Revenue: As of FY2025, the actual value is USD 0.EPS: As of FY2025, the actual value is USD -0.27.EBIT: As of FY2025, the actual value is USD -31.93 M.<h4>Segment Overview</h4>Dakota Gold Corp. operates in a single segment focused on mineral exploration and evaluation in the United States, generating no operating revenues for the years ended December 31, 2025 and 2024.<h4>Operational Metrics</h4><ul><li>Net Loss and Comprehensive Loss: The company reported a net loss and comprehensive loss of - $29.5 million for 2025, an improvement from - $33.9 million for 2024.</li><li>Exploration Expenses: Total exploration expenses decreased to $21.0 million in 2025 from $23.7 million in 2024, a year-over-year decrease of approximately $2.7 million. This reduction was primarily due to a $6.4 million decrease in drilling-related costs and a $0.6 million decrease in assay costs, partially offset by increases in equipment rental/maintenance ($1.5 million), studies and reports ($1.8 million), exploration payroll ($0.4 million), and reclamation costs ($0.3 million. Stock-based compensation within exploration costs was $0.9 million in 2025 compared to $0.6 million in 2024.<ul><li>Detailed Exploration Expenses: Drilling and other directly related costs were $11,725,217 in 2025 versus $15,449,982 in 2024. Studies increased to $2,903,461 in 2025 from $947,211 in 2024. Labor costs were $4,085,630 in 2025 compared to $3,801,820 in 2024, and other expenses were $2,277,038 in 2025 versus $3,508,149 in 2024.</li></ul></li><li>General and Administrative Expenses: These expenses were approximately $9.8 million in 2025, down from $10.6 million in 2024, representing an $0.8 million decrease. This was mainly due to a $0.4 million reduction in investor relations costs and a $0.6 million decrease in non-cash stock-based compensation expense, partially offset by a $0.7 million increase in support costs.<ul><li>Detailed General and Administrative Expenses: Labor costs were $3,430,601 in 2025 versus $2,841,435 in 2024, while other expenses were $6,332,795 in 2025 compared to $7,783,645 in 2024.</li></ul></li><li>Loss from Operations: The company reported a loss from operations of - $30.8 million in 2025, an improvement from - $34.3 million in 2024.</li><li>Loss Before Income Taxes: This figure was - $29.6 million in 2025, compared to - $33.9 million in 2024.</li><li>Interest Income: Interest income from bank accounts increased to $1.2 million in 2025 from $0.6 million in 2024.</li><li>Stock-Based Compensation Expense (Total): Total stock-based compensation expense was $3,453,335 in 2025, down from $3,776,279 in 2024. As of December 31, 2025, unrecognized compensation expense was $3,608,707, with a weighted-average vesting period of 2.20 years.</li><li>Depreciation Expense: Depreciation expense was $198,764 in 2025, compared to $254,978 in 2024.</li></ul><h4>Cash Flow</h4><ul><li>Net Cash Used in Operating Activities: The company used - $25.4 million in operating activities in 2025, an improvement from - $31.5 million in 2024.</li><li>Net Cash Used in Investing Activities: Investing activities used - $0.4 million in 2025, compared to - $0.6 million in 2024.</li><li>Net Cash Provided by Financing Activities: Financing activities provided $46.1 million in 2025, significantly higher than $15.9 million in 2024. This included $9.7 million from the ATM Program, $32.8 million from a public offering, $4.2 million from warrant exercises, and $0.2 million from stock option exercises in 2025.</li><li>Cash and Cash Equivalents: Cash and cash equivalents at the end of 2025 were $29.7 million, an increase from $9.4 million at the end of 2024.</li><li>Working Capital: As of December 31, 2025, working capital was approximately $27.4 million.</li><li>Accumulated Deficit: The accumulated deficit stood at approximately - $106.1 million as of December 31, 2025.</li></ul><h4>Unique Metrics (Richmond Hill Gold Project)</h4><ul><li>Mineral Resources (as of February 3, 2025): The project holds a Measured + Indicated Mineral Resource of 4,635.4 thousand ounces of gold and 47,770 thousand ounces of silver, and an Inferred Mineral Resource of 5,060.3 thousand ounces of gold and 52,109 thousand ounces of silver (Leach and Mill).</li><li>Initial Assessment Technical Report with Cash Flow (IACF) Key Parameters (July 7, 2025): Based on a base case gold price of $2,350/oz and silver price of $29.00/oz, the project’s Life of Mine (LOM) Gold Payable is 2,604 thousand ounces (Measured &amp; Indicated plan) and 3,982 thousand ounces (Measured, Indicated &amp; Inferred plan). The LOM Average Annual Gold Payable is 153,000 ounces (Measured &amp; Indicated plan) and 142,000 ounces (Measured, Indicated &amp; Inferred plan). LOM All-In Sustaining Costs (AISC) are $1,047 (Measured &amp; Indicated plan) and $1,050 (Measured, Indicated &amp; Inferred plan). The After-tax NPV5% is $1.6 billion (Measured &amp; Indicated plan) and $2.1 billion (Measured, Indicated &amp; Inferred plan), with After-tax IRR of 55% and 59%, respectively.</li></ul><h4>Outlook / Guidance</h4>Dakota Gold Corp. plans to advance the Richmond Hill Project in 2026 through feasibility, permitting, and technical de-risking, aiming for a Pre-Feasibility Study in the second half of 2026 and a Feasibility Study in 2027. Concurrently, the company will continue high-grade exploration at the Maitland Project, focusing on an infill drilling program to achieve a maiden mineral resource for the Unionville Zone by year-end 2026.

Dakota Gold | 10-K: FY2025 Revenue: USD 0