v3.25.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity [Text Block]

NOTE 7 - Stockholders' Equity

Common Stock

On May 13, 2025, the stockholders of the Company voted to increase the number of shares of common stock reserved for issuance pursuant to awards under the Company's 2022 Stock Incentive Plan from 6,250,000 to 10,750,000. As of June 30, 2025, a total of 4,671,614 shares of common stock remain available for future grants under the 2022 Stock Incentive Plan.

On March 25, 2025, the Company announced a public offering (the "Offering") through which the Company raised gross proceeds of approximately $35.1 million by issuing 12,400,000 shares of our common stock at a price of $2.83 per share. The Company incurred a total of approximately $2.4 million of share issuance costs pursuant to the Offering and recorded the share issuance costs as a reduction to proceeds in additional paid-in capital.

On October 21, 2022, we entered into an Equity Distribution Agreement with BMO Capital Markets Corp. and Canaccord Genuity LLC (collectively, the "Sales Agents"), to establish the ATM Program. On December 10, 2024, Dakota Gold entered into an Amended and Restated Equity Distribution Agreement with the Sales Agents. Under the terms of the Amended and Restated Equity Distribution Agreement, the Company may offer and sell shares of its common stock having an aggregate offering price of up to $50 million from time to time through any of the Sales Agents. During the six months ended June 30, 2025 and 2024, the Company utilized the ATM to raise net proceeds of approximately $7.3 million and $6.7 million, respectively, by issuing 2,548,713 and 3,024,751 shares of common stock, respectively, incurring issuance costs of $0.1 million and $0.4 million, respectively.

Subsequent to June 30, 2025, the Company issued 72,287 shares upon the exercise of warrants, which had an exercise price of $2.08, and 11,075 shares for the settlement of RSUs at a market price of $4.02.

Stock-based Compensation

The Company recognized stock-based compensation expense as follows:

    Three months ended June 30,     Six months ended June 30,  
    2025     2024     2025     2024  
    $     $     $     $  
RSUs   295,448     420,440     683,941     799,375  
PSUs   33,544     230,057     141,443     358,810  
Stock options   (72,212 )   152,245     34,634     317,405  
Allocated to general and administrative expense   256,780     802,742     860,018     1,475,590  
                         
RSUs   222,883     81,867     303,813     152,097  
PSUs   82,653     58,720     111,375     92,673  
Stock options   65,033     30,243     89,427     60,735  
Allocated to exploration expense   370,569     170,830     504,615     305,505  
Total stock-based compensation expense   627,349     973,572     1,364,633     1,781,095  

The Company granted the following stock-based compensation awards as follows:

    Six Months Ended June 30,  
    2025     2024  
    Number     Weighted
average
fair value
$		     Number     Weighted
average
fair value
$		  
RSUs   879,532     3.04     913,668     2.12  
PSUs   107,259     3.61     442,217     2.45  
Stock options   1,182,634     1.45     445,966     1.05  
Total equity awards granted   2,169,425           1,801,851        

 

As of June 30, 2025, unrecognized compensation expense and weighted-average vesting period for each of the Company's stock-based compensation awards were as follows:

   

Unrecognized

Compensation

Expense

    

Weighted-

average

Vesting

Period

  
    $     Years  
RSUs   2,652,915     1.68  
PSUs   517,172     1.34  
Stock options   1,680,963     1.89  

Warrants

At June 30, 2025 and December 31, 2024, the Company had 6,710,392 and 7,602,993 warrants outstanding, respectively. During the six-month period ended June 30, 2025, a total of 892,601 warrants were exercised. No warrants were exercised during the same period in 2024. As of June 30, 2025, all 6,710,392 outstanding warrants had a remaining life of 0.71 years, an exercise price of $2.08 and will expire on March 15, 2026.