Dakota Gold Corp. (DC:NYSE American) saw its target price from Canaccord Genuity be raised by 6.25% to reflect the explorer's latest financials and its Richmond Hill Initial Assessment with Cash Flow (IACF) results as well as the investment bank's latest commodity price assumptions, Analyst Peter Bell reported in an Aug. 15 research note.
"We like Dakota Gold for its strong leadership and exploration teams, quality jurisdiction with low geopolitical risk and major exploration potential offering the possibility of a multimillion-ounce, high-grade discovery," Bell wrote.
Possible 216% Uplift
Canaccord Genuity's new target price on Dakota Gold is $12.75 per share, up from $12 previously, the analyst noted. The company's share price at the time of Bell's report was $4.04. The new target implies a potential return for investors of 216%.
Dakota Gold remains rated Speculative Buy. Its market cap is $454 million ($454M).
Company at a Glance
Bell made some key points about Dakota Gold. It is advancing the Homestake District in South Dakota's Black Hills, an area comprising multiple properties around the historic Homestake mine. This one operation produced about 40,000,000 ounces of gold over 125 consecutive years starting in 1876.
The IACF done of Dakota's Richmond Hill oxide heap-leach gold project, also in South Dakota, outlined two production scenarios project. One scenario was based on the Measured and Indicated (M&I) resource only. The other was based on the M&I plus the Inferred (MI&I) resources.
"We found the IACF MI&I plan to be in line with our previous estimates, with key differences being a lower throughput, lower strip ratio, higher gold grades and recoveries, and slightly higher unit costs," Bell explained.
Canaccord updated its model on Dakota to incorporate results of the study.
As for its financial position, the U.S.-based junior had $41.9M in cash at the end of Q2/25, reported Bell. The amount should cover the company's 2025 work plans for Richmond Hill and its Maitland project.
Potential Catalysts
Dakota will continue to release drill results from both of its projects, on an ongoing basis, noted Bell. Any of these sets potentially could boost the company's share price.
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