Wed, Nov 13, 5:06 PM (65 days ago)
Dakota Gold Corp. (DC) reported a net loss of approximately $10.09 million for Q3 2024, an increase from $8.54 million in Q3 2023, primarily driven by higher exploration costs of $7.80 million compared to $6.94 million. The company's total assets decreased to $100.77 million from $108.20 million since year-end 2023, with cash and cash equivalents at $14.70 million. The accumulated deficit rose to $70.51 million, reflecting ongoing operational losses. In Q3 2024, general and administrative expenses increased to $2.43 million, attributed to higher investor relations and professional fees. Cash used in operating activities was approximately $23.88 million, a decrease from $25.30 million in the prior year, while cash flows from financing activities totaled $13.60 million, boosted by an at-the-market program and an equity investment from Orion Mine Finance. Looking ahead, Dakota Gold plans to continue its exploration efforts, focusing on the Richmond Hill and Maitland projects, while managing cash flow to ensure operational sustainability. The company remains in the exploration stage, with no revenue generation yet, highlighting the need for ongoing capital raising to fund its activities.