Dakota Gold Corp.
For the period ended Jun 30, 2025. Filed Aug 13, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 13, 2025
DC$5.95+5.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001062993-25-008890
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-13.
0001062993-25-014306
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 86 previous paragraphs and 84 current paragraphs.
61 unchanged; 11 reworded; 10 added; 13 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 0 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
On April 30, 2024, the Company announced the Richmond Hill Initial Assessment.
Current report
On May 19, 2025, the Company announced changes to its senior leadership team and Board of Directors. Jack Henris was appointed President and Chief Operating Officer (COO) of Dakota Gold effective June 1, 2025 upon the retirement of Gerald Aberle, the Company's prior COO. Mr. Aberle continues to serve on the Board of Directors. Todd Kenner and Kevin Puil were appointed to the Board of Directors effective May 15, 2025, and Amy Koenig resigned from the Board of Directors on May 31, 2025 and assumed the role of Senior Vice President, Chief Legal Officer and Corporate Secretary for Dakota Gold effective June 1, 2025.
Current report
On June 18, 2025, the Company announced the intersect of 1.94 grams per tonne over 60.0 meters in the 2025 Richmond Hill drill campaign.
Current report
On July 7, 2025 the Company announced an updated and revised Richmond Hill Initial Assessment with cash flow for Richmond Hill. The key parameters are presented below in Table 1. The updated and revised Richmond Hill Initial Assessment was filed by the Company with the SEC as an exhibit to its Current Report on Form 8-K dated July 7, 2025. The updated and revised Richmond Hill Initial Assessment was prepared by an independent group of Qualified Persons with M3 as the Study Manager.
Current report
Table 1: IACF base case overview and key parameters
Current report
Abbreviations in the table include ounces ("oz"); measured and indicated plan ("M&I plan"); measured, indicated and inferred plan ("MI&I plan") million tonnes ("Mt"); ounces per tonne ("oz/ton"); grams per tonne ("g/t"); million tonnes per annum ("MTPA"); thousand ounces ("Kozs"); life of mine ("LOM"); all-in sustaining costs ("AISC"); net present value ("NPV"); and internal rate of return ("IRR").
Current report
On July 28, 2025, Gerald Aberle, a member of the Board of Directors of the Company, notified the Board of his intent to retire as a director of the Company, effective August 8, 2025.
Current report
Comparison of the Quarters ended June 30, 2025 and 2024
Current report
Comparison of the six months ended June 30, 2025 and 2024
Current report
Exploration Expenses
Removed paragraphs (13)
Previous report
On January 12, 2024, the Company closed an agreement to purchase various databases, mining permits and real properties in Lawrence County, South Dakota from VMC, LLC (“VMC”) for total consideration of $3.3 million, as well as a contingent payment of $2.1 million upon the first of either of the following triggering events: (i) the first commercial gold production or (ii) a change of control, if the Company still owns the real property.
Previous report
On March 20, 2024, the Company announced a 2,000-foot extension of the Unionville Zone to the North with results from hole MA23C-023.
Previous report
On June 26, 2024, the Company announced the 2024 Orion Equity Investment.
Previous report
On December 3, 2024, the Company announced that step-out drilling north of the JB Gold Zone has nearly doubled the known strike-length of the Homestake iron-formation hosted gold mineralization (49 intercepts from 73 holes at an average grade of 10.11 grams per tonne gold (g/t Au) over an average thickness of 3.8 meters) at the Maitland Project.
Previous report
Comparison of Three months ended March 31, 2025 and 2024
Previous report
Cash Flows Used in Operating Activities
Previous report
Cash used in operations for the three months ended March 31, 2025 was approximately $3.9 million compared to approximately $10.2 million in the prior year. The Company was not drilling in the first quarter of 2025, the primary driver of higher operating expenses, as the Company was focused on the Richmond Hill Initial Assessment.
Previous report
Cash Flows Used in Investing Activities
Previous report
Cash used in investing activities for the three months ended March 31, 2025 was $nil compared to approximately $0.2 million in the prior year comparable period, when there were purchases of property and equipment.
Previous report
Cash Flows from Financing Activities
Previous report
During the three months ended March 31, 2025, cash from financing activities totaled approximately $41.1 million, as the Company issued 2,548,713 shares of common stock under the ATM Program for net proceeds of approximately $7.3 million, 12,400,000 shares of common stock for net proceeds of approximately $32.7 million pursuant to the Offering and 780,048 shares of common stock for the exercise of warrants for proceeds of approximately $1.6 million.
Previous report
Critical Accounting Estimates
Previous report
This MD&A of the Company's financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. Preparation of financial statements requires management to make assumptions, estimates and judgments that affect the reported amounts of assets, liabilities, revenues, costs and expenses, and the related disclosures of contingencies. Management bases its estimates on various assumptions and historical experience, which are believed to be reasonable; however, due to the inherent nature of estimates, actual results may differ significantly due to changed conditions or assumptions. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that the Company's consolidated financial statements are fairly presented in accordance with U.S. GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from the Company's assumptions and estimates, and such differences could be material. Management believes that the following critical accounting estimates and judgments have a significant impact on the Company's consolidated financial statements; valuation of options granted to directors and officers using Black-Scholes and Monte Carlo models. The Company's accounting policies are described in greater detail in Note 2 to the Company's audited annual consolidated financial statements for the year ended December 31, 2024. There have been no material changes to the Company's critical accounting policies and estimates as compared to the Company's critical accounting policies and estimates described in the Annual Report.
Reworded paragraphs (11)
Previous wording
Permitting and site preparations were completed for the Company's first drilling program in the Maitland Project and drilling commenced in early 2022. We expanded our drilling operations to the Richmond Hill Project and have varied between zero to four drill rigs operating at any point in time. Dakota Gold has completed permit applications and environmental field work and currently has thirteen active permits in place with two further permits budgeted in the remainder of 2025. Of the thirteen existing permits, five are on the Maitland Project, six are on the Richmond Hill Project, one is on the City Creek Project and one is on the Cambrian Unconformity Project. Permitting for other targets may be advanced for drilling as exploration activities continue throughout the year.
Current wording
Permitting and site preparations were completed for the Company's first drilling program in the Maitland Project and drilling commenced in early 2022. We expanded our drilling operations to the Richmond Hill Project and have had up to four drill rigs operating at any point in time. Dakota Gold has completed permit applications and environmental field work and currently has thirteen active permits in place with one additional permit being processed and another permit for Richmond Hill potentially budgeted later in 2025. Of the thirteen existing permits and the one in process, five are for the Maitland Project, seven are for the Richmond Hill Project, one is for the City Creek Project and one is for the Cambrian Unconformity Project. Permitting for other exploration targets is not anticipated through the remainder of 2025.
Previous wording
In total, Dakota Gold has completed over 250 holes for over 400,000 feet (125,000 meters) since drilling started in 2022. The Company completed 25 holes for 70,181 feet (21,391 meters) of core drilling on three projects in 2022. The areas drilled in 2022 were the Maitland Project (39,231 feet; 11,958 meters), the Richmond Hill Project (24,865 feet; 7,579 meters), and the Cambrian Unconformity Project (6,084 feet; 1,854 meters). The Company then completed 89 holes for 180,727 feet (55,086 meters) of core on two projects in 2023; the areas drilled were the Maitland Project (88,626 feet; 27,013 meters) and the Richmond Hill Project (92,101 feet; 24,184 meters). The Company completed 117 holes for 146,691 feet (44,711 meters) of core on two projects during 2024; the areas drilled were the Maitland Project (102,755 feet; 31,320 meters) and the Richmond Hill Project (43,936 feet; 13,392 meters). The Company began drilling again at Richmond Hill on April 1, 2025.
Current wording
In total, Dakota Gold has completed 315 holes for over 433,000 feet (132,000 meters) since drilling started in 2022. The Company completed 25 holes for 70,181 feet (21,391 meters) of core drilling on three projects in 2022. The areas drilled in 2022 were the Maitland Project (39,231 feet; 11,958 meters), the Richmond Hill Project (24,865 feet; 7,579 meters), and the Cambrian Unconformity Project (6,084 feet; 1,854 meters). The Company then completed 89 holes for 180,727 feet (55,086 meters) of core on two projects in 2023; the areas drilled were the Maitland Project (88,626 feet; 27,013 meters) and the Richmond Hill Project (92,101 feet; 24,184 meters). The Company completed 117 holes for 146,691 feet (44,711 meters) of core on two projects during 2024; the areas drilled were the Maitland Project (102,755 feet; 31,320 meters) and the Richmond Hill Project (43,936 feet; 13,392 meters). The Company began its 2025 drilling campaign again on April 1, 2025, where the Company currently has two drills operating. As of June 30, 2025, the Company has completed 84 core holes for 35,491 feet (10,817 meters) on an infill and metallurgical testing program at Richmond Hill.
Previous wording
On April 30, 2024, the Company announced the maiden S-K 1300 Initial Assessment for the Richmond Hill Project, which was filed as an exhibit to the Company's Current Report on Form 8-K on April 30, 2024.
Current wording
On February 6, 2025, the Company announced the updated Richmond Hill Initial Assessment, which was filed as an exhibit to the Company's Current Report on Form 8-K on February 6, 2025.
Previous wording
The Company's initial activities in fiscal 2025 will be to complete an S-K 1300 Initial Resource with Cash Flow analysis on the heap leachable portion of the Richmond Hill updated resource estimate announced February 6, 2025. The Company has also begun drilling within the potential heap leachable resource boundaries for resource infill and conversion, infrastructure condemnation, detailed geometallurgical characterization, process recovery estimation, and geotechnical characterization for pit walls and infrastructure siting. In addition, the Company has contracted various consultant groups to update historical baseline information to be compliant with current permitting standards. This includes drilling new water monitoring wells throughout the property and generating a more detailed and updated geometallurgical and geohydrologic model for the Richmond Hill Project area. This work will be incorporated into a future Feasibility Study, targeted for completion in 2027, which will be used to fast-track future mine permitting processes.
Current wording
Following the completion of the updated and revised Richmond Hill Initial Assessment filed on July 7, 2025, the Company is now focused on advancing the Richmond Hill Project through feasibility and into production with a target completion of 2029. The Company continues to drill within the potential heap leachable resource boundaries for resource infill and conversion, infrastructure condemnation, detailed geometallurgical characterization, process recovery estimation, and geotechnical characterization for pit walls and infrastructure siting. In addition, the Company has contracted various consultant groups to update historical baseline information to be compliant with current permitting standards. This includes drilling new water monitoring wells throughout the property and generating a more detailed and updated geometallurgical and geohydrologic model for the Richmond Hill Project area. This work will be incorporated into a future feasibility study, targeted for completion in 2027, which will be used to fast-track future mine permitting processes.
Previous wording
As of March 31, 2025, the Company had working capital of approximately $45.5 million and an accumulated deficit of approximately $80.3 million. The Company had a net loss of approximately $3.7 million for the three months ended March 31, 2025.
Current wording
As of June 30, 2025, the Company had working capital of approximately $39.7 million and an accumulated deficit of approximately $86.8 million. The Company had a net loss of approximately $6.5 and $10.2 million for the three and six months ended June 30, 2025, respectively.
Previous wording
During the twelve months ending December 31, 2025, the Company anticipates cash expenditures of approximately $25.0 million, including approximately $3.9 million that has already been incurred through March 31, 2025.
Current wording
During the twelve months ending December 31, 2025, the Company anticipates cash expenditures of approximately $25.0 million, including approximately $8.6 million that has already been incurred through June 30, 2025.
Previous wording
Based on the Company’s cash balance at March 31, 2025 of approximately $46.6 million and the ability to scale down our exploration program, if needed, we believe that we will have sufficient funds to fund our activities for the next twelve months. The actual timing of expected expenditures and fundraising is dependent upon several factors, including the management of variable exploration expenditures.
Current wording
Based on the Company's cash balance at June 30, 2025 of approximately $42.0 million and the ability to scale down our exploration program, if needed, we believe that we will have sufficient funds to fund our activities for the next twelve months. The actual timing of expected expenditures is dependent upon several factors, including the management of variable exploration expenditures.
Previous wording
Our general and administrative expenses for the three months ended March 31, 2025 and 2024, were approximately $1.9 million and $2.2 million, respectively, a decrease of approximately $0.3 million. These expenditures were primarily for legal, accounting, and professional fees, investor relations, and other general and administrative expenses necessary for our operations. The period-over-period decrease is primarily related to decreases in legal and other professional fees during the two quarters.
Current wording
Our general and administrative expenses for the quarters ended June 30, 2025 and 2024, were approximately $1.9 million and $2.8 million, respectively, a decrease of approximately $0.9 million. These expenditures were primarily for legal, accounting, and professional fees, investor relations, and other general and administrative expenses necessary for our operations. The period-over-period decrease is primarily related to a decrease of $0.3 million in expenditures on investor relations, which were higher in the prior year comparable period as the Company was closing a financing, and a decrease in non-cash stock-based compensation expense of $0.5 million.
Previous wording
We earned interest income from bank accounts of approximately $0.1 million and $0.2 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
We earned interest income from bank accounts of approximately $0.4 million and $0.1 million for the quarters ended June 30, 2025 and 2024, respectively.
Previous wording
The Company had losses from operations for the three months ended March 31, 2025 and 2024 totaling approximately $3.8 million and $8.8 million, respectively, and losses before income tax of approximately $3.7 million and $8.6 million, respectively, leading to net losses of approximately $3.7 million and $8.6 million, respectively.
Current wording
The Company had losses from operations for the six months ended June 30, 2025 and 2024 totaling approximately $10.7 million and $18.0 million, respectively, and losses before income tax of approximately $10.2 million and $17.8 million, respectively, leading to net losses of approximately $10.2 million and $17.7 million, respectively.
Previous wording
During the three months ended March 31, 2025 and 2024, exploration expenses totaled approximately $1.9 million and $6.5 million, respectively. The period-over-period decrease primarily related to (i) the reduced level of activity associated with drilling, which resulted in a decrease of approximately $3.7 million compared to same period in 2024. In addition, payroll, assay costs, construction costs and equipment also decreased by approximately $1.0 million because of the lower level of drilling. Included in exploration costs were non-cash exploration-related stock-based compensation expenses of approximately $0.1 million for each of the three months ended March 31, 2025 and 2024.
Current wording
During the six months ended June 30, 2025 and 2024, exploration expenses totaled approximately $6.9 million and $13.0 million, respectively. The period-over-period decrease primarily related to the reduced level of activity associated with drilling, which resulted in a decrease of approximately $5.4 million compared to same period in 2024. In addition, payroll, assay costs, construction costs and equipment also decreased by approximately $1.3 million because of the lower level of drilling. Included in exploration costs were stock-based compensation expenses of approximately $0.5 and $0.3 million for the quarters ended June 30, 2025 and 2024, respectively.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
The Company had losses from operations for the quarters ended June 30, 2025 and 2024 totaling approximately $6.9 million and $9.2 million, respectively, and losses before income tax of approximately $6.5 million and $9.2 million, respectively, leading to net losses of approximately $6.5 million and $9.2 million, respectively.
Current report — wording carried from elsewhere
During the quarters ended June 30, 2025 and 2024, exploration expenses totaled approximately $5.0 million and $6.4 million, respectively. The period-over-period decrease primarily related to the reduced level of activity associated with drilling, which resulted in a decrease of approximately $1.7 million compared to same period in 2024. In addition, payroll, assay costs, construction costs and equipment decreased by approximately $0.4 million because of the lower level of drilling. These reductions were partially offset by an increase of $0.3 million of expenditures on studies and reports as well as an increase of $0.2 million in non-cash exploration-related stock-based compensation expense. Included in exploration costs were stock-based compensation expenses of approximately $0.4 and $0.2 million for the quarters ended June 30, 2025 and 2024, respectively.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
On February 6, 2025, the Company announced the updated Richmond Hill Initial Assessment, which was filed as an exhibit to the Company's Current Report on Form 8-K on February 6, 2025. This report does not include the results for the drilling program at the Unionville Zone or JB Zone on the Maitland Project.