South Dakota Gold Co. Releases Initial MRE Showcasing 2.46Moz of Gold
Research Report

Dakota Gold Corp. (DC:NYSE American) announced the release of its initial mineral resource estimate for the Richmond Hill Project in South Dakota on April 30, 2024. The report, which was released pre-market, highlights an Indicated Resource of 51.83Mt at 0.80 grams per tonne gold (g/t Au) for 1.33M ounces and an Inferred Resource of 58.06Mt at 0.61 g/t Au for 1.13M ounces.

Canaccord Genuity Corp. analyst Peter Bell, in a research report published on the same day, expressed a positive view of the results. "It's been two years since Dakota first began drilling Richmond Hill, and at first glance, the effort has paid off in this initial resource estimate, in our view," Bell stated.

The Richmond Hill Project showcases a global resource of 109.9Mt grading 0.70g/t Au, containing 2.46Moz of gold. "Management also noted that mineralization is very shallow with portions of the resource exposed at surface. We await more detail on the plan for processing the mineralization including the lower recovery hypogene material. Pending further review of the technical report, we are positive on the results," Bell commented.

The initial resource estimate for Richmond Hill includes:

• Indicated Resources of 51.83mt at 0.80g/t Au containing 1.33Moz Au
• Inferred Resources of 58.06mt at 0.61g/t Au containing 1.13Moz Au
• Cutoff grade Au g/t: Oxide 0.21 g/t, Mixed 0.29 g/t, Hypogene 0.44 g/t

The Richmond Hill area is a crucial component of Dakota Gold's exploration strategy for the Homestake District, located north of Coeur Mining's Wharf Mine. Like Wharf, Richmond Hill is generally Tertiary-aged mineralization where gold occurs in breccia zones. The property contains the past-producing Richmond Hill mine and the Carbonate District mines.

Dakota Gold has a ~US$30M exploration program underway for its Richmond Hill and Maitland projects in 2024, demonstrating the company's commitment to advancing these assets. The company's management team, led by President and CEO Jonathan Awde, has been focused on unlocking the potential of the Homestake District through strategic exploration and resource development.

Canaccord Genuity Corp. maintains a Speculative Buy rating on Dakota Gold Corp, with a target price of US$5.75, representing significant upside potential from the share price of US$2.56 at the time of the report.

"Our target is predicated on a 1.0x multiple applied to our forward curve-derived operating NAV less net debt and other corporate adjustments," Bell explained.

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2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Dakota Gold Corp.
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