South Dakota Gold Co. Gains More Research Coverage
Research Report

1. Dakota Gold Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Dakota Gold Corp.
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Disclosures for H.C. Wainwright & Co., Dakota Gold Corp., January 5, 2026

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The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services. The firm or its affiliates received compensation from Dakota Gold Corp. for non-investment banking services in the previous 12 months. The Firm or its affiliates did receive compensation from Dakota Gold Corp. for investment banking services within twelve months before, and will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report. H.C. Wainwright & Co., LLC managed or co-managed a public offering of securities for Dakota Gold Corp. during the past 12 months. The Firm does not make a market in Dakota Gold Corp. as of the date of this research report. The securities of the company discussed in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Past performance is no guarantee of future results. This report is offered for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be prohibited. This research report is not intended to provide tax advice or to be used to provide tax advice to any person. Electronic versions of H.C. Wainwright & Co., LLC research reports are made available to all clients simultaneously. No part of this report may be reproduced in any form without the expressed permission of H.C. Wainwright & Co., LLC. Additional information available upon request. H.C. Wainwright & Co., LLC does not provide individually tailored investment advice in research reports. This research report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this research report. H.C. Wainwright & Co., LLC’s and its affiliates’ salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed in this research report. H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data on the company, industry or security discussed in the report. All opinions and estimates included in this report constitute the analyst’s judgment as of the date of this report and are subject to change without notice. Securities and other financial instruments discussed in this research report: may lose value; are not insured by the Federal Deposit Insurance Corporation; and are subject to investment risks, including possible loss of the principal amount invested.

Dakota Gold Corp. (DC:NYSE American) gained research coverage by H.C. Wainwright & Co. (HCW) as Analyst Heiko Ihle just initiated coverage on it with a Buy rating and a US$9.75 per share (US$9.75/share) target price, he reported in a Jan. 5 research note.

"We stress that Dakota Gold's combination of a strong asset base, seasoned leadership, and access to capital should ensure that Dakota Gold remains well-equipped to navigate challenges while pursuing its goal of establishing a modern gold mining operation in South Dakota," Ihle wrote.

78% Upside Implied

HCW bases its valuation of Dakota Gold on the Richmond Hill project, use of a "fairly conservative" gold price of US$3,750 per ounce (US$3,750/oz) and application of a 1.25x net asset value multiple, Ihle explained.

Compared to HCW's US$9.75/share target price, the South Dakota-based explorer-developer was trading at the time of Ihle's report at about US$5.48/share. From there, the return to target is 78%.

Dakota has 113.3 million shares outstanding. Its market cap is US$621 million (US$621M). Its 52-week range is US$2.21–6.25/share.

Portfolio of Assets in S.D.

Ihle reviewed the compelling elements of Dakota Gold, which is revitalizing South Dakota's historical Homestake District, where about 44,800,000 ounces of gold were produced in the past, from only a small area.

"Management is well underway to building on the district's 145-year legacy of mining through over 48,000 acres of high-caliber gold mineral properties located near the Homestake mine," Ihle wrote.

Dakota's two most advanced assets are the flagship Richmond Hill and Maitland projects. Also, the company secured exclusive rights to, but must complete the required option payments to own, the Barrick Option and Richmond Hill properties in the Homestake District, together known as the Black Hills property. DC's other non-core but 100%-owned assets are the Cambrian Unconformity, City Creek, Blind Gold, Tinton, West Corridor, Ragged Top, Poorman Anticline, and South Lead/Whistler Gulch properties.

Dakota has 13 active permits and another mid-process. Seven are for Richmond Hill, five for Maitland, one for City Creek, and one for Cambrian Unconformity.

Between Richmond Hill, Maitland, and Cambrian Uncomformity, Dakota has drilled a total of 315 holes over 132,000 meters (132,000m) to date, having started in 2022.

Richmond Hill: The Flagship

Dakota Gold is advancing Richmond Hill toward completion of a feasibility study in early 2027, with preliminary engineering, procurement, and construction management efforts to start in that year as well, reported Ihle.

"Looking ahead, we expect Dakota Gold's experienced management team to further derisk the asset and eventually successfully advance the project through development," the analyst wrote. "If timelines are met, construction could start in 2028, with first production in 2029."

Ihle described the asset, its current status, and his recent site visit there. Strategically located, Richmond Hill is about one mile north of Coeur Mining Inc.'s (CDE:NYSE) Wharf operation and its existing infrastructure, including roads, power, and processing facilities. This nearby infrastructure should significantly lower future Richmond Hill development costs for Dakota. Also, Richmond Hill is only about three miles from the city of Lead and near Dakota's West Corridor and Blind Gold properties. Because Richmond Hill is on private land, permitting mostly happens at the state and local levels.

Richmond Hill hosts a large, near-surface gold system that remains open in multiple directions. Its potential economics, afforded by the Measured & Indicated (M&I) plan, are a US$1.6 billion (US$1.6B) after-tax net present value discounted at 5% (NPV5%) and a 55% internal rate of return (IRR), according to the July 2025 updated and revised Initial Assessment. Inclusion of the Inferred resource would take the after-tax NPV5% to US$2.1B and the IRR to 59%. All of these figures were achieved using a US$2,350/oz gold price, 45% below the current spot price.

At a higher gold price of US$3,350/oz, Richmond Hill's NPVs increase to US$2.9B (M&I) and US$3.7B (M&I+I), and its IRRs approach 100%.

Further, management expects to reach a longer-term strip ratio at the project of only 0.4-0.5x, which compares favorably to Wharf's 2:1 during the last five quarters of mining.

Drilling last year at Richmond Hill consistently returned gold grades that were higher than the project's average M&I resource grade, 0.463 grams per ton (0.463 g/t) gold. Highlight drill intercepts included 1.5 g/t gold over 62.1m in hole RH25C-171, 2.25 g/t gold over 33.4m in hole RH25C-200 and 1.44 g/t gold over 20.6m in hole RH25C-212. Drill results from beneath historical leach pads indicated the potential for pit expansion in the north-central area.

As of Sept. 30, 2025, the firm completed 164 core holes over 14,292m for infill and metallurgical testing at Richmond Hill plus another 2,374m for a baseline water quality monitoring program. The plan is to keep two drills operating at the project throughout H1/26.

Initial metallurgical test results showed gold recoveries of 61–65%. As such, there is potential for early, higher-grade mining and heap-leach processing and potential for improved capex and opex. Metallurgical testing is to continue through Q3/26, and this could further bolster recoveries, noted Ihle.

In October 2025, HCW took a one-day private tour of the Richmond Hill site, which "showed itself quite well," Ihle wrote. After a stop at Coeur's Wharf mine, HCW saw two of Dakota's rigs actively drilling, a plan view of the assets and the historical leach pad; toured the company's core processing facility; and received a presentation from senior management.

Based on the visit, Ihle concluded that the site has no major environmental issues, mining already is benefiting the area, Dakota Gold's management and on-site staff seem to communicate and work well together, and the project has "the distinct advantage" of having Wharf next door.

Maitland: Second Core Asset

Ihle discussed Dakota Gold's Maitland project. The large land package hosts multiple targets that appear prospective for both Homestake-style, iron formation-hosted gold and tertiary gold mineralization, similar to that at Richmond Hill's deposit. Recent drilling confirmed the presence of thick zones of alteration and sulfide mineralization extending from the past-producing Homestake mine and supporting the potential for a significant new gold discovery at depth.

Previously at Maitland, Dakota discovered the Unionville and the JB Gold zones, of which additional geological modeling continues. This work should ultimately help determine whether the explorer's current drill density is sufficient to support an S-K 1300–compliant resource estimate or if further drilling is needed.

"Importantly, the project benefits from existing regional infrastructure and Dakota Gold's extensive district-scale knowledge, thereby making it a cornerstone of the company's continued exploration strategy," Ihle wrote.

Partnership with Orion

Orion Mine Finance became a partner of Dakota Gold in 2023 when it invested US$17M, proposed up to US$300M in potential construction and development financing contingent upon certain milestones, and secured the right to match future Dakota Gold financings. In 2024, Orion invested another US$5.7M and simultaneously acquired an additional 1% net smelter return royalty on select properties for US$200,000.

"The continued financial support from Orion underscores the firm's confidence in Dakota Gold's asset base and further enhances the company's ability to advance, develop, and derisk its portfolio," wrote Ihle.

Strong Financial Position

Following a US$40M financing in March 2025, Dakota Gold has US$33M in cash and cash equivalents, sufficient to take Richmond Hill to an investment decision, Ihle wrote. Also, the funds the company would have used for its suspended ATM program will go toward advancing Richmond Hill. Management expects the company's 2026 cash expenditures to be about what they were in 2025, an estimated US$25M.

Seasoned Leadership Team

Dakota Gold's management team is well-experienced, and its vision aligns with that of the company's shareholders, Ihle wrote. At the helm is Co-chairman, Director, and Chief Executive Officer Dr. Robert Quartermain, "one of the company's most valuable assets," wrote the analyst. This Canadian Mining Hall of Fame inductee has 40-plus years of proven leadership in exploration, development, and corporate strategy in the mining industry. He founded Pretium Resources Inc., acquired by Newcrest Mining Inc. for US$2.8B, and prior to that, led Silver Standard Resources Inc. (now SSR Mining Inc.) (SSRM:NASDAQ) for 25 years.

"Management's emphasis on and history of derisking projects through drilling efforts, along with previous strategic financings, highlight our confidence in the company's ability to create longer-term value for shareholders," Ihle wrote.

Potential Catalysts

Primarily, catalysts are development milestones for Richmond Hill, including metallurgical updates, drill results, and completion of the feasibility study, noted Ihle.

At Maitland, Dakota's determination of whether a mineral resource estimate can be done now or if additional drilling is requested is expected.