Dakota Gold's 2026 Drill Plans: A Tactical Setup for the PFS Catalyst

The mechanics of Dakota Gold's 2026 plan are straightforward and tactical. The company is executing a two-pronged drill campaign to de-risk its flagship Richmond Hill project and hit a clear, time-bound milestone: a Pre-Feasibility Study (PFS) in the second half of 2026. This is the catalyst.

The scale of the upcoming work is significant. The company will drill 15,481 meters in 109 holes at Richmond Hill next year. This program is explicitly designed to support the H2 2026 PFS, with infill drilling to convert resources and expansion holes to test the project's vast, open-ended potential. The successful 2025 campaign set the stage, totaling 242 holes for 29,279 meters and delivering high-grade confirmation like 17.35 g/t Au over 1.5 m and 2.19 g/t Au over 31.1 m. That work proved the mineralization is not only real but extends far beyond the current resource boundary.

The critical, time-sensitive element is metallurgical testing. The company has engaged Forte Dynamics to conduct the test work, which is expected to be completed by Q3 2026. This timing is crucial because the PFS cannot be finalized without a technical basis for process design and cost modeling. All drilling required for the Feasibility Study is also expected to be completed by that quarter. In other words, the 2026 drill program and the metallurgical test work are the final, high-stakes steps needed to de-risk the project and deliver the PFS on schedule.

The setup is clear: a large, focused drill campaign is the direct path to a catalyst. The stock's recent surge suggests much of this positive timeline is already priced in. The event-driven opportunity now hinges on whether the 2026 results can exceed the already-optimistic expectations embedded in the share price.

Immediate Financial and Technical Setup

The stock's recent performance shows the catalyst is already priced in. Dakota Gold shares have delivered a 171.670% change over the past year, trading near their 52-week high of $6.385. This surge, coupled with a robust average daily trading volume of 2.26 million shares, indicates strong investor conviction in the 2026 PFS timeline. The setup is now a high-stakes bet on execution.

The primary financial risk embedded in this valuation is the cost of ownership. When Dakota Gold exercised its option to acquire the property from Barrick in 2024, it incurred a 1% net smelter royalty (NSR) on any future production. This is a permanent, revenue-based cost that will flow to Barrick for the life of the mine, directly compressing the project's economics. While the royalty is a known factor, it represents a tangible drag on potential returns that must be factored into any PFS valuation.

The key near-term risk is a failure to meet the 2026 timeline or deliver a positive outcome. The company has committed to a Pre-Feasibility Study (PFS) in the second half of 2026, with metallurgical testing due by Q3. Any delay in drilling or test work, or a PFS that fails to de-risk the project or confirm economics, would be a direct negative catalyst. Given the stock's elevated position, even a delay could trigger a sharp repricing. The event-driven opportunity has shifted from "will they deliver?" to "can they exceed the already-optimistic expectations?"

Near-Term Catalysts and What to Watch

The tactical roadmap for Dakota Gold over the next year is now defined by two clear, time-bound events. The first catalyst is the release of pending assay results, and the second is the execution of the 2026 drill program leading to the PFS.

The first major catalyst is already underway. The company has 106 drill hole assay results pending release, including many from northeast expansion drilling. These results are expected to be reported through early 2026. This is a critical near-term test. The northeast area has shown significant potential, with holes like RH25C-303 intersecting 4.52 g/t Au over 15.2 meters and extending mineralization far beyond the current resource boundary. Positive results here would directly support the project's resource growth story and could provide a fresh, positive catalyst before the 2026 program even begins.

The second and larger catalyst is the 2026 drill campaign itself, culminating in the PFS. The company has committed to a 15,481-meter, 109-hole program at Richmond Hill. This work is explicitly designed to de-risk the project and support the Pre-Feasibility Study (PFS) in the second half of 2026. The successful completion of this program will be the primary event driving the stock into the latter half of the year. Any deviation from the planned scope or timeline would be a red flag.

A key metric to watch throughout this period is the metallurgical testing program. The company has engaged Forte Dynamics, and the test work is expected to be completed by Q3 2026. This timeline is critical because it directly feeds into the PFS assumptions for process design and cost modeling. Any change in the program's scope, duration, or preliminary results would directly impact the technical basis for the PFS and, consequently, the project's valuation. For now, the setup is clear: monitor the early 2026 assay releases for expansion confirmation, then watch the 2026 drill execution and metallurgical test progress as the path to the H2 2026 PFS catalyst.