Jack Henris, President and COO, and Shawn Campbell, CFO of Dakota Gold (NYSE American: DC), both join us for an exploration and development update on their Richmond Hill Oxide Heap Leach Gold Project; located in the historic Homestake District of South Dakota, near existing mining infrastructure. We review all the drill results from 2025 and 2026 that will be incorporated into the upcoming resource estimate and the timeline of key development studies that will feed into updated project economics. We also highlight the upcoming drill program at their Maitland Gold Project, which will lead into an eventual resource estimate.

We start off reviewing more broad zones of gold mineralization that were announced from in recent drill results at Richmond Hill. Jack highlighted that the results being intercepted in the Northeast Project area contain much higher grades than the average overall resource grade. These results are encouraging their team to consider trade-off studies for the upcoming Pre-Feasibility Study (PFS), to potentially access these higher-grade areas in the first several years of mining.

On April 21, the company announced the 2026 Drill Campaign at the Richmond Hill Oxide Heap Leach Gold Project, which consisted of 109 holes with a combination of infill, expansion and geotechnical drilling.  The campaign is expected to be completed in the third quarter of this year, with a steady string of assay results anticipated over the balance of the year.

Richmond Hill is one of the largest undeveloped oxide gold resources in the United States being advanced by a junior mining company, with over 6 million ounces of gold and over 60 million ounces of silver moving along the pathway of development into heap leach production as soon as 2029. Principle Projects are on Private Land which equates to a positive attribute for efficient permitting with State and County organizations.

The Company will complete a Pre-Feasibility Study for Richmond Hill in the later part of 2026.

• With the resource expansion drilling in the north intersecting significantly higher grades than resource cutoff.
• This resource drilling will be complimented with an extensive metallurgical test program, so that the Company will undertake a PFS with a focus on the first ten years of mining.
• This work will allow the Company to report reserves in 2026 and will inform the Feasibility Study to be completed in the first half of 2027.

The Company will launch a 2026 Maitland drill campaign of 5,578 meters (18,300 feet) in 44 holes.

• The goal of this infill drilling, when combined with historic drill results, will be to define a maiden resource for the Tertiary-aged Unionville gold Zone.

Jack and Shawn highlight how these robust gold and silver resources, advantageous site infrastructure, ease of permitting on private land, and robust project economics, point to a future low-cost, long-life mining operation that can deliver high margins and generate meaningful revenues. We also review the potential for a rerating in valuation metrics when looked at through the lens of peer gold developer comparisons.

If you have any questions for Jack or Shawn regarding Dakota Gold, then please email those to us at Fleck@kereport.com or  Shad@kereport.com.

• In full disclosure, Shad is a shareholder of Dakota Gold at the time of this recording, and may choose to buy or sell shares at any time.

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