Dakota Gold Corp. · AMEX:DC
Dakota Gold — Investor Presentation (September 2025)
27 slides from Dakota Gold's investor presentation, Sep 8, 2025
Slide 1: Revitalizing The Homestake District Of South Dakota
Revitalizing The Homestake District Of South Dakota NYSE American: DC Investor Presentation | September 2025 dakotagoldcorp.com
Slide 2: Disclaimer
Disclaimer Dakota Gold is a Forward-Looking Statements responsible gold This communication contains forward-looking statements within the meaning of Section 27A of the Securities 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 opportunity for Leadership team with • Robust economics out
Slide 4: U.S. Gold production vs consumption
U.S. Gold production vs 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 mine
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 • Metallurgical testwork indicates strong recoveries, amenability to heap leach processing with average gold recovery of 85% used in IACF Metallurgical Recovery Estimates Material Type Oxide Heap Leach Transition Heap Leach Process North Gold 89% 65% Silver 30%
Slide 12: Richmond Hill - Potential step-out & infill areas
Plan View Richmond Hill - Potential step-out & infill areas • Mineralization is very shallow with portions of the resource exposed at surface. • The heap leachable resource remains open to the north and in the southeast area of Richmond Hill. Heap Leach Resource • 2025 planned drill program ~90,000
Slide 13: Richmond Hill - Initial results from 2025 drilling campaign
Richmond Hill - Initial results from 2025 drilling campaign Plan View • 19 drill hole assay results received to date located in the north project area • Metallurgical / infill drill holes • Grades / widths consistent with previous drilling dakotagoldcorp.com NYSE-A: DC dakotagoldcorp.com || NYSE-A:
Slide 14: Richmond Hill - Location and infrastructure
Richmond Hill - Location and infrastructure Location: (MI&I) • Project 15-minute drive from headquarters in Lead Labor: • South Dakota provides access to labor for exploration through to production Maitland Infrastructure: • Project has an existing powerline and road connected to grid Proposed Power
Slide 15: 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 16: 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 17: 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 18: 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 with drillhole pierce points A 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 19: 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 20: Dakota Gold NYSE American: DC
Dakota Gold +81.4% Dakota Gold Senior Management & Board Year To Date Own ~11% Performance Spot Gold +27.2% As of GDXJ +72.7% NYSE American: DC Alignment with Shareholders Aug 15, 2025 S&P 500 +9.7% Orion Mine Finance, 8.7% Robert Quartermain, 6.9% CAPITAL STRUCTURE - Co-Chair, Director and CEO (in
Slide 21: Ready to become one of the next independent US gold mines
Richmond Hill - Ready to become one of the next independent US gold mines, in a market with limited assets 2025E 100 kozpa as EV (US$M) EV Company Prod'n % of per (US$M) Independent Gold Projects (AuEq koz) production 100kozpa Alamos Gold $11,392 588 17% $1,939 Being Advanced in America (Estimated p
Slide 22: NPV, IRR, Resource Size – USA heap leach developers
NPV, IRR, Resource Size – USA heap leach developers Relative positioning - after-tax NPV ($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; Ag
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 heap l
Slide 24: Directors and 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 Leading to the Next Era of the Homestake Gold District
2025 Transformational Year Leading to the Next Era of the Homestake Gold District CATALYSTS: Announced Heap Leachable Oxide Gold Resource of 3.65 Moz of M&I resources at Richmond Hill in Q1 2025 Announced close of $35 Million financing in March 2025 Announced robust Richmond Hill Initial Asses
Slide 26: Media and Investor Relations
MEDIA AND INVESTOR RELATIONS Jack Henris President and COO O +1 605 717 2540 Shawn Campbell Chief Financial Officer info@dakotagoldcorp.com O +1 778 655 9638 Carling Gaze @dakotagoldcorp VP of Investor Relations and Corporate Communications O +1 605 679 7429 linkedin.com/company/dakotagold/ E info@d
Slide 27: Richmond Hill - IACF M&I plan capital & operating costs details
Richmond Hill - IACF M&I plan capital & operating costs details Capital Cost Items (US$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