Dakota Gold Corp. H.C. Wainwright 28th Annual Global Investment Conference

Well, first, thank you to the people in the room here listening to the presentation, as well as investors that I'm sure will watch it later online. Thank you to Wainwright for inviting us to their conference here in New York. We're excited to be here. We had a chance to go down and see the opening bell at the NYSE this morning, and spend some time with our market maker down there. I'm here today to talk about Dakota Gold. We are building the next gold mine in the Homestake District in South Dakota, U.S. During the presentation, I'll be making forward-looking statements. You've seen the full disclaimer here. This is also available for download off of our website, as well as in our press releases. Dakota Gold is a unique investment opportunity.

Right now, we're seeing significant geopolitical risk and uncertainty, and we are a U.S.-listed company with a U.S. asset in the gold sector. This is an opportunity to own gold and exposure to gold while reducing or eliminating that geopolitical risk. We've seen gold and silver at all-time highs in the last 12 months as a result. We've got a leadership team that's ready to execute on what is one of the easier or more simple projects in the mining industry. We have our primary asset in Richmond Hill Gold Project. We put out an economic study last year with some very robust economics that I'll take you through the details on, but we're advancing that rapidly through PFS in the fourth quarter of this year, FS next year, all the way to shovel-ready late 2028 and production in 2029.

In addition to our Richmond Hill opportunity, because we have 50,000 mineral acres in the Homestake District, we have high-grade underground potential as well, and we'll put out a resource for our Maitland/Unionville zone in 2027. Importantly, the project is located entirely on private land in South Dakota, so our permitting goes through the state and county. To point out, we are fully funded until shovel-ready. We have $99 million in the treasury, so even though we're pre-revenue, you're not looking at massive dilutive events when we talk about executing on this project. Here's an overall map of our property position. We were first-mover advantage. When the old mine that had produced 40 million ounces over 125 years shut down, all of that land became available.

We came in, we were able to stake all of that gray land, but we also signed three agreements with Barrick for the option of Richmond Hill, the purchase of Maitland, and then some additional surface rights. We were able to secure this tremendous land package in a district that has produced the same amount of gold as the Timmins Mining District, however, remains relatively unknown compared to some of the other gold camps out there. You can see here the Richmond Hill Gold Project, 3,000 mineral acres, 3.6 million ounces of M&I, another 2.6 million ounces of inferred, so a very large endowment. And within that, we came out with our IEA cash flow. At $2,350 gold, the NPV was still $1.6 billion in our base case. Obviously, at recent metal prices, that grows to over $4 billion.

Some great metrics in terms of quick payback, long mine life, meaningful production, but I will talk about the trade-off studies because we are quite excited about how that is evolving in the PFS. On the right-hand side, talking about our high-grade underground opportunities. We have within 2 kilometers of our private land in the underground, had some two discoveries, the JB Gold Zone, as well as the Unionville Zone, and we will show you more on those, because once we have our cash flow from Richmond Hill, we have got our next opportunity to invest in. This is beyond that first asset when we are talking 50,000 mineral acres in the Homestake District. This slide shows you a lot of details on the metrics around the mine that we plan for Richmond Hill. Important, again, I mentioned that $2,350 gold price.

Gold price is currently in excess of $4,000, so the economics become tremendously better at current gold prices. But you are looking at about 170 million tons in measured and indicated, 270 in inferred. While we are very happy about the large resource that form part of the measured and indicated, and again, remember that measured and indicated is really the drill density you need to get into a PFS and convert to a reserve. We are excited that we had an additional 100 million tons of inferred that through drilling and conversion could be upside to that case. So a mine life of 17 years in the measured and indicated case with meaningful production over 150,000 ounces a year. Low cost, less than $1,100 an ounce. Again, your margin per ounce, which would have been $1,300 when this study was done, is now sitting at over $3,000 an ounce.

Importantly, manageable CapEx, sub-$400 million, and that results in that NPV in the base case of $1.6 billion. But then we show you the sensitivities, and at plus $4,000, this becomes a $4 billion project, and that is what we are moving forward with. On this slide, you can see the production profile over the life of mine. Just really want to highlight, because I will talk about it later, that in the first 3-5 years, the average grade we envisioned mining was actually less than the life of mine grade. And that is important because when you combine that along with the recent intercepts from drilling, you can see an opportunity we are looking at in the trade-off study to bring grade forward and increase that production early in the mine life.

This is an outline of the property, and I will say a number of times in the presentation, it is simple. We have the outline. We know where we want to draw inside in order to do this project because we intend on staying completely on our private land package. You can see here that the infrastructure, the actual crushing facility and plant, has a very small footprint. This is just a 3-stage crushing plant, so you don't have a mill, you don't have a tailings dam. You don't have a lot of the infrastructure and a lot of the cost associated with it. It's simple to execute, simpler to permit, but then operating at low cost as well.

This slide shows you when I talk about the IEA with cash flow, the drilling that went into that was 900 historical drill holes, and then 150 modern-day holes from our drilling. But the cutoff on that was October of 2024. Since that time, we've had all the 2025 drilling and the 2026 drilling, which you can see on this slide, and I'll show you on the next one the kind of intercepts that we've got. But what's important about the PFS is that we get to add 350 holes to that database. So that's 30% more drill holes than what we had in the historic one. So when we talk about the overall resource, which is our starting point of 3.6 million ounces of M&I, we have the opportunity to add 30% more drilling to both increase confidence, but also overall size.

In particular, you can see that our focus when we started the 2026 drilling was to expand to the northeast, and that's primarily where we did drill. Based on some positive metallurgical results in the breccias, and you can see the breccias here in yellow, that material returned an average of over 90% in the columns. So that indicates that we could see higher than average recoveries. So we've now got a drill turning, and we could increase to 3 in that breccia zone, because if we convert further material in the breccia, and that's higher grade and higher recovery, you can take the opportunity to maybe resequence that at the start of the mine life. This slide shows you a summary of some of the types of intercepts we had over 2025 and 2026.

The average grade in the life of mine of our study was 0.566 grams per ton. Well, you can see here we had intercepts like 11 grams over 26 meters, 5 grams over 25 meters, and so the deposit is quite large. It's 170 million tons that was in that measured and indicated case. So you may not move the overall grade, but with intercepts like this, near surface, the opportunity is to look at sub-phasing and taking small pockets of mineralization and moving it to the front of that mine plan. So where you saw in that production profile, we have below average grade in the first 3-5 years in the IEA with cash flow, still tremendous economics.

What we're looking in the trade-off studies for the PFS is can we bring forward material that either from a grade or metallurgical performance further improves those early day economics. This is a photo of our team standing in front of the columns, which we put out a press release last week on the results. We're very happy about that with at the half-inch crush, a mean of 80% recovery. When you think of heap leaches globally, mid to low 70s is quite common. We were very positive with these results. On top of having a lot of material that did have that average of 76%, we see the opportunities in the breccias at over 90% and some of the other portions of the deposit that, if phased correctly, could drive early cash flows in the mine plan. It leaches very quickly at 30 to 40 days.

When you think of the other boxes that you need to check to be able to say, "Can this be mined material?" There's no clay, there's very few deleterious elements. There's no preg-robbing, so it can be processed. We have checked a lot of the boxes that you need to be able to convert this to reserves with our upcoming PFS study. Overall, when we look at our PFS study that is expected in the fourth quarter of this year, we've now put out the met results that I think de-risk and give confidence to investors that they're not looking at any surprises from a metallurgical standpoint. The two studies that we're looking at that I think can really move the needle relative to that IEA with cash flow is, one, with regards to stacking rate.