Dakota Gold (DC) Q4 2025 earnings summary

Executive summary

• Focused on gold exploration and development in South Dakota's Homestake District, with no revenues to date and operations in the exploration stage as of December 31, 2025.

• Maintains 100% ownership of over 49,500 acres, including the Richmond Hill and Maitland projects, and has expanded its land position and drilling activities.

• Announced significant resource updates for Richmond Hill, leadership changes, and successful equity financings during 2024–2025.

Financial highlights

• No operating revenues for 2025 and 2024; net losses of $29.5 million in 2025 and $33.9 million in 2024.

• Exploration expenses were $21.0 million in 2025, down from $23.7 million in 2024, mainly due to reduced drilling activity.

• General and administrative expenses were $9.8 million in 2025, down from $10.6 million in 2024.

• Cash and cash equivalents at year-end 2025 were $29.7 million, with working capital of $27.4 million.

• Raised $32.8 million in a March 2025 public offering and $9.7 million via ATM program in 2025.

Outlook and guidance

• Plans to advance Richmond Hill through feasibility and permitting in 2026, with a focus on technical de-risking and resource conversion.

• Extensive drilling and metallurgical test work planned for Richmond Hill and Maitland in 2026, aiming for a maiden resource at Maitland by year-end.

• Believes current liquidity, including $71 million raised in early 2026, is sufficient to fund activities for the next twelve months.