Dakota Gold Corp. (NYSE American: DC) is pleased to report positive drill intercepts from four additional drill holes at its Richmond Hill Gold Project. All four holes were drilled as part of Dakota Gold’s metallurgical testing/validation drill program at Richmond Hill, which continues to both confirm and extend mineralization at the Twin Tunnels Breccia Pipe, Turnaround Breccia Pipe and Cleveland Zones.

Drill Hole Highlights (See Table 1):

• RH23C-031 at Turnaround Breccia Pipe returned 0.047 oz/ton Au over 224.8 feet (1.61 grams/tonne over 68.5 meters) and 0.065 oz/ton Au over 55.0 feet (2.23 grams/tonne over 16.8 meters).

• RH23C-034 at Twin Tunnels Breccia Pipe returned 0.045 oz/ton Au over 113.8 feet (1.54 grams/tonne over 34.7 meters) and 0.021 oz/ton Au over 349.5 feet (0.72 grams/tonne over 106.5 meters).

• RH23C-037 at the Cleveland Zone returned 0.067 oz/ton Au over 81.5 feet (2.30 grams/tonne over 24.8 meters).

• The latest drill results from the metallurgical test program generally exceed grade and intercept thickness expectations, and demonstrate the potential of the six breccia pipes known to exist at Richmond Hill, all of which remain largely untested.

• While the spring and early summer drill programs have been concentrated on validation and metallurgical test work, the drilling has also extended the mineralization, particularly to depth. In late July, the focus at Richmond Hill will return to exploration drilling, armed with an ever-increasing understanding of the broader mineralization system. The Richmond Hill drill programs are on-schedule to produce a compliant S-K 1300 Resource in the first Quarter of 2024. This will incorporate 880 historical drill holes with the current drill results.

Gerald Aberle, Chief Operating Officer of Dakota Gold, said, “The drilling at Richmond Hill continues to validate and extend the mineralization characterized by historical drill programs and subsequent resource estimates. We are very pleased with our drill results and the overall execution of the program. Drill productivity has substantially exceeded expectations, which has resulted in a unit cost approximately 30% below budget, all of which has been accomplished with zero reportable safety or environmental incidents. These accomplishments are a testament to the capability and commitment of our experienced team.”

Exploration Update:

Dakota gold continues to receive assay results from its metallurgical/historical drilling validation program at Richmond Hill. Drill results continue to confirm and expand the historical drilling that was completed by LAC Minerals USA LLC. The Company has now received assays for the Twin Tunnels Breccia Pipe, Turnaround Breccia Pipe, and Cleveland Zone areas at Richmond Hill.

RH23C-031 encountered mineralized breccia and Tertiary altered Precambrian greenstone at the Turnaround Breccia Pipe. The upper intercepts in RH23C-031 which contained Cambrian Deadwood clasts and blocks, indicated a collapse breccia at Turnaround. The lower portions of the drill hole contained Tertiary altered greenstone and breccia with greenstone clasts.

RH23C-034 was drilled at the Twin Tunnels Breccia Pipe and was drilled at a shallower angle than RH23C-014 (see April 13, 2023, press release). The drill hole encountered Tertiary breccias with Precambrian greenstone clasts and Tertiary altered Precambrian phyllites.

Drill holes RH23C-037 and RH23C-038 were drilled at the Cleveland Zone area located east of the Turnaround Breccia Pipe. The gold mineralization encountered in these holes is hosted in Precambrian phyllites with Tertiary fractures, Tertiary intrusive dikes, and breccias adjacent to the Tertiary dikes.

Table 1. RH23C-031, RH23C-034, RH23C-037 and RH23C-038 Drill Results (Imperial / Metric Units)

*True thickness is unknown.

Abbreviations in the table include ounces per ton (“oz/ton”); grams per tonne (“g/t”); feet (“ft”); meter (“m”); Tertiary (“Tert”); and Breccia (Bx).

Figure 1. Plan View of Dakota Gold Corp. Richmond Hill Drill Holes with Highlighted Gold Intercepts.

Figure 2. Cross Section View of Richmond Hill Drill Hole RH23C-031.

Figure 3. Cross Section View of Richmond Hill Drill Hole RH23C-034.

Figure 4. Cross Section View of Richmond Hill Drill Hole RH23C-037.

Figure 5. Cross Section View of Richmond Hill Drill Hole RH23C-038.

The Company currently has four drills operating on its properties in the Homestake District of South Dakota, with two drills operating at the Maitland Gold Project  and two drills operating at Richmond Hill. The Maitland drills are targeting Homestake-hosted and Tertiary gold mineralization and the Richmond Hill drills are targeting Tertiary breccias and replacement mineralization. Richmond Hill is located 2.3 miles west of Maitland and 1.5 miles north of Coeur Mining, Inc.’s Wharf Mine. The Wharf Mine produced 79,768 ounces at 0.021 oz/ton gold in 2022.

About Dakota Gold Corp.

Dakota Gold is a South Dakota-based responsible gold exploration and development company with a specific focus on revitalizing the Homestake District in Lead, South Dakota. Dakota Gold has high-caliber gold mineral properties covering over 46 thousand acres surrounding the historic Homestake Mine.

The Dakota Gold team is focused on new gold discoveries and opportunities that build on the legacy of the Homestake District and its 145 years of gold mining history.