Dakota Gold Expansion Drilling Intersects High-Grade Gold Mineralization at Richmond Hill

Rhea-AI Summary

Dakota Gold (NYSE American: DC) reported additional 2025 drill results from the Richmond Hill oxide heap leach project, including expansion holes that extend gold mineralization up to 230 meters north of the current Measured and Indicated resource. The company completed 242 drill holes totaling 29,279 meters in 2025 and has released 136 assay results to date, with 106 assays pending through early 2026.

Key intercepts include 4.52 g/t Au over 15.2 m (including 31.90 g/t Au over 1.8 m), 1.43 g/t Au over 30.2 m, 1.74 g/t Au over 25.7 m, and a metallurgical hole of 2.87 g/t Au over 17.3 m. Results will feed an updated resource model and ongoing Feasibility Study.

Positive

• Drilling completed: 242 holes totaling 29,279 m
• Expansion mineralization extends 230 m north of resource boundary
• 4.52 g/t Au over 15.2 m (incl. 31.90 g/t over 1.8 m)
• Metallurgical sample: 2.87 g/t Au over 17.3 m

Negative

• Measured and Indicated average grade is low at 0.566 g/t Au
• 106 drill hole assays pending, leaving near-term uncertainty
• Drilling paused until mid-January 2026

Key Figures

2025 drill holes 242 holes Richmond Hill 2025 drilling campaign completed

Drilling length 29,279 meters Total meterage in 2025 Richmond Hill campaign

High-grade intercept 4.52 g/t Au over 15.2 m Hole RH25C-303 expansion/infill drilling

Very high-grade core 31.90 g/t Au over 1.8 m Included within RH25C-303 interval

Northeast intercept 2.87 g/t Au over 17.3 m Metallurgical hole RH25C-261 in northeast project area

Step-out distance 230 meters Gold mineralization north of current Measured and Indicated boundary

Q3 2025 net loss $10.5 million Quarter ended September 30, 2025

ATM capacity $50.0 million At-the-market equity program under 424B5 filing

Market Reality Check

$5.48 Last Close

Volume Volume 1,145,274 is below the 20-day average of 1,362,197, suggesting no outsized trading response yet. normal

Technical Price 6.09 is trading above the 200-day MA of 3.9, reflecting a pre-existing uptrend into this drilling update.

Peers on Argus

Dakota Gold gained 4.64% while peers were mixed: New Found Gold up 2.58%, Galiano Gold up 1.13%, but Osisko Development down 6.6%. The split tape points to a stock-specific move rather than a broad gold-sector rotation.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 18	Metallurgy update	Positive	+1.9%	Outlined feasibility metallurgy plan and positive initial column recoveries.
Dec 01	Drill results	Positive	-1.3%	Reported high-grade surface and 150 m step-out intercepts at Richmond Hill.
Nov 19	Drill results	Positive	+2.5%	Announced multiple high-grade expansion intercepts including long mineralized intervals.
Oct 16	Drill results	Positive	+2.9%	Reported significant infill and metallurgical intercepts in northern project area.
Sep 24	Drill/met test update	Positive	-2.5%	Highlighted strong metallurgical drill intercepts and engagement of testing contractor.

Pattern Detected

Richmond Hill drilling and study updates have generally been received positively, though there are instances where constructive news coincided with short-term pullbacks.

Recent Company History

Over the past six months, Dakota Gold has repeatedly highlighted progress at Richmond Hill, including metallurgical test planning, multiple rounds of high-grade drill results, and steady expansion of the 2025 drill program. News on Sep 24, Oct 16, Nov 19, Dec 1, and Dec 18 all focused on advancing drilling, metallurgy, and feasibility work. Price reactions to these updates have often been positive but occasionally negative, indicating investors weigh strong technical results against capital needs and development timelines.

Regulatory & Risk Context

Active S-3 Shelf Registration 2025-07-24

Dakota Gold has an active Form S-3 shelf dated Jul 24, 2025, with at least one usage via a 424B5 on Nov 13, 2025. In parallel, the company established an at-the-market equity program to sell up to $50,000,000 in common stock, providing flexibility to raise capital for project development.

Market Pulse Summary

This announcement details additional high-grade intercepts at Richmond Hill, including mineralization up to 230 meters beyond the current Measured and Indicated boundary and several thick, high-grade intervals that support resource growth and the Feasibility Study. The 2025 campaign reached 242 holes and 29,279 meters, complementing an active metallurgical program. Investors may track future assay releases, updated resource modeling, financing through the shelf and ATM, and progress toward feasibility and permitting milestones.

Key Terms

heap leach technical

"Richmond Hill Oxide Heap Leach Gold Project ("Richmond Hill" or the "Project")"

Heap leach is a mining method where crushed ore is piled into a heap and a liquid is dripped or sprayed over it to dissolve valuable metals, which are then collected from the runoff. Investors care because it is a lower-cost, scalable way to produce metals like gold or copper, but it also affects project timelines, recovery rates, capital needs and environmental or regulatory risk — like choosing a cheap, slow way to extract juice from a fruit versus pressing it quickly.

grams per tonne technical

"intersected 4.52 grams per tonne gold (g/t Au) over 15.2 meters"

Grams per tonne (g/t) is a measure of how many grams of a precious or base metal are contained in one tonne of rock or ore. It tells investors the concentration of the metal: higher g/t means more metal packed into the same amount of material, which can lower production costs and raise the potential value of a mine. Think of it like the amount of sugar in a slice of cake—the more sugar per slice, the sweeter (and more valuable) each slice is.

g/t au technical

"4.52 grams per tonne gold (g/t Au) over 15.2 meters"

g/t Au stands for grams per tonne of gold and measures how much gold is contained in one tonne of rock or ore. Investors use it like a yield rate: higher g/t Au means more gold recovered from the same amount of material, which usually improves a mine’s revenue potential and lowers production cost per unit of metal. Think of it as the sweetness level of fruit—more sugar per piece makes each piece more valuable.

feasibility study technical

"These results will be incorporated into the updated resource model and inform the ongoing Feasibility Study."

A feasibility study is an assessment that evaluates whether a proposed project or idea is practical and likely to succeed before investing significant time and resources. It considers factors like costs, potential benefits, and challenges, helping stakeholders decide if moving forward makes sense. Think of it as a detailed plan that gauges if a new venture is worth pursuing.

measured and indicated resource technical

"230 meters (755 feet) north of the current Measured and Indicated resource boundary."

Measured and indicated resource describes two tiers of confidence in how much of a mineral or metal is present in the ground and how reliably its grade or quality is known. Think of it like a recipe where measured is a well-weighed ingredient and indicated is a carefully estimated amount — together they give investors a practical picture of what could be economically extracted, reducing uncertainty for valuation and development decisions.

cut-off technical

"Intervals calculated based on 0.5 g/t Au cut-off and maximum dilution"

A cut-off is a specific deadline or set point that determines which items, people, or data are included or excluded for a financial, regulatory, or medical process. For investors it matters because it fixes who qualifies for dividends, shareholder votes, trial results, or financial reporting — like drawing a line on a guest list so only those on the right side participate or count. Missing a cut-off can change ownership rights, reported outcomes, or the timing of news that affects a stock.

geo-metallurgical domains technical

"improve the precision of the geo-metallurgical domains, as well as inform both"

Geo-metallurgical domains are distinct zones within a mineral deposit that share consistent rock types, metal content and how they respond to extraction and processing. For investors, these zones matter because they determine how much metal can be recovered, what processing methods and costs are needed, and therefore the likely profitability and risk of a mining project—think of an orchard where different fruit varieties require different juicing methods and yield different amounts.

AI-generated analysis. Not financial advice.

Lead, South Dakota--(Newsfile Corp. - December 23, 2025) - Dakota Gold Corp. (NYSE American: DC) ("Dakota Gold" or the "Company") is pleased to report additional drill hole assay results from the Richmond Hill Oxide Heap Leach Gold Project ("Richmond Hill" or the "Project") including expansion drilling that has intersected gold mineralization as far as 230 meters (755 feet) north of the current Measured and Indicated resource boundary. Drill results continue to confirm widespread gold mineralization and resource growth potential.

The Company has safely and successfully completed 242 drill holes in its 2025 drilling campaign totaling 29,279 meters (~96,000 feet). To date, a total of 136 drill hole assay results including the results today have been released from the campaign thus far. Assays for 106 drill holes are pending release, including many from northeast expansion drilling, which will be reported as they are received through early 2026.

Highlights from this update include:

• Expansion and infill drill holes RH25C-303 intersected 4.52 grams per tonne gold (g/t Au) over 15.2 meters (69 gram meters), including 31.90 g/t Au over 1.8 meters (57 gram meters), RH25C-307 intersected 1.43 g/t Au over 30.2 meters (43 gram meters) and RH25C-313 intersected 1.74 g/t Au over 25.7 meters (45 gram meters). The first two drill holes listed were located 50 meters (165 ft) and 100 meters (330 ft) north respectively of the current Measured and Indicated resource boundary. The mineralization in the northeast is only limited by drilling and remains open. The Company has drill-tested the area up to 300 meters (980 ft) north and 535 meters (1,750 ft) wide.

• Metallurgical drill hole RH25C-261 intersected 2.87 g/t Au over 17.3 meters (50 gram meters) in the northeast Project area. The Metallurgical drill testing program provides valuable information for mine planning and supports validation of the current resources.

"We're pleased with the results of expansion drilling in the northern Project area which have highlighted significant high-grade gold mineralization. These results will be incorporated into the updated resource model and inform the ongoing Feasibility Study. Drilling will pause briefly for the remainder of December and resume mid-January 2026. We look forward to sharing the remaining assay results from the 2025 campaign in the new year as they are received," said Jack Henris, President and COO of Dakota Gold.

The Company's core drilling for the 2025 campaign has been designed to collect metallurgical samples for column testing, condemnation drilling beneath proposed site infrastructure for mine planning, infill drilling to upgrade the existing resource, and expansion drilling where the resource remains open. The drill results will refine the modelled boundaries and improve the precision of the geo-metallurgical domains, as well as inform both the oxide and sulfide resource updates for the Feasibility Study.

Figure 1. Plan Map of Dakota Gold Corp. Richmond Hill 2025 Drill Campaign Highlighted Drill Results.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8218/278854_4f6eba59c4b8798a_002full.jpg

Table 1. Richmond Hill Drill Results (Metric / Imperial)^1,2,3,4,5,6

Hole #	From (m)	To (m)	Interval (m)	Grade (g/t)	g x m	From (ft)	To (ft)	Interval (ft)	Grade (oz/ton)	Program
RH25C-220	9.5	43.6	34.1	0.67	23	31.1	143.0	111.9	0.020	Infill
	94.0	101.5	7.5	0.73	5	308.4	333.0	24.6	0.021
RH25C-224	8.1	25.1	16.9	0.95	16	26.7	82.2	55.5	0.028	Metallurgical
	69.5	75.6	6.1	1.08	7	228.0	248.0	20.0	0.031
	92.4	98.3	5.9	0.55	3	303.0	322.4	19.4	0.016
	101.4	113.5	12.0	0.57	7	332.8	372.3	39.5	0.017
RH25C-226	0.0	11.6	11.6	0.54	6	0.0	38.0	38.0	0.016	Metallurgical
	16.8	20.2	3.4	0.67	2	55.0	66.2	11.2	0.020
RH25C-227	0.0	12.0	12.0	0.74	9	0.0	39.5	39.5	0.021	Metallurgical
	48.0	61.9	13.8	0.68	9	157.6	203.0	45.4	0.020
RH25C-228	48.4	55.8	7.4	0.88	7	158.8	183.1	24.3	0.026	Metallurgical
	69.6	78.9	9.3	0.55	5	228.2	258.8	30.6	0.016
RH25C-230	12.2	16.2	4.0	0.68	3	40.0	53.0	13.0	0.020	Metallurgical
	20.3	82.3	62.0	0.67	42	66.6	270.0	203.4	0.020
RH25C-231	40.5	49.4	8.9	0.57	5	133.0	162.2	29.2	0.017	Metallurgical
	54.6	76.2	21.6	0.58	13	179.2	250.1	70.9	0.017
RH25C-261	37.0	54.3	17.3	2.87	50	121.4	178.0	56.6	0.084	Metallurgical
	68.1	76.0	8.0	0.68	5	223.4	249.5	26.1	0.020
	81.4	83.7	2.3	15.08	35	267.0	274.6	7.6	0.440
RH25C-300	69.2	72.3	3.1	0.79	2	227.1	237.2	10.1	0.023	Infill
RH25C-301	6.7	9.9	3.2	0.89	3	22.0	32.4	10.4	0.026	Expansion
	33.9	37.3	3.4	1.82	6	111.2	122.4	11.2	0.053
RH25C-303	5.1	8.3	3.3	0.73	2	16.6	27.3	10.7	0.021	Expansion
	101.1	116.3	15.2	4.52	69	331.6	381.6	50.0	0.132
inc.	111.4	113.2	1.8	31.90	57	365.5	371.4	5.9	0.930
RH25C-304	51.0	55.1	4.2	1.12	5	167.2	180.9	13.7	0.033	Expansion
RH25C-305	67.7	74.3	6.6	0.59	4	222.1	243.9	21.8	0.017	Expansion
RH25C-307	102.7	132.9	30.2	1.43	43	337.0	436.0	99.0	0.042	Expansion
RH25C-309	6.2	13.1	6.9	0.97	7	20.5	43.0	22.5	0.028	Expansion
RH25C-311	18.3	32.0	13.7	1.05	14	60.0	105.0	45.0	0.031	Expansion
RH25C-313	20.0	45.7	25.7	1.74	45	65.6	150.0	84.4	0.051	Expansion
	53.3	56.4	3.1	0.68	2	175	185.2	10.2	0.020
	89.9	103.6	13.7	1.43	20	295	340.0	45.0	0.042
RH25C-315	32.0	36.6	4.6	0.62	3	105.0	120.0	15.0	0.018	Expansion
	99.5	105.3	5.8	0.82	5	326.5	345.5	19.0	0.024

 

The table may contain rounding errors.

1. Abbreviations in the table include ounces per ton ("oz/ton"); grams per tonne ("g/t"); feet ("ft"); meter ("m"); and gram meters ("g x m").
2. True thickness unknown.
3. Intervals calculated based on 0.5 g/t Au cut-off and maximum dilution of 3.05 meters.
4. The July 7, 2025 Initial Assessment with Cash Flow has an open pit designed with 12.2m (40 ft) benches. The average grade for the Measured and Indicated mine plan is 0.566 g/t Au (0.017 oz/ton). A gram meter of 7 and above has been highlighted in Table 1 based on the bench height and average grade.
5. The following condemnation holes drilled at the location of the planned heap leach pad 1 has confirmed no significant gold mineralization: RH25C-269; RH25C-274; RH25C-280
6. The following monitoring water well hole drilled outside of the resource area for permitting has confirmed no significant gold mineralization: CC-GW-14

About Dakota Gold Corp.

Dakota Gold is expanding the legacy of the 145-year-old Homestake Gold Mining District by advancing the Richmond Hill Oxide Heap Leach Gold Project to commercial production as soon as 2029, and outlining a high-grade underground gold resource at the Maitland Gold Project, both located on private land in South Dakota.

Subscribe to Dakota Gold's e-mail list at www.dakotagoldcorp.com to receive the latest news and other Company updates.

Shareholder and Investor Inquiries

For more information, please contact:

Jack Henris
President and COO
Tel: +1 605-717-2540

Shawn Campbell
Chief Financial Officer
Tel: +1 778-655-9638

Carling Gaze
VP of Investor Relations and Corporate Communications
Tel: +1 605-679-7429
Email: info@dakotagoldcorp.com

Qualified Person and S-K 1300 Disclosure

James M. Berry, a Registered Member of SME and Vice President of Exploration of Dakota Gold Corp., is the Company's designated qualified person (as defined in Subpart 1300 of Regulation S-K) for this news release and has reviewed and approved its scientific and technical content.

Quality Assurance/Quality Control consists of regular insertion of certified reference materials, duplicate samples, and blanks into the sample stream. Samples are submitted to the ALS Geochemistry sample preparation facility in Winnipeg, Manitoba. Gold and multi-element analyses are performed at the ALS Geochemistry laboratory in Vancouver, British Columbia. ALS Minerals is an ISO/IEC 17025:2017 accredited lab. Check samples are submitted to Bureau Veritas, Vancouver B.C. as an umpire laboratory. Assay results are reviewed, and discrepancies are investigated prior to incorporation into the Company database.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this communication, the words "plan," "target," "anticipate," "believe," "estimate," "intend," "potential," "will" and "expect" and similar expressions are intended to identify such forward-looking statements. Any express or implied statements contained in this communication that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation: our expectations regarding additional drilling, metallurgy and modeling; our expectations for the improvement and growth of the mineral resources; completion of a feasibility study, and our overall expectation for the possibility of near-term production at the Richmond Hill project. These forward-looking statements are based on assumptions and expectations that may not be realized and are inherently subject to numerous risks and uncertainties, which could cause actual results to differ materially from these statements. These risks and uncertainties include, among others: the execution and timing of our planned exploration activities; our use and evaluation of historic data; our ability to achieve our strategic goals; the state of the economy and financial markets generally and the effect on our industry; and the market for our common stock. The foregoing list is not exhaustive. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the risk factors included in Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as updated by annual, quarterly and current reports that we file with the SEC, which are available at www.sec.gov. We caution investors not to place undue reliance on the forward-looking statements contained in this communication. These statements speak only as of the date of this communication, and we undertake no obligation to update or revise these statements, whether as a result of new information, future events or otherwise, except as may be required by law. We do not give any assurance that we will achieve our expectations.

All references to "$" in this communication are to U.S. dollars unless otherwise stated.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278854

FAQ

What did Dakota Gold (DC) announce about Richmond Hill on December 23, 2025?

The company released additional drill assays showing expansion mineralization up to 230 m north and highlighted multiple high-grade intercepts.

How many drill holes and meters did Dakota Gold complete in the 2025 campaign?

Dakota Gold completed 242 drill holes totaling 29,279 meters in 2025.

Which high-grade drill intercepts did Dakota Gold report at Richmond Hill (DC)?

Notable intercepts include 4.52 g/t Au over 15.2 m (including 31.90 g/t over 1.8 m), 1.43 g/t over 30.2 m, and 1.74 g/t over 25.7 m.

How will the new Richmond Hill assays affect Dakota Gold’s resource model and study?

The assays will be incorporated into an updated resource model and will inform the ongoing Feasibility Study and geo-metallurgical domains.

What portion of 2025 drill assays remain pending for Dakota Gold (DC)?

106 drill hole assays remain pending and are expected to be reported through early 2026.

What is the Measured and Indicated average grade used in Dakota Gold’s mine plan?

The reported average grade for the Measured and Indicated mine plan is 0.566 g/t Au.