Dakota Gold Richmond Hill IACF: $1.6B after-tax NPV5%, 55% IRR at base-case $2,350/oz gold

Dakota Gold Corp.

M&I plan: 168.3 Mt at 0.566 g/t Au, 2.6M oz gold produced over 17 years; MI&I plan: 273.7 Mt at 0.530 g/t Au, 3.9M oz over 28 years.
Initial capital cost $384M (incl. $53M contingency); LOM AISC $1,047/oz (M&I) and $1,050/oz (MI&I).
At $3,350/oz gold, after-tax NPV5% rises to $2.9B (M&I) and $3.7B (MI&I), with IRRs of 99% and 107%.
Feasibility study targeted for early 2027, construction in 2028, production by 2029; 24,384m drill program underway.
Non-binding $300M financing proposal from major shareholder Orion Mine Finance available to fund development.

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