Dakota Gold is a gold and silver exploration company focused entirely on the Homestake Mining District in the Black Hills of South Dakota. The company has no revenue and is in the exploration and evaluation stage, working to advance its mineral properties toward development and eventual production. Dakota Gold's principal asset is a land package of over 49,500 acres in the Homestake District. Its most advanced project is Richmond Hill, where a 2025 initial assessment outlined a measured and indicated resource of 4.64M ounces of gold and 47.77M ounces of silver, plus an inferred resource of an additional 5.06M ounces of gold and 52.11M ounces of silver. An updated assessment including cash flow analysis was published in July 2025. The company also holds the earlier-stage Maitland Gold Project, where recent drilling has nearly doubled the known strike length of gold mineralization, and option agreements with Barrick Gold over certain district properties through December 2028. Since Dakota Gold generates no revenue, it funds operations entirely through equity raises — in 2025, the company raised roughly $32.8M through a public offering and an additional ~$9.9M through an at-the-market program. The company's near-term goal is to demonstrate the economic viability of Richmond Hill through successive technical assessments, with a longer-term goal of transitioning into mine development and production.