Dakota Gold : Latest Presentation (May 2026)
DC
Published on 05/04/2026 at 12:47 pm EDT
NYSE American: DC Investor Presentation | May 2026
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Historical U.S. Annual Gold Production 1
U.S. Gold Production Down 55%
YEARS
TONNES
2000
302
2010
209
2020
175
2024
145
U.S. Executive Order (March 20, 2025) designated critical minerals as well as gold as a focus for development in securing
U.S. domestic supply. 2
Current U.S. gold production does not meet domestic consumer demand of 679.3 tonnes in 2025. 3
(Consumer demand: sum of jewelry, technology, bar and coin, and ETF investment)
U.S. State Estimated Production 2025 1
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South Dakota Gold Production (1878-2025) 1
Homestake Mine closed in 2002
STATE
OUNCES
Nevada
4,000,000
Alaska
1,000,000
Colorado
325,000
South Dakota + Richmond Hill es t Oz
250,000
Utah
210,000
California
150,000
South Carolina
140,000
South Dakota
100,000
600,000
Troy Ounces
500,000
400,000
300,000
200,000
100,000
1880
1885
1890
1895
1900
1905
1910
1915
1920
1925
1930
1935
1940
1945
1950
1955
1960
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
2015
2020
2025
-
Source: publicly available information
U.S. Geological Survey https://www.usgs.gov/centers/national-minerals-information-center/gold-statistics-and-information
https://www.whitehouse.gov/presidential-actions/2025/03/immediate-measures-to-increase-american-mineral-production/
World Gold Council https://www.gold.org/goldhub/research/gold-demand-trends/us-gold-demand-trends-full-year-2025 3
Historical U.S. Annual Silver Production 1
YEARS
TONNES
2020
979
2021
925
2022
916
2023
925
2024
997
Silver added to the Department of Interior USGS Critical Minerals List on November 6, 2025 2 due to growing federal recognition of its importance to the U.S. economy and national security.
Current U.S. silver production does not meet domestic consumer demand of 5,805 tonnes in 2024.1
(Defined as mine production + secondary production + imports - exports ± adjustments for Government and industry stock changes.)
U.S. State Estimated Production 2025 3
STATE
TONNES
Idaho
362
Alaska
272
Nevada
226
Others
181
Total
1,043
U.S. highly reliant on imports from other countries to meet demand.1
With industrial demand rising rapidly-driven by solar, AI data server centers, electric vehicles, and next-generation
electronics-domestic supply remains limited.
dakotagoldcorp.com | NYSE-A: DC
Source: publicly available information
U.S. Geological Survey https://pubs.usgs.gov/periodicals/mcs2025/mcs2025-silver.pdf
https://www.usgs.gov/news/science-snippet/interior-department-releases-final-2025-list-critical-minerals
Figures are estimates based on 2024 final data, 2025 projections, and mining company guidance. Final USGS figures are released in the following calendar year. 4
In addition to the conventional uses for gold and silver in investment and jewelry, they are critical to our everyday use in items such as cell phones and data center servers.
Cell Phones - The average smart phone contains ~ 30mg of gold (30 phones per gram of gold) and ~350mg of silver. Erickson estimates there are over 7 billion cell phones in the world.
Data Centers - Based on the workload of servers in AI data centers, there can be 1kg-3.5kg of gold. A single 500-megawatt
solar array built to power a hyperscale data center, requires approximately 300 metric tons of silver. Hines Research estimates there are 20,000 acres of server farms in the world doubling to 40,000 acres by 2030.
dakotagoldcorp.com | NYSE-A: DC
5
Source: information and photos sourced from publicly available information
Dakota Gold, NYSE American: DC is a unique investment opportunity for exposure to a U.S. development stage gold asset, with Richmond Hill and high-grade gold
exploration optionality at Maitland.
dakotagoldcorp.com | NYSE-A: DC
dakotagoldcorp.com | NYSE-A: DC
Gold and Silver prices and demand at record highs during a time of production deficits
Leadership team with track record success
Advancing the Richmond Hill Gold Project, one of the largest undeveloped heap leach gold resources in the U.S. with production targeted as soon as 2029
Robust economics outlined in Initial Assessment with Cash Flow announced July 2025
Pre-Feasibility Study H2 2026 / Feasibility Study H1 2027
Maitland Unionville Zone - maiden resource end of year 2026
Principal projects on Private Land in historic Homestake District of South Dakota with existing infrastructure
Funded through Feasibility - $105M cash balance
(Cash balance consist of the $29.7M disclosed as of Dec 31, 2025 and the $75M as disclosed in the Feb 9, 2026 news releases)6
Legend - Dakota Gold holds over ~48k mineral acres in the Homestake District
Maitland
Gold Project
Private Land
(US$)
M&I plan
MI&I plan
After-tax NPV5%
$1.6 B
$2.1 B
After-tax IRR
55%
59%
Initial Capital
$384 M
$383 M
After-tax Payback (yrs)
1.7
1.5
Mine Life (yrs)
17
28
LOM Gold Prod (M ozs)
2.60
3.98
LOM Avg Annual Gold Prod (oz/yr)
153,000
142,000
LOM AISC ($/oz)
$1,047
$1,050
Richmond Hill
Richmond Hill - M&I resource
Dakota Gold Headquarters
Coeur's
Wharf Open Pit Mine (+4 M oz Au)
Maitland
Deadwood City
Homestake Mine (+40 M oz Au)
Lead City/ Headquarters
2,364 mineral acres
Exploration stage
Contiguous with Homestake Mine
Two Discoveries:
JB Gold Zone Homestake Mine-style gold mineralization
(iron formation)
Average Grade: 10.76 g/t Au over
4.0 meters
Analogous to Homestake's West Ledge System - 6 million oz gold produced with Average grade:
11.63 g/t Au over 6.1 meters
Unionville Zone shallow Tertiary
epithermal gold mineralization
Average Grade: 4 g/t Au over 6.4 meters
7
Richmond Hill
Gold Project
Private Land
Over 3,000 mineral acres
Development stage
S-K 1300 Heap Leachable Resource:
3.65 M oz M&I Gold
2.61 M oz Inferred Gold
38.1 M oz M&I Silver
22.8 M oz Inferred Silver
S-K 1300 IACF (at US $2,350/oz Au)
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(US$)
M&I plan
MI&I plan
LOM AISC (Cash Cost plus Sustaining Cost)
$1,047
$1,050
Capital Costs
Initial Capital Cost
$384.1 M
$383.4 M
Sustaining Capital Cost
$219.6 M
$232.6 M
Closure Capital Cost
$129.2 M
$73.0 M
After-tax NPV5%
$1.6 B
$2.1 B
After-tax IRR
55%
59%
Richmond Hill - IACF supports simple, open pit, heap leach project
(US$)
M&I plan
MI&I plan
Key Assumptions
Base Case Gold Price
$2,350/oz
$2,350/oz
Base Case Silver Price
$29.00/oz
$29.00/oz
Production Profile
Total Tonnes Processed (Mt)
168.3
273.7
Strip Ratio
0.66
0.44
Heap Leach Feed Grade (oz/ton)
0.017
0.015
Heap Leach Feed Grade (g/t)
0.566
0.530
Mine Life (years)
17
28
Throughput (MTPA)
10.0
10.0
Gold Recovery (kozs)
85.1%
85.4%
Silver Recovery (kozs)
28.7%
28.8%
LOM Gold Payable (kozs)
2,604
3,982
LOM Silver Payable (kozs)
8,737
12,905
LOM Average Annual Gold Payable
153,000
142,000
Gold Recovery
68.3%
72.6%
76.9%
81.1%
85.4%
Gold Price
After-tax NPV5% (US$ M) for MI&I plan
$2,350
$1,389
$1,571
$1,752
$1,932
$2,113
$2,750
$1,915
$2,127
$2,338
$2,549
$2,761
$3,150
$2,439
$2,682
$2,924
$3,167
$3,409
$3,550
$2,964
$3,237
$3,511
$3,784
$4,057
$3,950
$3,488
$3,792
$4,096
$4,401
$4,705
$4,150
$3,750
$4,070
$4,389
$4,709
$5,029
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M&I plan
153,000 oz/yr
GOLD PRODUCTION
2.6 Moz
GOLD
LOM PRODUCTION
(17-year mine life)
8.7 Moz
SILVER
LOM PRODUCTION
(17-year mine life)
US$1,047/oz
LOM AISC
(US$2,350/oz Gold Price) (US$29/oz Silver Price)
dakotagoldcorp.com | NYSE-A: DC 9
North
Water Treatment Plant
Overburden Storage Area (16MM tons)
580 acres of net disturbance is anticipated with the initial permit
Initial mining to start in higher value northern portion of Project and continue to progress south over life of mine
Mined Area
Merrill Crowe Plant
Crushing Facilities
Haul Road Truck Shop
Leach Pad 1 (18.2MM tons)
Admin, Security Gate
Wash Bay, Tire Change. Fuel
Property Boundary
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New Permit - Mine Area Leach Pad
Overburden Storage
Property Boundary Site Infrastructure Haul Road
Plan View 10
Concurrent reclamation with mining to reduce disturbance footprint
Backfill and shaped to fulfill final
North
Leach Pad 3 (35.6MM tons)
Mined Area
Water Treatment Plant
Reclaimed Mined Area
Overburden Storage Area (Reclaimed)
Leach Pad 2 (44.4MM tons)
Storm Event Conveyance Spillway
designed and approved topography
Area revegetated to final presented and approved revegetation plans
Area to include storm water
management designed and approved in management plan
Final Area to be Mined
Merrill Crowe Plant
Crushing Facilities
Haul Road Truck Shop
Admin, Security Gate
Wash Bay, Tire Change. Fuel
Leach Pad 1 (51.5MM tons)
Property Boundary
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New Permit - Mine Area Leach Pad
Overburden Storage Final Area to be Mined
Property Boundary Site Infrastructure Haul Road Reclaimed Area
Plan View 11
The metallurgical testing program is in progress and scheduled completion in Q3 2026, with
staged testing and reporting milestones throughout.
Metallurgical testing scope of work:
Ore Characterization & Preliminary Testing
Column Leach Testing
Comminution & Crushing Studies
Process Optimization & Recovery
Deleterious Elements & Environmental Testing
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Total of 29,524 meters (96,865 feet) of drilling in 242 holes completed in the 2025 campaign.
Campaign included infill, expansion, metallurgical, site infrastructure and water well testing that will inform the 2026 Pre-Feasibility Study.
Three of the highest-grade gold intervals from the campaign were located in the northeast project area:
RH25C-310 - 5 g/t Au and 28.64 g/t Ag over 24.9m (124 gram meters Au)
o Incl. 60.82 g/t Au and 61.68 g/t Ag over 1.5m (89 gram meters Au)
RH25C-348 - 2.46 g/t Au and 19.16 g/t Ag over 32.7m (81 gram meters Au)
RH25C-162 - 1.85 g/t Au and 25.39 g/t Ag over 43.4m (80 gram meters Au)
800-Meter-Wide Section Map Looking East
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OSA
South Infrastructure
10-Year Mine Plan
Northern Exp
Total of 15,481 meters (50,790 feet) of drilling in 109 holes
10-Year Mine Plan
o 6,700 meters (22,040 feet)
Infill drilling within the 10-Year mine plan to convert inferred to measured and indicated
Northern Expansion:
2,300 meters (7,500 feet)
Step-out drilling to add ounces north and north-east of the 10-year mine plan
Overburden Stockpile Area (OSA):
3,200 meters (10,580 feet)
Condemnation drilling for the proposed OSA
South Infrastructure
1,000 meters (3,220 feet)
Condemnation drilling for the initial heap leach pad
Geotech (Not shown)
2,300 meters (7,450 feet)
Geotechnical drilling into pit walls for pit slope stability studies
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Mining and Stacking Tonnage Rates
IACF 30,000 tpd versus 60,000 tpd optimized mining throughput and stacking rate to maximize ounce profile, cash flow, LOM timeline, and overall project financials
Crushing and stacking rates will drive sizing and configuration of crushing circuit and Merrill-Crowe recovery plant
Mine Sequencing
Evaluating opportunities to sequence mining in areas with higher grade gold in initial years
Truck Stacking versus Conveyor Stacking
Greater operational flexibility & efficiency with truck stacking versus conveyor stacking...especially at higher tonnage rates
Pad placement, stacking rates, & pad geometry all factors that impact stacking methodology selection
Agglomeration
The requirement for agglomeration will be driven by ore characteristics and permeability testing conducted during metallurgical testing program
Heap Leach Pad Location, Quantity, Sizing, and Purpose
Siting study will inform suitable locations for operationally stable and efficient leach pad placement
Regulated surface disturbance will determine area extent of pads
Engineering and design of heap leach pads will likely be a hybrid of stationary and "non-permanent" (i.e. on-off)
15
Conveyor Stack
Truck Stack
Agglomeration
Heap Leach Design
Location:
Project 15-minute drive from headquarters in Lead
Labor:
South Dakota provides access to labor for exploration through to production
Infrastructure:
Project has an existing powerline and road connected to grid
As the project has a population catchment of 200,000 within a one-hour drive of the project, necessary services are available and there is no need for camp facilities
Dakota Gold Project Map
JB Gold Zone
Richmond Hill 3 km north of Wharf
Unionville Zone
Proposed Powerline
Maitland
Existing Powerline
Access road
Homestake Option
Homestake Open Cut
City of Lead and Dakota Gold Headquarters
Coeur's Wharf Mine
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2026 2027 2028 2029 2030
Pre-Feasibility Study (PFS) / Feasibility Study (FS)
Baseline Data Collection Permitting
County Conditional Use Permit
Mine Permit - SD DANR
Notice of Intent
Engineering & EPCM
Construction 1 Production
1. See news release Feb 6, 2025 re Barrick Gold has extended the option period for the Richmond Hill option agreement until December 31, 2028 with Dakota Gold.
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Gold bearing Homestake Formation (red to blue; shallow to deep)
Gold Mineralization in Ledges
Mined out ore bodies (Precambrian Au) Projected to the surface
DC Precambrian Au drill hole intercepts Projected to the surface
Blind Gold Target
JB Gold Zone
Maitland Project
Unionville Zone (Tertiary Au)
Homestake Mine Open Cut
Main Ledge System
Ore ledge outlines
projected into the
(Precambrian Au)
0 5,000
feet
North Drift Discovery (Precambrian Au)
West Ledge System
section
(Precambrian Au)
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JB Gold Zone
- Approx. 47 Drill Holes from surface
- Avg grade of 10.76 g/t Au and width of 4.0 m
West Ledge System - 6 million oz gold produced
- Approx. 6,000 Drill Holes underground
- Avg grade of 11.63 g/t Au and width of 6.1 m 18
Maitland - JB Gold Zone analogous to West Ledge System
300
meters
North
1.5 m @
8.24 g/t
2.5 m @
5.25 g/t
South
6.4 m @
9.46 g/t
4.4 m @
2.0 m @
4.70 g/t
5.5 m @
3.84 g/t
25.03 g/t
6.4 m @
4.77 g/t
5.0 m @
19.54 g/t
3.2 m @
10.01 g/t
21 Ledge
2.5 M oz Au
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600 Meters
Long Section View
Homestake Mine 21 Ledge System Outline Drawn to Scale for Comparison to Maitland Homestake Drill Intercepts
Maitland - Unionville Zone long section
MAITLAND - UNIONVILLE ZONE LONG SECTION VIEW LOOKING EAST
2026 maiden resource infill drill
Untested Area
A A'
Untested Area
A campaign location A'
1500 m EL
1000 m EL
200 m
Modeled mineralization zone with drillhole pierce points and grade-thickness contours
Grade - Thickness Grams gold X meters
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To date 25 drill hole intersections have been made into the tertiary Unionville
5000 m N
4500 m N
4000 m N
3500 m N
Zone averaging a grade of ~ 4 g/t Au over 6.4 meters 20
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Disclaimer
Dakota Gold Corporation published this content on May 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 04, 2026 at 16:46 UTC.