Dakota Gold Corp. · AMEX:DC
Dakota Gold — Investor Day (July 2025)
32 slides from Dakota Gold's investor day presentation, Jul 17, 2025
Slide 1: Revitalizing The Homestake District Of South Dakota
Revitalizing The Homestake District Of South Dakota NYSE American: DC Investors and Analysts Tour Presentation July 15-17, 2025 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 Maitland Gold Project Dakota Gold Land Package Richmond Hill – Private Land Gold Project Homestake Iron Formation Richmond Hill resource cone • Private Land Wharf open pit mine Maitland - Private Land
Slide 4: Gold added to U.S. critical mineral list
Gold added to U.S. critical mineral list • President Trump has designation gold as a critical mineral. The focus is securing a U.S. domestic supply chain and production of the minerals. • South Dakota Governor Roden visited Dakota Gold in May. During the visit, he underscored the importance of diver
Slide 5: U.S. Gold production vs consumption
U.S. Gold production vs consumption • U.S. Annual Gold Production 2024: ~160 tonnes Historical U.S. Annual Gold Production (tons) • U.S. Annual Gold Consumer Demand 2024: 209 tonnes (Consumer demand: sum of jewelry, bar and coin demand. Does not include YEARS TONS technology or investment demand) 19
Slide 6: Overview of IACF
OVERVIEW of IACF dakotagoldcorp.com | NYSE-A: DC 6
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 – 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 10: 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 11: Richmond Hill – Phase 1 & 2 mine plan
Richmond Hill – Water Overburden Storage Area Phase 1 & 2 mine plan Treatment Plant (16MM tons) North • The ramps were designed for the use of 150- Mined Area ton haul trucks with an operating width of 24.72 ft. • The designs utilize 40 ft high benches with 20 Merrill Crowe Plant ft wide catch bench
Slide 12: Richmond Hill Metallurgy
RICHMOND HILL METALLURGY dakotagoldcorp.com | NYSE-A: DC 12
Slide 13: 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 14: Richmond Hill – Met drilling timeline
Richmond Hill – Met drilling timeline Water Overburden Storage Area Treatment Plant (16MM tons) North • Five metallurgical domains were targeted for test work (33,600 feet) Mined Area o MW3 East (10,600 feet) o Chism Gulch (6,000 feet) o MW3 Main (5,100 feet) o Cole Creek (7,700 feet Merrill Crowe o
Slide 15: Richmond Hill – St. Joe Historical study column tests Au recovery
Richmond Hill – St. Joe Richmond Hill FS Historical study column tests Au recovery % Oxide Distributions > Oxide Type Recoded=Ox Quantiles Summary Statistics 100.0% maximum 95.1 Mean 88.24 3% 95 99.5% 95.1 Std Dev 5.29 19% 97.5% 95.1 Std Err Mean 0.95 16% 90 90.0% 94.1 Upper 95% Mean 90.18 29% 75.0%
Slide 16: Richmond Hill – St. Joe Richmond Hill FS Historical study
Richmond Hill – St. Joe Richmond Hill FS Historical study Col 1 mixed comp 3/8”, Col 2 Mixed Comp ¾”, Cool 19 Mixed Comp 3/8”, Col 16A Mixed Comp ¾” dakotagoldcorp.com | NYSE-A: DC 16
Slide 17: Richmond Hill – Metallurgical Key Points
Richmond Hill – Metallurgical Key Points • The IACF M&I Plan assumes a heap leach gold recovery of 85.1% • Historical column tests of oxide material have a median gold recovery of 89.3% • The current metallurgical drill program is designed to obtain column test samples based on oxidation state, rock
Slide 18: Trade-off Studies
TRADE-OFF STUDIES dakotagoldcorp.com | NYSE-A: DC 18
Slide 19: Coeur's Wharf Mine 3-year heap leach recoveries
Coeur’s Wharf Mine 3-year heap leach recoveries 2022 Recovery* 79.0% 2023 Recovery* 79.0% 2024 Recovery* 78.0% * From Coeur Annual Reports dakotagoldcorp.com | NYSE-A: DC 19
Slide 20: Feasibility trade-off studies – Truck Stack vs Conveyor Stack Heap Leach
Richmond Hill Feasibility trade-off studies – Truck Stack vs Conveyor Stack Heap Leach • Compaction issues with Truck Stack • Dozer ripping required to reduce compaction • Improved recovery vs truck stack due to improved leach kinetics Conveyor Stack Truck Stack dakotagoldcorp.com | NYSE-A: DC 20
Slide 21: Feasibility trade-off studies – Agglomeration
Richmond Hill Feasibility trade-off studies – Agglomeration • Benefits include: o Reduces migration of fines in the Reclaimed leach pad Mined Areas o Provides better permeability for leach solutions o Lower probability of potential “blinding off” of cells in leach pad dakotagoldcorp.com | NYSE-A: DC
Slide 22: Feasibility trade-off studies – Dedicated vs On/Off Leach Pads
Richmond Hill Feasibility trade-off studies – Dedicated vs On/Off Leach Pads • Benefits include: o Longer Leach Cycle o Allows time to achieve ultimate recoveries o Lower Life of Mine rehandle costs dakotagoldcorp.com | NYSE-A: DC 22
Slide 23: Feasibility trade-off studies – ADR vs Merrill Crowe Processing Plant
Richmond Hill Feasibility trade-off studies – ADR vs Merrill Crowe Processing Plant Wharf Technical Report, • Benefits include: Effective Date December 31, 2021 o Enhanced gold recoveries vs Adsorption, Desorption & “A Merrill Crowe circuit would Recovery (ADR) when high ratios of silver are present
Slide 24: Feasibility trade-off studies – Recovery Summary
Richmond Hill Feasibility trade-off studies – Recovery Summary • Wharf current recovery in the same geologic setting as Richmond Hill 78% – 79% • In the first 10 years of mining, 80% of ore is Deadwood Formation and Trachyte, like Wharf • Enhancements to current Wharf Process Operations and Recoveri
Slide 25: Corporate Structure and Permitting
CORPORATE STRUCTURE and PERMITTING dakotagoldcorp.com | NYSE-A: DC 25
Slide 26: County and State Permits
County and State Permits • County – Lawrence County Office of Planning and Zoning o Conditional Use Permit • State – South Dakota Department of Agriculture and Natural Resources (SD DANR) o Determination of Special, Exceptional, Critical, or Unique Lands o Large-Scale Mine Permit(s) o Air Qualit
Slide 27: Richmond Hill – Permitting and Timeline to production
Richmond Hill – Permitting and 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 - C
Slide 28: Local Experience and Competencies
Local Experience and Competencies ~92% of Dakota Gold employees live in South Dakota with 13 South Dakota School of Mines alumni, students or former faculty Jack Henris More than 35 years of experience in the mining industry with both Mark Rantapaa Over 36 years in mining including 26 years with Ba
Slide 29: Maitland Gold Project - High-grade exploration optionality
Maitland Gold Project - High-grade exploration optionality West Ledge System - Approx. 6,000 Drill Holes underground - Avg grade of 11.63 g/t Au and width of 6.1 m - 6 million oz gold produced JB Gold Zone - Approx. 47 Drill Holes from surface - Avg grade of 10.76 g/t Au and width of 4.0 m dakotagol
Slide 30: 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 31: 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 32: 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