Dr. Robert Quartermain, Co-Chairman, Director and CEO of Dakota Gold (NYSE American: DC), joined me for an update on their Richmond Hill Project and Maitland Gold Project, both located in the historic Homestake District of South Dakota, near existing mining infrastructure. The company is advancing its Richmond Hill project toward eventual surface heap leach gold operation as soon as 2029, and expanding the high-grade gold mineralization discovered at the Maitland Gold Project toward an initial resource estimate.

We start having Robert share his background in the industry, as he was previously the Executive Chairman of Pretium Resources Inc., which he founded in October 2010. Prior to Pretium, he was President and Chief Executive Officer of Silver Standard Resources Inc. (now SSR Mining Inc.) for 25 years from 1985-2010. Not only does he have a wealth of experience in developing and constructing producing mines, but he has assembled a solid management team and board filled with industry veterans that have worked in either the Homestake Mine, before it closed down, or the currently producing nearby Warf Mine, operated by Coeur Mining.

Richmond Hill is one of the largest undeveloped oxide gold resources in the United States being advanced by a junior mining company, with over 6 million ounces of gold and over 60 million ounces of silver moving along the pathway of development into heap leach production as soon as 2029. Principle Projects on Private Land which equates to a positive attribute for efficient permitting with State and County organizations.

S-K 1300 Mineral Resource (Heap Leachable):

• 65 M oz M&I Gold, 2.61 M oz Inferred Gold
• 1 M oz M&I Silver, 22.8 M oz Inferred Silver

Dakota Gold has engaged the current consulting groups based on their capabilities to deliver an Initial Assessment with Cash Flow (IACF) in mid-2025 (similar to a PEA). This economic study will be based on a 30,000 ton per day crushing circuit, and further the project towards ultimate production. The Company continues Feasibility planning with M3 as the overall Study Manager as well as the lead for processing, while RESPEC will manage the mining and environmental aspects

There are currently two drill rigs turning at Richmond Hill. In 2025, the Company expects to drill ~80,000 feet (24,384 meters) using a combination of Reverse Circulation and Core drilling. The primary focus of the program is to collect metallurgical samples for the Feasibility Study, infill, and expansion resource drilling in the northeast corner of the Project area. This area is expected to be mined at the beginning of the mine plan and is higher-grade than the overall deposit.

At the Maitland Gold Project the Company is currently assessing the exploration data collected to date from the JB Gold Zone and the Unionville Zone with the intent of outlining an initial inferred gold resource. The work is expected to be completed in the fall of 2025. To date the JB Gold Zone has encountered a number of high-grade intersections which average 10.76 g/t Au over 4.0 meters.

With the recent financing announced March 20, 2025, the Company currently has a cash balance of $47 million as noted in the filed 10Q as at March 31, 2025, and is fully financed through the IACF and the subsequent completion of its Feasibility Study on the Project.

If you have any questions for Bob Quartermain regarding Dakota Gold, then please email those in to me at Shad@kereport.com.

• In full disclosure, Shad is a shareholder of Dakota Gold at the time of this recording, and may choose to buy or sell shares at any time.

Click here to follow the latest news from Dakota Gold

Jamie Levy, President and CEO of Generation Mining Limited (TSX:GENM, OTCQB: GENMF), joins me for an update on their fully-permitted and shovel-ready Marathon Copper-Palladium Project in Northwestern Ontario. We talk resources, key metrics from the Feasibility Study, options for the upcoming mine financing, and the potential for funding support from the province of Ontario.

We start off talking about he robust resources at Marathon with 1.1 billion lbs of copper, ~4 million ounces of palladium, and 1.3 million ounces of platinum, with some additional co-credits from gold and silver. Jamie highlights the importance of developing domestic sources of these strategic metals in Canada, and the interest from the provincial and federal governments on expediting the construction of new mines and sources of supply in country.

The Feasibility Study estimated a Net Present Value (using a 6% discount rate) of C$1.07 billion, an Internal Rate of Return of 28%, and a 1.9-year payback based on the 3-yr trailing average metal prices at the effective date of the Technical Report. Over the anticipated 13-year mine life, the Marathon Project is expected to produce 2,161,000 ounces of palladium, 532 million lbs of copper, 488,000 ounces of platinum, 160,000 ounces of gold and 3,051,000 ounces of silver in payable metals.

We discuss the capital stack coming together starting off with the Wheaton Precious Metals stream, which consisted of an early deposit of $40 million (received) and then an upcoming $200M construction payment for 100% gold and 22% platinum production. Endeavour Financing has also helped set up a mandate letter for banking syndicate of Export Development Canada, ING Capital LLC and Societe Generale to arrange a Senior Secured Project Finance Facility of up to $540M. Conditional on final diligence and debt capacity. Additionally, there are ongoing discussions for $200M of deeply subordinated debt, and the potential for government grants.

Wrapping up we discussed the experience of the team in developing and building prior mines, and why they'd prefer to build Marathon internally, but are still open to the options of JV partners or a project scale if it was the best value creation for shareholders.

If you have any questions for Jamie regarding Generation Mining, then please email those in to me at Shad@kereport.com.

Click here to follow the latest news from Generation Mining

Astra Exploration (TSX.V:ASTR - OTCQB:ATEPF - FSE:S3W) CEO Brian Miller returns to share assay results from the company's initial drill program at the La Manchuria gold-silver project in Argentina.

Since our last conversation in February, Astra has completed a 2,468-meter, 11-hole program targeting extensions and parallel structures in the project's main zone. The market took notice after the company reported three out of four holes that returned high-grade intercepts.

Brian breaks down:

• Key results from the first four holes and why 108A stands out
• The structural complexity and vein density of the system, including up to 20 individual vein structures in one section
• How Astra is stepping beyond historic drilling to expand the known mineralized footprint
• Expectations for remaining assays and timing for the next drill program
• Current treasury position (~C$2M) and next steps for drilling once field conditions improve

With a more bullish gold market backdrop, strong results like these are finally being rewarded. Astra is positioned for a potentially transformative year.

Visit Astra's website to review the latest news releases. Email questions to follow up with Brian on the next update - Fleck@kereport.com