Dakota Gold Corp

Except as described below, there have been no material changes from the risk factors as previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

We have added the following risk factor to those disclosed in "Item 1A. Risk Factors" included in our Annual Report on Form 10-K for the year ended December 31, 2023:

Risks Associated with Our Business

Mineral resource estimates are inherently imprecise, involve substantial expenditures and are frequently non-productive.

We have released an estimate of mineral resources at the Richmond Hill property. Mineral resource figures based on estimates made by geologists are inherently imprecise and depend on geological interpretation and statistical inferences drawn from drilling and sampling that may prove to be unreliable or inaccurate. Substantial expenditures are required to: (i) establish the existence of a potential ore body through drilling and metallurgical and other testing techniques; (ii) determine metal content and metallurgical recovery processes to process metal from the ore; (iii) determine the feasibility of mine development and mineral extraction; and (iv) construct, renovate or expand mining and processing facilities. It usually takes several years from the initial mineral resource estimate until mineral extraction is possible, if at all. During this time, the economic feasibility of a project may change because of increased costs, lower metal prices or other factors. As a result of these uncertainties, our exploration programs may not result in the development of any particular property. We cannot assure you that our mineral resource estimates are accurate, and even if the estimates are accurate, the economic viability of the Richmond Hill property may not justify exploitation or the estimates may not accurately reflect the future revenue we receive from mineral extraction.

During the quarter ended March 31, 2024, Dakota Gold acquired various databases, mining permits and real properties in Lawrence County, South Dakota for $3.3 million through a property purchase agreement with VMC, LLC (“VMC”). The deal closed on January 12, 2024 and the Company issued a total of 640,638 shares of common stock based on a volume-weighted average price of $2.57 per share for the first tranche of payment. The Company relied on the exemption from registration provided under Section 4(a)(2) under the Securities Act of 1933, as amended.

Not applicable.

Pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States are required to disclose in their periodic reports filed with the SEC information regarding specified health and safety violations, orders and citations, related assessments and legal actions, and mining-related fatalities. During the three months ended March 31, 2024, the Company's exploration properties were not subject to regulation by the Federal Mine Safety and Health Administration under the Federal Mine Safety and Health Act of 1977.