Dakota Gold says it has the financing in place to advance its Richmond Hill gold project in South Dakota to a shovel‑ready stage and plans to build the mine itself rather than sell the asset. The company told Kitco Mining on Sept. 29 that it raised capital earlier in the year and, as of June, held a cash position it considers sufficient to reach construction readiness.
Funding, studies and a timeline
Co‑Chair Robert Quartermain said the company raised US$75 million earlier in 2026 and had about US$99 million as of June. Dakota Gold expects a pre‑feasibility study (PFS) in the fourth quarter of 2026, using data from more than 350 Dakota drill holes and roughly 900 historic holes, with a full feasibility study to follow in the first half of 2027. The company’s July 2025 initial assessment outlined a potential annual production of about 153,000 ounces from a 30,000‑ton‑per‑day heap leach operation, and Dakota says later studies could increase that figure.
- Cash on hand: about US$99 million (as of June)
- Capital estimate in 2025 study: roughly US$400 million with ~US$50 million contingency
- Initial production target (2025 assessment): 153,000 ounces/year
- Planned throughput in initial assessment: 30,000 t/d, with potential to increase
Metallurgy, mine plan options and equipment
Metallurgical testing identified a breccia in the southern portion of the property with recoveries reportedly “upwards of 90%,” prompting Dakota to shift two drills to that area. Much of the deposit sits at or near the surface, which has led the company to consider a larger gyratory crusher to increase processing capacity.
| Item | Detail |
|---|---|
| 2025 production estimate | 153,000 ounces/year |
| Initial throughput | 30,000 t/d (possible expansion to 45,000–60,000 t/d under consideration) |
| 2025 capital estimate | Approximately US$400 million (with ~US$50 million contingency) |
“So as of June, we had a very strong balance sheet, about $99 million. So that sees us what we consider all the way through to being shovel‑ready,”
Quartermain also noted that inflation remains a factor that could affect capital costs. He argued the Richmond Hill site is advantaged relative to many projects because road and power infrastructure are already in place, much of the major equipment is likely to be sourced from the United States, and the property is close to the company’s office — he estimated a roughly 15‑minute drive between the office and the site.
Next steps and what it means
The company has placed deposits on long‑lead equipment and says the PFS and feasibility work will refine capital and operating estimates. Dakota plans to rely on an expanded body of drilling — both its own recent work and numerous historic holes — to inform those studies. If the higher recoveries and additional mineralisation indicated by recent testing are confirmed, the company has signalled it could increase the proposed run rate and annual production beyond the 2025 assessment.
For Richmond Hill readers, the project underscores two broader themes in the mining sector: the importance of capital markets and early‑stage funding in moving projects toward construction, and how metallurgy and deposit characteristics can materially change mine design and economics. While the project is in South Dakota rather than Ontario, it may attract attention from local investors, resource‑industry professionals and service suppliers tracking North American gold developments.
All technical and financial figures cited here are those disclosed by Dakota Gold to Kitco Mining and reported Sept. 29 at the 2026 Mining Forum Americas. Dakota’s pre‑feasibility and feasibility studies will provide further detail when published.
