DC

Lead, South Dakota--(Newsfile Corp. - September 10, 2026) - Dakota Gold Corp. (NYSE American: DC) ("Dakota Gold" or the "Company") is pleased to provide results from the Pre-Feasibility Study ("PFS") metallurgical test program for its Richmond Hill Oxide Heap Leach Gold Project ("Richmond Hill" or the "Project") in the Homestake District of South Dakota. Results were generated from a PFS dataset using 24 master-composite column tests that cover the principal lithologic, grade, and oxidation domains at crush sizes of 0.5-inch (12.7 millimeters) and 1-inch (25.4 millimeters) with column leach times varying from 21 to 47 days. These results confirm that Richmond Hill is amenable to heap leaching, with positive gold recoveries of up to 92.0% validating historical test work, and supporting the PFS that remains on track for completion in the fourth quarter of 2026. Highlights from this Update Include: Oxide material recoveries: Twelve oxide column tests ranged in recoveries from 92.0% to 57.3%, with an unweighted arithmetic average of 74.2%. Breccia oxide material returned gold extraction of 92.0% to 90.7%. Oxide leach cycle times are consistently in the 30-to 40-day nominal range. At 0.5-inch crush size for oxide material, ultimate gold recoveries from heap leaching are expected to range from 90.3% to 70.0%, with an 80.4% unweighted paired domain mean. Table 1. Modeled ultimate recoveries segregated by crush size1. Positive material characteristics: Testing to date has shown no discernible issues with compact permeability, clay material, preg-robbing concerns, or any other characteristics that would impede expected operational or metallurgical performance. Additional drilling is underway: Dakota Gold has commenced a definition drill program in the central Project area of Richmond Hill targeting conversion of high recovery breccia-hosted oxide inferred resources to mineral reserves for the Feasibility Study ("FS"). The program is expected to complete approximately 11,000 meters (36,000 feet) of definition drilling during 2026-2027 and the results will support future mine sequencing and optimization opportunities. (See Figure 2) Jack Henris, CEO, President and Director of Dakota Gold, said, "We are pleased to have completed our comprehensive metallurgical test program for our PFS, a key step in our process to systematically de-risk the Project through disciplined and detailed technical studies for the responsible development of Richmond Hill. The PFS metallurgical test program results support the conversion of Richmond Hill's geological variability into a practical recovery model for mine planning and process design. Separating oxide from transition material performance gives the Company a clearer basis for recovery assignment, mine sequencing, ore routing, and process optimization. The strong breccia-hosted material recovery response and the defined crush-size trade-offs are important inputs to selecting a technically-sound, capital-efficient, heap leach flowsheet." PFS Metallurgical Test Program The PFS metallurgical test program builds on historical test work and is designed to support PFS level definition of metallurgical variability. More than 100 holes drilled in 2025 were designed in whole or in part to collect metallurgical samples representative of the rock types, lithologies, and geological formations in the proposed mine plan (Figure 1). Representative material was selected to evaluate 24 to 28 potential geometallurgical domains. Forte Dynamics, Inc. (now part of SLR International Corporation) conducted the PFS metallurgical test program, which includes ore characterization, bottle-roll and column-leach testing, comminution and crushing studies, process optimization, deleterious-element characterization and environmental testing. Based on these results, the definitions used to classify oxide and transition material, the Company does not expect a significant amount of transition material to be part of the mine plan. Additional work will be undertaken on transition material that may be encountered during the mining of oxides. Recovery information for transition material can be reviewed in the Appendix. Figure 1. Richmond Hill 2025 metallurgical drill program and potential geometallurgical test zones. Red drill hole symbols identify 2025 metallurgical holes; the outlined areas show potential test domains over the S-K 1300 Initial Assessment resource footprint. To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/8218/313768_b21b31fa04989b2b_002full.jpg Master-Composite Column Results A summary of the 12 completed oxide material master-composite column tests conducted for the PFS is shown in Table 2. The results for the 12 completed transition material master-composite column tests can be viewed in the Appendix. These results are laboratory extractions. Commercial recovery assumptions will require scale-up, solution-management modeling, and operating allowances which will be finalized in the FS metallurgical test work. Table 2. Gold oxide material recovery ranges from the supplied master-composite column dataset. Arithmetic averages are descriptive only and are not weighted by grade, contained metal, or planned PFS tonnage. Summary Table of Master-Composite Bottle-Roll and Column Results Table 3. Oxide material bottle-roll ("BRT") (74 micron) and column test ("CLT") extractions from the master-composite column dataset. Table 4. Approximate tonnage distribution in the deposit. Current Analysis of Crush Size The crush-size trade-off studies remain active, with the 0.5-inch modeled mean ultimate gold recovery of 80.4% for oxide material, approximately 4.5 percentage points higher than the corresponding 1-inch case. The benefit of the higher recovery will be evaluated against crushing, conveying, and operating costs. The mean modeled recovery at 1 inch is 75.9% for oxide material. Interpretation and PFS Application The oxide material provides the stronger overall heap leach gold response, with a 74.2% unweighted average column extraction. The higher modeled ultimate recovery mean is 80.4% at 0.5 inch, followed by 75.9% at 1 inch. Breccia oxide is the strongest performing material tested, followed by Tertiary intrusive and Precambrian oxide; Deadwood oxide is more variable and will require domain-specific recovery assignment, optimization, and sequencing controls. Oxide material is defined as having a CN/FA ratio ≥0.82 and total sulfur content ≤0.5%. The ultimate recovery schedule will integrate the available column behavior, master- and sub composite bottle-roll results and domain-specific technical judgment. The PFS will reconcile these assignments against resource model tonnage, mine sequence, permeability, cyanide and lime consumption, solution chemistry and capital and operating cost trade-offs before establishing the production-weighted recovery assumptions used in the PFS economic model. Next Steps for Advancing the FS Complete remaining variability, optimization, load permeability, and environmental test work, including confirmation of recovery behavior in lower performing domains. Finalize the geometallurgical domain model and reconcile sample coverage against the updated PFS resource and mine plan. Complete crush-size and throughput trade-off studies and finalize the PFS to FS process design criteria. Develop production-weighted gold and silver recovery assumptions, together with appropriate commercial scale-up and operating allowances, for the PFS financial model. Complete additional detailed bottle-roll, column test work, and variability testing to inform the FS. Follow-up Richmond Hill Metallurgical and Definition Drill Program Following review of the metallurgical work, Dakota Gold plans to complete approximately 3,800 meters (~12,500 feet) of metallurgical drilling throughout the Project area, and 11,000 meters (~36,000 feet) of definition drilling in the central Project area of Richmond Hill (Figure 2). Mineralization in the central Project area is hosted primarily within breccia, Precambrian, and Tertiary intrusive rock units which have better oxide gold recoveries. The drill program commenced in the third quarter of 2026 and will continue into 2027. Both programs will be informing the FS expected to be published mid-2027. The metallurgical holes will be drilled to provide material for new column test work. The definition program will have two principal objectives. First, it will target conversion of a significant amount of modeled inferred oxide breccia-hosted mineralized material to reserve category for initial mine sequencing as this type of material had a high recovery of up to 92.0% in the metallurgical test program. Second, the program will add geochemical information including cyanide-soluble gold and multi-element data to supplement the Company's drilling and historical gold assay drilling database in the area. These supplemented datasets, together with the ongoing metallurgical test results, will inform the recovery and resource model and subsequent mine planning work as the Company transitions to the FS. Assay results from this program will be incorporated into the updated Richmond Hill resource model in advance of the FS. The expected result is a better defined, metallurgically informed central Project area, with additional resource category conversions where supported by drilling, assays, and geochemical characterization. Figure 2. Plan map showing location of Richmond Hill planned metallurgical and definition drill program. To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/8218/313768_b21b31fa04989b2b_003full.jpg About Dakota Gold Corp. Dakota Gold is a responsible exploration and development company advancing the Richmond Hill Gold Project toward production as soon as 2029, while continuing to define and expand the high-grade underground gold resource potential at the Maitland Gold Project. Both projects are located on private land within the historic Homestake District of South Dakota, one of the most prolific gold mining regions in the United States. Subscribe to Dakota Gold's e-mail list at www.dakotagoldcorp.com to receive the latest news and other Company updates. Shareholder and Investor Inquiries For more information, please contact: Jack HenrisCEO, President and DirectorTel: +1 605-717-2540 Shawn CampbellChief Financial and Development OfficerTel: +1 778-655-9638 Carling GazeDirector of Investor RelationsTel: +1 605-679-7429Email: [email protected] Qualified Person and S-K 1300 Disclosure Barry Carlson, SME Registered Member, Principal Engineer - SLR International Corporation, is the Company's designated qualified person, as defined in Subpart 1300 of Regulation S-K, for the metallurgical scientific and technical information in this news release and has reviewed and approved that information. The qualified person has verified the data underlying the disclosure by reviewing laboratory certificates, test procedures, metallurgical mass balances and the Company's quality-control records. Metallurgical Test Work and Quality Assurance/Quality Control Samples were selected from drill core and assembled into master- and sub composites to represent lithology, grade class and oxidation state within the potential geometallurgical domains. Metallurgical testing was performed by Forte Dynamics, Inc., a third party laboratory located in Fort Collins, CO. The program includes fire assay and cyanide-soluble head analyses, direct-leach bottle rolls, column-leach tests at nominal P₈₀ crush sizes of 12.7 mm and 25.4 mm, solution assays, residue assays and metallurgical balances. Column tests reported herein ran for 21 to 63 days. Sample custody, preparation, analytical procedures, quality assurance/quality control (QA/QC), and data validation were conducted in accordance with established industry best practices. The laboratory procedures incorporate appropriate sample tracking and chain of custody controls typical of accredited operations, documented sample preparation and analytical protocols, and the use of standards, blanks, and duplicate samples, as applicable. Check assays and review of analytical results are performed as appropriate to verify data quality and consistency. Laboratory procedures and QA/QC practices are designed to meet or exceed generally accepted industry practices for metallurgical test work and to provide reliable and reproducible results. Forward-Looking Statements 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 communication, the words "plan," "target," "anticipate," "believe," "estimate," "intend," "potential," "will" and "expect" and similar expressions are intended to identify such forward-looking statements. Any express or implied statements contained in this communication that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation: completion and timing of the PFS and feasibility study; expected metallurgical recoveries and the conversion of laboratory extraction or modeled ultimate recovery into commercial performance; project economics, development and potential production, our expectations regarding additional drilling, metallurgy and modeling; our expectations for the improvement and growth of the mineral resources and potential for conversion of mineral resources into reserves; completion of , permitting; and our overall expectation for the possibility of near-term production at the Richmond Hill project. These forward-looking statements are based on assumptions and expectations that may not be realized and are inherently subject to numerous risks and uncertainties, which could cause actual results to differ materially from these statements. These risks and uncertainties include, among others: the execution and timing of our planned exploration activities; our use and evaluation of historic data; our ability to achieve our strategic goals; the state of the economy and financial markets generally and the effect on our industry; and the market for our common stock. The foregoing list is not exhaustive. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the risk factors included in Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as updated by annual, quarterly and current reports that we file with the SEC, which are available at www.sec.gov. We caution investors not to place undue reliance on the forward-looking statements contained in this communication. These statements speak only as of the date of this communication, and we undertake no obligation to update or revise these statements, whether as a result of new information, future events or otherwise, except as may be required by law. We do not give any assurance that we will achieve our expectations. All references to "$" in this communication are to U.S. dollars unless otherwise stated. Appendix Silver Recovery Silver remains a co-product credit under evaluation. The oxide column silver extraction reached 61.1% and ranged from 61.1% to 4.6%. Modeled recovery assumptions remain segregated by oxidation class. Transition Material Recovery Twelve column tests for transition material returned gold extraction up to 83.7%, ranging from 83.7% to 60.1%, with an unweighted arithmetic average of 67.1%. Breccia transition material returned 83.7%. At 0.5-inch crush size for transition material, ultimate gold recoveries from heap leaching for this material would be expected to range from 84.8% to 65.6%, with a 74.4% unweighted paired-domain mean. Breccia transition material performed strongest, followed by Tertiary intrusive, Deadwood and Precambrian transition material-composites. The PFS will preserve separate transition material recovery domains and evaluate blending, sequencing, crush-size and potential acid generating (PAG) controls rather than applying an oxide-derived recovery assumption. Transition material is defined as having a CN/FA ratio ≥0.70 and total sulfur content between 0.5% and 1.1%. Master-Composite Column Results for Oxide and Transition Material A summary of the 24 completed master-composite column tests conducted for the PFS is shown in Table 5. Results are laboratory extractions and should not be read as commercial heap leach recovery forecasts. Commercial recovery assumptions require scale-up, solution-management and operating allowances. Table 5. Oxide and transition material ranges from the supplied master-composite column dataset. Arithmetic averages are descriptive only and are not weighted by grade, contained metal, or planned PFS tonnage. Table 6. Master-composite column test data. Current Modeled Ultimate Recovery Ranges for Oxide and Transition Material Table 7. Draft modeled ultimate recoveries segregated by oxidation class and crush size. Means are unweighted across eight domains within each material and do not represent planned production weighted recovery. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/313768

Lead, South Dakota--(Newsfile Corp. - July 6, 2026) - Dakota Gold Corp. (NYSE American: DC) ("Dakota Gold" or the "Company") is pleased to report additional assay results from its 2026 Drill Campaign at the Richmond Hill Oxide Heap Leach Gold Project ("Richmond Hill" or the "Project"). The 2026 Drill Campaign is now complete, and totalled 17,273 meters of infill, expansion, and geotechnical drilling across 112 holes. Results from the 2025 and 2026 drill campaigns at Richmond Hill are being incorporated into a Pre-Feasibility Study ("PFS") in the fourth quarter of 2026. This data will support an updated mineral resource estimate, refine the geo-metallurgical model, and deliver a single optimized mine plan with sequencing. Highlights from this update include: Expansion drill hole RH26C-432 intersected 11.36 grams per tonne gold (g/t Au) and 14.92 g/t silver (g/t Ag) over 26.3 meters (298 gram-meters Au), including 77.19 g/t Au and 63.12 g/t Ag over 3.2 meters (247 gram-meters Au) and RH26C-437 intersected 2.89 g/t Au and 8.18 g/t Ag over 38.0 meters (110 gram-meters Au) including 14.20 g/t Au and 12.90 g/t Ag over 1.5 meters (21 gram-meters Au). These results are another example of higher grades within the Deadwood Formation in the Northern Expansion area of Richmond Hill, where these trends have continued north from Chism Gulch, with highest grades continuous along structures. Expansion drilling in the northeast Project area remains open in all directions and continues to return grades exceeding the 0.566 g/t Au average grade in the July 2025 Initial Assessment with Cash Flow ("IACF") measured and indicated mine plan. High-grade gold intercepts in RH26C-432 and RH26C-437 are located approximately 365 meters (1,170 feet) and 361 meters (1,185 feet), respectively, north of the current measured and indicated resource boundary ("M&I boundary") and represent meaningful step-outs. The 2025-2026 northeast expansion drill programs covered an area of 580 meters (1,903 feet) north - south and 730 meters (2,395 feet) east - west beyond the current M&I boundary. The Company has advanced the Richmond Hill PFS sufficiently to identify critical long lead time items. The longest lead time item is an electrical substation, which the Company has successfully obtained a build slot through Black Hills Energy (NYSE: BKH), a South Dakota based company that provides electrical and natural gas power to customers across north central United States. The Company expects to secure further long lead time items ordered in 2027 and 2028 as the Company leverages the over $100 million dollars in treasury to maintain its construction schedule and reduce production startup risks. Jack Henris, President and COO of Dakota Gold, said, "We are encouraged by the results of the northeast expansion drilling, which continues to identify higher-grade zones that complement the large heap-leachable resource at Richmond Hill outlined in the IACF. With the 2026 Drill Campaign complete, our focus is on integrating these new results into the resource model and advancing comprehensive metallurgical work and trade-off studies in support of our Pre-Feasibility Study. We commend our team and contractors for safely delivering the drill campaign on time and on budget. Supported by our $107 million cash position as of March 31, 2026, we are also pleased to announce we have secured the electrical substation build slot and are advancing engineering, site layout, and operational readiness along the project's critical path. This reflects the depth of our team's experience and reinforces our commitment to advancing Richmond Hill as the next gold mine in the Homestake District." Figure 1. Plan Map showing location of Dakota Gold Corp. Richmond Hill drill results reported today in Table 1. To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/8218/303879_2b576e4e040b8bb8_002full.jpg Figure 2. Plan Map showing northeast location of Dakota Gold Corp. Richmond Hill drill results beyond the current measured and indicated resource boundary. To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/8218/303879_2b576e4e040b8bb8_003full.jpg Figure 3. 1,050-East-West field of view section map of Richmond Hill looking East. To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/8218/303879_2b576e4e040b8bb8_004full.jpg Table 1. Richmond Hill drill results (Metric / Imperial)1,2,3,4 About Dakota Gold Corp. Dakota Gold is expanding the legacy of the 145-year-old Homestake Gold Mining District by advancing the Richmond Hill Oxide Heap Leach Gold Project to commercial production as soon as 2029, and outlining a Tertiary maiden resource as well as a high-grade underground gold resource at the Maitland Gold Project, both located on private land in South Dakota. Subscribe to Dakota Gold's e-mail list at www.dakotagoldcorp.com to receive the latest news and other Company updates. Shareholder and Investor Inquiries For more information, please contact: Jack HenrisPresident and COOTel: +1 605-717-2540 Shawn CampbellChief Financial OfficerTel: +1 778-655-9638 Carling GazeVP of Investor Relations and Corporate CommunicationsTel: +1 605-679-7429Email: [email protected] Qualified Person and S-K 1300 Disclosure William Gehlen, a Certified Professional Geologist (CPG-10626) with the AIPG, American Institute of Professional Geologists, a Senior Fellow with the SEG, and Senior Manager - Geology of Dakota Gold Corp., is the Company's designated qualified person (as defined in Subpart 1300 of Regulation S-K) for this news release and has reviewed and approved its scientific and technical content. Quality Assurance/Quality Control consists of regular insertion of certified reference materials, duplicate samples, and blanks into the sample stream. Samples are submitted to the ALS Geochemistry sample preparation facility in Winnipeg, Manitoba. Gold and multi-element analyses are performed at the ALS Geochemistry laboratory in Vancouver, British Columbia. ALS Minerals is an ISO/IEC 17025:2017 accredited lab. Check samples are submitted to Bureau Veritas, Vancouver B.C. as an umpire laboratory. Assay results are reviewed, and discrepancies are investigated prior to incorporation into the Company database. Forward-Looking Statements 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 communication, the words "plan," "target," "anticipate," "believe," "estimate," "intend," "potential," "will" and "expect" and similar expressions are intended to identify such forward-looking statements. Any express or implied statements contained in this communication that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation: our expectations regarding additional drilling, metallurgy and modeling; our expectations for the improvement and growth of the mineral resources and potential for conversion of mineral resources into reserves; completion of a pre-feasibility study, a feasibility study, and/or permitting; and our overall expectation for the possibility of near-term production at the Richmond Hill project. These forward-looking statements are based on assumptions and expectations that may not be realized and are inherently subject to numerous risks and uncertainties, which could cause actual results to differ materially from these statements. These risks and uncertainties include, among others: the execution and timing of our planned exploration activities; our use and evaluation of historic data; our ability to achieve our strategic goals; the state of the economy and financial markets generally and the effect on our industry; and the market for our common stock. The foregoing list is not exhaustive. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the risk factors included in Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as updated by annual, quarterly and current reports that we file with the SEC, which are available at www.sec.gov. We caution investors not to place undue reliance on the forward-looking statements contained in this communication. These statements speak only as of the date of this communication, and we undertake no obligation to update or revise these statements, whether as a result of new information, future events or otherwise, except as may be required by law. We do not give any assurance that we will achieve our expectations. All references to "$" in this communication are to U.S. dollars unless otherwise stated. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/303879

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 for equipment selection and stacking methodology. Further testing of crush size including a "Run-of-Mine" test program has been initiated to study the impact of eliminating crushing for certain material. "The FS and Met Program represent an important step in the evaluation and de-risking process for Richmond Hill. Historical metallurgical tests exhibited variability in column recoveries, and similar variability is anticipated in the current Program. The results are consistent with my experience with comparable heap leach gold deposits and support the potential for low-cost leach heap processing as envisioned in our July IACF. Over the next 12 months, we will finalize our FS metallurgical testing and trade-off studies to support the FS and to inform future permitting activities," said Jack Henris, President and COO of Dakota Gold. Project leverage to Gold Prices and Recovery Richmond Hill exhibits strong leverage to increasing gold prices. The Initial Assessment with Cash Flow ("IACF") published in July 2025 demonstrates that at gold prices exceeding $4,000 per ounce and at various ultimate gold recovery scenarios, the Project NPV5% can be in excess of $4 billion. "I'm very excited to be part of the team that is advancing the Richmond Hill gold project towards a potential multi-billion NPV opportunity, in possibly the best gold price environments we've seen in decades. We will continue to advance the Project with urgency as we work towards production in 2029," said Shawn Campbell, CFO of Dakota Gold. Table 1 – IACF; After-tax NPV5% Measured, Indicated and Inferred mine plan sensitivity to gold recovery Metallurgical Program The scope of work to complete the FS study includes ore characterization; column leach testing; comminution and crushing studies; process optimization and recovery; and deleterious elements and environmental testing. The Company has shipped approximately 10% of the material to the Lab to date and continues to assemble material for composite testing. The test work is being informed by the results to date as well as the historical work at Richmond Hill. Samples from 12 drill holes from the Company's 2025 drill campaign were composited for the current MW3 zone tests. Two columns of material grading 0.96 g/t Au were tested at a 1" and 0.5" crush size. The recoveries for those columns were 61% and 64.8%, respectively. Two columns of material grading 0.53 g/t Au were tested at a 0.75" and 0.5" crush size and the recoveries for those columns were 61.6%, and 64.8%, respectively. The FS metallurgical program will include analysis to understand whether either encapsulation or minerology impacted ultimate recovery. Characterization results announced today from the M3W zone material did not contain preg-robbing material. Additionally, based on QEMSCAN and ICP-OES, the material did not identify any deleterious elements or mineralogy. These results will guide future trade-off studies on the requirement for agglomeration. The Richmond Hill historical feasibility study was conducted by several labs as part of the metallurgical program to construct and operate the historic Richmond Hill mine. The 51-column tests that were performed, had a wide range of recovery in the column work, however, the sub-set once classified as oxides had an average recovery of 89% (Appendix A-B). The historical Richmond Hill metallurgical data does not detail the process for classifying the 31-column material as oxide ore. In addition, regionally, Coeur Mining discloses variable recoveries from 71% to 80% in the Wharf Mine Operations, South Dakota Technical Report Summary dated December 31, 2021. Map 1 – Location of historical heap leach samples and 2025 metallurgical drill holes To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/8218/278564_cef71495a4a70a46_002full.jpg About Dakota Gold Corp. Dakota Gold is expanding the legacy of the 145-year-old Homestake Gold Mining District by advancing the Richmond Hill Oxide Heap Leach Gold Project to commercial production as soon as 2029, and outlining a high-grade underground gold resource at the Maitland Gold Project, both located on private land in South Dakota. Subscribe to Dakota Gold's e-mail list at www.dakotagoldcorp.com to receive the latest news and other Company updates. Shareholder and Investor Inquiries For more information, please contact: Jack Henris President and COO Tel: +1 605-717-2540 Shawn Campbell Chief Financial Officer Tel: +1 778-655-9638 Carling Gaze VP of Investor Relations and Corporate Communications Tel: +1 605-679-7429 Email: [email protected] Qualified Person and S-K 1300 Disclosure James M. Berry, a Registered Member of SME and Vice President of Exploration of Dakota Gold Corp., is the Company's designated qualified person (as defined in Subpart 1300 of Regulation S-K) for this news release and has reviewed and approved its scientific and technical content. Quality Assurance/Quality Control consists of regular insertion of certified reference materials, duplicate samples, and blanks into the sample stream. Samples are submitted to the ALS Geochemistry sample preparation facility in Winnipeg, Manitoba. Gold and multi-element analyses are performed at the ALS Geochemistry laboratory in Vancouver, British Columbia. ALS Minerals is an ISO/IEC 17025:2017 accredited lab. Check samples are submitted to Bureau Veritas, Vancouver B.C. as an umpire laboratory. Assay results are reviewed, and discrepancies are investigated prior to incorporation into the Company database. Forward-Looking Statements 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 communication, the words "plan," "target," "anticipate," "believe," "estimate," "intend," "potential," "will" and "expect" and similar expressions are intended to identify such forward-looking statements. Any express or implied statements contained in this communication that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation: our expectations regarding additional drilling, metallurgy and modeling; our expectations for the improvement and growth of the mineral resources and potential for conversion of mineral resources into reserves; completion of a feasibility study, and/or permitting; our expectations regarding free cash flow and future financing, and our overall expectation for the possibility of near-term production at the Richmond Hill project. These forward-looking statements are based on assumptions and expectations that may not be realized and are inherently subject to numerous risks and uncertainties, which could cause actual results to differ materially from these statements. These risks and uncertainties include, among others: the execution and timing of our planned exploration activities; our use and evaluation of historic data; our ability to achieve our strategic goals; the state of the economy and financial markets generally and the effect on our industry; and the market for our common stock. The foregoing list is not exhaustive. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the risk factors included in Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as updated by annual, quarterly and current reports that we file with the SEC, which are available at www.sec.gov. We caution investors not to place undue reliance on the forward-looking statements contained in this communication. These statements speak only as of the date of this communication, and we undertake no obligation to update or revise these statements, whether as a result of new information, future events or otherwise, except as may be required by law. We do not give any assurance that we will achieve our expectations. All references to "$" in this communication are to U.S. dollars unless otherwise stated. Appendix A - Historic Richmond Hill oxide metallurgical column test work by St. Joe To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/8218/278564_cef71495a4a70a46_003full.jpg Appendix B - Historic Richmond Hill metallurgical all column test work by St. Joe with red circle showing initial column results for M3W composite To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/8218/278564_cef71495a4a70a46_004full.jpg To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278564

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 and craft a fresh narrative in minutes, Do it your way. A great starting point for your Dakota Gold research is our analysis highlighting 4 important warning signs that could impact your investment decision. Do not stop at one opportunity. Use the Simply Wall St Screener now to uncover focused stock ideas that others will notice only after the move has started. Capture hidden value by targeting companies trading below their cash flow potential with these 908 undervalued stocks based on cash flows before the market fully catches on. Ride structural trends in automation and intelligent software by screening for tomorrow’s potential leaders among these 26 AI penny stocks today. Seek dependable income streams and potential capital growth by zeroing in on these 15 dividend stocks with yields > 3% that can keep paying you year after year. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include DC. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]