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Dakota Gold

Gold explorer, with a project stated to be in Lead, South Dakota, within Homestake District.

South Dakota · United States — as stated on the recordings

explorer gold South Dakota, United States
Nov 2025 → Jul 2026Covered
7 of 10Topics on record
1Figures tracked over time
1 executiveNamed on the record
Generate Claims & Checks What management and commentators said, and what still needs independent verification 8 interviews with the company · 6 independent recordings
Stage
Explorer
Primary commodity
Gold
Jurisdiction
Lead, South Dakota, within Homestake District
Deposit
underground mines at 8 to 10 gram level
Latest appearance
16 Jul 2026
On record
8 interviews · 29 statements · 5 executives

At a glance

What the record holds today. Every card names where it came from — a management representation is not an established fact, and the page never blurs the two.

What is in the ground
3.5 million ounces of measured indicated and inferred resources
Management-stated May 2026
Money on hand
$41 million
Stated capital need: No debt
Management-stated Robert Quartermain Nov 2025
What happens next
prefeasibility study planned on 2.6 million ounces measured and indicated resource
Management-stated May 2026
The main open question
The case is incomplete: management has outlined a prefeasibility study, not a full feasibility, with first production targeted for 2029 and baseline work still underway.
Weighed from the statements below, not our opinion of the company.
Our reading
How outsiders read it
6 independent voices on record — 13 constructive, 1 neutral
Rick Rule, Joe Ovsenek, Ross Beaty, Darrell Thomas…
Outside voices

How the stated figures have moved

The same figure, as management put it on the earliest and the latest recording we hold. A difference may be a genuine update, a different measure of the same thing (total against indicated), or a mis-heard number — both quotes are here, and both recordings are one click away.

Resource size ? New figure The earlier statement put no number on this 4 statements on record
19 Nov 2025
possibly a few million ounces of gold at Mland project
“we probably, and this would be a forward-looking statement, could over time maybe outline a few million ounces of gold there.”
08 May 2026
2.6 million ounces in the measured and indicated resource
“we've outlined about 2.6 million ounces in the measured and indicated um resource and that's the one we're kind of focusing on now that we're going to put into a uh prefeasibility study.”

Management view vs outside view

Management interviews are promotional by nature; the outside view is the counterweight. Both are quoted from the recordings, not added by us.

What management spends its time on

Counted from Dakota Gold's own claims across 8 interviews — most-covered theme first.

What outside voices pick up on

6 independent voices — people who do not speak for the company — across 14 mentions.

13 constructive 1 neutral
  • Rick Rule “He says it is clearly going to be a mine, with upside from drilling and possible takeover optionality.”
  • Joe Ovsenek “Peer used to suggest what P2 could be worth if it executes.”
  • Ross Beaty “Bob Quartermain pitches the company’s Homestake District land position and development potential.”
  • Darrell Thomas “Mentioned as the company resurrecting Homestake, implying a positive strategic project development angle.”

Bull · Bear · Watch next

Weighed from the statements on this page — management's pitch and the outside view. Not financial advice, and not our opinion of the company.

▲ Bull case

Management says the 2.6 million ounces in measured and indicated resource at a high-grade underground deposit can support a 17-year mine life producing 150,000 oz/year, with a discounted NPV of $1.6 billion at $2,350 gold (closer to $3…

What it rests on
Evidence: 3 moments from 2 interviews
Read the full case

Management says the 2.6 million ounces in measured and indicated resource at a high-grade underground deposit can support a 17-year mine life producing 150,000 oz/year, with a discounted NPV of $1.6 billion at $2,350 gold (closer to $3 billion at current prices) versus a $480 million market cap. Rick Rule, a large shareholder, calls it "clearly going to be a mine" with M&A optionality as juniors attract bids, and praises the management team and Homestake district pedigree.

▼ Bear case

The case is incomplete: management has outlined a prefeasibility study, not a full feasibility, with first production targeted for 2029 and baseline work still underway.

What it rests on
Evidence: 2 moments from 2 interviews
Read the full case

The case is incomplete: management has outlined a prefeasibility study, not a full feasibility, with first production targeted for 2029 and baseline work still underway. The NPV relies on a $2,350 gold assumption (which has moved favorably, but adds model risk). Share dilution looms from $14 million of in-the-money warrants exercisable at $28 through March 2026. Outside voices are largely Rick Rule, a known large shareholder—independent validation of the deposit and permitting path on private land in South Dakota is sparse.

◆ Watch next

Prefeasibility study completion and results on the 2.6 million ounce resource (planned as the basis for feasibility); baseline work and permitting milestone progress toward 2029 production target; warrant exercise activity and any…

What it rests on
Evidence: 2 moments from 2 interviews
Read the full case

Prefeasibility study completion and results on the 2.6 million ounce resource (planned as the basis for feasibility); baseline work and permitting milestone progress toward 2029 production target; warrant exercise activity and any dilution; and drill results from expansion potential in Chismolds (north) and Cole Creek (west) areas.

Each moment links to the exact point in the source recording. The cases are drawn from the transcripts, weighed as written — they are not a rating, a target or a recommendation.

Project 16 statements

The deposit 11

Key takeaway. Management describes Dakota Gold's deposit as a high-grade underground mine at the 8 to 10 gram level (May 2026).

Read the full summary

The company reports 3.5 million ounces of measured, indicated and inferred resources, including 2.6 million ounces in the measured and indicated category (May 2026), and notes a possible few million ounces of gold at the Meland project (Nov 2025), plus a "nice large silver resource" as well as a gold resource at the Richmond Hill project (Nov 2025). On exploration upside, management points to a 17-year mine life outlined, 48,000 acres of mineral tenures in the district, potential to expand resources north into the Chismolds area and west into the Cole Creek area, and 47 intersections at the Meland project averaging around 11 grams over 4 meters (all May 2026), consistent with the earlier disclosure of 47 intersections grading around almost 11 grams over four meters at that project (Nov 2025).

What was actually said
deposit type
underground mines at 8 to 10 gram level
“They're both underground uh mines which are running at were historically at that 8 to10 gram level.”
Unknown speaker· 08 May 2026·
exploration upside
48,000 acres of mineral tenures in the district
“because we're in the district in our 48,000 acres of mineral tenures, just two miles away to the um to the west, we have a Richmond Hill”
Unknown speaker· 08 May 2026·
exploration upside
47 intersections at Meland project averaging around 11 g over 4 meters
“And we've got 47 intersections in that and those intersections average around 11 g over 4 meters.”
Unknown speaker· 08 May 2026·
Show the other 8 statements
exploration upside
potential to expand resource to the north in Chismolds area and to the west in Cole Creek area
“The drilling we've seen, we've shown lots of potential to continue to expand the resource we've outlined both to the north uh in an area we call Chismolds, but also kind of in our Cole Creek area, which is further to the west.”
Unknown speaker· 08 May 2026·
exploration upside
17-year mine life outlined
“If you look at our SK1300, we're already looking at about a 17-year mine life, producing around 150,000 ounces a year.”
Unknown speaker· 08 May 2026·
resource size
3.5 million ounces of measured indicated and inferred resources
“We outlined a uh a total resource last year with respect to our SK 1300 looking at about uh 3.5 million ounces of measured indicated and inferred resources uh with gold.”
Unknown speaker· 08 May 2026·
resource size
2.6 million ounces in the measured and indicated resource
“we've outlined about 2.6 million ounces in the measured and indicated um resource and that's the one we're kind of focusing on now that we're going to put into a uh prefeasibility study.”
Unknown speaker· 08 May 2026·
deposit type
high-grade underground mine
“we have our Melan project, which is a high-grade underground uh mine opportunity”
Robert Quartermain· 19 Nov 2025·
exploration upside
47 intersections grading around almost 11 grams over four meters at Mland project
“we've come up with 47 intersections there grading around almost 11 grams over four meters.”
Robert Quartermain· 19 Nov 2025·
resource size
possibly a few million ounces of gold at Mland project
“we probably, and this would be a forward-looking statement, could over time maybe outline a few million ounces of gold there.”
Robert Quartermain· 19 Nov 2025·
resource size
nice large silver resource at Richmond Hill project as well as gold resource
“the nice thing about our Richmond Hill project is we have a nice large silver resource there as well as our gold resource.”
Robert Quartermain· 19 Nov 2025·

Jurisdiction 5

Key takeaway. Management says the company's project is in Lead, South Dakota, within the Homestake District in the United States.

Read the full summary

According to the company, the project is on private land with community agreement in place. As of November 2025, management reported they are currently conducting a feasibility study and baseline environmental work.

What was actually said
region
Lead, South Dakota, within Homestake District
“Homestake mine itself produced over 40 million ounces across kind of two mine uh two miles of strength length in lead, South Dakota.”
Unknown speaker· 08 May 2026·
community agreement
on private land
“our two key projects Meland and Richmond Hill are on private land.”
Robert Quartermain· 19 Nov 2025·
country
United States
“Dakota Gold is a US listed company. Uh our head office is in Lead South Dakota.”
Robert Quartermain· 19 Nov 2025·
Show the other 2 statements
permit status
doing feasibility study and baseline work
“we're now doing our feasibility study. We're doing our baseline work.”
Robert Quartermain· 19 Nov 2025·
region
South Dakota, Homestake District
“We're in an historic mining district. Uh the Homestake District which has produced over 45 million ounces of gold.”
Robert Quartermain· 19 Nov 2025·

Economics 5 statements

Economics 3

Key takeaway. Management has presented project economics using a $2,350 gold price assumption (November 2025), calculating an NPV of about $1.6 billion at that level.

Read the full summary

The company noted that at current gold prices the NPV would be closer to $3 billion. Separately, in May 2026, management said operating costs assume producing around 150,000 ounces a year.

What was actually said
operating cost
producing around 150,000 ounces a year
“we're already looking at about a 17-year mine life, producing around 150,000 ounces a year.”
Unknown speaker· 08 May 2026·
npv
about $1.6 billion at $2,350 gold price; closer to $3 billion at current gold prices
“based at a $2,350 gold price. It said the discounted net present value of the project's about $1.6 billion versus our current market cap. If you looked at current gold prices, you know, the measured indicated model would be closer to close to $3 billion.”
Robert Quartermain· 19 Nov 2025·
price assumption
$2,350 gold price
“based at a $2,350 gold price.”
Robert Quartermain· 19 Nov 2025·

Financing 2

Key takeaway. Management reports a cash position of $41 million as of November 2025 and says the company carries no debt.

What was actually said
capital needed
No debt
“We have no debt.”
Robert Quartermain· 19 Nov 2025·
cash position
$41 million
“at our last, uh quarterly financial statements in June, we had $41 million cash in the bank.”
Robert Quartermain· 19 Nov 2025·

Timeline 2 statements

Timeline 2

Key takeaway. Management reports that a prefeasibility study is planned on the 2.6 million ounce measured and indicated resource by May 2026, and they target first production around 2029.

What was actually said
milestone
prefeasibility study planned on 2.6 million ounces measured and indicated resource
“that's the one we're kind of focusing on now that we're going to put into a uh prefeasibility study.”
Unknown speaker· 08 May 2026·
first production
around 2029
“we're projecting to be in production somewhere around 2029.”
Robert Quartermain· 19 Nov 2025·

Corporate 6 statements

Management 3

Key takeaway. Management highlights the team's nearly 50-year track record in the industry since 1977.

Read the full summary

The CEO notes the prior exit of the Freium Resources Bruce Jack project, sold to Newmont for over $3 billion, and says that Silver Standard was grown from $2 million to over $2 billion over 25 years.

What was actually said
prior exit
Freium Resources Bruce Jack project sold to Newmont for over $3 billion
“created predium uh which we bought the Bruce Jack project and put it in production. It was Canada's fourth largest gold mine and it eventually gets sold over $3 billion. So create to newmont that's correct.”
Robert Quartermain· 19 Nov 2025·
track record
Silver Standard from $2 million to over $2 billion over 25 years
“spent 25 years at Silver Standard where I first met Rick Rule took Silver Standard from a 2 million to a over two billion dollar company over 25 years”
Robert Quartermain· 19 Nov 2025·
track record
in the industry since 1977, almost 50 years
“for someone who's been in the business now since 1977, so almost 50 years”
Robert Quartermain· 19 Nov 2025·

Share structure 3

Key takeaway. Regarding share structure, Dakota Gold management reports roughly 112 million shares outstanding as of November 2025, giving the company a current market cap of around $480 million.

Read the full summary

Management also notes approximately $14 million of in-the-money warrants, exercisable at $28 per share through March 2026.

What was actually said
shares outstanding
current market cap is around $480 million
“our current market cap is around $480 million.”
Robert Quartermain· 19 Nov 2025·
shares outstanding
112 million shares
“Dakota Gold has $112 million shares outstanding.”
Robert Quartermain· 19 Nov 2025·
warrants
$14 million of in the money warrants, exercisable at $28 till March 2026
“we also have around $14 million of in the money warrants, which would be exercised by uh March. the exercise price is uh $28 and those are exercisable till March 2026.”
Robert Quartermain· 19 Nov 2025·

Outside views 14 mentions

14 mentions by people who do not speak for the company — 13 constructive, 0 cautious, 1 neutral. These are their views, not the company's.

Rick Rule
bullish
He says it is clearly going to be a mine, with upside from drilling and possible takeover optionality.
The Bullion Brief· 09 Jun 2026·
Rick Rule
bullish
He says it is clearly becoming a mine based on infill drilling and district rethinking, though he remains conflicted as a shareholder.
VRIC Media· 06 Jun 2026·
Rick Rule
bullish
He is a large shareholder and likes the Homestake district, management, and surface-deposit strategy.
Rule Investment Media· 08 May 2026·
Joe Ovsenek
neutral
Peer used to suggest what P2 could be worth if it executes.
Crux Investor· 27 Apr 2026·
Show the other 10 mentions
Ross Beaty
bullish
Bob Quartermain pitches the company’s Homestake District land position and development potential.
VRIC Media· 17 Feb 2026·
Rick Rule
bullish
Bob Quartermain pitches the company’s Homestake District land position and development potential.
VRIC Media· 17 Feb 2026·
Darrell Thomas
bullish
Mentioned as the company resurrecting Homestake, implying a positive strategic project development angle.
VRIC Media· 08 Feb 2026·
Ross Beaty
bullish
Used as an example of a project in a safe jurisdiction with a clear permitting timeline.
Kitco NEWS· 27 Jan 2026·
Adrian Day
bullish
He likes the company's balance sheet, jurisdiction, ounces, grades, and likely permitting, despite metallurgy work still needed.
In it to Win it· 18 Nov 2025·
Steve Barton
bullish
He says he is about to interview the CEO and that the presentation looked promising, though he has not bought it yet.
Investing News· 16 Nov 2025·
Darrell Thomas
bullish
He is looking at Dakota Gold mainly because he trusts CEO Bob Quartermain and sees institutional support.
In it to Win it· 04 Nov 2025·
Rick Rule
bullish
Junior starting to get a bid as the market broadens; mentioned as example of juniors waking up and potential M&A target.
Kitco NEWS· 15 Aug 2025·
Rick Rule
bullish
Mentioned as a junior getting a bid alongside larger miners.
Kitco NEWS· 07 Aug 2025·
Rick Rule
bullish
He describes the recent PEA on surface oxides as stunning and timely.
Rule Investment Media· 28 Feb 2025·

Sources 8 interviews

Every interview 8

DateChannelInterviewStatements
16 Jul 2026 Palisades Gold Radio I Asked The Greatest Junior Mining Investors What They Are Buying Right Now | Rule Symposium No claims identified
15 Jul 2026 Natural Resource Stocks Where Could Hemlo Mining Be One Year From Now? No claims identified
09 Jul 2026 Kitco NEWS China's Gold Reserves Doubled While the US Stopped Mining It | Bob Quartermain No claims identified
16 May 2026 Rule Investment Media Jason Kosec and Jonathan Awde of Hemlo Mining Corp. | Rule Symposium 2026: Rick Rule interviews No claims identified
08 May 2026 Rule Investment Media Dr. Robert Quartermain, CEO of Dakota Gold Corp. | Rule Symposium 2026: Rick Rule interviews 10
01 Feb 2026 Jimmy Connor Hemlo Mining Update | Jason Kosec and Jimmy Connor No claims identified
20 Jan 2026 Wealthion Robert Quartermain: Gold at a Flexure Point | Why Gold Is Becoming a Core Asset Again No claims identified
19 Nov 2025 In it to Win it Gold Is Booming – Is Dakota Gold the Next 10X Stock? 19

What else those interviews covered

Every other asset named in the same recordings, by how many of them named it — the company's coverage context, not its holdings. Where the name is another company we hold a record for, it links to it.

gold 5
barrick 3
silver 3
homestake district 2
homestake 2
newcrest 2
hemlo 2

Questions people ask

What is Dakota Gold's project and where is it?

Dakota Gold is a explorer gold company, with a project stated to be in South Dakota, United States. Everything here is drawn from its executives' own interviews.

Which interviews mention Dakota Gold?

We track 8 interviews mentioning Dakota Gold, across 7 channels (In it to Win it, Jimmy Connor, Kitco NEWS, Natural Resource Stocks, Palisades Gold Radio, Rule Investment Media…).

What are investors saying about Dakota Gold?

14 independent voices — people who do not speak for the company — are on record discussing it (13 bullish, 1 neutral). Their reasoning is quoted in the outside-view section above.

What do recent interviews with Dakota Gold cover?

The most-discussed topics on record are the deposit, jurisdiction, economics, management — each claim quoted and dated in the sections above.

How to read this page

What is here

Statements made by company representatives in the interviews listed above — each one carrying the words that made it, the date, and the recording. Nothing is added from any other source: if it was not said on a recording, it is not on this page. The one exception lives in the Claims & Checks record, which cites a metal price from our own feed so a stated cost can be set against it — and labels it as ours wherever it appears.

What is not verified

All of it. Resource figures, economics, timelines and promotional framing are management's own representations, checked against no filing and no technical report. Transcripts are automatic; we repair a clearly mis-heard word but never a number, a date, a unit or a speaker's hedge — “about 8.6 million ounces” keeps its “about”.

How to use it

Treat it as a map of what has been said, not as a source of fact. Where a figure matters to you, open the recording and read the company's filings. Nothing here is financial advice, a recommendation, or an offer to buy or sell any security — these are interested parties discussing their own company.

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