Robert Quartermain of Dakota Gold Corp. talks to Adrian Day | Metals Investor Forum Sept. 2026

Metals Investor Forum Sep 25, 2026 11:30

Summary

Heap-leach column tests in the pressure zone returned up to 90% gold recoveries, addressing the prior metallurgy question hanging over Richmond Hill.

On private land in South Dakota's Homestake District, the project only needs Lawrence County and state sign-off — a defined permitting timeline.

Dakota Gold (DC) advances Richmond Hill with a PFS due Q4 2026, full FS H1 2027, and $99M working capital as of June 30, 2026.

Quartermain stepped from interim CEO to Co-Chair, handing the operator seat to Jack Henris so the build-out team drives daily mine decisions.

Quartermain argues development-stage miners typically trade at 0.2–0.3x NAV and rerate as they de-risk toward production.

Guest argues the Q4 2026 feasibility study is the next major catalyst, outlining reserves and a clear path to production.
Recent metallurgical program showed up to 90% gold recoveries in the pressure zone area, addressing the prior investor concern about Richmond Hill metallurgy.
Well-capitalized with $99M of working capital as of June 2026, after raising over $100M in the past year — funds work through 2027 and 2028.
Key asset Richmond Hill is an open-pit, large-scale heap leach operation in South Dakota's Homestake District, about 2 km north of the operating Wharf Mine.
Controls over 50,000 acres of mineral tenures; adjacent Maitland project (JB zone, high-grade material) plus broader district optionality.

Top takeaway Frames Quartermain's move from CEO to co-chair as positive, arguing geologists should stay in their 'knowledge zone' and let an operator run the build-out.
Draws a parallel to his Pretium experience, suggesting the right operator team can deliver once it is in place.

Top takeaway Arguing Dakota Gold could trade at 0.2 to 0.3x NAV as it moves along the development pathway over the next three years without further capital raises — his case for remaining the largest shareholder.
Justifies stepping down as CEO and handing the role to Jack Henris (ex-Carlin/Cripple Creek) so he stays in his 'geology zone' while an operator leads day-to-day execution.
Frames Richmond Hill's location — 50-minute drive from the office, private land in Lawrence County, near the operating Wharf — as a sharp contrast to remote Pretium-style mines, simplifying permitting and hiring.
Highlights the Q4 2026 feasibility study as the next catalyst, noting column-test metallurgy already showing up to 90% gold recoveries that de-risk Richmond Hill.
Beyond Richmond Hill, points to the adjacent Maitland 'JB zone' (high-grade material) and broader Homestake District optionality as the long-term, cash-flow-funded growth story.