Revenue: As of FY2026 Q1, the actual value is USD 0.EPS: As of FY2026 Q1, the actual value is USD -0.07.EBIT: As of FY2026 Q1, the actual value is USD -9.513 M.Dakota Gold Corp. operates solely within the mineral exploration and evaluation segment, reporting no operating revenues for the three months ended March 31, 2026, and 2025.<h4>Operational Metrics</h4><ul><li>Net Loss and Comprehensive Loss:<ul><li>For the three months ended March 31, 2026: - $8.5 million.</li><li>For the three months ended March 31, 2025: - $3.7 million.</li></ul></li><li>Exploration Expenses:<ul><li>For the three months ended March 31, 2026: $6.5 million (up from $1.9 million in the prior year comparable period), primarily due to increased drilling activity ($2.4 million increase), assay costs ($0.6 million increase), permitting and environmental costs ($0.4 million increase), road and pad construction costs ($0.3 million increase), other miscellaneous costs ($0.3 million increase), and studies and reports ($0.4 million increase).<ul><li>Drilling and other directly related costs: $4,126,980 in 2026, compared to $267,279 in 2025.</li><li>Studies costs: $734,197 in 2026, compared to $342,951 in 2025.</li><li>Labor costs within exploration: $1,161,379 in 2026, compared to $1,075,516 in 2025.</li><li>Other exploration costs: $494,933 in 2026, compared to $227,483 in 2025.</li><li>Stock-based compensation included in exploration expenses: approximately $0.1 million for both periods.</li></ul></li></ul></li><li>General and Administrative Expenses:<ul><li>For the three months ended March 31, 2026: approximately $2.5 million (up from approximately $1.9 million in the same period of 2025), mainly due to an approximate $0.6 million increase in support costs related to team expansion.<ul><li>Labor costs within general and administrative expenses: $921,142 in 2026, compared to $439,287 in 2025.</li><li>Other general and administrative costs: $1,546,936 in 2026, compared to $1,461,581 in 2025.</li></ul></li></ul></li><li>Loss from Operations:<ul><li>For the three months ended March 31, 2026: - $9.0 million.</li><li>For the three months ended March 31, 2025: - $3.8 million.</li></ul></li><li>Loss before Income Taxes:<ul><li>For the three months ended March 31, 2026: - $8.5 million.</li><li>For the three months ended March 31, 2025: - $3.7 million.</li></ul></li><li>Interest Income:<ul><li>For the three months ended March 31, 2026: approximately $0.5 million.</li><li>For the three months ended March 31, 2025: approximately $0.1 million.</li></ul></li><li>Basic and Diluted Loss per Share:<ul><li>For the three months ended March 31, 2026: - $0.07.</li><li>For the three months ended March 31, 2025: - $0.04.</li></ul></li><li>Stock-based Compensation Expense (Total):<ul><li>For the three months ended March 31, 2026: $567,419.</li><li>For the three months ended March 31, 2025: $737,284.</li></ul></li></ul><h4>Cash Flow</h4><ul><li>Cash Used in Operating Activities:<ul><li>For the three months ended March 31, 2026: - $8.1 million, primarily due to higher operating expenses from increased drilling activity.</li><li>For the three months ended March 31, 2025: - $3.9 million.</li></ul></li><li>Cash Used in Investing Activities:<ul><li>For the three months ended March 31, 2026: - $0.8 million, due to purchases of property and equipment and mineral properties.</li><li>For the three months ended March 31, 2025: $0.</li></ul></li><li>Cash Provided by Financing Activities:<ul><li>For the three months ended March 31, 2026: $86.2 million.</li><li>For the three months ended March 31, 2025: $41.1 million.</li></ul></li><li>Cash and Cash Equivalents (End of Period):<ul><li>As of March 31, 2026: $106.9 million.</li><li>As of March 31, 2025: $46.6 million.</li></ul></li></ul><h4>Unique Metrics</h4><ul><li>Mineral Rights and Properties (Carrying Value):<ul><li>As of March 31, 2026: approximately $83.4 million.</li><li>As of December 31, 2025: approximately $82.9 million.</li></ul></li><li>Acquisition Costs for Mineral Properties:<ul><li>For the three months ended March 31, 2026: approximately $0.5 million.</li><li>For the three months ended March 31, 2025: $0.</li></ul></li><li>Proceeds from Stock Sales:<ul><li>At-the-market (ATM) program:<ul><li>Q1 2026: approximately $3.5 million (586,749 shares issued).</li><li>Q1 2025: approximately $7.3 million (2,548,713 shares issued).</li></ul></li><li>Public offerings:<ul><li>Q1 2026: approximately $71.8 million (12,561,000 shares issued).</li><li>Q1 2025: approximately $32.7 million (12,400,000 shares issued).</li></ul></li><li>Exercise of warrants:<ul><li>Q1 2026: approximately $10.9 million (5,239,821 shares).</li><li>Q1 2025: approximately $1.6 million (780,048 shares).</li></ul></li><li>Exercise of stock options:<ul><li>Q1 2026: approximately $0.3 million (123,500 shares).</li><li>Q1 2025: $19,200.</li></ul></li></ul></li><li>Payments of Income Taxes on Stock-based Compensation:<ul><li>Q1 2026: approximately - $0.3 million.</li><li>Q1 2025: approximately - $0.5 million.</li></ul></li><li>Total Shares Outstanding:<ul><li>As of May 14, 2026: 133,928,097 shares of common stock.</li></ul></li><li>Unrecognized Stock-based Compensation Expense:<ul><li>As of March 31, 2026: $3,899,500, with a weighted-average vesting period of 1.68 years.</li></ul></li><li>Matching Right Exemption:<ul><li>As of May 14, 2026: approximately $61.6 million in exemptions from the Orion Mine Finance Matching Right remained.</li></ul></li></ul><h4>Future Outlook and Strategy</h4>Dakota Gold Corp. plans to advance the Richmond Hill Project in 2026 through feasibility, permitting, and technical de-risking, with a transition to a Pre-Feasibility Study in the second half of 2026, followed by a Feasibility Study targeted for 2027. This includes an extensive drilling campaign of approximately 15,500 meters and staged metallurgical test work, with final results expected in Q4 2026, to inform heap leach pad design and recovery optimization. Concurrently, the company plans to advance the Maitland property’s Unionville Zone toward a maiden mineral resource by year-end 2026 through an infill drilling program of approximately 5,600 meters, while continuing to evaluate high-grade exploration at the JB Gold Zone.

Dakota Gold | 10-Q: FY2026 Q1 Revenue: USD 0