Form 4: Dakota Gold Corp. CFO Shawn Campbell Reports Stock Transactions Following PSU Vesting

Shawn Campbell, CFO of Dakota Gold Corp., reports transactions involving common stock and performance stock units (PSUs) following the vesting of PSUs based on the company's relative total stockholder return compared to the MVIS Global Junior Gold Miners Index.

Summary

• On March 1, 2025, Shawn Campbell, the CFO of Dakota Gold Corp., reported several transactions involving the company's common stock.
• These transactions include the vesting and conversion of performance stock units (PSUs) into common stock, as well as the withholding of shares to cover tax obligations.
• Campbell was granted PSUs on September 1, 2022, March 1, 2023, and March 1, 2024, which vest based on Dakota Gold Corp.'s relative total stockholder return compared to the MVIS Global Junior Gold Miners Index.
• One-third of the PSUs granted in 2022, 2023 and 2024 vested in 2024 at 69% of the target number of shares and were settled on March 1, 2025.
• The company withheld shares of common stock at a price of $3.03 per share to satisfy tax withholding obligations.
• Campbell also received grants of common stock and restricted stock units (RSUs) under the company's 2022 Stock Incentive Plan.
• Following these transactions, Campbell directly owns 171,806 shares of common stock and indirectly owns 234,491 shares held by his spouse.
• He also holds 49,504 unvested PSUs and options to purchase 50,139 shares of common stock.

Sentiment

Score: 6

Explanation: The document primarily reflects routine insider transactions related to equity compensation. While the vesting of PSUs suggests the company met certain performance targets, the overall sentiment is neutral as it's a standard part of executive compensation.

Positives

• The vesting of PSUs indicates that the company has met certain performance targets related to stockholder return compared to the MVIS Global Junior Gold Miners Index.
• The grant of stock options and RSUs suggests an effort to align management's interests with those of shareholders.
• Campbell's increased direct ownership of common stock could be seen as a positive sign of confidence in the company's future prospects.

Negatives

• The withholding of shares for tax obligations reduces the number of shares Campbell directly receives from the PSU vesting.
• The vesting of PSUs and RSUs will dilute existing shareholders.

Risks

• The value of the vested shares is subject to market fluctuations.
• Future PSU vesting is contingent on the company's performance relative to the MVIS Global Junior Gold Miners Index, which is subject to market risks and industry-specific factors.
• The vesting schedule of the RSUs and stock options could create selling pressure on the stock in the future.

Future Outlook

The document outlines future vesting schedules for RSUs, PSUs, and stock options, indicating potential future increases in the number of shares held by the reporting person.

Industry Context

The use of the MVIS Global Junior Gold Miners Index as a benchmark for PSU vesting is common in the junior gold mining industry, as it provides a relevant measure of relative performance against peers.

Comparison to Industry Standards

• Equity compensation is a standard practice in the junior gold mining industry to attract and retain talent.
• Companies like Gold Resource Corporation, Hecla Mining Company, and Coeur Mining, Inc. also utilize stock options, RSUs, and PSUs as part of their executive compensation packages.
• The vesting schedules and performance metrics used by Dakota Gold Corp. appear to be consistent with industry norms.

Stakeholder Impact

• Shareholders may experience dilution as vested PSUs and RSUs are converted into common stock.
• Employees may be motivated by the equity compensation structure to improve company performance.
• The company's financial performance will be closely watched to determine future PSU vesting.

Next Steps

• The reporting person will continue to hold and potentially exercise stock options and RSUs according to their vesting schedules.
• Future PSU vesting will depend on the company's performance relative to the MVIS Global Junior Gold Miners Index.

Key Dates