Dakota Gold Corporate Update Following Successful Close of $35 Million Financing

Lead, South Dakota--(Newsfile Corp. - March 25, 2025) - Dakota Gold Corp. (NYSE:DC) ("Dakota Gold" or the "Company") is pleased to provide a corporate update following the close of its successful financing where it raised $35 million from an underwritten common stock offering (see March 20, 2025 News Releases). With the proceeds of the financing, the Company currently has a total of over $47 million in cash before expenses associated with the common stock offering, and is fully funded through the end of the Feasibility Study for the Richmond Hill Oxide Heap Leach Gold Project ("Richmond Hill" or "Project"). With its strong cash position, the Company will suspend its at-the-market equity program ("ATM Program") which the Company has used previously to offer and sell shares of common stock from time to time to generate working capital.

Richmond Hill is one of the largest undeveloped gold resources in the United States being advanced by a junior mining company. Once the Company completes its Feasibility Study on the Project, it expects to commence the permitting process where it could see potential production as early as 2029. With gold trading at record prices and now included as a strategic metal in the latest executive order from US President Trump, we anticipate resource projects that are on the development track to production will benefit from a positive government-supported permitting process.

Dakota Gold has outlined a clear path to reach commercial production with the next important catalyst being the Richmond Hill Initial Assessment with Cash Flow ("IACF") targeted for release in mid-2025. M3 is leading the group of subject matter consultants who will prepare the IACF. This will then proceed to preparation of a full Feasibility Study for the Project expected to be completed in mid-2026. Concurrently the Company is undertaking baseline environmental studies that will inform the future permitting requirements.

The Company expects to mobilize drills to Richmond Hill starting on April 1, 2025 to conduct infill drilling in the northwest corner of the Project where initial mining will be undertaken, and to collect metallurgical and hydrological samples.

Richmond Hill is located on private land, in a current mining jurisdiction that has existing infrastructure. These features are expected to reduce construction costs and timelines to potential production. Based on the operating parameters of the adjacent Wharf Mine of Coeur Mining, Richmond Hill has the potential to generate significant free cash flow, which would benefit all stakeholders including our shareholders, local communities and the State of South Dakota.

At the Maitland Gold Project ("Maitland"), the Company is engaging Mike Hester of IMC and Jeff Woods of Woods Processing to undertake a review of all drilling and database information collected to date at Maitland with the purpose of outlining an initial resource for both the JB Gold Zone (Homestake Banded Iron Formation) and the Unionville Zone (Tertiary mineralization). Maitland provides longer term high-grade optionality to the Company's project pipeline in the historic Homestake District.

The next few months will be exciting for Dakota Gold with drilling resuming and with the IACF soon to be published at a time of record high gold prices.

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, and outlining a high-grade underground gold resource at the Maitland Gold Project, both located on private land in South Dakota.

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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 and modeling; our expectations for the improvement and growth of the mineral resources and potential for conversion of mineral resources into reserves; the timing for the S-K 1300 Initial Assessment with cash flow analysis, 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.

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