Dakota Gold Completes Metallurgy and Plans Heap Leach Design
Cash stood at $92.15 million at September 30, 2026, after a February public offering that raised about $71.7 million in net proceeds.
Dakota Gold Corp. (DC), an exploration-stage gold developer in South Dakota’s Homestake District, reported a net loss of $8.41 million, or $0.06 a share, for the three months ended September 30, 2026, as it finished metallurgical testing and set mine-design parameters for a Pre-Feasibility Study it said would be completed in 2026.
The company had no operating revenue in the quarter, as in the year-ago period. Loss from operations was $9.06 million.
Exploration expenses were $6.30 million, down from $7.69 million a year earlier. The company attributed the year-over-year decline to fewer drills operating, a $1.1 million drop in drilling costs, $1.6 million lower equipment rental and maintenance, and $0.2 million lower road and pad construction. Those decreases were partly offset by $1.0 million higher studies and reports as engineering and environmental work advanced for the Pre-Feasibility Study, $0.4 million higher permitting and environmental costs tied to a Notice of Intent, and $0.1 million higher miscellaneous costs. Stock-based compensation in exploration was about $0.2 million.
General and administrative expenses were $2.76 million, compared with $3.17 million a year earlier, which the company said was driven primarily by a $0.4 million decrease in support costs.
Interest income was $0.77 million, versus $0.40 million a year earlier, which the company said resulted from a higher cash balance after the February 2026 financing. Cash and cash equivalents were $92.15 million at September 30, 2026, up from $29.69 million at December 31, 2025.
On September 10, 2026, the company reported positive results from its metallurgical test program, which it said will inform the Pre-Feasibility Study. Oxide ores and transition materials were defined and tested. Based on those results, the company said it does not expect to process a significant amount of transition material, which accounted for about 20% of the resource used in the Initial Assessment with Cash Flow. All other oxide lithologies at Richmond Hill, it said, exhibited good characteristics of heap leach ores. On September 28, 2026, it announced a consolidated heap leach facility design that centralizes all phased expansion modules of the heap leach pad, with processing capacity and operating parameters optimized from the metallurgical work.
During the nine months ended September 30, 2026, the company completed 139 core holes for about 21,000 meters, including about 18,000 meters at Richmond Hill and 3,000 meters at Maitland, bringing cumulative drilling since 2022 to 612 holes for about 165,000 meters. Active exploration permits stood at sixteen, with one additional permit pending.
Jack Henris succeeded Dr. Robert Quartermain as chief executive officer effective August 18, 2026, and joined the board. Quartermain retired as CEO on that date and remained a director and Co-Chair.
Remaining 2026 activities, the company said, will focus on completing the Pre-Feasibility Study, advancing permitting and environmental baseline studies, and technical de-risking at Richmond Hill. A feasibility study is targeted for 2027. Planned Richmond Hill drilling for the remainder of 2026 and 2027 totals about 15,000 meters for metallurgical follow-up, lithogeochemical data, and conversion of resources to higher-confidence categories. At Maitland, 2027 work is planned around advancing the Unionville Zone toward a maiden mineral resource and continuing infill drilling on shallow Tertiary epithermal mineralization, with parallel evaluation of the JB Gold Zone.
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