance.

• Metallurgical and geotechnical studies are ongoing to inform the pre-feasibility and feasibility studies.