Dakota Gold – Initial Assessment with Cash Flow and Ongoing 27,500m Exploration Program At Richmond Hill and Optionality At The Maitland Gold Project

Nov 8, 2025

Dr. Robert Quartermain, Co-Chairman and CEO of Dakota Gold, shares critical insights from the New Orleans Investment Conference. He dives into the promising Richmond Hill and Maitland Gold projects, emphasizing their vast potential in the Homestake District. Key highlights include their strategy for a surface heap leach operation by 2029, the importance of low capital costs due to local infrastructure, and ongoing exploration aimed at high-grade resource estimates. Quartermain also discusses the impact of upcoming drill results and metallurgical tests on project valuation.

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INSIGHT

Large Brownfields Oxide Resource

Richmond Hill is one of the largest undeveloped oxide gold resources in the U.S. with multi-million ounce gold and substantial silver credits.
The project sits two miles north of Coeur's Wharf mine, offering a brownfields advantage and existing mining-camp infrastructure.

INSIGHT

Low CapEx Enabled By Local Infrastructure

Low capital intensity reflects proximity to infrastructure and use of established heap-leach technology.
Planned 30,000 ton/day operation uses off-the-shelf equipment and benefits from nearby town access to cut costs.

ANECDOTE

Brucejack Contrast Highlights Accessibility

Bob contrasted Richmond Hill with Brucejack, recalling a project that required a 100 km powerline and glacial camp logistics.
He used that experience to highlight how Richmond Hill's accessibility makes it the 'antithesis' of remote builds.

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Dr. Robert Quartermain, Co-Chairman, Director and CEO of Dakota Gold (NYSE American: DC), joined us for an update, live from the New Orleans Investment Conference, on their Richmond Hill Project and Maitland Gold Project. Both projects are located in the historic Homestake District of South Dakota, near existing mining infrastructure.

The company is advancing its Richmond Hill project toward eventual surface heap leach gold operation as soon as 2029, with ongoing exploration, metallurgical tests, and working towards feasibility stage economics. The company is also expanding the surface oxide mineralization and high-grade gold mineralization at depth discovered thus far at the Maitland Gold Project toward an initial resource estimate.

Bob was previously the Executive Chairman of Pretium Resources Inc., which he founded in October 2010. Prior to Pretium, he was President and Chief Executive Officer of Silver Standard Resources Inc. (now SSR Mining Inc.) for 25 years from 1985-2010. Not only does he have a wealth of experience in developing and constructing producing mines, but he has assembled a solid management team and board filled with industry veterans that have worked in either the Homestake Mine, before it closed down, or the currently producing nearby Wharf Mine, operated by Coeur Mining.

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 on Private Land which equates to a positive attribute for efficient permitting with State and County organizations.

Dakota Gold released an Initial Assessment with Cash Flow (IACF) on July 7th, which is similar in nature to a Canadian PEA study. This economic study was based on a 30,000 ton per day crushing circuit, and furthers the project towards ultimate production.

IACF Highlights:

Richmond Hill is one of the largest development stage oxide gold resources in the United States: M&I plan identifies 168.3 million tonnes at a grade of 0.566 grams per tonne gold (“g/t Au”) for a total of 2.6 million ounces produced over a 17-year life of mine. MI&I plan identifies 273.7 million tonnes at a grade of 0.530 g/t Au for a total of 3.9 million ounces produced over a 28-year life of mine.

Strong Economics: At a base case gold price of $2,350 per ounce, the project has an after tax NPV5% of $1.6 billion and IRR of 55% for the M&I plan, and $2.1 billion and 59% respectively for the MI&I plan. At recent metal prices of $3,350 the NPV5%’s increase to $2.9 billion and IRR of 99% and $3.7 billion and 107%, respectively.

Low-Cost: Initial Capital of $384 million, including $53 million contingency, with life of mine All-in Sustaining Costs (“AISC”) averaging $1,047 for M&I plan and $1,050 for MI&I plan.

Feasibility Underway: Building on the robust IACF, work has commenced on the Feasibility Study planned for completion in early 2027, construction in 2028 and production targeted for 2029.

There are currently two drill rigs turning at Richmond Hill. In 2025, the Company expects to drill ~90,000 feet (27,500 meters) using a combination of Reverse Circulation and Core drilling. The primary focus of the program is to collect metallurgical samples for the Feasibility Study, infill, and expansion resource drilling in the Northeast corner of the Project area. This area is expected to be mined at the beginning of the mine plan and is higher-grade than the overall deposit.

At the Maitland Gold Project the Company is currently assessing the exploration data collected to date from the JB Gold Zone and the Unionville Zone with the intent of outlining an initial inferred gold resource. The work is expected to be completed in the fall of 2025. To date the JB Gold Zone has encountered a number of high-grade intersections which average 10.76 g/t Au over 4.0 meters.

If you have any questions for Bob Quartermain regarding Dakota Gold, then please email those in to us at Fleck@kereport.com or 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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