Dakota Gold Corp.

For the period ended Mar 31, 2026. Filed May 14, 2026.

About 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.

Mar 31, 2026 · Filed May 14, 2026

DC$6.45+8.4%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

		Page
	Part I
Item 1	Condensed Consolidated Interim Financial Statements (unaudited)	7
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3	Quantitative and Qualitative Disclosures About Market Risk	19
Item 4	Controls and Procedures	19

	Part II
Item 1	Legal Proceedings	19
Item 1A	Risk Factors	19
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	20
Item 3	Defaults Upon Senior Securities	20
Item 4	Mine Safety Disclosure	20
Item 5	Other Information	20
Item 6	Exhibits	21
Signatures		22

Condensed Consolidated Interim Balance Sheets (Unaudited)


	March 31,	December 31,
All amounts in US dollars ($)	2026	2025
· $ · · $
ASSETS · · ·

Current assets · · ·
Cash and cash equivalents	106,905,440	29,686,451
Prepaid expenses and other current assets	757,015	667,330
Total current assets	107,662,455	30,353,781

Non-current assets
Mineral rights and properties	83,390,889	82,898,617
Property and equipment, net	2,138,250	2,149,961
Other assets	488,433	455,591
Total assets	193,680,027	115,857,950

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities
Accounts payable and accrued liabilities	2,681,719	2,873,987
Lease liabilities – current	114,579	124,785
Total current liabilities	2,796,298	2,998,772

Non-current liabilities
Lease liabilities	53,674	80,881
Other non-current liability	—	257,758
Total liabilities	2,849,972	3,337,411

Commitments and contingencies (Note 9)

Stockholders’ equity
Common stock, par value $0.001; 300,000,000 authorized, 133,517,177 and 114,068,842 shares outstanding, respectively	133,516	114,067
Additional paid-in capital	305,246,991	218,494,483
Accumulated deficit	(114,550,452)	(106,088,011)
Total stockholders’ equity	190,830,055	112,520,539
Total liabilities and stockholders’ equity	193,680,027	115,857,950

Condensed Consolidated Interim Statements of Operations and Comprehensive Loss (Unaudited)


· · Three Months Ended March 31,
	2026	2025
	$	$
Operating expenses · · ·
Exploration expenses	6,517,489	1,913,229
General and administrative expenses	2,468,078	1,900,868
Loss from operations	(8,985,567)	(3,814,097)

Other income (expenses)
Foreign exchange loss	(15,560)	(8,497)
Gain on sale of property and equipment	11,629	—
Interest income	527,544	83,078
Total other income	523,613	74,581

Loss before income taxes	(8,461,954)	(3,739,516)
Income tax expense	(487)	(6,027)
Net loss and comprehensive loss	(8,462,441)	(3,745,543)

Basic and diluted loss per share	(0.07)	(0.04)

Weighted average number of basic and diluted shares of common stock outstanding	123,779,472	97,561,821

Condensed Consolidated Interim Statements of Cash Flows**(Unaudited)**


· · Three Months Ended March 31,
	2026	2025
	$	$
Operating activities
Net loss	(8,462,441)	(3,745,543)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	46,696	48,230
Gain on sale of property and equipment	(11,629)	—
Stock-based compensation expense	567,419	737,284
Changes in current assets and liabilities:
Prepaid expenses and other current assets	(89,685)	(118,767)
Accounts payable and accrued liabilities	(199,358)	(860,043)
Net cash used in operating activities	(8,148,998)	(3,938,839)

Investing activities
Purchases of property and equipment	(73,794)	—
Proceeds from the sale of property and equipment	13,000	—
Purchases of mineral rights and properties	(750,030)	—
Net cash used in investing activities	(810,824)	—

Financing activities
Proceeds from sale of common stock on at-the-market program (the “ATM Program”), net of issuance costs	3,487,919	7,316,230
Proceeds from common stock offering, net of issuance costs	71,776,027	32,684,881
Proceeds from exercise of stock options	299,600	19,200
Proceeds from exercise of warrants	10,898,838	1,622,500
Payments of income taxes on performance stock units (“PSUs”), restricted stock units (“RSUs”) and shares issued for compensation	(283,573)	(507,594)
Net cash provided by financing activities	86,178,811	41,135,217

Net change in cash and cash equivalents	77,218,989	37,196,378
Cash and cash equivalents, beginning of period	29,686,451	9,408,270
Cash and cash equivalents, end of period	106,905,440	46,604,648

Non-cash investing and financing activities and supplemental cash flow information
Amortization and expiration of deferred ATM offering costs offset against additional paid-in capital	(25,727)	(37,293)
Common stock issued for purchase of mineral rights and properties	—	113,958

Condensed Consolidated Interim Statements of Changes In Equity**(Unaudited)**



· · Common Stock · · Additional · · · · Total
	Number		Paid-in	Accumulated	Stockholders’
	of Shares	Amount	Capital	Deficit	Equity
· # · · $ · · $ · · $ · · $
Balance, December 31, 2024	95,570,483	95,570	168,605,692	(76,549,312)	92,151,950
Common stock issued for ATM Program, net of issuance costs	2,548,713	2,549	7,276,388	—	7,278,937
Common stock offering, net of issuance costs	12,400,000	12,400	32,672,481	—	32,684,881
Common stock issued for RSUs and PSUs	529,989	530	(530)	—	—
Common stock issued for exercise of options	10,000	10	19,190	—	19,200
Common stock issued for exercise of warrants	780,048	780	1,621,720	—	1,622,500
Common stock issued for accrued compensation	37,610	37	113,922	—	113,959
Payment of income taxes remitted on PSUs, RSUs and shares	—	—	(507,594)	—	(507,594)
Stock-based compensation expense	—	—	737,284	—	737,284
Net loss	—	—	—	(3,745,543)	(3,745,543)
Balance, March 31, 2025	111,876,843	111,876	210,538,553	(80,294,855)	130,355,574

· · · · · · · · · ·
· · Common Stock · · Additional · · · · Total
· · Number · · · · Paid-in · · Accumulated · · Stockholders’
· · of Shares · · Amount · · Capital · · Deficit · · Equity
	#	$	$	$	$
Balance, December 31, 2025	114,068,842	114,067	218,494,483	(106,088,011)	112,520,539
Common stock issued for ATM Program, net of issuance costs	586,749	587	3,513,059	—	3,513,646
Common stock offering, net of issuance costs	12,561,000	12,561	71,763,466	—	71,776,027
Common stock issued for RSUs and PSUs	769,720	770	(770)	—	—
Common stock issued for exercise of options	291,045	291	299,309	—	299,600
Common stock issued for exercise of warrants	5,239,821	5,240	10,893,598	—	10,898,838
Payment of income taxes remitted on PSUs, RSUs and shares	—	—	(283,573)	—	(283,573)
Stock-based compensation expense	—	—	567,419	—	567,419
Net loss	—	—	—	(8,462,441)	(8,462,441)
Balance, March 31, 2026	133,517,177	133,516	305,246,991	(114,550,452)	190,830,055

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