MeritValue

Dakota Gold Corp.

DCdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'

The thesis, from the filings

Dakota Gold Corp. earns about -12% on invested capital, but has diluted owners by 370% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income$26M1−$12.6M1−$36.4M2−$33.9M3−$29.5M3
Operating cash flow−$2.17M4−$9.91M4−$31.3M5−$31.5M6−$25.4M6
Capital expenditure$879,2497$492,2727$1.05M8$143,3879$196,4459
Free cash flow (derived)−$3.05M4−$10.4M4−$32.4M5−$31.6M6−$25.6M6
Total debt—————
Cash & equivalents$11.4M10$41.4M10$25.5M11$9.41M12$29.7M12
Diluted shares23.2M35.6M78.3M90.9M108.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$10.33
your share of equity
Profit it earned you last year
−$2.71
Free cash flow it threw off
−$2.35
Debt you’d be carrying
—

10 shares is a claim on $10.33 of net worth that earned you −$2.71 and generated −$2.35 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-12% avg · 5y
FY21 75%FY22 -34%FY23 -38%FY24 -32%FY25 -28%

It earned an average -12% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+370% shares · 5y

Share count is up 370% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-03-31 · accession 0001062993-22-015574 (NetIncomeLoss)
  2. 10-K · period ending 2023-12-31 · accession 0001062993-25-005988 (ProfitLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001104659-26-034576 (NetIncomeLoss)
  4. 10-K · period ending 2021-03-31 · accession 0001062993-22-015574 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2023-12-31 · accession 0001062993-25-005988 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001104659-26-034576 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-03-31 · accession 0001062993-22-015574 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2023-12-31 · accession 0001062993-25-005988 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2024-12-31 · accession 0001104659-26-034576 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2021-03-31 · accession 0001062993-22-015574 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2023-12-31 · accession 0001062993-25-005988 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-034576 (CashAndCashEquivalentsAtCarryingValue)