Dakota Gold Corp
For the period ended Dec 31, 2023. Filed Mar 28, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 28, 2024
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended** December 31,2023 **
Commission file number** 000-41349 **
** Dakota Gold Corp. **
(Exact Name of Registrant as Specified in its charter)
| Nevada | 85-3475290 |
|---|---|
| (State or other jurisdiction ofincorporation or organization) | (I.R.S. Employer Identification No.) |
** 106 Glendale Drive, Suite A, Lead, SD 57754 **
(Address of principal executive offices, Zip Code)
(605)717-2540
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common stock, par value $0.001 per share | DC | NYSE American LLC |
| Warrants, each warrant exercisable for one share of the Registrant's common stock at an exercise price of $2.08 | DC.WS | NYSE American LLC |
Securities registered pursuant to Section 12(g) of the Act:None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes [ ]No [X]
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes [ ]No [X]
Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes [X] No [ ]
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes [X] No [ ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act (Check one):
| Large Accelerated Filer | [ ] | Accelerated Filer | [ ] |
|---|---|---|---|
| Non-Accelerated Filer | [X] | Smaller Reporting Company | [X] |
| Emerging Growth Company | [X] | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.[ ]
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. [ ]
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.[ ]
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). [ ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes [ ] No[X]
The aggregate market value of the voting and non-voting common equity of Dakota Gold Corp. held by non-affiliates as of June 30, 2023, the last business day of the registrant's most recently completed second fiscal quarter, was $230,894,927, based on the closing price of the common stock of $2.92 as reported on the NYSE American.
As of March 28, 2024, there were 87,703,942 shares of common stock, par value $0.001 per share, outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the definitive proxy statement related to the 2024 annual meeting of stockholders to be filed within 120 days after December 31, 2023 are incorporated by reference in Part III of this annual report on Form 10-K.
| Auditor Firm ID: 42 | Auditor Name: Ernst & Young LLP | Auditor Location: Denver, Colorado, USA |
|---|
TABLE OF CONTENTS
| Page | ||
|---|---|---|
| Glossary of Terms | iv | |
| Cautionary Notice Regarding Forward-Looking Statements | vi | |
| Part I | ||
| Item 1 | Business | 1 |
| Item 1A | Risk Factors | 6 |
| Item 1B | Unresolved Staff Comments | 17 |
| Item 1C | Cybersecurity | 17 |
| Item 2 | Properties | 18 |
| Item 3 | Legal Proceedings | 30 |
| Item 4 | Mine Safety Disclosure | 30 |
| Part II | ||
| Item 5 | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 31 |
| Item 6 | [Reserved] | 31 |
| Item 7 | Management's Discussion and Analysis of Financial Condition and Results of Operations | 31 |
| Item 7A | Quantitative and Qualitative Disclosures About Market Risk | 37 |
| Item 8 | Financial Statements and Supplementary Data | 38 |
| Item 9 | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 63 |
| Item 9A | Controls and Procedures | 63 |
| Item 9B | Other Information | 63 |
| Item 9C | Disclosures Regarding Foreign Jurisdictions that Prevent Inspections | 64 |
| Part III | ||
| Item 10 | Directors, Executive Officers and Corporate Governance | 64 |
| Item 11 | Executive Compensation | 64 |
| Item 12 | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 64 |
| Item 13 | Certain Relationships and Related Transactions and Director Independence | 64 |
| Item 14 | Principal Accountant Fees and Services | 64 |
| Part IV | ||
| Item 15 | Exhibit and Financial Statement Schedules | 64 |
| Signatures | 66 | |
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