Dakota Gold Corp. · AMEX:DC
Dakota Gold — Investor Presentation (April 2026)
34 slides from Dakota Gold's investor presentation, April 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 | April 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: U.S. Gold production and consumption
U.S. Gold production and consumption Historical U.S. Annual Gold Production 1 • U.S. Executive Order (March 20, 2025) designated critical YEARS TONNES minerals as well as gold as a focus for development in securing 2000 302 U.S. domestic supply. 2 2010 209 2020 175 • Current U.S. gold production doe
Slide 4: U.S. Silver production and consumption
U.S. Silver production and consumption Historical U.S. Annual Silver Production 1 YEARS TONNES • Silver added to the Department of Interior USGS Critical Minerals 2020 979 List on November 6, 2025 2 due to growing federal recognition of 2021 925 its importance to the U.S. economy and national securi
Slide 5: Gold and Silver in cell phones and data center servers
Gold and Silver in cell phones and data center servers • 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
Slide 6: Dakota Gold – A unique investment opportunity
Dakota Gold Dakota Gold, NYSE – A unique investment opportunity American: DC is a • Gold and Silver 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 Go
Slide 7: 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 8: 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 9: 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) 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
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 • 580 acres of net disturbance is Mined Area anticipated with the initial permit • Initial mining to start in higher value northern portion of Project and continue Merrill Crowe Plant to progress so
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 Mined Area Conveyance Spillway • Backfill and
Slide 12: 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 13: Richmond Hill – 2025 infill/expansion drilling
Richmond Hill – 2025 infill/expansion drilling • 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
Slide 14: 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 15: Richmond Hill - Feasibility trade-off studies
Richmond Hill - Feasibility trade-off studies • Mining and Stacking Tonnage Rates o 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 Conveyor Stack o Crushing and stacking rates will dri
Slide 16: Richmond Hill - Location and infrastructure
Richmond Hill Dakota Gold Project Map - Location and JB Gold Zone infrastructure Unionville Zone Location: Richmond Hill Proposed Powerline • Project 15-minute drive from 3 km north of Maitland Wharf headquarters in Lead Existing Powerline Labor: • South Dakota provides access to labor for Access ro
Slide 17: 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 18: 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 19: 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 20: Maitland – Unionville Zone long section
Maitland – Unionville Zone long section MAITLAND – UNIONVILLE ZONE LONG SECTION VIEW LOOKING EAST 2026 maiden resource infill drill campaign location A Untested Area Untested Area A’ • Modeled mineralization zone A with drillhole pierce points A’1500 m EL and grade-thickness contours Grade – Thickne
Slide 21: 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 22: 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 23: 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 24: Opportunity for Increased Valuation
Opportunity for Increased Valuation • Opportunity for $EV/oz valuation to increase as Richmond Hill advances through Feasibility Study and into Production. 2026E 100 kozpa as EV (US$M) Developer $EV/oz EV Company Prod'n % of per $531 (US$M) (AuEq koz) production 100kozpa Alamos Gold $15,438 643 16%
Slide 25: Dakota Gold NYSE American: DC
Dakota Gold Senior Management & Board Own ~8% Jan 1, 2025 – Dakota Gold +106% Mar 20, 2026 Spot Gold +71% NYSE American: DC Alignment with Shareholders Performance S&P 500 +10% CAPITAL STRUCTURE (in millions) (Dec 31, 2025)1 Shares Outstanding 1 126.3 Robert Quartermain, 6.3% Stock Options 5.0 -
Slide 26: 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 $100 Million has been Invested in South Dakota from 2019 to 2024
Slide 27: Directors and Management
Directors and Management ~92% of Dakota Gold employees live in South Dakota with 13 South Dakota School of Mines alumni, students or former faculty Robert Past Executive Chairman of Pretium Resources Inc. and CEO of Brian Iverson Senior legal and financial executive with more than 30 years of BOARD
Slide 28: Significant Gold Optionality for Shareholders 2026 Catalysts
Significant Gold Optionality 2026 Catalysts for Shareholders Richmond Hill – Advancing • Richmond Hill - S-K 1300 resource Feasibility and Permitting outlining 3.65 Moz Au and 38.1 Moz Ag • Pre-Feasibility Study H2 2026 of heap leachable M&I resources with • Preliminary and final metallurgical robus
Slide 29: APPENDIX
APPENDIX dakotagoldcorp.com | NYSE-A: DC 29
Slide 30: Richmond Hill - IACF M&I plan capital & operating costs details
Richmond Hill - IACF M&I plan capital & operating costs details Capital Cost Items (US$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 31: 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 32: Richmond Hill – Table of zones for the initial 5 phases of mining
Richmond Hill – Table of zones for the initial 5 phases of mining with gold and silver assays for select highlight holes from the 2025 drill campaign received to date (as of Jan 4, 2026) (Metric / Imperial)1,2,3 From To Interval Grade gxm Grade Ag gxm From To Interval Grade Au Hole # (m) (m) (m) Au
Slide 33: Richmond Hill – Table of zones for the initial 5 phases of mining
Richmond Hill – Table of zones for the initial 5 phases of mining with gold and silver assays for select highlight holes from the 2025 drill campaign received to date (as of Jan 4, 2026) (Metric / Imperial)1,2,3 From To Interval Grade gxm Grade Ag gxm From To Interval Grade Au Hole # (m) (m) (m) Au
Slide 34: 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