Dakota Gold Corp. · AMEX:DC
Dakota Gold — Investor Presentation (January 2026)
29 slides from Dakota Gold's investor presentation, Jan 13, 2026
Slide 1: Building the Next Gold Mine in the Homestake District
Building the Next Gold Mine in the Homestake District NYSE American: DC Investor Presentation | January 2026 dakotagoldcorp.com
Slide 2: Disclaimer
Disclaimer Dakota Gold is focused Forward-Looking Statements This communication contains forward-looking statements within the meaning of Section 27A of the Securities on responsible Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this commun
Slide 3: Dakota Gold – A unique investment opportunity
Dakota Gold Dakota Gold, NYSE – A unique investment opportunity American: DC is a • Gold prices and demand at record highs during a time of production deficits unique investment • Leadership team with track record success opportunity for exposure to a U.S. • Advancing the Richmond Hill Gold Project,
Slide 4: Homestake District: New Opportunities
Richmond Hill Homestake District: New Opportunities Maitland Gold Project Gold Project Legend - Dakota Gold holds over ~48k mineral acres in • Private Land the Homestake District • Over 3,000 mineral acres • Private Land • Development stage Dakota Gold Land Package Richmond Hill – Private Land •
Slide 5: 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 LOM AISC (Cash Cost plus $1,047 $1,050 Sustaining Cost) Base Case Gold Price $2,350/oz $2,350/oz Capital Costs Base Case Silver Price $29.00/oz $29.00/oz Initial Capi
Slide 6: 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 6
Slide 7: 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 8: 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 Mined Area Conveyance Spillway • Backfill and
Slide 9: Richmond Hill - 2026 metallurgical test work
Richmond Hill - 2026 metallurgical test work 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 • Commi
Slide 10: Richmond Hill – 2025 infill/expansion drilling
Richmond Hill RH25C-323 - 31.1m @ 2.19 g/t Au RH25C-319 - 47.6m @ 1.18 g/t Au – 2025 infill/expansion drilling • Drilling completed in December 2025 with final remaining results expected in coming weeks of 2026 for the program. • Plan map with S-K 1300 Initial Assessment resource block model of the
Slide 11: Richmond Hill – 2026 infill/expansion and Feasibility drill plan
Richmond Hill – 2026 infill/expansion and Feasibility drill plan • Total of 15,481 meters (50,790 feet) of drilling in 109 holes Northern Exp • 10-Year Mine Plan OSA o 6,700 meters (22,040 feet) 10-Year Mine Plan o Infill drilling within the 10-Year mine plan to convert inferred to measured and indi
Slide 12: Richmond Hill - Location and infrastructure
Richmond Hill Dakota Gold Project Map - Location and infrastructure JB Gold Zone Unionville Zone Location: Proposed Powerline Maitland • Project 15-minute drive from headquarters in Lead Existing Powerline Labor: • South Dakota provides access to labor for exploration through to production Richmond
Slide 13: Richmond Hill – Timeline to production
Richmond Hill – Timeline to production 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, 20
Slide 14: 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 15: 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 16: 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 17: Maitland – Unionville 2026 maiden resource infill drill plan
Maitland – Unionville 2026 maiden resource infill drill plan • 5,578 meters (18,300 feet) infill drill campaign in 44 holes Long Section (A-A’) A Target Extension Surface Rock Chip Samples • Maiden resource year end 2026 • Extensive zone of continuous Tertiary epithermal gold mineralization • Open i
Slide 18: Richmond Hill – Low-sulfidation gold system opportunity
Richmond Hill – Low-sulfidation gold system opportunity • Underlying the Richmond Hill near surface oxide resource is extensive sulfide mineralization in the southern area of the property. • Cross Section through central part of the Richmond Hill resource showing distribution of grades, oxide/sulfid
Slide 19: 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 stands out with a significant resource size and an attractive after-tax NPV and IR
Slide 20: Opportunity for Increased Valuation
Opportunity for Increased Valuation • Opportunity for $EV/oz valuation to increase as Richmond Hill advances through Feasibility Study and into Production. Producers Dakota Dakota Gold’s 150 koz of annual production would indicate a potential Gold for $2.1 billion in Enterprise Value (EV) Source: Co
Slide 21: Dakota Gold NYSE American: DC
12 Month Dakota Gold +178% Dakota Gold Senior Management & Board Own ~11% Performance As of Jan 12, Spot Gold +70% GDXJ +173% NYSE American: DC Alignment with Shareholders 2026 S&P 500 +19% Robert Quartermain, 6.9% CAPITAL STRUCTURE (in millions) - Co-Chair, Director and CEO (Sep 30, 2025) Shares O
Slide 22: Dakota Gold is a Responsible Operator
Dakota Gold is a Responsible Operator HEALTH AND SAFETY • Achieved 5 YEARS with ZERO Lost Time Incidents (2021 to 2025) ENVIRONMENT • ZERO Notice of Environmental Violations since commencing drill programs in 2022 COMMUNITY • More than $100 Million has been Invested in South Dakota from 2019 to 2024
Slide 23: Directors and Management
Directors and Management ~92% of Dakota Gold employees live in South Dakota with 13 South Dakota School of Mines alumni, students or former faculty Robert Past Executive Chairman of Pretium Resources Inc. and CEO of Todd Kenner More than 40 years experience in engineering design and business BOARD O
Slide 24: Significant Gold Optionality for Shareholders 2026 Catalysts
Significant Gold Optionality 2026 Catalysts for Shareholders Richmond Hill – Advancing • Richmond Hill - S-K 1300 resource Feasibility and Permitting outlining 3.65 Moz of heap leachable • Pre-Feasibility Study H2 2026 M&I resources with robust Initial • Preliminary and final metallurgical Assessmen
Slide 25: Appendix
APPENDIX dakotagoldcorp.com | NYSE-A: DC 25
Slide 26: U.S. Gold production and consumption
U.S. Gold production and consumption Historical U.S. Annual Gold Production (tons) 2 YEARS TONS 2000 353 • U.S. Executive Order March 20, 2025 designated 2005 256 critical minerals as well as gold as a focus for 2010 231 development in securing U.S. domestic supply. 4 2015 214 2020 193 • Current U.S
Slide 27: Richmond Hill - IACF M&I plan capital & operating costs details
Richmond Hill - IACF M&I plan capital & operating costs details Capital Cost Items (US$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
Slide 28: Wharf Mine Compared to Richmond Hill IACF
Wharf Mine Compared to Richmond Hill IACF Richmond Hill Richmond Hill Wharf Mine Richmond Hill Reserves and Wharf Mine Resource Resource @ (IACF M&I mine plan – July 2025) Resources (Dec 2024) Wharf Reserve (Feb 2025) Cut-off Free Cash Flow $100.1 million (9mos Sept 2025) 757,000 P&P Reserves (0.81
Slide 29: 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