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Shawn Campbell of Dakota Gold Corp. presents at Metals Investor Forum in Vancouver | Sep 2026

Metals Investor Forum Sep 25, 2026 10:38

Summary

Dakota Gold's Richmond Hill targets first gold by late 2029 with AISC (All-In Sustaining Cost) under $1,100 per ounce on $1.6B NPV at $2,350 gold.

Benchmarking Richmond Hill's design against the nearby Wharf mine keeps the three-stage crush heap leach capex below $400M.

State-county-only permitting on private South Dakota land cuts the federal review step out of Dakota Gold's path to 2029 production.

Roughly $100M in treasury and an oversubscribed $75M raise in 2026 mean Dakota Gold does not need to dilute through the next two-year milestone path.

Adjacent to Richmond Hill, the Maitland high-grade underground target offers a second growth opportunity not yet reflected in Dakota Gold's share price.

Key points on Dakota Gold

  • Richmond Hill economics: at $2,350 gold the project shows a 17-year mine life, 153,000 oz of annual production, ASIC under $1,100/oz, with a $1.6 billion base-case NPV at under $400 million CapEx, and the speaker highlights it as a $4 billion opportunity at $4,000 gold.
  • Timeline to production: PFS due late 2026, feasibility study in 2027, permits in hand by late 2028, and first production in late 2029, framed by the speaker as a fast transition from developer to producer.
  • Drilling and metallurgy: the PFS will add 350 drill holes (30% more drilling); recent column work confirmed over 90% recovery on a particular material, and the company is drilling an additional 15,000 meters for the feasibility study.
  • Throughput and sequencing trade-offs: the PFS is testing throughput up to 60,000 tons/day (50% above the 30,000 t/d base case) and prioritizing near-surface high-grade material early in the mine life to improve IRR and NPV.
  • Balance sheet and cap table: close to $100 million in treasury, 134 million shares outstanding, and an $800 million market cap against a multi-billion dollar opportunity; analyst coverage grew from 3 to 7 year-to-date and a $75 million financing was oversubscribed.

Jack Henris's takeaways

  • Top takeaway The speaker announces Henris as Dakota Gold's new CEO, noting he previously ran the Carlin operation at over 1 million oz/year with four heap leaches, a roaster, and an autoclave.
  • Henris was added to the team to drive execution on Richmond Hill toward production by late 2029.