DC

Lead, South Dakota--(Newsfile Corp. - December 18, 2025) - Dakota Gold Corp. (NYSE American: DC) ("Dakota Gold" or the "Company") is providing an update on the metallurgical testing program (the "Met Program") designed to inform the Feasibility Study ("FS") at the Richmond Hill Oxide Heap Leach Gold Project ("Richmond Hill" or the "Project"). The FS Met Program is scheduled for completion in Q3 2026 with staged testing and milestone reporting throughout. Extensive metallurgical drilling was completed in 2025 (Map 1) and the Company expects to ship 4,000 kg of material to Forte Dynamics Lab (the "Lab") that represent 28 potential geo-metallurgical domains, and complete more than 30 column tests. To date, the Company has received results for two initial composites from the MW3 zone in the northern part of the property. Highlights from this update: High-grade areas potential for early mining. The Company is evaluating mine plan sequence opportunities in the FS and will update the resource in 2026 to include 200 drill holes completed in the 2025 drill campaign. The two columns tested from the MW3 zone graded 0.96 grams per tonne gold ("g/t") ("Au") and 23.1 g/t silver ("Ag"), and 0.53 g/t Au and 17.3 g/t Ag, respectively. The current resource model for the MW3 zone does not yet include high-grade intercepts reported from drilling in 2025, such as RH25C-164 intersecting 1.94 g/t Au over 60.0 meters (116 gram meters) and RH25C-169 intersecting 2.78 g/t Au over 39.3 meters (109 gram meters). Column recoveries ranging between 61%-65% achieved within less than 60 days. Two columns of 0.96 g/t Au material were tested at a 1" and 0.5" crush size and two columns of material grading 0.53 g/t Au were tested at a 0.75" and 0.5" crush size. Historic column testing focused on the Richmond Hill mine demonstrated material classified as oxide by St. Joe achieved an average recovery of 89%, and the current results are complimentary and consistent with historical variability testing (Appendix A). The samples were chosen to perform first pass characterization and classification. Deportment analysis has provided guidance on further test work required to optimize recoveries and process design. Potential CAPEX and OPEX efficiencies with positive response to heap leaching amenability factors. The preliminary compact permeability tests have properties which provide better flexibility f...

Dakota Gold (DC) has caught fresh attention after releasing more high grade drill results from its Richmond Hill Oxide Heap Leach project, confirming wider gold mineralization and moving the project closer to a potential feasibility decision currently targeted for 2027. See our latest analysis for Dakota Gold. That story is increasingly reflected in the tape, with a strong recent run capped by a 36.4% 30 day share price return and a 135% year to date share price return. The 1 year total shareholder return of about 145% suggests momentum is still firmly building rather than fading. If you like what Dakota is doing in the Black Hills but want a broader view of the resources space, it could be worth exploring aerospace and defense stocks as another pocket of the market where specific catalysts and contracts often drive sharp reratings. With no revenue yet, widening losses and a valuation already orbiting analyst targets, the key debate now is simple: is Dakota Gold still a high potential mispricing, or are investors already paying up for tomorrow’s ounces? On a last close of $5.43, Dakota Gold trades at a price to book ratio of 5.3 times, which indicates that the market is already pricing in a premium versus peers. Price to book compares the company’s market value to the net value of its assets. This is a common way to frame early stage, pre revenue resource plays like Dakota, where earnings, cash flow and even near term revenue are not yet available to anchor traditional valuation metrics. Against that backdrop, Dakota screens as good value relative to its peer group, with its 5.3 times price to book multiple sitting below a peer average of 6.4 times. However, it still screens as expensive versus the broader US Metals and Mining industry, which trades closer to 2.2 times. This underscores how much future success at Richmond Hill and the wider Black Hills portfolio investors are already willing to capitalise into today’s share price. See what the numbers say about this price — find out in our valuation breakdown. Result: Price to book of 5.3x (ABOUT RIGHT) However, setbacks in drilling or permitting, or sustained equity dilution to fund exploration, could quickly challenge today’s premium valuation and momentum narrative. Find out about the key risks to this Dakota Gold narrative. If our take does not quite match your own, you can dive into the numbers yourself...