Dakota Gold Corp. · AMEX:DC
Dakota Gold — Mining Forum Americas 2025
27 slides from Dakota Gold's conference presentation, Sep 14, 2025
Slide 1: Building the Homestake District's Next Gold Mine
Building the Homestake District’s Next Gold Mine NYSE American: DC Investor Presentation | September 2025 dakotagoldcorp.com
Slide 2: Disclaimer
Disclaimer Dakota Gold is a Forward-Looking Statements This communication contains forward-looking statements within the meaning of Section 27A of the Securities responsible gold Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this communicat
Slide 3: Dakota Gold – A unique investment opportunity
Dakota Gold – A unique investment opportunity Dakota Gold, NYSE American: DC is a Advancing the Richmond Hill Gold Project, one of the largest undeveloped unique investment heap leach gold resources in the U.S. to production as soon as 2029 Leadership team with opportunity for • Robust economics out
Slide 4: U.S. Gold production and consumption
U.S. Gold production and consumption Historical U.S. Annual Gold Production (tons) 2 YEARS TONS 1998 366 • U.S. Executive Order March 20, 2025 designated 2000 353 critical minerals as well as gold as a focus for 2005 256 development in securing U.S. domestic supply and 2010 231 production of the min
Slide 5: Homestake District: New Opportunities
Richmond Hill Homestake District: New Opportunities Maitland Gold Project Gold Project • Private Land Legend - Homestake District and Key Projects • Over 3,000 mineral acres • Private Land • Development stage Dakota Gold Land Package Richmond Hill – Private Land • 2,364 mineral acres Homestake
Slide 6: Richmond Hill – IACF supports simple, open pit, heap leach project
Richmond Hill – IACF supports simple, open pit, heap leach project (US$) M&I plan MI&I plan (US$) M&I plan MI&I plan Key Assumptions Unit Operating Costs Base Case Gold Price $2,350/oz $2,350/oz Total Operating Costs $764 $820 Base Case Silver Price $29.00/oz $29.00/oz Total Cash Costs $857 $912 Pr
Slide 7: Richmond Hill - M&I plan production and cost profile
Richmond Hill - M&I plan production and cost profile M&I plan 153,000 oz/yr GOLD PRODUCTION 2.6 Moz GOLD LOM PRODUCTION (17-year mine life) US$1,047/oz LOM AISC (US$2,350/oz Gold Price) dakotagoldcorp.com | NYSE-A: DC 7
Slide 8: Richmond Hill – Phase 1 & 2 mine plan
Richmond Hill – Water Overburden Storage Area Phase 1 & 2 mine plan Treatment Plant (16MM tons) North • Initial permit to authorize 580 acres of Mined Area net disturbance • Initial mining to start in higher value northeast portion of Project and Merrill Crowe Plant continue to progress south over l
Slide 9: Richmond Hill – Phase 3-5 mine plan
Richmond Hill – Water Overburden Storage Area Phase 3-5 mine plan Leach Pad 3 Treatment Plant (Reclaimed) North (35.6MM tons) Reclaimed Mined Area Leach Pad 2 (44.4MM tons) • Concurrent reclamation with mining to reduce disturbance footprint Storm Event • Backfill and shaped to fulfill final Mined A
Slide 10: Richmond Hill – Conceptual closure plan
Richmond Hill – Water Overburden Storage Area Conceptual closure plan Leach Pad 3 Treatment Plant (Reclaimed) North (Reclaimed) Reclaimed Mined Area Leach Pad 2 (Reclaimed) • Backfill and shaped to fulfill final designed and approved topography Reclaimed • Area revegetated to final presented and Min
Slide 11: Richmond Hill - Metallurgical testwork
Richmond Hill - Metallurgical testwork • Preliminary column tests - High level amenability metallurgical testwork initiated in August to help establish baseline leach parameters, optimum test conditions, and recovery performance for typical oxides. Results expected to be completed Q4 2025. North • H
Slide 12: Richmond Hill - Potential step-out & infill areas
Richmond Hill Plan View - Potential step-out & infill areas • The heap leachable resource remains open to the north and in the southeast area of Richmond Hill. • 2025 planned drill program ~90,000 feet (~27,500 meters) Heap Leach Resource • Drilling underway with results reported as they are process
Slide 13: Richmond Hill – Northeast infill and expansion drilling
Richmond Hill – Northeast infill and expansion drilling • Plan map with S-K 1300 Initial Assessment resource block model of the 5,600, 5,500, 5,400 and 5,300 bench levels in the northeast Project area including the Chism Gulch area projected to the surface. • Select historical drill hole information
Slide 14: Richmond Hill – Mineral rich low-sulfidation gold system
Richmond Hill – Mineral rich low-sulfidation gold system • Underlying the Richmond Hill near surface oxide resource is extensive sulfide mineralization with some Rare Earth Elements (REE) in the southern area of the property. • Cross Section through central part of the Richmond Hill resource showing
Slide 15: Richmond Hill - Location and infrastructure
Richmond Hill - Location and (MI&I) infrastructure Location: Proposed Powerline • Project 15-minute drive from headquarters in Lead Existing Powerline Maitland Labor: • South Dakota provides access to labor for exploration through to production Richmond Hill Access road 3 km north of Wharf Infrastru
Slide 16: Richmond Hill - Timeline to production
Richmond Hill - Timeline to production 2025 2026 2027 2028 2029 2030 S-K 1300 Feasibility Study (FS) IA with Cash Flow Dakota Gold has a non-binding proposal from Orion Mine Finance for up to $300 million of financing support for the purposes of Baseline Data Collection Permitting - County Condition
Slide 17: Maitland Gold Project - High-grade exploration optionality
Maitland Gold Project - High-grade exploration optionality Gold bearing Homestake Formation (red to blue; shallow to deep) Mined out ore bodies (Precambrian Au) Projected to the surface Gold Mineralization in Ledges DC Precambrian Au drill hole intercepts Projected to the surface Maitland Project Ho
Slide 18: Maitland – JB Gold Zone analogous to West Ledge System
Maitland – JB Gold Zone analogous to West Ledge System North South 2.5 m @ 5.25 g/t 6.4 m @ 1.5 m @ 9.46 g/t 8.24 g/t 4.4 m @ 2.0 m @ 25.03 g/t 4.70 g/t 5.5 m @ 3.84 g/t 3.2 m @ 300 10.01 g/t meters 6.4 m @ 4.77 g/t 5.0 m @ 19.54 g/t 21 Ledge 2.5 M oz Au 600 Meters Long Section View Homestake Mine 2
Slide 19: Maitland – Unionville Zone long section
Maitland – Unionville Zone long section MAITLAND – UNIONVILLE ZONE LONG SECTION VIEW LOOKING EAST A Untested Area Untested Area A’ • Modeled mineralization zone A with drillhole pierce points A’1500 m EL and grade-thickness contours Grade – Thickness Grams gold X meters 1000 m EL 3500 m N 5000 m N 4
Slide 20: Dakota Gold is a Responsible Operator
“Dakota Gold is committed Dakota Gold is a Responsible Operator to sustainable development as a core value, as further articulated in our HEALTH AND SAFETY Dr. Stephen O’Rourke Environmental and • Achieved 4 YEARS with ZERO Lost Time Incidents Co-Chair Community Relations (2021 to 2024) and Director
Slide 21: Dakota Gold NYSE American: DC
Dakota Gold +119% Dakota Gold Senior Management & Board Year To Date Own ~11% Performance Spot Gold +39% As of GDXJ +112% NYSE American: DC Alignment with Shareholders Sept 12, 2025 S&P 500 +12% Orion Mine Finance, 8.7% Robert Quartermain, 6.9% CAPITAL STRUCTURE (in millions) - Co-Chair, Director a
Slide 22: NPV, IRR, Resource Size – USA heap leach developers
NPV, IRR, Resource Size – USA heap leach developers • Relative positioning - after-tax NPV ($m) vs after-tax IRR (%) vs heap leachable Au resource (bubble size) of USA heap leach developer peer projects. Richmond Hill features: • Largest Resource • Highest NPV • Best IRR Source: Company disclosure;
Slide 23: Capital Intensity vs Initial Capex – USA heap leach developers
Capital Intensity vs Initial Capex – USA heap leach developers • Relative positioning – initial capital intensity (initial capex $m / LOM Au production) vs initial capex ($m) USA heap leach developer peers. Richmond Hill has relatively low capital intensity of ($117/ozAu) compared to other oxide hea
Slide 24: Management
Directors and Management ~92% of Dakota Gold employees live in South Dakota with 13 South Dakota School of Mines alumni, students or former faculty Robert Past Executive Chairman of Pretium Resources Inc. and CEO of Todd Kenner More than 40 years experience in engineering design and business BOARD O
Slide 25: 2025 Transformational Year with Significant Gold Optionality for Shareholders
2025 Transformational Year with Significant Gold Optionality for Shareholders • Completion of S-K 1300 resource outlining 3.65 Moz of heap leachable M&I resources at Richmond Hill with robust Initial Assessment with Cash Flow • REE and gold sulphide opportunities at Richmond Hill • High grade band
Slide 26: NYSE American: DC
MEDIA AND INVESTOR RELATIONS Jack Henris President and COO O +1 605 717 2540 Shawn Campbell Chief Financial Officer info@dakotagoldcorp.com O +1 778 655 9638 Carling Gaze @dakotagoldcorp VP of Investor Relations and Corporate Communications O +1 605 679 7429 linkedin.com/company/dakotagold/ E info@d
Slide 27: Richmond Hill - IACF M&I plan capital & operating costs details
Richmond Hill - IACF M&I plan capital & operating costs details Capital Cost Items (US$M) Initial Sustaining LOM LOM US$/tonne Operating Cost Items US$/oz Au (US$M) leached Ore Preparation $83.5 $0 $83.5 Mining $887.4 $5.27 $341 (Crush, Agglomerate, Stack) Heap Leach Pad & Ponds $23.3 $80.7 $104.0 P