Dakota Gold Corp. · AMEX:DC
Dakota Gold — Technical Presentation (July 2025)
30 slides from Dakota Gold's technical presentation, Jul 8, 2025
Slide 1: Richmond Hill Gold Project Initial Assessment with Cash Flow
Richmond Hill Gold Project Initial Assessment with Cash Flow Webcast Presentation | July 8, 2025 NYSE American: DC dakotagoldcorp.com
Slide 2: Disclaimer
Disclaimer Dakota Gold is a Forward-Looking Statements South Dakota-based, 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 communi
Slide 3: Homestake District: New Opportunities
Homestake District: New Opportunities Richmond Hill Legend - Homestake District and Key Projects Dakota Gold Gold Project Dakota Gold Land Package Richmond Hill – Private Land Highlights Homestake Iron Formation Richmond Hill resource cone • Private Land Wharf open pit mine Maitland - Private Lan
Slide 4: Richmond Hill – IACF supports simple, open pit, heap leach project
Richmond Hill – IACF supports simple, open pit, heap leach project Measured & Measured, Indicated & (US$) Indicated plan Inferred plan (M&I plan) (MI&I plan) Base Case Gold Price $2,350/oz $2,350/oz After-tax NPV5% $1.6 B $2.1 B After-tax IRR 55% 59% Initial Capital $384 M $383 M After-tax Payback
Slide 5: Jack Henris, President & Chief Operating Officer
JACK HENRIS PRESIDENT & CHIEF OPERATING OFFICER dakotagoldcorp.com | NYSE-A: DC 5
Slide 6: Richmond Hill - IACF led by M3, RESPEC and IMC
Richmond Hill - IACF led by M3, RESPEC and IMC Lead Study Manager and Plant Design Mining/ Metallurgy Heap Leach Environmental Design Environmental sub-contractors supporting permit engineering • LifeCycleGeo • BKS Environmental Assoc. • Vantage Point • Geosyntc • GEI Consultants • ICF • Air Science
Slide 7: Richmond Hill - IACF overview and key parameters
Richmond Hill - IACF overview and key parameters (US$) 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 Production Profile LO
Slide 8: 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 8
Slide 9: Richmond Hill - MI&I plan production and cost profile
Richmond Hill - MI&I plan production and cost profile MI&I plan 142,000 oz/yr GOLD PRODUCTION 3.98 Moz GOLD LOM PRODUCTION (28-year mine life) US$1,050/oz LOM AISC (US$2,350/oz Gold Price) dakotagoldcorp.com | NYSE-A: DC 9
Slide 10: Richmond Hill – Phase 1 & 2 mine plan
Richmond Hill – Water Overburden Storage Area Phase 1 & 2 mine plan Treatment Plant (16MM tons) North • Initial permit to authorize 580 acres of Mined Area net disturbance • Initial mining to start in higher value northeast portion of Project and Merrill Crowe Plant continue to progress south over l
Slide 11: Richmond Hill – Phase 3-5 mine plan
Richmond Hill – Water Overburden Storage Area Phase 3-5 mine plan Leach Pad 3 Treatment Plant (Reclaimed) North (35.6MM tons) Reclaimed Mined Area Leach Pad 2 (44.4MM tons) • Concurrent reclamation with mining to reduce disturbance footprint Storm Event • Backfill and shared to fulfill final Mined A
Slide 12: Richmond Hill – Conceptual closure plan
Richmond Hill – Water Overburden Storage Area Conceptual closure plan Leach Pad 3 Treatment Plant (Reclaimed) North (Reclaimed) Reclaimed Mined Area Leach Pad 2 (Reclaimed) • Backfill and shaped to fulfill final designed and approved topography Reclaimed • Area revegetated to final presented and Min
Slide 13: Richmond Hill - IACF M&I plan capital costs details
Richmond Hill - IACF M&I plan capital costs details (US$M) Capital Cost Items Initial Sustaining LOM Ore Preparation (Crush, Agglomerate, Stack) $83.5 $0 $83.5 Heap Leach Pad & Ponds $23.3 $80.7 $104.0 Merrill Crowe & Refinery $22.6 $0 $22.6 Process Support Systems (Water, Reagents, Power) $18.9 $0
Slide 14: Richmond Hill - IACF M&I plan operating costs details
Richmond Hill - IACF M&I plan operating costs details Operating Cost Items LOM (US$M) US$/tonne leached US$/oz Au Mining $887.4 $5.27 $341 Processing $874.5 $5.20 $336 Mine Site G&A $201.7 $1.20 $77 Refining $26.1 $0.15 $10 Total Operating Costs $1,989.5 $11.82 $764 Royalties $241.2 $1.43 $93 Total
Slide 15: Richmond Hill - CN assay to fire assay ratio
Richmond Hill - CN assay to fire assay ratio • 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% Silv
Slide 16: Richmond Hill - Location and infrastructure
Richmond Hill - Location and infrastructure Location: • 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 Powerline Ex
Slide 17: 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 18: Richmond Hill IACF Outlines Profitable Operation and Long LOM
RICHMOND HILL IACF OUTLINES PROFITABLE OPERATION and LONG LOM dakotagoldcorp.com | NYSE-A: DC 18
Slide 19: Richmond Hill – M&I plan IACF has strong economics
Richmond Hill – M&I plan IACF has strong economics • The M&I plan has robust project economics, including a $1.6 billion NPV(5%), 55% IRR and a payback of only 1.7 years at a base case gold price of $2,350/oz. The financial metrics remain robust in a lower gold price environment, but at recent gold
Slide 20: Richmond Hill – MI&I plan IACF has strong economics
Richmond Hill – MI&I plan IACF has strong economics • The MI&I plan has robust project economics, including a $2.1 billion NPV(5%), 59% IRR and a payback of only 1.5 years at a base case gold price of $2,350/oz. The financial metrics remain robust in a lower gold price environment, but at recent go
Slide 21: Industry Leading Project Financial Metrics
Industry Leading Project Financial Metrics M&I plan MI&I plan Net Present Value discounted at 5% to Initial Capital Cost Ratio NPV5% @ $2,350/ oz Gold Price $1,622 M $2,113 M Initial Capital Cost $384 M $383 M Ratio of NPV5%: CAPEX 4.2 X 5.5 X Number of Times Initial Capex is repaid over the life o
Slide 22: Richmond Hill recap of Heap Leach Resource and Exploration Potential
RICHMOND HILL recap of HEAP LEACH RESOURCE and EXPLORATION POTENTIAL dakotagoldcorp.com | NYSE-A: DC 22
Slide 23: Richmond Hill – Heap leachable resource review
Richmond Hill – Heap leachable resource review A’ Maitland S-K 1300 Mineral Resource announced in February 2025 A • Heap Leachable Mineral Resource: • 3.65 M oz of M&I at 0.463 g/t Gold • 2.61 M oz of Inferred at 0.353 g/t Gold Richmond Hill 3 km north of • 38.1 M oz of M&I at 4.83 g/t Silver Wharf
Slide 24: 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 ~80,000
Slide 25: 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 and inline with expectations dakotagoldcorp.com NYSE-A: DC dak
Slide 26: Corporate Structure and Value Creation Opportunity
CORPORATE STRUCTURE and VALUE CREATION OPPORTUNITY dakotagoldcorp.com | NYSE-A: DC 26
Slide 27: Dakota Gold NYSE American: DC
Dakota Gold +71.8% Dakota Gold Senior Management & Board Year To Date Own ~15% Performance Spot Gold +27.1% As of GDXJ +61.7% NYSE American: DC Alignment with Shareholders July 3, 2025 S&P 500 +6.8% Orion Mine Finance, 8.7% CAPITAL STRUCTURE Robert Quartermain, 6.9% (in millions) (Mar 31, 2025) - C
Slide 28: Dakota Gold – A unique investment opportunity
Dakota Gold – A unique investment opportunity “Dakota Gold, NYSE American: DC is a unique investment Advancing opportunity for Richmond Hill –heap Two discoveries at Maitland along strike Leadership team with leach gold project with track record success exposure to a U.S. robust IACF to from +40m Oz
Slide 29: Questions and Answers
Richmond Hill Gold Project Initial Assessment with Cash Flow QUESTIONS and ANSWERS NYSE American: DC dakotagoldcorp.com
Slide 30: 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