Gold at $4,000 Attractive to Mine Builder Robert Quartermain Who Started at $140

Robert Quartermain, a geologist with five decades in mining who began at the Hemlo project in the 1980s when gold traded at $140 per ounce, now serves as lead director of Dakota Gold. He is developing the Richmond Hill project in South Dakota as his sixth mine from discovery to production and views the current price near $4000 as highly attractive, holding much of his wealth in physical gold.

The company targets 153,000 ounces of annual gold output from 2029 via heap leaching at Richmond Hill, with capital costs around $400 million. Located near the historic Homestake and Wharf mines on private land, the project benefits from streamlined permitting and backing from state legislators.

Dakota Gold plans to base its feasibility study on a $3000 gold price for added buffer, up from the prior $2300 assumption. With $99 million in cash, it aims to complete studies without new equity raises, potentially using convertible debt and forward sales, while advancing exploration at Maitland to generate cash flow internally.