SCHEDULE: Orion Resource Partners Boosts Dakota Gold Stake to 6.4%

Orion Resource Partners (USA) LP has reported a 6.4% beneficial ownership in Dakota Gold Corp.'s common stock as of September 30, 2025.

Summary

• Orion Resource Partners (USA) LP, acting as an investment advisor to OMF Fund IV SPV C LLC, beneficially owns 7,181,766 shares of Dakota Gold Corp. common stock.
• This ownership represents approximately 6.4% of Dakota Gold Corp.'s total outstanding shares, based on 112,900,113 shares outstanding as of September 30, 2025.
• The Reporting Person holds sole voting power and sole dispositive power over all 7,181,766 shares.
• The filing is an Amendment No. 2 to a Schedule 13G, indicating an update to a previously reported beneficial ownership position.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. The filing is a routine disclosure of a significant institutional stake, which is generally a positive signal of investor confidence, but it contains no new operational or financial information.

Positives

• A significant institutional investor, Orion Resource Partners, maintains a substantial 6.4% stake in Dakota Gold Corp., signaling continued confidence in the company.
• Orion Resource Partners has sole voting and dispositive power over its shares, suggesting active management of its investment.

Future Outlook

This filing does not contain forward-looking statements or guidance regarding Dakota Gold Corp.'s future outlook, as it is a disclosure of beneficial ownership.

Industry Context

The filing indicates continued institutional interest in Dakota Gold Corp., a company operating in the gold mining sector. Such disclosures are common for investment advisors managing significant stakes in publicly traded companies, reflecting their portfolio positions rather than specific industry trends.

Comparison to Industry Standards

• This filing is a standard Schedule 13G disclosure of beneficial ownership by an institutional investor. It does not provide operational or financial results for comparison to industry benchmarks or specific comparable companies/projects.
• The 6.4% stake held by Orion Resource Partners is a notable position for an investment advisor in a company like Dakota Gold Corp., which operates in the resource sector.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder's stake, which can influence market perception and liquidity.
• Management: Awareness of a large institutional holder's position may influence strategic decisions and engagement.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of beneficial ownership by Orion Resource Partners (USA) LP in Dakota Gold Corp. While the 6.4% stake is substantial and indicates continued institutional confidence, the filing itself does not contain new operational, financial, or strategic information that would fundamentally alter the investment thesis for Dakota Gold Corp. It primarily confirms an existing position. Therefore, a 'hold' recommendation is appropriate for investors who have already evaluated the company's fundamentals, as this filing does not introduce new catalysts for a 'buy' or 'sell' decision.

Keywords

Dakota Gold Corp, Orion Resource Partners, Common Stock, Beneficial Ownership, SEC Filing, Schedule 13G, Investment Advisor, Gold Mining, Mining Sector