Initial Assessment with Cash Flow Demonstrates Robust Economics for Richmond Hill
Dakota Gold (NYSE American: DC) has released its S-K 1300 Initial Assessment Technical Report for the Richmond Hill Oxide Heap Leach Gold Project in South Dakota, revealing robust economics. At a base case gold price of $2,350/oz, the project demonstrates an after-tax NPV5% of $1.6 billion and IRR of 55% for the Measured & Indicated plan.
The project features 168.3 million tonnes at 0.566 g/t Au grade, producing 2.6 million ounces over a 17-year mine life. Initial capital requirement is $384 million, with All-in Sustaining Costs averaging $1,047 per ounce. The company targets production by 2029, with feasibility study completion planned for early 2027 and construction in 2028.
Dakota Gold (NYSE American: DC) ha pubblicato il suo Rapporto Tecnico di Valutazione Iniziale S-K 1300 per il progetto aurifero Richmond Hill Oxide Heap Leach nel South Dakota, evidenziando solide prospettive economiche. Con un prezzo base dell'oro di 2.350 $/oz, il progetto mostra un VAN post-tasse al 5% di 1,6 miliardi di dollari e un TIR del 55% per il piano Misurato e Indicato.
Il progetto comprende 168,3 milioni di tonnellate con una concentrazione di 0,566 g/t Au, producendo 2,6 milioni di once in una vita mineraria di 17 anni. Il capitale iniziale richiesto 猫 di 384 milioni di dollari, con costi complessivi sostenuti medi di 1.047 $ per oncia. La societ脿 punta a iniziare la produzione entro il 2029, con il completamento dello studio di fattibilit脿 previsto per l'inizio del 2027 e la costruzione nel 2028.
Dakota Gold (NYSE American: DC) ha publicado su Informe T茅cnico de Evaluaci贸n Inicial S-K 1300 para el Proyecto de Oro Richmond Hill Oxide Heap Leach en Dakota del Sur, revelando una econom铆a s贸lida. Con un precio base del oro de 2.350 $/oz, el proyecto muestra un VAN despu茅s de impuestos al 5% de 1.600 millones de d贸lares y una TIR del 55% para el plan Medido e Indicado.
El proyecto cuenta con 168,3 millones de toneladas con una ley de 0,566 g/t Au, produciendo 2,6 millones de onzas durante una vida 煤til minera de 17 a帽os. El capital inicial requerido es de 384 millones de d贸lares, con costos totales sostenidos promedio de 1.047 $ por onza. La compa帽铆a apunta a comenzar la producci贸n para 2029, con la finalizaci贸n del estudio de factibilidad prevista para principios de 2027 y la construcci贸n en 2028.
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顶勲鞝濏姼电� 1鞏� 6,830毵� 韱�鞚� 甏戩劃鞚� 0.566 g/t Au 霌标笁鞙茧 氤挫湢頃橂┌, 17雲勳潣 甏戩偘 靾橂獏 霃欖晥 260毵� 鞓姢鞚� 旮堨潉 靸濎偘頃� 鞓堨爼鞛呺媹雼�. 齑堦赴 鞛愲掣 鞖旉惮鞎§潃 3鞏� 8,400毵� 雼煬鞚措┌, 鞓姢雼� 韽夑窢 齑� 鞙犾牍勳毄鞚� 1,047雼煬鞛呺媹雼�. 須岇偓電� 2029云�旯岇 靸濎偘鞚� 氇╉憸搿� 頃橂┌, 2027雲� 齑堨棎 韮�雼轨劚 臁办偓毳� 鞕勲頃橁碃 2028雲勳棎 瓯挫劋鞚� 鞁滌瀾頃� 瓿勴殟鞛呺媹雼�.
Dakota Gold (NYSE American : DC) a publi茅 son rapport technique d'茅valuation initiale S-K 1300 pour le projet aurif猫re Richmond Hill Oxide Heap Leach dans le Dakota du Sud, r茅v茅lant une 茅conomie robuste. 脌 un prix de l'or de base de 2 350 $/oz, le projet affiche une VAN apr猫s imp么ts 脿 5 % de 1,6 milliard de dollars et un TRI de 55% pour le plan Mesur茅 et Indiqu茅.
Le projet comprend 168,3 millions de tonnes 脿 une teneur de 0,566 g/t Au, produisant 2,6 millions d'onces sur une dur茅e de vie mini猫re de 17 ans. L'investissement initial requis est de 384 millions de dollars, avec des co没ts totaux soutenus moyens de 1 047 $ par once. La soci茅t茅 vise une production d'ici 2029, avec l'ach猫vement de l'茅tude de faisabilit茅 pr茅vu d茅but 2027 et la construction en 2028.
Dakota Gold (NYSE American: DC) hat seinen S-K 1300 Initial Assessment Technical Report f眉r das Richmond Hill Oxide Heap Leach Goldprojekt in South Dakota ver枚ffentlicht und robuste wirtschaftliche Kennzahlen pr盲sentiert. Bei einem Basis-Goldpreis von 2.350 $/oz weist das Projekt einen Nachsteuer-NPV5% von 1,6 Milliarden Dollar und eine IRR von 55% f眉r den Mess- und Indikationsplan auf.
Das Projekt umfasst 168,3 Millionen Tonnen mit einem Goldgehalt von 0,566 g/t Au und produziert 2,6 Millionen Unzen 眉ber eine Bergbau-Lebensdauer von 17 Jahren. Die anf盲nglichen Investitionskosten betragen 384 Millionen Dollar, mit durchschnittlichen All-in Sustaining Costs von 1.047 $ pro Unze. Das Unternehmen plant die Produktion bis 2029, mit Abschluss der Machbarkeitsstudie Anfang 2027 und Baubeginn 2028.
- One of the largest development stage oxide gold resources in the US with 2.6M oz production potential
- Strong economics with $1.6B NPV and 55% IRR at $2,350/oz gold price
- Low AISC of $1,047/oz indicates strong profit potential
- Project located on previously mined, private land, potentially streamlining permitting process
- Non-binding financial proposal for up to $300M from major shareholder Orion Mine Finance available
- Significant resource expansion potential with ongoing 24,384-meter drill campaign
- Project expected to generate $400M in state severance taxes over mine life
- High initial capital requirement of $384 million
- Relatively low gold grade of 0.566 g/t Au
- Production not expected to start until 2029
- Project still requires completion of feasibility study and permitting process
Insights
Richmond Hill gold project shows robust economics with $1.6B NPV, 55% IRR, and potential for 2.6M ounces production over 17 years.
Dakota Gold's Richmond Hill project represents one of the largest development-stage oxide gold resources in the United States, with exceptional economics highlighted in their newly released Initial Assessment Technical Report. The base case analysis using
What makes this project particularly attractive is the combination of substantial scale and low-cost operations. The initial capital requirement of
The project benefits from being primarily on previously mined, privately held land, which should streamline the permitting process. The company has already commenced work on a Feasibility Study, targeting completion in early 2027, with construction in 2028 and production by 2029. This timeline is aggressive but realistic given the wealth of historical data and ongoing drilling program.
The financial backing appears solid, with major shareholder Orion Mine Finance proposing up to
The project's sensitivity analysis demonstrates remarkable resilience to potential cost increases or recovery rate decreases, maintaining strong economics even under less favorable scenarios. With
Lead, South Dakota--(Newsfile Corp. - July 7, 2025) - Dakota Gold Corp. (NYSE American: DC) ("Dakota Gold" or the "Company") is pleased to report its S-K 1300 Initial Assessment Technical Report with economic analysis ("S-K 1300 Initial Assessment with Cash Flow", "IACF" or "Report") for the Richmond Hill Oxide Heap Leach Gold Project ("Richmond Hill" or "Project") in South Dakota. The IACF was prepared for a Measured and Indicated production plan ("M&I plan") as well as a Measured, Indicated and Inferred plan ("MI&I plan"). The IACF highlights the potential for a profitable, technically straightforward, low capital, open pit, gold heap leach operation at Richmond Hill.
IACF Highlights:
- Richmond Hill is one of the largest development stage oxide gold resources in the United States: M&I plan identifies 168.3 million tonnes at a grade of 0.566 grams per tonne gold ("g/t Au") for a total of 2.6 million ounces produced over a 17-year life of mine. MI&I plan identifies 273.7 million tonnes at a grade of 0.530 g/t Au for a total of 3.9 million ounces produced over a 28-year life of mine.
- Strong Economics: At a base case gold price of
$2,350 per ounce, the project has an after tax NPV5% of$1.6 billion and IRR of55% for the M&I plan, and$2.1 billion and59% respectively for the MI&I plan. At recent metal prices of$3,350 t he NPV5% 's increase to$2.9 billion and IRR of99% and$3.7 billion and107% , respectively.
- Low-Cost: Initial Capital of
$384 million , including$53 million contingency, with life of mine All-in Sustaining Costs ("AISC") averaging$1,047 for M&I plan and$1,050 for MI&I plan.
- Feasibility Underway: Building on the robust IACF, work has commenced on the Feasibility Study planned for completion in early 2027, construction in 2028 and production targeted for 2029.
- Resource Expansion Opportunities: A 24,384 meter (~80,000 feet) drill campaign underway to target higher grade areas for initial mining and the conversion of resources from inferred to the measured and indicated categories.
Dr. Robert Quartermain, Co-Chair, Director and CEO of Dakota Gold said, "Delivering this robust IACF on the back of our heap leach resource announced four months ago in February, speaks to the quality of our Project and our teams' capabilities. This is a very positive outcome for Dakota Gold and its shareholders, and it forms the platform from which we can grow and expand our mining and exploration activities in the Homestake District. We now expect to advance through Feasibility and into production as soon as 2029, based on our current work and project understanding - firmly placing Dakota Gold as having one of the largest development gold assets in the U.S."
Jack Henris, President and COO of Dakota Gold commented, "Based on my experience of developing and operating gold mines globally, Richmond Hill is an exciting project. It's straightforward and comes with a wealth of data to be able to build a solid economic and environmental plan due to its location in an existing mining community. As a local South Dakotan resident living in the same county as our headquarters and Project, I could not be more pleased to see Richmond Hill being built in our backyard. The IACF M&I plan has outlined
Table 1: IACF base case overview and key parameters
| (US$) | M&I plan | MI&I plan |
| Key Assumptions: | ||
| Base Case Gold Price | ||
| Base Case Silver Price | ||
| Production Profile: | ||
| Total Tonnes Processed (Mt) | 168.3 | 273.7 |
| Strip Ratio | 0.66 | 0.44 |
| Heap Leach Feed Grade (oz/ton) | 0.017 | 0.015 |
| Heap Leach Feed Grade (g/t) | 0.566 | 0.530 |
| Mine Life (years) | 17 | 28 |
| Throughput (MTPA) | 10.0 | 10.0 |
| Gold Recovery (kozs) | ||
| Silver Recovery (kozs) | ||
| LOM Gold Payable (kozs) | 2,604 | 3,982 |
| LOM Silver Payable (kozs) | 8,737 | 12,905 |
| LOM Average Annual Gold Payable | 153,000 | 142,000 |
| Unit Operating Costs: | ||
| Total Operating Costs | ||
| Total Cash Costs | ||
| LOM AISC (Cash Cost plus Sustaining Cost) | ||
| Capital Costs: | ||
| Initial Capital Cost | ||
| Sustaining Capital Cost | ||
| Closure Capital Cost | ||
| After-tax NPV | ||
| After-tax IRR | ||
Abbreviations in the table include ounces ("oz"); measured and indicated plan ("M&I plan"); measured, indicated and inferred plan ("M&I plan") million tonnes ("Mt"); ounces per tonne ("oz/ton"); grams per tonne ("g/t"); million tonnes per annum ("MTPA"); thousand ounces ("Kozs"); life of mine ("LOM"); all-in sustaining costs ("AISC"); net present value ("NPV"); internal rate of return ("IRR").
Table 2: IACF M&I plan sensitivity to gold price, costs and recovery
(US$ where applicable)
| Gold Price (US$/oz) | |||||||||
| After-Tax NPV( | |||||||||
| After-Tax IRR | |||||||||
| After-Tax Payback | 3.0 years | 2.4 years | 2.0 years | 1.7 years | 1.4 years | 1.2 years | 1.1 years | 1.0 years | 0.9 years |
Sensitivity to Operating Costs, Capital Costs, and Recovery (After-Tax NPV
| Sensitivity Parameters | Base Case | - | - | - | + | + | + | |
| Operating Costs | ||||||||
| Capital Costs (US$M) | ||||||||
| Gold Recovery | * | * | * |
* Recoveries above
Table 3: IACF MI&I plan sensitivity to gold price, costs and recovery
(US$ where applicable)
| Gold Price (US$/oz) | |||||||||
| After-Tax NPV( | |||||||||
| After-Tax IRR | |||||||||
| After-Tax Payback | 2.7 years | 2.2 years | 1.8 years | 1.5 years | 1.3 years | 1.1 years | 1.0 years | 0.9 years | 0.8 years |
Sensitivity to Operating Costs, Capital Costs, and Recovery (After-Tax NPV
| Sensitivity Parameters | Base Case | - | - | - | + | + | + | |
| Operating Costs | ||||||||
| Capital Costs (US$M) | ||||||||
| Gold Recovery | * | * | * |
* Recoveries above
Overview:
Richmond Hill hosts a large near-surface heap leachable resource which was announced on February 6th, 2025. The S-K 1300 Initial Assessment Report outlined a resource of 3.65 million ounces of gold and 38.1 million ounces of silver in measured and indicated mineral resources. Additionally, the Report identified a heap leachable inferred mineral resource of 2.61 million ounces of gold and 22.8 million ounces of silver.
The resource is informed by a historical database containing 56,734 gold assays from 902 drill holes totaling 90,447 meters of drilling, and an additional 30,743 gold assays from 146 drill holes totaling 45,540 meters of drilling by Dakota Gold since 2022 to expand the resource.
The IACF study was led by M3 Engineering and Technology Corporation (M3) and RESPEC, independent engineering firms capable of delivering through Feasibility and into production as soon as 2029. Concurrently the Company is undertaking baseline environmental studies that will inform future permitting requirements.
The Richmond Hill project is expected to follow a mining operation model similar to that of the adjacent Wharf Mine, operated by Coeur Mining, which generated approximately
The Report has been published on the Company's and filed by the Company with the Securities and Exchange Commission on as an exhibit to its Current Report on Form 8-K dated Monday, July 7, 2025. The Report was prepared by an independent group of Qualified Persons with M3 as the Study Manager.
Details of the IACF will be presented in a webcast conference call on Tuesday, July 8, 2025 at 11am Eastern / 9am Mountain / 8am Pacific.
Webcast Conference Call Information:
Date: Tuesday, July 8, 2025
Time: 11am Eastern / 9am Mountain / 8am Pacific
Webcast and replay:
USA/Canada Toll Free: 1-844-763-8274
International Toll: +1-647-484-8814
Leadership from Dakota Gold is scheduled to host investors and analysts for a tour at its headquarters in Lead, South Dakota taking place from July 15, 2025, through July 17, 2025. An investor presentation will be available prior to the conference on the Company's website at www.dakotagoldcorp.com under "Events and Presentations."
About Dakota Gold Corp.
Dakota Gold is building on the legacy of the 145 year old Homestake Gold Mining District by advancing the Richmond Hill Oxide Heap Leach Gold Project and outlining a high-grade underground gold resource at the Maitland Gold Project located on private land in South Dakota.
Subscribe to Dakota Gold's e-mail list at to receive the latest news and other Company updates.
Shareholder and Investor Inquiries
For more information, please contact:
Dr. Robert Quartermain
Co-Chair, Director and Chief Executive Officer
Tel: +1 778-655-9638
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: [email protected]
Qualified Persons
The Report was prepared by an independent group of Qualified Persons with M3 Engineering and Technology Corporation as the Study Manager and Lead. M3 has reviewed and approved the contents of this news release.
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 feasibility study, and/or permitting; our expectations regarding free cash flow and future financing, 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.
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