Dakota Gold Corp.

Pre-revenue Homestake-district gold explorer with a strong balance sheet advancing toward feasibility.

Strengths

• Excellent liquidity (current ratio 10.1, ~92nd pct) and solid cash ($29.7M, 62nd pct)
• Consolidated district land position, defined resource (Richmond Hill IA) and progression to PFS/feasibility

Risks

• No revenue, ROA -25% and net loss of $29.5M; ~4.6-quarter runway requires ongoing equity raises
• Returns and economics fully dependent on gold/silver prices and successful development/permitting

Notable findings

• RestatementOn November 13, 2025, the Company entered into an Amended and Restated Equity Distribution Agreement with BMO Capital Markets Corp 8-K ↗
• Exec changeRecent 8-K item 5.02 8-K ↗
• Cash burnNegative free cash flow (-25.6M)
• Chronic dilutionShare count +23%/yr over 3y (dilution, book value/share -46%)