# Dakota Gold Corp. (DC) Informational only - not investment advice. CIK: 0001852353 SIC: 1000 Metal Mining SIC breadcrumb: [Mining](/division/B/) > [Metal Mining](/major-group/10/) > [SIC 1000 Metal Mining](/industry/1000/) Latest 10-K filed: 2026-03-25 SEC page: https://www.sec.gov/edgar/browse/?CIK=1852353 Filing source: https://www.sec.gov/Archives/edgar/data/1852353/000110465926034576/tmb-20251231x10k.htm ## At a glance No standardized annual SEC companyfacts metrics were extracted for this company; the at-a-glance panel is omitted rather than estimated. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | DC | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | ROE | -26.3% | -25.8% | 43 | 8 | | ROA | -25.5% | -23.7% | 43 | 8 | | Liabilities / equity | 0.03 | 0.45 | 0 | 8 | | Current ratio | 10.12 | 8.68 | 57 | 8 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 1000 Metal Mining, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Net income | -29538699 | USD | 2025 | 2026-03-25 | | Assets | 115857950 | USD | 2025 | 2026-03-25 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-25. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001852353.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | | Net income | | 26,010,914 | -12,613,561 | | -33,884,536 | -29,538,699 | | Operating income | | -2,092,118 | -31,277,075 | -38,036,392 | -34,332,242 | -30,754,742 | | Diluted EPS | | 1.12 | -0.35 | -0.47 | -0.37 | -0.27 | | Operating cash flow | | -2,166,825 | -9,913,063 | -31,296,290 | -31,478,407 | -25,445,427 | | Capital expenditures | | 879,249 | 492,272 | 1,054,320 | 143,387 | 196,445 | | Assets | | 70,632,103 | 105,022,719 | 108,202,540 | 95,353,530 | 115,857,950 | | Liabilities | | 11,628,173 | 3,846,981 | 4,666,089 | 3,201,580 | 3,337,411 | | Stockholders' equity | | 37,820,317 | 113,834,405 | 103,536,451 | 92,151,950 | 112,520,539 | | Cash and cash equivalents | 141,768 | 11,444,668 | 23,911,722 | 25,548,373 | 9,408,270 | 29,686,451 | | Free cash flow | | -3,046,074 | -10,405,335 | -32,350,610 | -31,621,794 | -25,641,872 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | | Return on equity | | 68.77% | -11.08% | | -36.77% | -26.25% | | Return on assets | | 36.83% | -12.01% | | -35.54% | -25.50% | | Liabilities / equity | | 0.31 | 0.03 | 0.05 | 0.03 | 0.03 | | Current ratio | | 6.74 | 9.80 | 5.85 | 3.62 | 10.12 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001852353.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2023-Q1 | 2023-03-31 | | | -0.13 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | -9,822,760 | -0.13 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | | -8,542,662 | -0.11 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | | -8,817,746 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | | -8,594,581 | -0.10 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | | -9,152,810 | -0.10 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | | -10,093,122 | -0.11 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | | -6,044,023 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | | -3,745,543 | -0.04 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | | -6,466,008 | -0.06 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | | -10,492,837 | -0.09 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | | -8,834,311 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | | -8,462,441 | -0.07 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | | | -0.06 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from DC's latest 10-K: [/company/DC/business/](/company/DC/business/). ## Risk Factors Verbatim Item 1A Risk Factors from DC's latest 10-K: [/company/DC/risk-factors/](/company/DC/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1852353/000110465926094733/tmb-20260630x10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-08-12 Report date: 2026-06-30 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. You should read the following discussion and analysis of the Company’s financial condition and results of operations together with the Company’s financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and the audited financial statements and related footnotes included in our Annual Report. Cautionary Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q and the exhibits attached hereto contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements related to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects,” “anticipates,” “plans,” “estimates” or “intends,” the negatives thereof, variations thereon and similar expressions, or stating that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements in this quarterly report relate to, among other things: [[GREPCENT_TABLE]] [["","\u25cf","our businesses and prospects and our overall strategy;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the progress, potential and uncertainties of the Company\u2019s exploration program;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our planned exploration activities across our portfolio of exploration targets;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our planned or estimated capital expenditures for exploration and general and administrative costs;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","government regulations, including our ability to obtain, and the timing of, necessary government permits and approvals;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","expectations regarding the availability of our liquidity and capital resources, and our ability to scale down spending if sufficient resources are not available;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our ability to obtain financing as needed and the terms of such financing transactions;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","progress in developing our projects and the timing of that progress; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","attributes and future values of the Company\u2019s projects or other interests, operations or rights."]] [[/GREPCENT_TABLE]] Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation, risks associated with or related to: [[GREPCENT_TABLE]] [["","\u25cf","lack of defined mineral reserve estimates prepared in accordance with Subpart 1300 of Regulation S-K (\u201cS-K 1300\u201d);"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the failure to successfully execute management\u2019s strategy and manage our growth;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our limited operating history and history of losses, including the potential for future losses;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","uncertainty as to future production at our mineral exploration and development properties;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our ability to maintain sufficient liquidity and attract sufficient capital resources to implement our projects;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","ownership of surface rights at our Black Hills Property;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","mining exploration and development risks, including risks related to regulatory approvals, operational hazards and accidents, equipment breakdowns, labor and contractor disputes, contractual disputes related to exploration properties, unanticipated or increased operating costs and other unanticipated difficulties;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","potential health risks associated with mining and mineral exploration;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","fluctuations in commodity prices;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","future adverse legislation regarding the mining industry and climate change;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","uncertainties associated with potential litigation matters, including environmental lawsuits;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our land reclamation requirements;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our ability to maintain the adequacy of internal control over financial reporting;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","adverse technological changes and cybersecurity threats;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","title in our properties;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","competition in the gold and silver mining industries;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","economic uncertainty and market volatility due to potential new tariffs on imported and exported goods;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our ability to attract and retain key management and mining personnel necessary to successfully operate and grow our business;"]] [[/GREPCENT_TABLE]] 14 Table of Contents [[GREPCENT_TABLE]] [["","\u25cf","volatility in the market price of our listed securities; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","other factors set forth under \u201cItem 1A. Risk Factors\u201d included in our Annual Report."]] [[/GREPCENT_TABLE]] This list is not exhaustive of the factors that may affect the Company’s forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Except as required by law, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. The Company qualifies all the forward-looking statements contained in this Quarterly Report on Form 10-Q by the foregoing cautionary statements. This management’s discussion and analysis should be read in conjunction with the Company’s financial statements and notes thereto as set forth herein and the Company’s annual audited financial statements. Readers are also urged to carefully review and consider the various disclosures made by the Company, which attempt to advise interested parties of the factors that affect our business, including without limitation, the disclosures made under “Risk Factors” of the Annual Report. The Company’s unaudited financial statements are stated in United States dollars and are prepared in accordance with U.S. GAAP. As the Company is an exploration stage company as defined under S-K 1300 and has not generated revenues to date, our business is subject to numerous contingencies and risk factors beyond our control, including exploration and development risks, competition from well-funded competitors, and our ability to manage growth. Overview The Company’s goal is to create stockholder value through the acquisition, responsible exploration, and future development of high caliber gold properties in the Homestake District of South Dakota. The Company uses our proprietary information from the Historic Homestake Mining Company, modern exploration and mining techniques, and geologic information and interpretations based on experience at other mines, new academic research and information from proprietary geophysical surveys to focus our programs and build upon where the historic Homestake Mining Company left off in the 1990s. The Homestake District has historically yielded approximately 45 million ounces of gold production as of June 30, 2026 with most of it coming from within a small geographic area. The production ledges of the Homestake Mine define a cumulative surface projection area of less than three square miles. Homestake Mining Company’s historic gold production and exploration in the Homestake District was overwhelmingly focused on the underground mine. Outside of the mine area, the Homestake District has been underexplored and heretofore has not been the subject of modern exploration efforts required to search for other deposits, especially under the cover of younger rocks that dominate the surface. We have consistently pursued a strategy of expanding our portfolio of brownfield properties located exclusively within the Homestake District to build a strong land position with the goal of consolidating possible mineral potential. Other than our mineral resource estimate with an effective date of February 3, 2025 contained in our updated S-K 1300 Initial Assessment and Technical Report Summary for the Richmond Hill Gold Project (the “IA”), none of our other properties are sufficiently drilled to prepare an estimate of mineral resources under S-K 1300. The Company believes the Homestake District is in a safe jurisdiction with well-developed infrastructure and is in a favorable regulatory environment in which authorities have demonstrated a willingness to work with responsible operators to permit well-planned compliant projects. Drill Programs and Results The Company has completed drilling projects at Maitland and Richmond Hill, operating up to four drill rigs at any given time. Dakota Gold has completed permit applications and environmental field work and currently has fifteen active permits in place with one additional permit being processed for the Maitland Project. Permitting for other exploration targets is anticipated in 2027. 15 Table of Contents In total, Dakota Gold has completed 587 holes for over 547,268 feet (166,807 meters) since drilling started in 2022. [[GREPCENT_TABLE]] [["","\u25cf","The Company completed 25 holes for 70,181 feet (21,391 meters) of core drilling on three projects in 2022. The areas drilled in 2022 were the Maitland Project (39,231 feet; 11,958 meters), the Richmond Hill Project (24,865 feet; 7,579 meters), and other properties (6,084 feet; 1,854 meters)."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The Company then completed 89 holes for 180,727 feet (55,086 meters) of core on two projects in 2023; the areas drilled were the Maitland Project (88,626 feet; 27,013 meters) and the Richmond Hill Project (92,101 feet; 24,184 meters)."]] [[/GREPCENT_TABLE]] [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1852353/000110465926034576/tmb-20251231x10k.htm Complete FY 2025 MD&A: /company/DC/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-03-25 Report date: 2025-12-31 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. You should read the following discussion and analysis of financial condition and results of operations of Dakota Gold Corp. together with our consolidated financial statements and the related notes included elsewhere in this Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review Item 1A. Risk Factors above for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. This management’s discussion and analysis should be read in conjunction with the annual consolidated financial statements of Dakota Gold Corp. and notes thereto as set forth herein. Readers are urged to carefully review and consider the various disclosures made by us, which attempt to advise interested parties of the factors which affect our business, including without limitation, the disclosures made under Item 1A. Risk Factors. Our audited annual consolidated financial statements are stated in United States dollars and are prepared in accordance with United States generally accepted accounting principles. ​ 32 Table of Contents Overview The Company’s goal is to create stockholder value through the acquisition, responsible exploration, and future development of high caliber gold properties in the Homestake District of South Dakota. Management and the technical teams cumulatively have several hundred years of international mining and exploration experience and key personnel have more than 50 combined years in the Homestake District, mostly with the Homestake Mining Company, as well as other exploration companies that have operated in the region. We believe that this experience uniquely positions the Company and will allow us to leverage our direct experience and knowledge of past exploration and mining activities in the Homestake District. Combined with the use of modern exploration and mining techniques, and new geologic understanding from experience in other mines, new research and information extracted from our new geophysical surveys, we hope to focus our programs and build upon where the historic Homestake Mining Company left off in the 1990s. The Homestake District has historically yielded approximately 45 million ounces of gold production as of December 31, 2025 with most of it coming from within a small geographic area. The production ledges of the Homestake Mine define a cumulative surface projection area of less than three square miles. Homestake Mining Company’s historic gold production and exploration in the Homestake District was overwhelmingly focused on the underground mine. Outside of the mine area, the Homestake District has been underexplored and heretofore has not been the subject of modern exploration efforts required to search for other deposits, especially under the cover of younger rocks that dominate the surface. We have consistently pursued a strategy of expanding our portfolio of brownfield properties located exclusively within the Homestake District to build a strong land position with the goal of consolidating possible mineral potential. Other than our mineral resource estimate with an effective date of February 3, 2025 contained in our IA, none of our other properties are sufficiently drilled to prepare an estimate of mineral resources under S-K 1300. The Company believes the Homestake District is in a safe jurisdiction with well-developed infrastructure and is in a favorable regulatory environment in which authorities have demonstrated a willingness to work with responsible operators to permit well-planned compliant projects. Drill Programs and Results We expanded our drilling operations to the Richmond Hill Project and have had up to four drill rigs operating at any point in time. Dakota Gold has completed permit applications and environmental field work and currently has fourteen active permits in place with one additional permit being processed for Richmond Hill in 2025. Permitting for other exploration targets is anticipated in 2026. In total, Dakota Gold has completed 473 holes for over 493,472 feet (150,493 meters) since drilling started in 2022. [[GREPCENT_TABLE]] [["","\u25cf","The Company completed 25 holes for 70,181 feet (21,391 meters) of core drilling on three projects in 2022. The areas drilled in 2022 were the Maitland Project (39,231 feet; 11,958 meters), the Richmond Hill Project (24,865 feet; 7,579 meters), and other properties (6,084 feet; 1,854 meters)."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The Company then completed 89 holes for 180,727 feet (55,086 meters) of core on two projects in 2023; the areas drilled were the Maitland Project (88,626 feet; 27,013 meters) and the Richmond Hill Project (92,101 feet; 24,184 meters)."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The Company completed 117 holes for 146,691 feet (44,711 meters) of core on two projects during 2024; the areas drilled were the Maitland Project (102,755 feet; 31,320 meters) and the Richmond Hill Project (43,936 feet; 13,392 meters)."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","In 2025, the Company completed an additional 211 core holes and an additional 31 reverse circulation rotary holes at the Richmond Hill Project for a total of 87,681 feet (26,725 meters) and 7,725 feet (2,355 meters), respectively."]] [[/GREPCENT_TABLE]] Significant Developments On April 30, 2024, the Company announced the maiden S-K 1300 initial assessment for the Richmond Hill Gold Project. On June 26, 2024, the Company announced an additional investment by Orion of $6 million with the potential to increase to $9 million subject to future market conditions (the “2024 Orion Equity Investment”). On February 6, 2025, the Company announced that Barrick Gold agreed to extend the option period for both the Richmond Hill option and the Homestake option agreements until December 31, 2028, in return for additional annual cash payments of $170,000 and $340,000, respectively, combined as an annual payment of $510,000 on each of March 1, 2026 (paid), March 1, 2027 and March 1, 2028. 33 Table of Contents On February 6, 2025, the Company announced the February 2025 IA, which was filed as an exhibit to the Company’s Current Report on Form 8-K. On March 25, 2025, the Company announced the successful closing of the Offering, whereby we raised net proceeds of approximately $32.8 million by issuing 12,400,000 shares of our common stock at a price of $2.83 per share. On May 19, 2025, the Company announced changes to its senior leadership team and Board of Directors. Jack Henris was appointed President and Chief Operating Officer (COO) of Dakota Gold effective June 1, 2025 upon the retirement of Gerald Aberle, the Company’s prior COO. Todd Kenner and Kevin Puil were appointed to the Board of Directors effective May 15, 2025, and Amy Koenig resigned from the Board of Directors on May 31, 2025 and assumed the role of Senior Vice President, Chief Legal Officer and Corporate Secretary for Dakota Gold effective June 1, 2025. Mr. Aberle retired as a director of the Company, effective August 8, 2025. On July 7, 2025, the Company announced the IACF, which was filed as an exhibit to the Company’s Current Report on Form 8-K. On November 13, 2025, the Company entered into an Amended and Restated Equity Distribution Agreement with BMO Capital Markets Corp., Canaccord Genuity LLC, and H.C. Wainwright & Co., LLC. Planned Activities Planned activities during 2026 will focus on advancing the Richmond Hill Project through feasibility, permitting, and technical de-risking while continuing to progress high-grade exploration at the Maitland Project. At Richmond Hill, the Company is transitioning from an Initial Assessment with Cash Flow to a Pre-Feasibility Study in the second half of 2026, followed by a Feasibility Study targeted for 2027. Key workstreams include mine planning optimization, engineering trade-off studies, metallurgical test work, and baseline data collection to support state and county permitting. Concurrently, the Company plans to file a Notice of Intent and advance permitting activities with Lawrence County and the South Dakota Department of Agriculture and Natural Resources, positioning the project for construction readiness following completion of feasibility studies. Planned activities in 2026 for our Richmond Hill Project include an extensive drilling campaign totaling approximately 15,500 meters across infill, step-out, condemnation, and geotechnical drilling. Infill drilling within the 10-year mine plan is intended to convert inferred resources to measured and indicated classifications, while step-out drilling to the north and northeast targets potential resource expansion. Additional drilling is planned to support infrastructure siting, overburden stockpile areas, and pit slope stability analyses. These activities are designed to refine the mine plan, improve resource confidence, and directly support feasibility-level engineering and economic analysis. Metallurgical test work represents another critical planned activity in 2026. The Company is conducting a staged metallurgical program, including ore characterization, column leach testing, comminution studies, and recovery optimization, with final results expected in the fourth quarter of 2026. This work will inform heap leach pad design, crushing and stacking configurations, agglomeration requirements, and Merrill-Crowe plant sizing. The results will be incorporated into feasibility trade-off studies evaluating mining and stacking rates, heap leach pad layout, and material handling alternatives to optimize project economics and operational flexibility. At the Maitland property, planned activities in 2026 will concentrate on advancing the Unionville Zone toward a maiden mineral resource by year-end. The Company has outlined an infill drilling program of approximately 5,600 meters in 44 holes targeting shallow Tertiary epithermal mineralization that remains open along strike and at depth. In parallel, the Company will continue to evaluate high-grade exploration optionality at the JB Gold Zone, where Precambrian iron-formation-hosted mineralization shows strong geological similarities to the historic Homestake Mine. These efforts are intended to demonstrate the broader district-scale potential of the Maitland property while maintaining focus on near-term value creation at Richmond Hill. 34 Table of Contents Results of Operations Years Ended December 31, 2025 and 2024 [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/DC/mda/fy2025/ All MD&A years: /company/DC/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/DC/mda/fy2024/): filed 2025-03-20; accession 0001062993-25-005988 (https://www.sec.gov/Archives/edgar/data/1852353/000106299325005988/form10k.htm) - [FY 2023 MD&A](/company/DC/mda/fy2023/): filed 2024-03-28; accession 0001062993-24-007319 (https://www.sec.gov/Archives/edgar/data/1852353/000106299324007319/form10k.htm) - [FY 2022 MD&A](/company/DC/mda/fy2022/): filed 2022-06-28; accession 0001062993-22-015574 (https://www.sec.gov/Archives/edgar/data/1852353/000106299322015574/form10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 1000 Metal Mining) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/DC.md · JSON record: /company/DC.json · verified financials: /company/DC/financials.json / /company/DC/financials.csv · machine TOC for the whole site: /llms.txt