Dakota Gold
DC on NYSEAmerican. Dakota Gold explores for gold in the United States but sells nothing yet. Market value $796m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Materials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-4.22 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$5.88 a share, 55% above its 1-year low
Over the past year the price has ranged from $3.79 to $7.25.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||||
| Revenue | n/a | n/a | n/a | n/a |
| Operating margin | ||||
| Operating margin | n/a | n/a | n/a | n/a |
| Debt to equity | ||||
| Debt to equity | n/a | n/a | n/a | n/a |
| Shares outstanding | ||||
| Shares outstanding | 0.08bn | 0.09bn | 0.11bn | 0.13bn |
Health checks
- Free cash flow positive0 of 4 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 78% more shares since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $8 million, compared with a loss of $6 million a year ago.
- Over the past 12 months it spent $33 million more cash than it brought in, compared with $24 million a year earlier.
- 19% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | -$10m |
| December 2024 | -$6m |
| March 2025 | -$4m |
| June 2025 | -$6m |
| September 2025 | -$10m |
| December 2025 | -$9m |
| March 2026 | -$8m |
| June 2026 | -$8m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 March 2026
- Next quarterly (estimated, 10-Q)
- 11 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 184 funds in all.
- Donald Smith & Co.Jon Hartsel
- Value
- $5m
- Share of fund
- <0.1%
- Aegis FinancialScott Barbee
- Value
- $127,800
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Donald Smith & Co.Jon Hartsel | $5m | <0.1% | |
| Aegis FinancialScott Barbee | $127,800 | <0.1% |
Largest holders overall
- BlackRock$37mAdded
- State Street$31mAdded
- Vanguard Capital Management$21mAdded
- Orion Resource Partners LP$18m
- Franklin Resources$17m
- VAN ECK Associates$16m
- Euro Pacific Asset Management$16m
- Geode Capital Management$12mAdded
- Amundi$9mAdded
- Nokomis Capital, L.L.C.$7mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Robert QuartermainPassive investor7.4%−1.4 ptsSince 31 December 2025
- BlackRock, Inc.Passive investor6.4%+1.8 ptsSince 30 June 2026
- STATE STREET CORPORATIONPassive investor5.5%Since 30 June 2026
- Gerald Michael AberlePassive investor5.0%Since 31 December 2024
- ORION RESOURCE PARTNERS (USA) LPPassive investorSold down below 5%Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
Robert Quartermain Passive investor | 7.4%−1.4 pts | 31 December 2025 | |
BlackRock, Inc. Passive investor | 6.4%+1.8 pts | 30 June 2026 | |
STATE STREET CORPORATION Passive investor | 5.5% | 30 June 2026 | |
Gerald Michael Aberle Passive investor | 5.0% | 31 December 2024 | |
ORION RESOURCE PARTNERS (USA) LP Passive investor | Sold down below 5% | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $100,358 of shares on the open market. 5 sold $4m, $86,241 of it under preset trading plans.
- CAMPBELL SHAWNCHIEF DEVELOPMENT OFFICERSold
- Date
- 9 September 2026
- Shares
- 1,906
- Price
- $6.03
- Value
- $11,493
- Grafton Jennifer SDirectorSold
- Date
- 10 August 2026
- Shares
- 100,000
- Price
- $6.12
- Value
- $611,690
- KENNER TODD JDirectorBought
- Date
- 28 May 2026
- Shares
- 17,921
- Price
- $5.60
- Value
- $100,358
- Grafton Jennifer SDirectorSoldunder a preset trading plan
- Date
- 18 May 2026
- Shares
- 15,511
- Price
- $5.56
- Value
- $86,241
- QUARTERMAIN ROBERTCHIEF EXECUTIVE OFFICER, DirectorSold
- Date
- 15 April 2026
- Shares
- 13,448
- Price
- $5.61
- Value
- $75,443
- Berry James McCoyVICE PRESIDENT OF EXPLORATIONSold
- Date
- 27 February 2026
- Shares
- 12,388
- Price
- $7.02
- Value
- $86,964
- CAMPBELL SHAWNCHIEF FINANCIAL OFFICERSold
- Date
- 27 February 2026
- Shares
- 21,207
- Price
- $7.02
- Value
- $148,873
- QUARTERMAIN ROBERTCHIEF EXECUTIVE OFFICER, DirectorSold
- Date
- 23 January 2026
- Shares
- 250,000
- Price
- $6.88
- Value
- $2m
- CAMPBELL SHAWNCHIEF FINANCIAL OFFICERSold
- Date
- 21 January 2026
- Shares
- 55,000
- Price
- $6.30
- Value
- $346,500
- O'Rourke Stephen T.DirectorSold
- Date
- 20 October 2025
- Shares
- 50,000
- Price
- $4.66
- Value
- $233,000
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 9 September 2026 | CAMPBELL SHAWN CHIEF DEVELOPMENT OFFICER | Sold | 1,906 | $6.03 | $11,493 |
| 10 August 2026 | Grafton Jennifer S Director | Sold | 100,000 | $6.12 | $611,690 |
| 28 May 2026 | KENNER TODD J Director | Bought | 17,921 | $5.60 | $100,358 |
| 18 May 2026 | Grafton Jennifer S Director | Sold under a preset trading plan | 15,511 | $5.56 | $86,241 |
| 15 April 2026 | QUARTERMAIN ROBERT CHIEF EXECUTIVE OFFICER, Director | Sold | 13,448 | $5.61 | $75,443 |
| 27 February 2026 | Berry James McCoy VICE PRESIDENT OF EXPLORATION | Sold | 12,388 | $7.02 | $86,964 |
| 27 February 2026 | CAMPBELL SHAWN CHIEF FINANCIAL OFFICER | Sold | 21,207 | $7.02 | $148,873 |
| 23 January 2026 | QUARTERMAIN ROBERT CHIEF EXECUTIVE OFFICER, Director | Sold | 250,000 | $6.88 | $2m |
| 21 January 2026 | CAMPBELL SHAWN CHIEF FINANCIAL OFFICER | Sold | 55,000 | $6.30 | $346,500 |
| 20 October 2025 | O'Rourke Stephen T. Director | Sold | 50,000 | $4.66 | $233,000 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Mar 2026, plus the 10-Q filed 12 Aug 2026 and 2 later 8-Ks.
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“the Audit Committee approved, effective immediately, (i) the appointment of Deloitte & Touche LLP ("Deloitte") as the Company's new independent registered public accounting firm for the fiscal year ending December 31, 2025 and (ii) the dismissal of Ernst & Young LLP ("EY") as the Company's independent registered public accounting firm.”
From an 8-K filed 21 November 2025: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.