Dakota Gold Intersects 1.49 g/t Gold and 8.13 g/t Silver over 38.1 Meters with Infill Drilling at Richmond Hill

Rhea-AI Summary

Dakota Gold (NYSE American: DC) reported additional 2026 drilling results from the Richmond Hill Oxide Heap Leach Gold Project. Highlights include 1.49 g/t gold and 8.13 g/t silver over 38.1 meters in hole RH26C-387 and 1.35 g/t gold and 34.54 g/t silver over 28.2 meters in shallow hole RH26C-398.

The 2026 campaign totals 15,481 meters in 109 holes and will feed a Pre-Feasibility Study in H2 2026. Dakota Gold reports $107 million cash as of March 31, 2026, following a $75 million financing and over $10 million from warrant exercises, and expects to be funded through study stage to expected permit issuance.

Positive

• RH26C-387 intersected 1.49 g/t Au and 8.13 g/t Ag over 38.1 meters
• Shallow RH26C-398 hit 1.35 g/t Au and 34.54 g/t Ag over 28.2 meters from 7.6 meters
• 2026 Richmond Hill campaign totals 15,481 meters in 109 holes
• Over 85% of 2026 Richmond Hill drilling completed: 13,718 meters in 92 holes
• PFS planned for H2 2026; Feasibility Study targeted for H1 2027
• Initial Assessment outlines 0.66 strip ratio and life-of-mine AISC of $1,047/oz Au
• $75 million financing and >$10 million warrant proceeds closed in Q1 2026
• Cash balance of $107 million as of March 31, 2026
• Company expects to be fully funded through study stage to expected permit issuance

Negative

• Several holes (RH26C-399, RH26C-407, RH26C-409) reported no significant intercepts
• True thickness of reported intercepts is unknown
• Resource conversion to reserves is still planned for 2026, not yet completed
• Richmond Hill remains at study stage with permits still described as expected rather than granted

News Market Reaction – DC

-2.51%

-2.51% Session close to close

In the May 19 session, DC declined 2.51%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement adds further near-surface gold and silver intercepts at Richmond Hill, including 1...

Analysis

This announcement adds further near-surface gold and silver intercepts at Richmond Hill, including 1.49 g/t Au over 38.1 m, supporting the upcoming PFS and eventual Feasibility Study. It reinforces a mine plan concept featuring a low strip ratio of 0.66 and life-of-mine AISC of $1,047/oz Au from the prior assessment. Recent history also includes a $75 million financing and substantial cash balance, so investors may watch how new drilling, study timelines, and any additional use of the shelf registration evolve.

Key Figures

2026 campaign drilling: 15,481 meters in 109 holes Resource drilling increase: approximately 30% more drill holes Key intercept RH26C-387: 1.49 g/t Au & 8.13 g/t Ag over 38.1 m +5 more

8 metrics

2026 campaign drilling 15,481 meters in 109 holes Richmond Hill 2026 Drill Campaign scope

Resource drilling increase approximately 30% more drill holes Increase vs holes informing July 2025 Initial Assessment with Cash Flow

Key intercept RH26C-387 1.49 g/t Au & 8.13 g/t Ag over 38.1 m Infill drilling at Richmond Hill

Key intercept RH26C-398 1.35 g/t Au & 34.54 g/t Ag over 28.2 m Shallow, near-surface mineralization from 7 m depth

Strip ratio 0.66 Overall strip ratio in Initial Assessment mine plan

Life-of-mine AISC $1,047 per oz Au Measured and indicated mine plan in July 2025 IACF

Equity financing $75 million Public offering closed in Q1 2026

Cash balance $107 million Cash as of March 31, 2026, per management quote

Historical Context

5 past events · Latest: Apr 21 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 21	Drill results	Positive	-5.5%	Initial 2026 Richmond Hill infill assays with highlighted gold-silver intercepts.
Mar 17	Drill results	Positive	-2.9%	Remaining 2025 infill and expansion results, including 3.14 g/t Au step-out hit.
Feb 27	Board change	Positive	+1.3%	Appointment of experienced director Brian G. Iverson to the board.
Feb 09	Equity offering	Negative	-11.2%	Pricing of $75M common stock offering with underwriter overallotment option.
Feb 09	Equity offering	Negative	-11.2%	Announcement of $75M public offering under effective Form S-3 shelf.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent Richmond Hill drill updates have generally been followed by share price declines despite positive operational content, while equity offerings have coincided with sharper negative reactions.

Recent Company History

Over the last few months, Dakota Gold has focused on advancing Richmond Hill with successive drill updates and capital raises. March and April 2026 drilling news highlighted intercepts up to 3.14 g/t Au and multi‑meter intervals, yet shares fell 5.54% and 2.87% after those releases. In February 2026, a $75 million equity raise and related offering headlines saw the stock drop about 11.23%. Alongside these financings, the company has added board experience, underscoring a build‑out phase ahead of the planned PFS in H2 2026.

Key Terms

pre-feasibility study, feasibility study, heap leach, measured and indicated, +2 more

6 terms

pre-feasibility study technical

"will be incorporated into a Pre-Feasibility Study ("PFS") being published in the second half"

A pre-feasibility study is an initial assessment that evaluates whether a proposed project or investment idea is worth exploring further. It involves examining basic factors like costs, potential benefits, and possible challenges, similar to conducting a preliminary check before deciding to invest more time and resources. This helps investors determine if pursuing the project further is practical and likely to be successful.

feasibility study technical

"results of which will support the Feasibility Study targeted for publication in the first half"

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.

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.

measured and indicated technical

"for the measured and indicated mine plan.The assay results reported today"

Measured and indicated are two levels of confidence used to describe the size and quality of a mineral deposit: "measured" means the quantities and grade are well tested and closely known, while "indicated" means they are reasonably estimated but with more uncertainty. Investors use these categories to judge how reliably a resource can be converted into reserves and future cash flow—think of measured like a weighed recipe and indicated like a good estimate based on past batches.

inferred resources technical

"conversion of inferred resources to the indicated resource category. Over 85%"

An inferred resource is an early-stage estimate of how much mineral or fuel may be present in the ground based on limited geological evidence and sampling. Think of it like seeing scattered clues that suggest a buried treasure might exist but not having dug enough to be sure; the potential size and value are uncertain. For investors it signals possible upside but carries high risk and should not be treated as proven supply or relied on for firm production plans.

strip ratio technical

"outlined a low overall strip ratio of 0.66 and a life of mine"

Strip ratio measures how much non-valuable material (waste) must be removed to access a given amount of mineral-bearing rock (ore) at a surface mine, expressed as a simple ratio like 3:1 meaning three units of waste per one unit of ore. Investors care because a higher strip ratio typically means higher extraction costs, larger equipment and disposal needs, and lower profit margins—think of peeling more rind to get the same amount of fruit, which affects project economics and cash flow.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Lead, South Dakota--(Newsfile Corp. - May 19, 2026) - Dakota Gold Corp. (NYSE American: DC) ("Dakota Gold" or the "Company") is pleased to report the additional assay results received from its 2026 Drill Campaign ("2026 Campaign") at the Richmond Hill Oxide Heap Leach Gold Project ("Richmond Hill" or the "Project"). The 2026 Campaign includes 15,481 meters of drilling in 109 holes and consists of a combination of infill, expansion and geotechnical drilling. Gold and silver assay data from more than 350 drill holes completed during the 2025 and ongoing 2026 Drill Campaigns at Richmond Hill will be incorporated into a Pre-Feasibility Study ("PFS") being published in the second half of 2026. This represents an approximately 30% increase in drill holes relative to the drill holes that informed the mineral resource estimate outlined in the July 2025 Initial Assessment with Cash Flow ("IACF"), and it will support an updated resource estimate, geo-metallurgical model, mine plan and mine sequence.

Highlight from this update include:

• Infill drill hole RH26C-387 intersected 1.49 grams per tonne gold (g/t Au) and 8.13 g/t silver (Ag) over 38.1 meters (57 gram meters Au) and RH26C-398 intersected 1.35 g/t Au and 34.54 g/t Ag over 28.2 meters (38 gram meters Au). The gold and silver mineralization intercepted in RH26C-398 was shallow, beginning at only 7 meters below surface and is higher than the current average grade in the IACF. The PFS is assessing higher-grade, near-surface mineralization for incorporation into early mine operations to minimize stripping and increase production in the initial five years of mining. The IACF for Richmond Hill outlined a low overall strip ratio of 0.66 and a life of mine AISC (Cash Cost plus Sustaining Cost) of $1,047 per oz Au for the measured and indicated mine plan.

• The assay results reported today are primarily from infill drilling in the northern portion of the Project designed to support reserve conversion planned for 2026. This drilling targets areas of previously defined near-surface mineralization where tighter drill spacing is expected to support conversion of inferred resources to the indicated resource category.

• Over 85% of the total planned drilling for this year's Richmond Hill Campaign has been completed to date with 13,718 meters in 92 drill holes. Drilling productivity and assay turnaround times remain on track, and the Campaign is expected to be completed in the third quarter of 2026.

Jack Henris, President and COO of Dakota Gold, said, "We are excited to have completed the infill and expansion drilling of the 2026 Drill Campaign on budget and ahead of schedule. Completion of this drilling is an important milestone on the critical path to delivering the PFS in the second half of 2026. Drills at site are now conducting geotechnical drilling, the results of which will support the Feasibility Study targeted for publication in the first half of 2027. Management will now focus on the remaining trade-off studies and completion of the PFS."

Shawn Campbell, CFO of Dakota Gold, added, "We're thrilled to close our $75 million financing in the first quarter 2026 and receive more than $10 million from warrant exercises, which eliminated all outstanding warrants. With $107 million in cash as of March 31, 2026, we're fully funded through the study stage to expected permit issuance for the Richmond Hill Oxide Heap Leach Gold Project, and we have capital to build organizational capacity and secure critical long-lead items to reduce construction risk."

Figure 1. Plan Map showing location of Dakota Gold Corp. Richmond Hill drill results reported today in Table 1. 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8218/297730_413f0bf3348d3a89_002full.jpg

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

Hole #	From (m)	To (m)	Interval (m)	Grade Au (g/t)	g x m Au	Grade Ag (g/t)	g x m Ag	From (ft)	To (ft)	Interval (ft)	Grade Au (oz/ton)
RH26C-381	55.2	58.3	3.1	0.66	2	1.69	5	181.1	191.4	10.3	0.019
	102.7	117.3	14.6	0.67	10	27.19	396	337.0	384.8	47.8	0.019
RH26C-387	67.1	97.0	29.9	0.73	22	4.44	133	220.2	318.4	98.2	0.021
	112.3	118.2	5.9	0.92	5	1.70	10	368.4	387.7	19.3	0.027
	123.0	129.8	6.8	1.22	8	2.56	17	403.6	425.9	22.3	0.036
	139.6	145.1	5.5	0.56	3	2.86	16	457.9	476.0	18.1	0.016
	184.2	222.3	38.1	1.49	57	8.13	310	604.3	729.4	125.1	0.043
RH26C-389	10.0	14.8	4.8	0.52	2	6.27	30	32.7	48.5	15.8	0.015
	34.8	63.7	28.9	0.85	25	3.82	110	114.2	209.1	94.9	0.025
RH26C-393	8.3	13.9	5.7	1.34	8	14.87	84	27.1	45.7	18.6	0.039
	23.8	31.2	7.4	0.85	6	6.09	45	78.0	102.4	24.4	0.025
RH26C-394	26.0	33.1	7.1	0.79	6	13.49	95	85.3	108.5	23.2	0.023
	63.1	69.0	5.9	0.53	3	8.12	48	207.0	226.5	19.5	0.015
RH26C-398	7.6	35.8	28.2	1.35	38	34.54	973	25.0	117.4	92.4	0.039
	40.8	57.2	16.5	0.76	12	13.68	226	133.7	187.8	54.1	0.022
	61.9	66.5	4.6	0.74	3	13.98	64	203.2	218.2	15.0	0.022
RH26C-399	No significant intercepts
RH26C-400	10.1	17.1	7.0	0.63	4	15.80	111	33.0	56.0	23.0	0.019
	21.9	29.1	7.2	0.90	6	33.36	240	72.0	95.6	23.6	0.026
	58.5	63.4	4.9	0.65	3	7.25	35	192.0	208.0	16.0	0.019
RH26C-401	2.1	9.5	7.3	1.85	14	8.26	61	7.0	31.1	24.1	0.054
RH26C-402	9.7	22.7	13.0	0.62	8	19.79	258	31.8	74.6	42.8	0.018
	26.1	30.5	4.4	0.84	4	4.83	21	85.5	100.0	14.5	0.025
	56.7	60.7	4.0	0.63	2	7.46	30	186.0	199.0	13.0	0.018
	65.1	69.2	4.1	0.90	4	6.71	27	213.7	227.0	13.3	0.026
	83.2	89.6	6.3	0.82	5	3.90	25	273.1	293.8	20.7	0.024
RH26C-403	9.6	17.0	7.4	0.63	5	3.91	29	31.5	55.8	24.3	0.018
	23.8	27.8	4.0	0.68	3	9.05	36	78.0	91.2	13.2	0.020
	60.6	64.8	4.2	0.50	2	5.38	23	198.7	212.6	13.9	0.014
	86.6	89.7	3.1	0.68	2	4.85	15	284.1	294.2	10.1	0.020
	121.0	126.4	5.4	1.28	7	7.69	41	397.0	414.6	17.6	0.037
RH26C-404	0.0	14.6	14.6	1.67	24	25.67	374	0.0	47.8	47.8	0.049
	21.9	49.7	27.8	1.58	44	7.99	222	71.7	163.0	91.3	0.046
	55.1	63.8	8.7	1.13	10	22.24	193	180.7	209.2	28.5	0.033
	72.9	77.4	4.5	0.49	2	7.57	34	239.3	254.0	14.7	0.014
RH26C-405	31.5	37.2	5.7	0.50	3	8.09	46	103.3	122.0	18.7	0.015
	60.0	79.9	19.9	1.51	30	7.67	153	196.8	262.1	65.3	0.044
RH26C-406	62.8	65.9	3.1	2.28	7	10.20	31	206.0	216.1	10.1	0.066
	151.8	155.7	3.9	0.57	2	16.18	63	498.0	510.7	12.7	0.017
RH26C-407	No significant intercepts
RH26C-408	75.9	82.9	7.0	2.40	17	2.49	17	249.0	272.0	23.0	0.070
RH26C-409	No significant intercepts
RH26C-410	140.5	143.6	3.0	0.79	2	8.31	25	461.0	471.0	10.0	0.023
	166.2	175.6	9.3	1.37	13	8.60	80	545.4	576.0	30.6	0.040
RH26C-411	123.7	146.3	22.6	0.92	21	1.17	26	406.0	480.0	74.0	0.027
	152.6	158.8	6.2	0.52	3	0.95	6	500.8	521.0	20.2	0.015
	164.9	185.8	20.9	1.39	29	1.69	35	541.0	609.5	68.5	0.041
	192.1	208.8	16.6	0.95	16	3.91	65	630.4	685.0	54.6	0.028
	216.7	225.2	8.5	0.59	5	3.90	33	711.0	739.0	28.0	0.017
RH26C-412	105.2	110.4	5.2	0.92	5	10.17	53	345.1	362.3	17.2	0.027
RH26C-413	97.3	105.0	7.7	0.92	7	4.01	31	319.3	344.4	25.1	0.027
RH26C-414	113.9	117.3	3.4	0.84	3	6.08	20	373.7	384.7	11.0	0.025
	161.9	165.2	3.3	1.00	3	4.42	14	531.2	541.9	10.7	0.029
RH26C-415	102.3	125.0	22.6	1.04	24	2.03	46	335.7	410.0	74.3	0.030
	130.8	135.4	4.6	0.98	5	1.40	6	429.0	444.2	15.2	0.028
	139.8	147.5	7.7	1.74	13	3.76	29	458.6	483.8	25.2	0.051

 

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"); 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.

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 Tertiary maiden resource as well as 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

William Gehlen, a Certified Professional Geologist (CPG-10626) with the AIPG, American Institute of Professional Geologists, a Senior Fellow with the SEG, and Senior Manager - Geology 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 and potential for conversion of mineral resources into reserves; completion of a pre-feasibility study, a feasibility study, and/or permitting; 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, 2025, 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/297730

FAQ

What drilling results did Dakota Gold (NYSE American: DC) announce for Richmond Hill on May 19, 2026?

Dakota Gold reported new assay results from its 2026 Richmond Hill drill campaign, including 1.49 g/t gold and 8.13 g/t silver over 38.1 meters in hole RH26C-387. According to Dakota Gold, hole RH26C-398 also returned 1.35 g/t gold and 34.54 g/t silver over 28.2 meters.

How do the new Richmond Hill drill grades compare with the July 2025 Initial Assessment for DC?

The new results include intervals above the Initial Assessment’s average grade of 0.566 g/t gold for the measured and indicated mine plan. According to Dakota Gold, shallow hole RH26C-398 returned 1.35 g/t gold, which is higher than that average grade outlined in the July 2025 study.

What is the timeline for Dakota Gold’s (DC) Richmond Hill Pre-Feasibility and Feasibility Studies?

Dakota Gold plans to publish the Richmond Hill Pre-Feasibility Study in the second half of 2026. According to Dakota Gold, current drilling and geotechnical work will also support a Feasibility Study targeted for publication in the first half of 2027.

How much funding does Dakota Gold (DC) report for advancing the Richmond Hill project?

Dakota Gold reports $107 million in cash as of March 31, 2026. According to Dakota Gold, this follows closing a $75 million financing and receiving more than $10 million from warrant exercises, and is expected to fund work through study stage to expected permit issuance.

What portion of Dakota Gold’s 2026 Richmond Hill drill campaign is complete and what is its focus?

Over 85% of the 2026 Richmond Hill drill campaign is complete, totaling 13,718 meters in 92 holes. According to Dakota Gold, current work focuses on infill drilling in the northern project area to support conversion of inferred resources to indicated resources in 2026.

What do the strip ratio and AISC from the Richmond Hill Initial Assessment indicate for DC investors?

The Initial Assessment outlined an overall strip ratio of 0.66 and life-of-mine AISC of $1,047 per ounce of gold. According to Dakota Gold, these figures apply to the measured and indicated mine plan and will be updated in the planned Pre-Feasibility Study.