Dakota Gold Corp.
For the period ended Sep 30, 2025. Filed Nov 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.
Sep 30, 2025 · Filed Nov 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 2025-06-30; filed 2025-08-13.
0001062993-25-014306
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001062993-25-016721
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 84 previous paragraphs and 96 current paragraphs.
61 unchanged; 18 reworded; 13 added; 5 removed; 0 previous and 4 current paragraphs rearranged.
Tables are not compared: 1 previous and 0 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 (13)
Current report
The Company began its 2025 drilling campaign again on April 1, 2025, where the Company currently has two core drills operating. One reverse circulation rotary drill was also operating throughout the third quarter, drilling water monitoring wells for ground water monitoring and for use with the future permitting process.
Current report
As of September 30, 2025, the Company has completed 164 core holes for 64,890 feet (14,292 meters) on an infill and metallurgical testing program and 29 reverse circulation rotary holes for 7,788 feet (2,374 meters) as part of the baseline water quality monitoring program at Richmond Hill.
Current report
At the Maitland project, additional geological modeling is ongoing for the JB and Unionville zones. The work is being used by the Company to plan a drilling campaign that will create a drill density sufficient to define an S-K 1300-compliant resource. A potential drill plan for Maitland in 2026 is being developed and evaluated, while the focus remains on advancing the Richmond Hill Feasibility Study.
Current report
Our general and administrative expenses for the quarters ended September 30, 2025 and 2024, were approximately $3.2 million and $2.4 million, respectively, an increase of approximately $0.8 million. These expenditures were primarily for legal, accounting, and professional fees, investor relations, and other general and administrative expenses necessary for the Company's operations. The period-over-period increase is primarily related to an increase of $0.9 million in expenditures on support costs, which are higher than the prior year comparable period primarily due to marginally higher compensation costs related to the successful completion of the IACF and 2025 financing as well as legal and other fees relating to filing the Company's new registration statement on Form S-3.
Current report
Comparison of the nine months ended September 30, 2025 and 2024
Current report
General and Administrative Expenses
Current report
Other Income and Expense
Current report
Cash Flows Used in Operating Activities
Current report
Cash used in operations for the nine months ended September 30, 2025 was approximately $18.4 million compared to approximately $23.9 million in the prior year comparable period. 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.
Current report
Cash Flows Used in Investing Activities
Current report
Cash used in investing activities for the nine months ended September 30, 2025 was $0.3 million compared to $0.6 million in the prior year comparable period, due to lower expenditures on purchases of property and equipment and mineral properties.
Current report
Cash Flows Provided by Financing Activities
Current report
During the nine months ended September 30, 2025, cash from financing activities totaled approximately $42.3 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, 1,423,153 shares of common stock for the exercise of warrants for proceeds of approximately $3.0 million and 50,000 shares of common stock for the exercise of stock options for proceeds of approximately $0.1 million. In addition, the Company issued 91,710 common shares for the exercise of options settled on a cashless basis.
Removed paragraphs (5)
Previous report
On April 30, 2024, the Company announced the Richmond Hill Initial Assessment.
Previous 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.
Previous 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.
Previous report
At the Maitland project, additional geological modeling will be completed for the JB and Unionville zones. The geological modelling will allow the Company to understand whether the existing drill density is sufficient for a S-K 1300-compliant resource or the amount of additional drilling that would be required for a compliant resource. Drilling at Maitland may be conducted later in the year depending on the outcome of these preliminary technical analyses and management's ongoing analysis of best use of proceeds.
Previous report
Comparison of the six months ended June 30, 2025 and 2024
Reworded paragraphs (18)
Previous wording
We have consistently pursued a strategy of expanding our portfolio of brownfield properties located exclusively within the Homestake District to build a strong land position with the goal of consolidating possible mineral potential. Property acquisitions are focused and based on past exploration, the access to proprietary data sets the Company has assembled over the years, new research and remote data acquisition (Magnetics, Gravity and Radiometric) that was recently conducted over the Homestake District that hosts the Homestake Gold Deposit.
Current wording
We have consistently pursued a strategy of expanding our portfolio of brownfield properties located exclusively within the Homestake District to build a strong land position with the goal of consolidating possible mineral potential.
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 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.
Current wording
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 fourteen active permits in place with one additional permit being processed for Richmond Hill in 2025. Of the fourteen 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 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.
Current wording
In total, Dakota Gold has completed 424 holes for over 470,277 feet (143,340 meters) since drilling started in 2022.
Previous 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.
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.
Previous wording
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 wording
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. 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. Mr. Aberle retired as a director of the Company, effective August 8, 2025.
Previous wording
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 wording
On July 7, 2025, the Company announced an updated and revised Richmond Hill Initial Assessment with cash flow for Richmond Hill ("IACF"). 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.
Previous wording
Table 1: IACF base case overview and key parameters
Current wording
Table 1: IACF base case overview and key parameters 1
Previous wording
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 wording
1 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").
Previous 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.
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 is targeting production in late 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 support future mine permitting processes.
Previous 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.
Current wording
As of September 30, 2025, the Company had working capital of approximately $31.0 million and an accumulated deficit of approximately $97.3 million. The Company had a net loss of approximately $10.5 million and $20.7 million for the three and nine months ended September 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 $8.6 million that has already been incurred through June 30, 2025.
Current wording
During the twelve months ending December 31, 2025, the Company anticipates cash expenditures of approximately $25.0 million, including approximately $18.4 million that has already been incurred through September 30, 2025.
Previous 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.
Current wording
Based on the Company's cash balance at September 30, 2025 of approximately $33.0 million and the ability to scale down our exploration program, if needed, we believe that we will have sufficient liquidity 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
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 wording
The Company had losses from operations for the quarters ended September 30, 2025 and 2024 totaling approximately $10.9 million and $10.2 million, respectively, and losses before income tax of approximately $10.5 million and $10.1 million, respectively, leading to net losses of approximately $10.5 million and $10.1 million, respectively.
Previous wording
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.
Current wording
During the quarters ended September 30, 2025 and 2024, exploration expenses totaled approximately $7.7 million and $7.8 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 $0.4 million compared to same period in 2024. In addition, payroll, assay costs, and equipment expenditures decreased by activity of $0.4 million because of the drilling level incurred during the quarter. These reductions were partially offset by an increase of $0.4 million in expenditures on studies and reports as the Company moves ahead with its metallurgical test program as well as an increase of $0.2 million in expenditures on site access. Included in exploration costs were stock-based compensation expenses of approximately $0.2 million and $0.2 million for the quarters ended September 30, 2025 and 2024, respectively.
Previous 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.
Current wording
The Company earned interest income from bank accounts of approximately $0.4 million and $0.2 million for the quarters ended September 30, 2025 and 2024, respectively.
Previous 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.
Current wording
The Company had losses from operations for the nine months ended September 30, 2025 and 2024 totaling approximately $21.5 million and $28.2 million, respectively, and losses before income tax of approximately $20.7 million and $27.9 million, respectively, leading to net losses of approximately $20.7 million and $27.8 million, respectively.
Previous 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.
Current wording
During the nine months ended September 30, 2025 and 2024, exploration expenses totaled approximately $14.6 million and $20.8 million, respectively. The period-over-period decrease primarily related to the reduced level of activity associated with drilling prior to the Offering proceeds, which resulted in a decrease of approximately $5.7 million compared to same period in 2024. In addition, payroll, assay costs, and equipment also decreased by approximately $1.7 million because of the lower level of drilling. These reductions were partially offset by an increase of $0.5 million in expenditures on studies and reports as the Company moves ahead with its metallurgical test program, an increase of $0.4 million in expenditures on permitting and environmental costs as part of the resumption of drilling and an increase of $0.3 million in non-cash stock-based compensation expense. Included in exploration costs were stock-based compensation expenses of approximately $0.7 million and $0.5 million for the nine months ended September 30, 2025 and 2024, respectively.
Previous 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.
Current wording
Our general and administrative expenses for the nine months ended September 30, 2025 and 2024, were approximately $6.9 million and $7.5 million, respectively, a decrease of approximately $0.6 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 $0.4 million in investor relations costs, 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 $0.7 million. This decrease was partially offset by an increase of $0.5 million in expenditures on support costs, which were higher than the prior year comparable period primarily due to marginally higher compensation costs related to the successful completion of the IACF and 2025 financing as well as legal and other fees relating to filing the registration statement Form S-3.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
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).
Current report — wording carried from elsewhere
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).
Current report — wording carried from elsewhere
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).
Current report — wording carried from elsewhere
We earned interest income from bank accounts of approximately $0.9 million and $0.5 million for the nine months ended September 30, 2025 and 2024, respectively.