Author: Gold News Club

Lake Victoria Gold Ltd.’s (LVG:TSX; LVGLF:OTCQB; E1K:FSE) newly reported highlight intercepts at its Imwelo project include 2.56 meters (2.56m) of 6.96 grams per ton gold (6.96 g/t Au) and 1.33m of 11.88 g/t Au, noted a Red Cloud Securities report.

Lake Victoria Gold Ltd.’s (LVG:TSX; LVGLF:OTCQB; E1K:FSE) initial results from the in-progress drill campaign at its advanced-stage Imwelo gold project in northwestern Tanzania extended mineralization beyond the existing pit shell, reported Red Cloud Securities Analyst Alina Islam in a Nov. 27 research note.

“Management is working to get this fully permitted project into production,” Islam wrote.

No Rating or Target Price

At the time of Islam’s report, Lake Victoria Gold was trading at about CA$0.17 per share (CA$0.17/share), the analyst noted.

“Advancing Imwelo towards start-up to generate cash flows and successful exploration at Tembo should drive the stock price,” Islam wrote. Tembo is another of Lake Victoria Gold’s projects, this one in the Lake Victoria Goldfield, also in northwestern Tanzania.

At this time, Red Cloud does not have a rating or target price on the Canadian junior miner.

Lake Victoria Gold has 195.1 million shares outstanding. Its market cap is CA$33.2 million (CA$33.2M). Its 52-week range is CA$0.13–0.25/share.

Details of Drill Campaign

Lake Victoria Gold is in the midst of a 24-hole, 4,000-meter (4,000m) drill campaign at Imwelo, started in October 2025, the goals of which are twofold. One is to convert and grow resources in Area C, designated as the first production pit, to be mined for 18 months, at 3.7 grams per ton (3.7 g/t) gold. The second aim is to determine whether gold mineralization extends below the pit shell outlined in the most recent mineral resource estimate.

Imwelo’s historical Measured and Indicated plus Inferred resource is 291,600 ounces (291.6 Koz) of gold (4,800,000 tons at 1.92 g/t gold). Proven and Probable reserves are 94.6 Koz of gold (2.34 g/t gold).

Data From First Six Holes

The British Columbia-based explorer-developer just reported results of the first six drill holes completed as part of the current program. Results confirmed that the gold mineralization extends beyond the current pit limits in Area C, “with further potential in the footwall and hanging wall,” noted Islam.

Two standout intercepts were:

2.56m of 6.96 g/t gold from 132.8–135.36m downhole in IMWDR-007
1.33m of 11.88 g/t gold from 169.75–171.08m downhole in IMWDR-009

Among the six holes, the average gold grade was 2.83 g/t, consistent with historical grades.

Most of the drilling completed at Imwelo to date, amounting to about 28,000m, was done to depths of about 100m, Islam pointed out. As such, the new results, indicate upside to the tonnage.

Pursuit of Financing for Imwelo

Islam highlighted that Tanzania is the world’s fourth largest gold producer. The two largest producers with projects there are AngloGold Ashanti Ltd. (AU:NYSE; ANG:JSE; AGG:ASX; AGD:LSE) and Barrick Mining Corp. (ABX:TSX; B:NYSE). In fact, Imwelo is only 12 kilometers to the west of AngloGold’s Geita gold mine, the largest producing gold mine in the country.

Historically, two noncompliant mineral resource estimates and a 2021 prefeasibility study were done on Imwelo. The latter outlined a 10-year, open-pit operation with a simple free milling and gravity concentration flowsheet.

Lake Victoria Gold aims to start initial production at Imwelo at 12 Koz of gold, then ramp up to 24 Koz, at an estimated all-in sustaining cost of US$1,400 per ounce.

To financially support the start-up, the junior miner has a nonbinding, prepaid forward sales agreement of 7 Koz of gold with Monetary Metals, a private company, reported Islam. Plus, CA$3.84M of additional equity could come through the second tranche of an agreement with Taifa Group, Tanzania’s largest mining contractor.

Notably, the Tanzanian government has a free carried interest of at least 16% and a 4–6% royalty on gold production, reported the analyst.

Progress Happening at Tembo

Barrick owns six noncore licenses at Tembo, near its Bulyanhulu gold mine, licenses it acquired from Lake Victoria Gold in 2021. As of Sept. 30, 2025, Barrick had spent about US$6.6M of the US$9M committed to Tembo.

To extract value from its own Tembo licenses, reported Islam, Lake Victoria Gold signed a letter of interest with Nyati Resources to determine opportunities using its 500-ton-per-day gold processing plant in Tanzania.

Upcoming Catalysts

Regarding Imwelo, investors can expect additional results, on an ongoing basis, from the drill program underway at Imwelo; actual drilling has yet to be completed, and results have yet to be reported for 18 holes. Next, an Imwelo mineral resource estimate will be calculated, and detailed engineering work will be done for the upcoming prefeasibility study. Both the mineral resource estimate and prefeasibility study are slated for completion in 2026.

As for Tembo, exploration results are expected to be reported on an ongoing basis.

Important Disclosures:

Lake Victoria Gold Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Lake Victoria Gold Ltd. and Barrick Mining Corp.
Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

Disclosures for Red Cloud Securities, Lake Victoria Gold, November 27, 2025

Red Cloud Securities Inc. 120 Adelaide Street West, Suite 1400 Toronto ON, M5H 1T1 research@redcloudsecurities.com https://www.redcloudresearch.com Disclosure Statement Updated November 27, 2025 Disclosure Requirement Red Cloud Securities Inc. is registered as an Investment Dealer and is a member of the Canadian Investment Regulatory Organization (CIRO). Red Cloud Securities registration as an Investment Dealer is specific to the provinces of Alberta, British Columbia, Manitoba, Ontario, Quebec, and Saskatchewan. We are registered and authorized to conduct business solely within these jurisdictions. We do not operate in or hold registration in any other regions, territories, or countries outside of these provinces. Red Cloud Securities bears no liability for any consequences arising from the use or misuse of our services, products, or information outside the registered jurisdictions. Part of Red Cloud Securities Inc.’s business is to connect mining companies with suitable investors. Red Cloud Securities Inc., its affiliates and their respective officers, directors, representatives, researchers and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Red Cloud Securities Inc. may have provided in the past, and may provide in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services. Red Cloud Securities Inc. has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from sources believed to be accurate but cannot be guaranteed. This document does not take into account the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g. prohibitions to investments due to law, jurisdiction issues, etc.) which may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before investment. Red Cloud Securities Inc. will not treat recipients of this document as clients by virtue of having viewed this document. Red Cloud Securities Inc. takes no responsibility for any errors or omissions contained herein, and accepts no legal responsibility for any errors or omissions contained herein, and accepts no legal responsibility from any losses resulting from investment decisions based on the content of this report. Company Specific Disclosure Details Company Name Ticker Symbol Disclosures Lake Victoria Gold Ltd. TSXV:LVG 3 1. The analyst has visited the head/principal office of the issuer or has viewed its material operations. 2. The issuer paid for or reimbursed the analyst for a portion, or all of the travel expense associated with a visit. 3. In the last 12 months preceding the date of issuance of the research report or recommendation, Red Cloud Securities Inc. has performed investment banking services for the issuer. 4. In the last 12 months, a partner, director or officer of Red Cloud Securities Inc., or an analyst involved in the preparation of the research report has provided services other than in the normal course investment advisory or trade execution services to the issuer for remuneration. 5. An analyst who prepared or participated in the preparation of this research report has an ownership position (long or short) in, or discretion or control over an account holding, the issuer’s securities, directly or indirectly. 6. Red Cloud Securities Inc. and its affiliates collectively beneficially own 1% or more of a class of the issuer’s equity securities. 7. A partner, director, officer, employee or agent of Red Cloud Securities Inc., serves as a partner, director, officer or employee of (or in an equivalent advisory capacity to) the issuer. 8. Red Cloud Securities Inc. is a market maker in the equity of the issuer. 9. There are material conflicts of interest with Red Cloud Securities Inc. or the analyst who prepared or participated in the preparation of the research report, and the issuer. Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is determined by revenues generated from various departments including Investment Banking, based on a system that includes the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and client feedback. Analysts are not directly compensated for specific Investment Banking transactions. Recommendation Terminology Red Cloud Securities Inc. recommendation terminology is as follows: • BUY – expected to outperform its peer group • HOLD – expected to perform with its peer group • SELL – expected to underperform its peer group • Tender – clients are advised to tender their shares to a takeover bid • Not Rated or NA – currently restricted from publishing, or we do not yet have a rating • Under Review – our rating and target are under review pending, prior estimates and rating should be disregarded. Companies with BUY, HOLD or SELL recommendations may not have target prices associated with a recommendation. Recommendations without a target price are more speculative in nature and may be followed by “(S)” or “(Speculative)” to reflect the higher degree of risk associated with the company. Additionally, our target prices are set based on a 12-month investment horizon. Dissemination Red Cloud Securities Inc. distributes its research products simultaneously, via email, to its authorized client base. All research is then available on www.redcloudsecurities.com via login and password. Analyst Certification The Red Cloud Securities Inc. Analyst named on the report hereby certifies that trecommendations and/or opinions expressed herein accurately reflect such research analyspersonal views about the company and securities that are the subject of this report; or any companmentioned in the report that are also covered by the named analyst. In addition, no part of tresearch analyst’s compensation is, or will be, directly or indirectly, related to the specrecommendations or views expressed by such research analyst in this report.

( Companies Mentioned: LVG:TSX; LVGLF:OTCQB; E1K:FSE,
)

Gold

Gold Developer Uncovers High-Grade Gold at South Dakota Project

Post author By Gold News Club
Post date December 5, 2025

Source: Streetwise Reports 12/03/2025

Dakota Gold Corp. (DC:NYSE American) has released additional assay results from drill holes at the Richmond Hill Oxide Heap Leach Gold Project, located in South Dakota’s historic Homestake District. Discover why one analyst describes the company’s latest findings as “encouraging.”

The ongoing drilling efforts continue to confirm extensive gold mineralization and the potential for resource expansion, according to the company. Dakota is currently operating two drills and plans to complete approximately 27,500 meters of drilling during its 2025 campaign.

“These latest drill results at Richmond Hill continue to confirm the significant potential of this Project,” stated President and Chief Operating Officer Jack Henris. “The combination of high-grade intercepts, mineralization, and state and county focused permitting, positions Richmond Hill as a compelling development opportunity. We remain focused on advancing drilling, feasibility work, and permitting to unlock long-term value for our shareholders and stakeholders.”

Update highlights:

Metallurgical Drill Hole RH25C-236: This hole intersected 8.17 grams per tonne gold (g/t Au) over 11.3 meters at the surface in the central area of the project. These results exceed the current block model gold mineralization grades in the region.
Expansion Drill Hole RH25C-296: This hole intersected 1.45 g/t Au over 18.3 meters in a step-out 150 meters north of the existing Measured and Indicated resource boundary. The mineralization in the northeast is only limited by drilling and remains open. The company is testing the area up to 450 meters north and 1,520 meters wide.

Drilling and Pump Installations for Wells Completed

Dakota has successfully completed drilling and pump installation at all 28 water wells required for permitting, in collaboration with the South Dakota Department of Agriculture and Natural Resources. Sampling began in November, with 12 months of monitoring planned to support both the Feasibility Study and permit application, targeted for early 2027. The project footprint is on private land, requiring state and county permits. While drilled for water sampling, the holes have been assayed for gold.

Dakota’s core drilling remains active in the northeast project area, with additional assay results expected through the fourth quarter of 2025 and into 2026. The core drilling on the project is designed to collect metallurgical samples for column testing, conduct condemnation drilling beneath proposed site infrastructure for mine planning, perform infill drilling to upgrade the existing resource, and carry out expansion drilling where the resource remains open. The drill results will refine the modeled boundaries and enhance the precision of the geo-metallurgical domains, as well as inform both the oxide and sulfide resource updates for the Feasibility Study.

More Than Two-Dozen Holes Released Last Month

Last month, the company disclosed assay results from 26 drill holes at Richmond Hill. According to the update, expansion and infill drill holes in the northeastern section of the project area are encountering significantly higher-grade gold than the average resource grade. This includes RH25C-278, which intersected 1.75 g/t Au over 19.9 meters, and RH25C-295, which intersected 2.15 g/t Au over 30 meters, as stated by Dakota in the release. The expansion drilling in this region has the potential to enhance the resource based on previous drilling and existing resources. The mineralization in the northeast is only limited by drilling and remains open.

The company noted that metallurgical drill holes throughout the northern project area continue to intercept high-grade gold, reducing risk for the project and boosting confidence in the resource. This includes RH25C-270, which intersected 2.26 g/t Au over 29.2 meters, and RH25C-288, which intersected 4.15 g/t Au over 14.5 meters. The metallurgical drilling results underscore the low-risk nature of the deposit, characterized by widespread mineralization.

Step-Out Drilling Delivers Impressive Results, Analyst Says

In an updated research note on December 2, Analyst Andrew Mikitchook highlighted that the new standout intercept of 8.17 g/t Au over 11.3 meters significantly exceeds the average resource grade and surpasses the current block model grades in the area. He noted that expansion drilling in the Northeast continues to show potential for resource growth, while metallurgical, condemnation, and infill drilling progress at Richmond Hill.

“We will continue to monitor progress towards a Feasibility Study in early 2027 and first gold in late 2029,” the analyst wrote.

Dakota Gold provided an update on its 2025 drilling program, emphasizing results such as 11.3 meters at 8.17 g/t Au from an infill hole and 18.3 meters at 1.45 g/t Au from a 150-meter step-out hole. For context, Mikitchook mentioned that the February 2025 mineral resource outlined a heap leachable Measured and Indicated resource of 3.65 million ounces (Moz) at 0.46 g/t Au and an inferred resource of 2.61 Moz at 0.35 g/t Au. These results continue to demonstrate the resource expansion potential in the Northeast, where mineralization remains open.

The company currently has two rigs drilling at Richmond Hill and is on schedule to complete its 27,500-meter drill program by the end of 2025, he noted. Dakota announced an Initial Assessment with Cash Flow (IACF) for the Richmond Hill project in July 2025, outlining production of 153,000 ounces per year over 17 years at US$1,047/ounce AISC (all-in sustaining costs), with initial capital expenditure of US$380 million. The company has since commissioned trade-off studies as part of a feasibility study expected in 2027.

Drilling was initiated to collect metallurgical samples, conduct condemnation drilling, and perform infill/expansion drilling where the resource remains open, Mikitchook said. The analyst also reminded investors that “Richmond Hill is on privately held brownfield land, which should make for a simpler State and County permitting process.”

In a flash update note on November 19, Canaccord Genuity Capital Markets Analyst Peter Bell described the results as a positive development for Dakota. The update included the first assays from expansion drilling in the northeastern corner of the project. Bell highlighted the grades of expansion holes RH25C-278, which yielded 1.75 g/t Au over 19.9 meters, and RH25C-295, which returned 2.15 g/t Au over 5.5 meters. Additionally, infill and metallurgical drilling in the northern project area continue to demonstrate continuity of mineralization, which should be beneficial for the upcoming resource update and feasibility study, Bell noted.

He calculated an average grade and width of 1.67 g/t Au and approximately 10 meters, respectively, which is significantly higher than the average measured and indicated resource grade of 0.463 g/t Au. Expansion holes drilled in the southeastern part of the project did not yield significant results, although results from four holes in this area are still pending.

“Overall, the results released this morning are encouraging, in our view, intersecting high gold grades over impressive widths,” Bell wrote. “The results serve to validate the current resource at Richmond Hill and provide support for resource growth. With metallurgical drilling for the 2025 campaign now complete, the company is advancing heap leach column testing. Dakota has a strong balance sheet of US$33 million (Sept 30, 2025) in cash, which on our numbers has the company fully funded through the completion of its feasibility study.”

He continued, “We have a SPECULATIVE BUY rating and US$14 target price. Our target is predicated on a 0.9x multiple applied to our forward curve-derived operating NAV less net debt and other adjustments.”

The Catalyst: Gold Drops After Big Day

Gold prices fell over 1% on Tuesday as investors took profits following a six-week high in the previous session, Anmol Choubey reported for Reuters on December 2. Market participants are now looking ahead to key U.S. economic data before the Federal Reserve’s policy meeting next week. By 11:09 a.m. ET, spot gold had decreased by 1.4% to US$4,173.91 per ounce. U.S. gold futures for February delivery fell by 1.6% to US$4,205.10 per ounce.

“It’s probably just a little bit of profit taking… the market’s biggest focus of late has been rate cut expectations and those remain pretty steady,” commented Peter Grant, vice president and senior metals strategist at Zaner Metals, according to the report. “We are in a continuation pattern that will eventually lead to an upside breakout, and I still like US$5,000 gold early in the new year.”

Recent data indicating a gradual cooling of the U.S. economy, along with dovish signals from Federal Reserve policymakers, has strengthened market expectations for a 25-basis-point rate cut at the Fed’s meeting next week, Choubey wrote. Traders are pricing in an 87% probability of this move. Investors are also watching the November ADP employment report on Wednesday and the delayed September Personal Consumption Expenditures (PCE) Index, due Friday, which is the Fed’s preferred measure of inflation. Lower interest rates typically favor non-yielding gold.[OWNERSHIP_CHART-7442]

This comes after gold prices climbed to a six-week peak on Monday, buoyed by increasing expectations of U.S. interest rate cuts and a weakening dollar, MSNBC reported on December 1. Spot gold rose 0.2% to US$4,239.35 per ounce, marking its highest level since October 21. The U.S. dollar fell to a two-week low, making gold more affordable for those holding other currencies.

“The underlying environment of expectations of further rate cuts, along with inflationary pressure still above the Fed target… is still the underlying support in gold and silver,” stated David Meger, director of metals trading at High Ridge Futures, according to the report. Traders have raised their bets on a December rate cut to an 87% probability, following softer U.S. economic data and dovish comments from Fed officials, including Governor Christopher Waller and New York Fed President John Williams. Lower interest rates generally benefit non-yielding assets like gold.

Ownership and Share Structure¹

Twelve insiders own 12.57% of Dakota Gold, and various institutions collectively hold 48.93% of the company. Top institutional holders include Orion Resource Partners (USA) LP with 6.34%, The Vanguard Group with 4.25%, BlackRock Institutional Trust Co. N.A. with 4.31%, and Van Eck Associates Corp. with 3%. The remainder is held by retail investors.

Dakota Gold has 113.26 million outstanding shares, and its market cap is US US$528.93 million. Its 52-week range is US$2.05–5.51 per share.

Important Disclosures:

Dakota Gold Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Dakota Gold Corp.
Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

( Companies Mentioned: DC:NYSE American,
)

Gold

Mining Co. Finds Excellent Resource Expansion Potential in Homestake District

Post author By Gold News Club
Post date December 5, 2025

Source: Streetwise Reports 12/02/2025

Dakota Gold Corp. (DC:NYSE American) announces more assay results from drill holes at the Richmond Hill Oxide Heap Leach Gold Project in South Dakota’s historic Homestake District. Find out why one analyst says the company’s recent results have been “encouraging.”

Dakota Gold Corp. (DC:NYSE American) has announced further assay results from drill holes at the Richmond Hill Oxide Heap Leach Gold Project in South Dakota’s historic Homestake District, according to a release on December 1.

The ongoing drilling efforts continue to confirm extensive gold mineralization and the potential for resource expansion, the company said. Dakota is currently operating two drills and aims to complete approximately 27,500 meters of drilling during its 2025 campaign.

“These latest drill results at Richmond Hill continue to confirm the significant potential of this Project,” said President and Chief Operating Officer Jack Henris. “The combination of high-grade intercepts, mineralization, and state and county focused permitting, positions Richmond Hill as a compelling development opportunity. We remain focused on advancing drilling, feasibility work, and permitting to unlock long-term value for our shareholders and stakeholders.”

Highlights from the update include:

Metallurgical Drill Hole RH25C-236: This hole intersected 8.17 grams per tonne gold (g/t Au) over 11.3 meters at surface in the central area of the project. These results surpass the current block model gold mineralization grades in the region.
Expansion Drill Hole RH25C-296: This hole intersected 1.45 g/t Au over 18.3 meters in a step-out 150 meters north of the existing Measured and Indicated resource boundary. The mineralization in the northeast is only limited by drilling and remains open. The company said it is testing the area up to 450 meters north and 1,520 meters wide.

Drilling, Pump Installations for Wells Finished

Dakota said it has successfully completed drilling and pump installation at all 28 water wells required for permitting, in consultation with the South Dakota Department of Agriculture and Natural Resources. Sampling began in November, with 12 months of monitoring planned to support both the Feasibility Study and permit application, targeted for early 2027.

The project footprint is on private land, requiring state and county permits. While drilled for water sampling, the holes have been assayed for gold.

The drill results will refine the modeled boundaries and enhance the precision of the geo-metallurgical domains, as well as inform both the oxide and sulfide resource updates for the Feasibility Study, the company said.

More Than Two-Dozen Holes Released Last Month

Last month, the company revealed assay results from 26 drill holes at Richmond Hill. According to the update, expansion and infill drill holes in the northeastern section of the project area are encountering significantly higher-grade gold than the average resource grade. This includes RH25C-278, which intersected 1.75 g/t Au over 19.9 meters, and RH25C-295, which intersected 2.15 g/t Au over 30 meters, as stated by Dakota in the release. The expansion drilling in this region has the potential to enhance the resource based on previous drilling and existing resources. The mineralization in the northeast is only limited by drilling and remains open.

Analyst: Step Out Drilling Impresses

In an updated research note on December 2, Analyst Andrew Mikitchook said the new standout intercept of 8.17 g/t Au over 11.3 meters significantly surpasses the average resource grade and exceeds the current block model grades in the area.

Expansion drilling in the Northeast continues to reveal potential for resource growth, while metallurgical, condemnation, and infill drilling progress at Richmond Hill, he said.

“We will continue to monitor progress towards a Feasibility Study in early 2027 and first gold in late 2029,” the analyst wrote.

Dakota Gold provided an update on its 2025 drilling program, highlighting results such as 11.3 meters at 8.17 g/t Au from an infill hole and 18.3 meters at 1.45 g/t Au from a 150-meter step-out hole. For context, Mikitchook said, the February 2025 mineral resource outlined a heap leachable Measured and Indicated resource of 3.65 million ounces (Moz) at 0.46 g/t Au and an inferred resource of 2.61 Moz at 0.35 g/t Au. These results continue to demonstrate the resource expansion potential in the Northeast, where mineralization remains open.

The company currently has two rigs drilling at Richmond Hill and is on track to complete its 27,500-meter drill program by the end of 2025, he noted. Dakota announced an Initial Assessment with Cash Flow (IACF) for the Richmond Hill project in July 2025, outlining production of 153,000 ounces per year over 17 years at US$1,047/ounce AISC (all-in sustaining costs), with initial capital expenditure of US$380 million. The company has since commissioned trade-off studies as part of a feasibility study expected in 2027.

Drilling was initiated to collect metallurgical samples, conduct condemnation drilling, and perform infill/expansion drilling where the resource remains open, Mikitchook said.

The analyst also reminded investors that “Richmond Hill is on privately held brownfield land, which should make for a simpler State and County permitting process.”

In a flash update note on November 19, Canaccord Genuity Capital Markets Analyst Peter Bell described the November results as a positive development for Dakota. The update included the first assays from expansion drilling in the northeastern corner of the project.

Bell highlighted the grades of expansion holes RH25C-278, which yielded 1.75 g/t Au over 19.9 meters, and RH25C-295, which returned 2.15 g/t Au over 5.5 meters. Additionally, infill and metallurgical drilling in the northern project area continue to demonstrate continuity of mineralization, which should be beneficial for the upcoming resource update and feasibility study, Bell noted.

The Catalyst: Gold Drops After Big Day

Gold prices dropped over 1% on Tuesday as investors took profits after reaching a six-week high in the previous session, Anmol Choubey reported for Reuters on December 2. Market participants are now looking ahead to key U.S. economic data before the Federal Reserve’s policy meeting next week. By 11:09 a.m. ET, spot gold had decreased by 1.4% to US$4,173.91 per ounce. U.S. gold futures for February delivery fell by 1.6% to US$4,205.10 per ounce.

This after prices for the yellow metal climbed to a six-week peak on Monday, buoyed by increasing expectations of U.S. interest rate cuts and a weakening dollar, MSNBC reported December 1. Spot gold rose 0.2% to US$4,239.35 per ounce, marking its highest level since October 21. The U.S. dollar fell to a two-week low, making gold more affordable for those holding other currencies.

Ownership and Share Structure¹

Twelve insiders own 12.57% of Dakota Gold and numerous institutions hold 48.93% of Dakota in aggregate. Top institutions include Orion Resource Partners (USA) LP with 6.34%, The Vanguard Group with 4.25%, BlackRock Institutional Trust Co. N.A. with 4.31%, and Van Eck Associates Corp. with 3%. The rest is in retail.

Dakota Gold has 113.26 million outstanding shares, and its market cap is US$528.93 million. Its 52-week range is US$2.05–5.51 per share.

Important Disclosures:

Dakota Gold Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Dakota Gold Corp.
Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.