{"url_path":"/sec/dc/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-14","source_url":"https://www.sec.gov/Archives/edgar/data/1852353/0001104659-26-061151-index.html","accession_number":"0001104659-26-061151","cik":"0001852353","ticker":"DC","issuer_name":"Dakota Gold Corp.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1852353/0001104659-26-061151-index.html","primary_entity_key":"0001852353","primary_entity_name":"Dakota Gold Corp."},"word_count":5575,"has_tables":true,"body_markdown":"Dakota Gold Corp._March 31, 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of Contents](#TOC)\n\n​\n\n​\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\nWashington, D.C. 20549\n\n​\n\n**FORM****10-Q**\n\n​\n\n☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended **March 31,****2026**\n\n**or**\n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n​\n\nFor the transition period from                      to\n\n​\n\nCommission file number **000-41349**\n\n​\n\n​\n\n**Dakota Gold Corp.**\n\n(Exact Name of Registrant as Specified in its charter)\n\n​\n\n**Delaware**\n\n**85-3475290**\n\n(State or other jurisdiction of\n\n(I.R.S. Employer Identification No.)\n\nincorporation or organization)\n\n​\n\n​\n\n**106 Glendale Drive, Suite A****,****Lead****,****SD********57754**\n\n(Address of principal executive offices, Zip Code)\n\n​\n\n**(****605****)****717-2540**\n\n(Registrant’s telephone number, including area code)\n\n​\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n​\n\n​\n\nTitle of each class\n\nTrading Symbol(s)\n\nName of each exchange on which registered\n\n**Common stock, par value $0.001 per share**\n\n**DC**\n\n**NYSE****American LLC**\n\n​\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.\n\nYes ☒ No ☐\n\n​\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\n\nYes ☒ No ☐\n\n​\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:\n\n​\n\nLarge Accelerated Filer\n\n☐\n\nAccelerated Filer\n\n☐\n\nNon-Accelerated Filer\n\n☒\n\nSmaller Reporting Company\n\n☒\n\n​\n\n​\n\nEmerging Growth Company\n\n☒\n\n​\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n​\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).\n\nYes ☐ No ☒\n\n​\n\nAs of May 14, 2026, there were 133,928,097 shares of common stock outstanding.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n**TABLE OF CONTENTS**\n\n​\n\n​\n\n  ​ ​ ​\n\n​\n\n  ​ ​\n\n**Page**\n\n​\n\n​\n\n**Part I**\n\n​\n\n​\n\n[Item 1](#NOTE1OrganizationandNatureofBusiness_194)\n\n​\n\n[Condensed Consolidated Interim Financial Statements (unaudited)](#NOTE1OrganizationandNatureofBusiness_194)\n\n​\n\n7\n\n[Item 2](#ITEM2MANAGEMENTSDISCUSSIONANDANALYSISOF_)\n\n​\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#ITEM2MANAGEMENTSDISCUSSIONANDANALYSISOF_)\n\n​\n\n14\n\n[Item 3](#ITEM3QUANTITATIVEANDQUALITATIVEDISCLOSUR)\n\n​\n\n[Quantitative and Qualitative Disclosures About Market Risk](#ITEM3QUANTITATIVEANDQUALITATIVEDISCLOSUR)\n\n​\n\n19\n\n[Item 4](#ITEM4CONTROLSANDPROCEDURES_977544)\n\n​\n\n[Controls and Procedures](#ITEM4CONTROLSANDPROCEDURES_977544)\n\n​\n\n19\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[**Part II**](#PARTIIOTHERINFORMATION_838039)\n\n​\n\n​\n\n[Item 1](#Item1LegalProceedings_585242)\n\n​\n\n[Legal Proceedings](#Item1LegalProceedings_585242)\n\n​\n\n19\n\n[Item 1A](#Item1ARiskFactors_206487)\n\n​\n\n[Risk Factors](#Item1ARiskFactors_206487)\n\n​\n\n19\n\n[Item 2](#Item2UnregisteredSalesofEquitySecurities)\n\n​\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#Item2UnregisteredSalesofEquitySecurities)\n\n​\n\n20\n\n[Item 3](#Item3DefaultsUponSeniorSecurities_348080)\n\n​\n\n[Defaults Upon Senior Securities](#Item3DefaultsUponSeniorSecurities_348080)\n\n​\n\n20\n\n[Item 4](#Item4MineSafetyDisclosures_193319)\n\n​\n\n[Mine Safety Disclosure](#Item4MineSafetyDisclosures_193319)\n\n​\n\n20\n\n[Item 5](#Item5OtherInformation_461509)\n\n​\n\n[Other Information](#Item5OtherInformation_461509)\n\n​\n\n20\n\n[Item 6](#EXHIBITINDEX_608020)\n\n​\n\n[Exhibits](#EXHIBITINDEX_608020)\n\n​\n\n21\n\n[**Signatures**](#SIGNATURES_55176)\n\n​\n\n​\n\n​\n\n22\n\n​\n\n​\n\n​\n\n​\n\n2\n\n[Table of Contents](#TOC)\n\nDAKOTA GOLD CORP.\n\n**Condensed Consolidated Interim Balance Sheets (Unaudited)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**March 31, **\n\n**  ​ ​ ​**\n\nDecember 31, \n\n**All amounts in US dollars ($)**\n\n​\n\n**2026**\n\n​\n\n2025\n\n​\n\n** **\n\n**$**\n\n​\n\n$\n\n**ASSETS**\n\n \n\n  ​\n\n​\n\n  ​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Current assets**\n\n \n\n  ​\n\n​\n\n  ​\n\nCash and cash equivalents\n\n \n\n**106,905,440**\n\n​\n\n29,686,451\n\nPrepaid expenses and other current assets\n\n \n\n**757,015**\n\n​\n\n667,330\n\n**Total current assets**\n\n \n\n**107,662,455**\n\n​\n\n30,353,781\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Non-current assets**\n\n \n\n​\n\n​\n\n  ​\n\nMineral rights and properties\n\n \n\n**83,390,889**\n\n​\n\n82,898,617\n\nProperty and equipment, net\n\n \n\n**2,138,250**\n\n​\n\n2,149,961\n\nOther assets\n\n \n\n**488,433**\n\n​\n\n455,591\n\n**Total assets**\n\n \n\n**193,680,027**\n\n​\n\n115,857,950\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**LIABILITIES AND STOCKHOLDERS’ EQUITY**\n\n \n\n  ​\n\n​\n\n  ​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Current liabilities**\n\n \n\n  ​\n\n​\n\n  ​\n\nAccounts payable and accrued liabilities\n\n \n\n**2,681,719**\n\n​\n\n2,873,987\n\nLease liabilities – current\n\n \n\n**114,579**\n\n​\n\n124,785\n\n**Total current liabilities**\n\n \n\n**2,796,298**\n\n​\n\n2,998,772\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Non-current liabilities**\n\n \n\n  ​\n\n​\n\n  ​\n\nLease liabilities\n\n \n\n**53,674**\n\n​\n\n80,881\n\nOther non-current liability\n\n \n\n**—**\n\n​\n\n257,758\n\n**Total liabilities**\n\n \n\n**2,849,972**\n\n​\n\n3,337,411\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCommitments and contingencies (Note 9)\n\n \n\n  ​\n\n​\n\n  ​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Stockholders’ equity**\n\n \n\n  ​\n\n​\n\n  ​\n\nCommon stock, par value $0.001; 300,000,000 authorized, 133,517,177 and 114,068,842 shares outstanding, respectively\n\n \n\n**133,516**\n\n​\n\n114,067\n\nAdditional paid-in capital\n\n \n\n**305,246,991**\n\n​\n\n218,494,483\n\nAccumulated deficit\n\n \n\n**(114,550,452)**\n\n​\n\n(106,088,011)\n\n**Total stockholders’ equity**\n\n \n\n**190,830,055**\n\n​\n\n112,520,539\n\n**Total liabilities and stockholders’ equity**\n\n \n\n**193,680,027**\n\n​\n\n115,857,950\n\n​\n\nThe accompanying notes are an integral part of these condensed consolidated interim financial statements.\n\n​\n\n3\n\n[Table of Contents](#TOC)\n\nDAKOTA GOLD CORP.\n\n**Condensed Consolidated Interim Statements of Operations and Comprehensive Loss (Unaudited)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Three Months Ended March 31, **\n\n​\n\n  ​ ​ ​\n\n**2026**\n\n  ​ ​ ​\n\n2025\n\n​\n\n​\n\n**$**\n\n​\n\n$\n\n**Operating expenses**\n\n \n\n  ​\n\n​\n\n  ​\n\nExploration expenses\n\n \n\n**6,517,489**\n\n​\n\n1,913,229\n\nGeneral and administrative expenses\n\n \n\n**2,468,078**\n\n​\n\n1,900,868\n\nLoss from operations\n\n \n\n**(8,985,567)**\n\n​\n\n(3,814,097)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Other income (expenses)**\n\n \n\n  ​\n\n​\n\n  ​\n\nForeign exchange loss\n\n \n\n**(15,560)**\n\n​\n\n(8,497)\n\nGain on sale of property and equipment\n\n​\n\n**11,629**\n\n​\n\n—\n\nInterest income\n\n \n\n**527,544**\n\n​\n\n83,078\n\nTotal other income\n\n \n\n**523,613**\n\n​\n\n74,581\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLoss before income taxes\n\n \n\n**(8,461,954)**\n\n​\n\n(3,739,516)\n\nIncome tax expense\n\n \n\n**(487)**\n\n​\n\n(6,027)\n\n**Net loss and comprehensive loss**\n\n \n\n**(8,462,441)**\n\n​\n\n(3,745,543)\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBasic and diluted loss per share\n\n \n\n**(0.07)**\n\n​\n\n(0.04)\n\n​\n\n​\n\n​\n\n​\n\n​\n\nWeighted average number of basic and diluted shares of common stock outstanding\n\n \n\n**123,779,472**\n\n​\n\n97,561,821\n\n​\n\nThe accompanying notes are an integral part of these condensed consolidated interim financial statements.\n\n​\n\n4\n\n[Table of Contents](#TOC)\n\nDAKOTA GOLD CORP.\n\n**Condensed Consolidated Interim Statements of Cash Flows****(Unaudited)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Three Months Ended March 31, **\n\n​\n\n**  ​ ​ ​**\n\n**2026**\n\n**  ​ ​ ​**\n\n2025\n\n​\n\n​\n\n**$**\n\n​\n\n$\n\n**Operating activities**\n\n​\n\n  ​\n\n​\n\n  ​\n\nNet loss\n\n​\n\n**(8,462,441)**\n\n​\n\n(3,745,543)\n\nAdjustments to reconcile net loss to net cash used in operating activities:\n\n​\n\n​\n\n​\n\n​\n\nDepreciation expense\n\n​\n\n**46,696**\n\n​\n\n48,230\n\nGain on sale of property and equipment\n\n​\n\n**(11,629)**\n\n​\n\n—\n\nStock-based compensation expense\n\n​\n\n**567,419**\n\n​\n\n737,284\n\nChanges in current assets and liabilities:\n\n​\n\n​\n\n​\n\n  ​\n\nPrepaid expenses and other current assets\n\n​\n\n**(89,685)**\n\n​\n\n(118,767)\n\nAccounts payable and accrued liabilities\n\n​\n\n**(199,358)**\n\n​\n\n(860,043)\n\n**Net cash used in operating activities**\n\n​\n\n**(8,148,998)**\n\n​\n\n(3,938,839)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Investing activities**\n\n​\n\n  ​\n\n​\n\n  ​\n\nPurchases of property and equipment\n\n​\n\n**(73,794)**\n\n​\n\n—\n\nProceeds from the sale of property and equipment\n\n​\n\n**13,000**\n\n​\n\n—\n\nPurchases of mineral rights and properties\n\n​\n\n**(750,030)**\n\n​\n\n—\n\n**Net cash used in investing activities**\n\n​\n\n**(810,824)**\n\n​\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Financing activities**\n\n​\n\n  ​\n\n​\n\n  ​\n\nProceeds from sale of common stock on at-the-market program (the “ATM Program”), net of issuance costs\n\n​\n\n**3,487,919**\n\n​\n\n7,316,230\n\nProceeds from common stock offering, net of issuance costs\n\n​\n\n**71,776,027**\n\n​\n\n32,684,881\n\nProceeds from exercise of stock options\n\n​\n\n**299,600**\n\n​\n\n19,200\n\nProceeds from exercise of warrants\n\n​\n\n**10,898,838**\n\n​\n\n1,622,500\n\nPayments of income taxes on performance stock units (“PSUs”), restricted stock units (“RSUs”) and shares issued for compensation\n\n​\n\n**(283,573)**\n\n​\n\n(507,594)\n\n**Net cash provided by financing activities**\n\n​\n\n**86,178,811**\n\n​\n\n41,135,217\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Net change in cash and cash equivalents**\n\n​\n\n**77,218,989**\n\n​\n\n37,196,378\n\n**Cash and cash equivalents, beginning of period**\n\n​\n\n**29,686,451**\n\n​\n\n9,408,270\n\n**Cash and cash equivalents, end of period**\n\n​\n\n**106,905,440**\n\n​\n\n46,604,648\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Non-cash investing and financing activities and supplemental cash flow information**\n\n​\n\n​\n\n​\n\n​\n\nAmortization and expiration of deferred ATM offering costs offset against additional paid-in capital\n\n​\n\n**(25,727)**\n\n​\n\n(37,293)\n\nCommon stock issued for purchase of mineral rights and properties\n\n​\n\n**—**\n\n​\n\n113,958\n\n​\n\nThe accompanying notes are an integral part of these condensed consolidated interim financial statements.\n\n​\n\n5\n\n[Table of Contents](#TOC)\n\nDAKOTA GOLD CORP.\n\n**Condensed Consolidated Interim Statements of Changes In Equity****(Unaudited)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Common Stock**\n\n​\n\n**Additional**\n\n​\n\n​\n\n​\n\n**Total**\n\n​\n\n​\n\n**Number**\n\n​\n\n​\n\n​\n\n**Paid-in**\n\n​\n\n**Accumulated**\n\n​\n\n**Stockholders’**\n\n​\n\n**  ​ ​ ​**\n\n**of Shares**\n\n**  ​ ​ ​**\n\n**Amount**\n\n**  ​ ​ ​**\n\n**Capital**\n\n**  ​ ​ ​**\n\n**Deficit**\n\n**  ​ ​ ​**\n\n**Equity**\n\n​\n\n** **\n\n**#**\n\n​\n\n**$**\n\n​\n\n**$**\n\n​\n\n**$**\n\n​\n\n**$**\n\nBalance, December 31, 2024\n\n \n\n95,570,483\n\n​\n\n95,570\n\n​\n\n168,605,692\n\n​\n\n(76,549,312)\n\n​\n\n92,151,950\n\nCommon stock issued for ATM Program, net of issuance costs\n\n​\n\n2,548,713\n\n​\n\n2,549\n\n​\n\n7,276,388\n\n​\n\n—\n\n​\n\n7,278,937\n\nCommon stock offering, net of issuance costs\n\n \n\n12,400,000\n\n​\n\n12,400\n\n​\n\n32,672,481\n\n​\n\n—\n\n​\n\n32,684,881\n\nCommon stock issued for RSUs and PSUs\n\n \n\n529,989\n\n​\n\n530\n\n​\n\n(530)\n\n​\n\n—\n\n​\n\n—\n\nCommon stock issued for exercise of options\n\n \n\n10,000\n\n​\n\n10\n\n​\n\n19,190\n\n​\n\n—\n\n​\n\n19,200\n\nCommon stock issued for exercise of warrants\n\n \n\n780,048\n\n​\n\n780\n\n​\n\n1,621,720\n\n​\n\n—\n\n​\n\n1,622,500\n\nCommon stock issued for accrued compensation\n\n​\n\n37,610\n\n​\n\n37\n\n​\n\n113,922\n\n​\n\n—\n\n​\n\n113,959\n\nPayment of income taxes remitted on PSUs, RSUs and shares\n\n \n\n—\n\n​\n\n—\n\n​\n\n(507,594)\n\n​\n\n—\n\n​\n\n(507,594)\n\nStock-based compensation expense\n\n \n\n—\n\n​\n\n—\n\n​\n\n737,284\n\n​\n\n—\n\n​\n\n737,284\n\nNet loss\n\n \n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(3,745,543)\n\n​\n\n(3,745,543)\n\n**Balance, March 31, 2025**\n\n** **\n\n**111,876,843**\n\n​\n\n**111,876**\n\n​\n\n**210,538,553**\n\n​\n\n**(80,294,855)**\n\n​\n\n**130,355,574**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Common Stock**\n\n​\n\n**Additional**\n\n​\n\n​\n\n​\n\n**Total**\n\n​\n\n​\n\n**Number**\n\n​\n\n​\n\n​\n\n**Paid-in**\n\n​\n\n**Accumulated**\n\n​\n\n**Stockholders’**\n\n​\n\n**  ​ ​ ​**\n\n**of Shares**\n\n**  ​ ​ ​**\n\n**Amount**\n\n**  ​ ​ ​**\n\n**Capital**\n\n**  ​ ​ ​**\n\n**Deficit**\n\n**  ​ ​ ​**\n\n**Equity**\n\n​\n\n** **\n\n**#**\n\n​\n\n**$**\n\n​\n\n**$**\n\n​\n\n**$**\n\n​\n\n**$**\n\nBalance, December 31, 2025\n\n \n\n114,068,842\n\n​\n\n114,067\n\n​\n\n218,494,483\n\n​\n\n(106,088,011)\n\n​\n\n112,520,539\n\nCommon stock issued for ATM Program, net of issuance costs\n\n \n\n586,749\n\n​\n\n587\n\n​\n\n3,513,059\n\n​\n\n—\n\n​\n\n3,513,646\n\nCommon stock offering, net of issuance costs\n\n \n\n12,561,000\n\n​\n\n12,561\n\n​\n\n71,763,466\n\n​\n\n—\n\n​\n\n71,776,027\n\nCommon stock issued for RSUs and PSUs\n\n \n\n769,720\n\n​\n\n770\n\n​\n\n(770)\n\n​\n\n—\n\n​\n\n—\n\nCommon stock issued for exercise of options\n\n \n\n291,045\n\n​\n\n291\n\n​\n\n299,309\n\n​\n\n—\n\n​\n\n299,600\n\nCommon stock issued for exercise of warrants\n\n \n\n5,239,821\n\n​\n\n5,240\n\n​\n\n10,893,598\n\n​\n\n—\n\n​\n\n10,898,838\n\nPayment of income taxes remitted on PSUs, RSUs and shares\n\n \n\n—\n\n​\n\n—\n\n​\n\n(283,573)\n\n​\n\n—\n\n​\n\n(283,573)\n\nStock-based compensation expense\n\n \n\n—\n\n​\n\n—\n\n​\n\n567,419\n\n​\n\n—\n\n​\n\n567,419\n\nNet loss\n\n \n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(8,462,441)\n\n​\n\n(8,462,441)\n\n**Balance, March 31, 2026**\n\n** **\n\n**133,517,177**\n\n​\n\n**133,516**\n\n​\n\n**305,246,991**\n\n​\n\n**(114,550,452)**\n\n​\n\n**190,830,055**\n\n​\n\nThe accompanying notes are an integral part of these condensed consolidated interim financial statements.\n\n​\n\n​\n\n6\n\n[Table of Contents](#TOC)\n\nDAKOTA GOLD CORP.\n\n**Notes to the Condensed Consolidated Interim Financial Statements**\n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n**(Unaudited)**\n\nNOTE 1 - Organization and Nature of Business\n\nDakota Gold Corp. (“we,” “us”, “our,” “the Company,” “Dakota Gold” or “DGC”) was incorporated as JR Resources Corp. on November 15, 2017 under the Business Corporations Act (British Columbia, Canada). We focus our business efforts on the acquisition, exploration, and development of mineral properties in the United States of America (“U.S.”). On May 22, 2020, we completed the domestication process and changed our registration from the Province of British Columbia, Canada to the State of Nevada. On March 31, 2022, the Company completed a merger with Dakota Territory Resource Corp., a Nevada corporation (“Dakota Territory” or “DTRC”). On May 14, 2024, following the receipt of approval by our stockholders, we changed our state of incorporation from the State of Nevada to the State of Delaware. The Company currently operates in one segment, mineral exploration, in the United States.\n\nLiquidity\n\nAs of March 31, 2026, the Company had not advanced its properties to commercial production and is not able to finance day-to-day activities through operations as the Company has no source of revenue yet.\n\nAs of March 31, 2026, the Company had cash and cash equivalents of approximately $106.9 million. Based on its current liquidity position and planned expenditures, management believes the Company has sufficient resources to meet its obligations as they become due within one year from the issuance date of these condensed consolidated interim financial statements for the three months ended March 31, 2026 and 2025 (the “financial statements”), which have been prepared on a going concern basis.\n\nNOTE 2 - Summary of Accounting Policies\n\nBasis of Presentation\n\nThese unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules of the U.S. Securities and Exchange Commission (“SEC”) for interim financial statements, and should be read in conjunction with the Company’s audited financial statements and the notes thereto for the year ended December 31, 2025, included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “Annual Report”), as filed with the SEC on March 25, 2026.\n\n​\n\nThe unaudited condensed consolidated financial statements are presented in U.S. dollars, which is the Company’s functional and reporting currency.\n\n​\n\nIn the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent year ended December 31, 2025, as reported in the Company’s Annual Report, have been omitted. The condensed consolidated balance sheet as of December 31, 2025 was derived from the audited financial statements of the Company and in accordance with the instructions to Form 10-Q, certain information and footnote disclosures required by GAAP have been condensed or omitted.\n\nBasis of Consolidation\n\nAs of March 31, 2026 and 2025, these condensed consolidated financial statements include the accounts of the Company and the following 100%-owned subsidiaries: DTRC, LLC (incorporated in the U.S.), JR Resources (Canada) Services Corp. (incorporated in Canada), Dakota Gold Holdings LLC (incorporated in the U.S.) and Dakota Gold (Canada) Services Corp. (incorporated in Canada). All intercompany accounts and transactions between us and our subsidiaries have been eliminated upon consolidation.\n\n7\n\n[Table of Contents](#TOC)\n\nDAKOTA GOLD CORP.\n\n**Notes to the Condensed Consolidated Interim Financial Statements**\n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n**(Unaudited)**\n\n**NOTE 2 - Summary of Accounting Policies (continued)**\n\nRecently issued accounting pronouncements\n\nIn December 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): *Improvements to Income Tax Disclosures*, requiring entities to disclose more detailed information about income tax expense (benefit), significant components of income tax expense (benefit), and separate disclosure of income tax expense (benefit) for domestic and foreign jurisdictions and by major jurisdictions. As an emerging growth company, the Company has elected the extended transition period for complying with ASU 2023-09, which is until annual periods beginning after December 15, 2025.\n\nIn November 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2024-03 (“ASU 2024-03”), *Income Statement - reporting comprehensive income - expense disaggregation disclosure* (Subtopic 220-40), requiring entities to disclose in the notes to the financial statements specified information about costs and expenses. ASU 2024-03 is effective for periods beginning after December 15, 2026. The Company has not early adopted ASU 2024-03 and is currently assessing the impacts.\n\n​\n\nNOTE 3 - Mineral Rights and Properties\n\nDakota Gold has 100% ownership of 2,147 unpatented claims and a combination of surface leases and/or ownership covering a total of approximately 49,546 acres located in the Homestake District in Black Hills of South Dakota. These properties include Maitland, the Barrick Option property and the Richmond Hill Project upon exercise of each of their underlying option agreements.\n\nOn October 14, 2021, Dakota Gold entered into an option agreement (the “Richmond Hill Option Agreement”) to acquire 100% of Barrick’s interest in the Richmond Hill property. On September 7, 2021, the Company entered into an option agreement to acquire surface rights and certain facilities in the Homestake District (the “Barrick Option”), also with Barrick. Under the terms of the agreement, the Company has the option to acquire 4,261 acres of surface rights with attendant facilities and data held by Barrick. The Company will have 100% ownership in the Barrick Option and the Richmond Hill properties upon exercise of the underlying options. All these properties are in the heart of the Homestake District. The individual claims, properties, options, and leases are aggregated into a single unit mining property, which we refer to as the “Black Hills Property.”\n\nOn February 6, 2025, the Company announced that Barrick Gold agreed to extend the option period for both the Richmond Hill Option Agreement and the Barrick Option until December 31, 2028, in return for additional annual cash payments of $170,000 and $340,000, respectively, on each of March 1, 2026 (paid), March 1, 2027, and March 1, 2028.\n\nAs of March 31, 2026 and December 31, 2025, the carrying value of the Company’s mineral properties totaled approximately $83.4 million and $82.9 million, respectively. As of March 31, 2026, we are in the exploration stage and have not commenced amortization of our properties. During the three months ended March 31, 2026 and 2025, the Company paid acquisition costs of approximately $0.5 million and $nil, respectively.\n\n​\n\n8\n\n[Table of Contents](#TOC)\n\nDAKOTA GOLD CORP.\n\n**Notes to the Condensed Consolidated Interim Financial Statements**\n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n**(Unaudited)**\n\nNOTE 4 - Property and Equipment\n\nAs of March 31, 2026 and December 31, 2025, the Company’s property and equipment consists of the following:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\nEstimated \n\n**  ​ ​ ​**\n\n**March 31, **\n\n**  ​ ​ ​**\n\nDecember 31, \n\n​\n\n​\n\nUseful Life\n\n​\n\n**2026**\n\n​\n\n2025\n\n​\n\n​\n\nYears\n\n​\n\n**$**\n\n​\n\n$\n\nLand\n\n \n\n  ​\n\n​\n\n**418,884**\n\n​\n\n418,884\n\nBuilding\n\n \n\n39\n\n​\n\n**1,467,762**\n\n​\n\n1,423,810\n\nFurniture and equipment\n\n \n\n3 to 5\n\n​\n\n**1,180,856**\n\n​\n\n1,183,938\n\nRight-of-use (“ROU”) assets\n\n \n\n2 to 5\n\n​\n\n**168,253**\n\n​\n\n205,666\n\n​\n\n​\n\n​\n\n​\n\n**3,235,755**\n\n​\n\n3,232,298\n\nLess: accumulated depreciation\n\n \n\n  ​\n\n​\n\n**(1,097,505)**\n\n​\n\n(1,082,337)\n\nProperty and equipment, net\n\n \n\n  ​\n\n​\n\n**2,138,250**\n\n​\n\n2,149,961\n\n​\n\nDepreciation expense for the three months ended March 31, 2026 and 2025 is included in exploration expenses and general and administrative expenses.\n\nAt March 31, 2026, the Company has agreements for office and building space in Lead, South Dakota and Vancouver, British Columbia, Canada, all of which have been determined to be operating leases. The lease agreements do not contain extension options. For measurement of the original lease liability and ROU asset, the Company applied a discount rate of 11.66% based on an estimated incremental borrowing rate. Rent expense is included in general and administrative and exploration expenses on the consolidated statements of operations. The weighted average remaining lease term for operating leases as of March 31, 2026 was 0.9 years. As of March 31, 2026 and December 31, 2025, the remaining undiscounted lease payments under these lease agreements totaled approximately $0.2 million and $0.2 million, respectively.\n\n​\n\nNOTE 5 - Accounts Payable and Accrued Liabilities\n\nAs of March 31, 2026 and December 31, 2025, the Company’s accounts payable and accrued liabilities consist of the following:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**March 31, **\n\n**  ​ ​ ​**\n\nDecember 31, \n\n​\n\n​\n\n**2026**\n\n​\n\n2025\n\n​\n\n** **\n\n**$**\n\n** **\n\n$\n\nTrade payables\n\n​\n\n**1,538,972**\n\n​\n\n1,490,521\n\nAccrued liabilities\n\n​\n\n**1,135,933**\n\n​\n\n1,370,167\n\nOther payables\n\n​\n\n**6,814**\n\n​\n\n13,299\n\n​\n\n​\n\n**2,681,719**\n\n​\n\n2,873,987\n\n​\n\n​\n\n9\n\n[Table of Contents](#TOC)\n\nDAKOTA GOLD CORP.\n\n**Notes to the Condensed Consolidated Interim Financial Statements**\n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n**(Unaudited)**\n\nNOTE 6 - Income Taxes\n\nA summary of the reconciliation of the income tax expense based on the statutory federal income tax rate of 21% to the income tax expense reported in these financial statements for the three months ended March 31, 2026 and 2025 is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nThree months ended March 31, \n\n​\n\n​\n\n**2026**\n\n​\n\n2025\n\n​\n\n**  ​ ​ ​**\n\n**$**\n\n**  ​ ​ ​**\n\n$\n\nIncome tax benefit computed at federal statutory rates\n\n​\n\n**(1,776,996)**\n\n \n\n(785,298)\n\nChange in valuation allowance\n\n​\n\n**2,356,945**\n\n \n\n846,210\n\nNon-deductible stock-based compensation\n\n​\n\n**—**\n\n​\n\n(58,763)\n\nStock-based compensation\n\n​\n\n**(580,359)**\n\n \n\n—\n\nOther\n\n​\n\n**897**\n\n \n\n3,878\n\nTotal income tax expense\n\n​\n\n**487**\n\n \n\n6,027\n\n​\n\nThe effective tax rates for the three months ended March 31, 2026 and 2025 were 0.01% and 0.16%, respectively. The effective tax rates for the three months ended March 31, 2026 and 2025 were less than the statutory rate as the Company is in a tax loss position and does not expect to realize those losses in the near future.\n\n​\n\nNOTE 7 - Stockholders’ Equity\n\nCommon Stock\n\nThe holders of the Company’s common stock are entitled to one vote per share with respect to all matters required by law to be submitted to stockholders. The holders of common stock have the sole right to vote. The common stock does not have any cumulative voting, pre-emptive, subscription or conversion rights. Election of directors requires the affirmative vote of a plurality of shares represented at a meeting, and other general stockholder actions (other than an amendment to our articles of incorporation) requires the affirmative vote of a majority of shares represented at a meeting in which a quorum is present. The outstanding shares of common stock are validly issued, fully paid and non-assessable.\n\nOn May 13, 2025, the stockholders of the Company voted to increase the number of shares of common stock reserved for issuance pursuant to awards under the Company’s 2022 Stock Incentive Plan from 6,250,000 to 10,750,000. As of March 31, 2026, a total of 4,252,710 shares of common stock remain available for future grants under the 2022 Stock Incentive Plan.\n\nOn February 9, 2026, the Company announced a public offering through which the Company raised gross proceeds of approximately $75.0 million by issuing 12,336,000 shares of our common stock at a price of $6.08 per share. The Company incurred a total of approximately $4.5 million of share issuance costs pursuant to the public offering and recorded the share issuance costs as a reduction to proceeds in additional paid-in capital. The shares of common stock were offered by the Company with BMO Capital Markets and Scotiabank acting as lead book-running managers and Canaccord Genuity, CIBC Capital Markets, Agentis Capital Markets (First Nations Financial Markets LP), H.C. Wainwright & Co., RBC Capital Markets and D. Boral Capital acting as co-managers (collectively, the “Underwriters”). The Company also granted the Underwriters an option (the “Option”) to purchase up to an additional 1,850,400 shares of Common Stock exercisable for a period of 30 days from the date of the Underwriting Agreement, dated February 9, 2026. On February 20, 2026, the Underwriters exercised the Option to purchase an additional 225,000 shares of common stock for gross proceeds of approximately $1.4 million. The Company incurred a total of approximately $0.1 million of share issuance costs pursuant to the Option exercise and recorded the share issuance costs as a reduction to proceeds in additional paid-in capital.\n\nOn March 25, 2025, the Company announced a public offering through which the Company raised gross proceeds of approximately $35.1 million by issuing 12,400,000 shares of our common stock at a price of $2.83 per share. The Company incurred a total of approximately $2.3 million of share issuance costs pursuant to the public offering and recorded the share issuance costs as a reduction to proceeds in additional paid-in capital.\n\n10\n\n[Table of Contents](#TOC)\n\nDAKOTA GOLD CORP.\n\n**Notes to the Condensed Consolidated Interim Financial Statements**\n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n**(Unaudited)**\n\nNOTE 7 - Stockholders’ Equity (continued)\n\nOn October 21, 2022, the Company entered into an Equity Distribution Agreement (“EDM”) with BMO Capital Markets Corp. and Canaccord Genuity LLC to establish an ATM Program. On December 10, 2024, Dakota Gold entered into an Amended and Restated EDM with BMO Capital Markets Corp. and Canaccord Genuity LLC. On November 13, 2025, Dakota Gold entered into another Amended and Restated EDM with BMO Capital Markets Corp., Canaccord Genuity LLC and H.C. Wainwright & Co., LLC (collectively, the “Sales Agents”). Under the terms of the Amended and Restated EDM, the Company may offer and sell shares of its common stock having an aggregate offering price of up to $50 million from time to time through any of the Sales Agents. During the three months ended March 31, 2026 and 2025, the Company utilized the ATM Program to raise net proceeds of approximately $3.5 million and $7.3 million, respectively, by issuing 586,749 and 2,548,713 shares of common stock, respectively.\n\nOn October 20, 2023, OMF Fund IV SPV C LLC, an entity managed by Orion Mine Finance (“Orion”), was granted a right to match the terms of future financings of the Company (the “Matching Right”). Orion’s Matching Right does not include any equity or convertible debt offering conducted by the Company on a non-brokered basis or conducted by banks or brokers with aggregate proceeds of up to $200 million (of which no more than $50 million may be in the form of unsecured convertible debt), including equity issuances from the Company’s ATM Program. The Matching Right will expire on the earlier of (i) October 11, 2033, (ii) the date that is 24 months after the date the Company obtains all permits and planning approvals necessary for construction on one of its material properties, and (iii) the closing of a financing by the Company in the aggregate amount of at least $300 million, so long as the Company complied with its obligation to permit Orion to exercise its Matching Right. As of March 31, 2026, the Company has raised approximately $138.4 million in exempt gross proceeds, and no proceeds subject to the Matching Right. As of May 14, 2026, the Company has approximately $61.6 million in exemptions from the Matching Right remaining.\n\nStock-based Compensation\n\nStock-based compensation expense is included in exploration as well as general and administrative expenses, based upon the primary activities of the grantees. The Company recognized stock-based compensation expense as follows in the accompanying consolidated statement of operations:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nThree Months Ended March 31, \n\n​\n\n**  ​ ​ ​**\n\n**2026**\n\n**  ​ ​ ​**\n\n2025\n\n​\n\n​\n\n**$**\n\n​\n\n$\n\nRSUs\n\n​\n\n**296,829**\n\n \n\n388,494\n\nPSUs\n\n​\n\n**(21,674)**\n\n \n\n107,899\n\nStock options\n\n​\n\n**243,069**\n\n \n\n106,846\n\nAllocated to general and administrative expense\n\n​\n\n**518,224**\n\n \n\n603,239\n\n​\n\n​\n\n​\n\n​\n\n​\n\nRSUs\n\n​\n\n**84,968**\n\n \n\n80,930\n\nPSUs\n\n​\n\n**(47,094)**\n\n \n\n28,722\n\nStock options\n\n​\n\n**11,321**\n\n \n\n24,393\n\nAllocated to exploration expense\n\n​\n\n**49,195**\n\n \n\n134,045\n\n**Total stock-based compensation expense**\n\n​\n\n**567,419**\n\n \n\n737,284\n\n​\n\nDuring the three months ended March 31, 2026, the Company granted the following stock-based compensation awards:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n**Weighted**\n\n​\n\n​\n\n​\n\n​\n\n**average fair**\n\n​\n\n​\n\n**Number**\n\n​\n\n**value**\n\n​\n\n​\n\n**#**\n\n​\n\n$\n\nRSUs\n\n \n\n247,328\n\n​\n\n4.67\n\nPSUs\n\n \n\n—\n\n​\n\n—\n\nStock options\n\n \n\n100,000\n\n​\n\n3.19\n\n**Total equity awards granted**\n\n** **\n\n**347,328**\n\n​\n\n​\n\n​\n\n11\n\n[Table of Contents](#TOC)\n\nDAKOTA GOLD CORP.\n\n**Notes to the Condensed Consolidated Interim Financial Statements**\n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n**(Unaudited)**\n\n**NOTE 7 - Stockholders’ Equity (continued)**\n\nAs of March 31, 2026, unrecognized compensation expense and weighted-average vesting period for each of the Company’s stock-based compensation awards were as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Unrecognized**\n\n​\n\n**Weighted-**\n\n​\n\n​\n\n**Compensation**\n\n​\n\n**average**\n\n​\n\n​\n\n**Expense**\n\n​\n\n**Vesting Period**\n\n​\n\n**  ​ ​ ​**\n\n$\n\n**  ​ ​ ​**\n\nYears\n\nRSUs\n\n​\n\n2,334,571\n\n​\n\n1.72\n\nPSUs\n\n​\n\n97,593\n\n​\n\n1.11\n\nStock options\n\n​\n\n1,467,336\n\n​\n\n1.68\n\n​\n\n​\n\n**3,899,500**\n\n​\n\n**1.68**\n\n​\n\nWarrants\n\n​\n\nAs at March 31, 2026 and December 31, 2025, the Company had nil and 5,582,545 warrants outstanding, respectively. During the three months ended March 31, 2026 and 2025, 5,239,821 and 780,048 warrants were exercised, respectively, and 342,724 and nil warrants expired unexercised, respectively.\n\n​\n\n**NOTE 8 - Net Loss per Share**\n\n​\n\nBasic loss per common share is computed by dividing loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted loss per common share is computed similarly except that weighted average common shares are increased to reflect all dilutive instruments, including employee and director stock awards and warrants. Dilutive securities are excluded from the calculation of diluted weighted average common shares outstanding if their effect would be anti-dilutive based on the treasury stock method or due to a net loss from operations.\n\n​\n\nThe following shares were potentially dilutive during the periods presented and include shares from warrants and stock options with average prices of common stock exceeding exercise prices as well as RSUs and PSUs. However, the shares from these securities were excluded from the diluted loss per share calculation, because the Company incurred net losses and the effect would be anti-dilutive for all periods presented.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nThree months ended March 31, \n\n​\n\n  ​ ​ ​\n\n**2026**\n\n  ​ ​ ​\n\n2025\n\n​\n\n​\n\n**#**\n\n​\n\n#\n\nWarrants\n\n** **\n\n**—**\n\n \n\n6,822,945\n\nStock options\n\n** **\n\n**3,963,460**\n\n \n\n1,009,716\n\nRSUs\n\n** **\n\n**1,100,824**\n\n \n\n1,626,573\n\nPSUs\n\n** **\n\n**91,966**\n\n \n\n585,016\n\n​\n\n** **\n\n**5,156,250**\n\n \n\n10,044,250\n\n​\n\n​\n\nNOTE 9 - Commitments and Contingencies\n\nThe Company may become party to various legal actions that arise in the ordinary course of our business. The Company is subject to audit by tax and other authorities for varying periods in various federal, state and local jurisdictions, and disputes may arise during the course of these audits. It is impossible to determine the ultimate liabilities that the Company may incur resulting from any of these potential lawsuits, claims, proceedings, audits, commitments, contingencies and related matters or the timing of these liabilities, if any. If such matters were to ultimately be resolved unfavorably, it is possible that such an outcome could have a material adverse effect upon the Company’s consolidated financial position, results of operations, or liquidity. The Company does not, however, anticipate such an outcome and we believe the ultimate resolution of any such matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations, or liquidity.\n\n​\n\n12\n\n[Table of Contents](#TOC)\n\nDAKOTA GOLD CORP.\n\n**Notes to the Condensed Consolidated Interim Financial Statements**\n\n**For the Three Months Ended March 31, 2026 and 2025**\n\n**(Unaudited)**\n\nNOTE 10 - Segment Information\n\nWe have organized our operations into one operating segment, which conducts exploration and evaluation of mineral properties and thus have identified one reportable segment: Exploration and Evaluation. In determining the reportable segment, management evaluated the basis of organization of the Company, including that all of the entity’s business activities are focused on acquisition, exploration, and development of mineral properties in the same geographic location and the Company manages the business activities on a consolidated basis. The Company has not yet derived any revenues, and the Company’s costs are mainly derived from the same activities on our properties. Additionally, all the mineral properties have similar discovery and permitting processes, as well as expected shared future facilities and gold exploration targets.\n\nDakota Gold’s chief operating decision maker (“CODM”) is our chief executive officer (“CEO”). Exploration and general and administrative expenses, which are reported on the consolidated statements of operations and comprehensive income and reconciles to net loss therein, are the measures of loss used by the CODM to allocate resources to our exploration and evaluation activities, and the CODM monitors budget versus actual results to assess the performance of the segment. The CODM also reviews expenditures for any capital or long-lived asset acquisitions, which are included in the statement of cash flows. Total segment assets are reported on the balance sheet. Segment information is prepared on the same basis that the CODM manages our segment, evaluates financial results, and makes key operating decisions.\n\nThe significant segment expenses regularly provided to the CODM are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nThree months ended March 31, \n\n​\n\n**  ​ ​ ​**\n\n**2026**\n\n**  ​ ​ ​**\n\n2025\n\n​\n\n​\n\n**$**\n\n​\n\n$\n\nExploration expenses\n\n​\n\n  ​\n\n​\n\n \n\nDrilling and other directly related costs\n\n​\n\n**4,126,980**\n\n​\n\n267,279\n\nStudies\n\n​\n\n**734,197**\n\n​\n\n342,951\n\nLabor\n\n​\n\n**1,161,379**\n\n​\n\n1,075,516\n\nOther\n\n​\n\n**494,933**\n\n​\n\n227,483\n\n​\n\n​\n\n**6,517,489**\n\n​\n\n1,913,229\n\n​\n\n​\n\n​\n\n​\n\n​\n\nGeneral and administrative expenses\n\n​\n\n​\n\n​\n\n  ​\n\nLabor\n\n​\n\n**921,142**\n\n​\n\n439,287\n\nOther\n\n​\n\n**1,546,936**\n\n​\n\n1,461,581\n\n​\n\n​\n\n**2,468,078**\n\n​\n\n1,900,868\n\n**Operating expenses**\n\n​\n\n**8,985,567**\n\n​\n\n3,814,097\n\n​\n\n​\n\n​\n\n​\n\n13\n\n[Table of Contents](#TOC)"}