Black Hills Gold Explorer Gets Major Valuation Boost
But Big Questions Remain
Map of Richmond Hill Project from Dakota Gold Corp.
(Broadcast readers are below the main story.)
By Todd Epp, Northern Plains News
A South Dakota gold exploration company received a 45 percent stock price target boost Tuesday, but its ambitious mining plans now face scrutiny from regulators, residents, and the realities of permitting.
Canaccord Genuity raised Dakota Gold Corp.’s target price to $12 per share, up from $8.25, citing a bullish revised model for the company’s Richmond Hill project north of Lead. The Black Hills project is now valued at more than $2.5 billion.
The Richmond Hill project marks one of the most ambitious attempts in decades to restart large-scale gold mining in the northern Black Hills. While investors are optimistic — pushing the company’s valuation past $2.5 billion — the path to production runs through environmental regulation, public scrutiny, and complex permitting. With a potential 3.6 million ounces of gold in the ground and early estimates showing Wharf Mine-level economics, the project could reshape the region’s mining future — if it gets the green light.
If mined successfully, the site could produce 174,000 ounces of gold annually for two decades, according to the company.
Environmental and Economic Stakes
Dakota Gold says Richmond Hill could have economic benefits comparable to the Wharf Mine, which generated more than $6 million in severance taxes for the state last year. Gold is currently trading at $2,900 per ounce.
But bringing a new mine online in the Black Hills isn’t just about market optimism. The project spans 2,615 mineral acres in Lawrence County and would require major permitting steps under federal and state environmental laws.
"We're excited about the potential here," said Jonathan Awde, CEO of Dakota Gold, in a recent investor call. "But we also understand that responsible development means working closely with regulators and local communities."
Opponents of expanded mining in the Black Hills have raised concerns in past projects about water use, tailings disposal, and proximity to sacred or sensitive lands. While Dakota Gold has not yet encountered formal resistance, any mine in the region is likely to draw scrutiny.
From Drills to Decisions
The company completed a resource estimate in February 2025 showing 51.8 million ton of indicated resources grading 0.80 grams per ton of gold, plus 58.1 million ton of inferred resources at 0.61 grams. That adds up to 2.4 million ounces on paper — before factoring in additional exploration or losses in processing.
Translated: If approved and fully built, Richmond Hill could become a mid-sized American mine — but it’s still years away.
Initial capital costs are projected at $400 million. Dakota Gold plans to complete a full feasibility study by 2027, then begin navigating permitting and environmental reviews. Production might begin in late 2029 or early 2030 — if regulators sign off and funding is secured.
Company Background and Support
Dakota Gold is a Lead-based exploration firm focused on revitalizing the Homestake District, where the historic Homestake Mine once produced 41 million ounces of gold over 126 years. The company, backed by global mining firm Barrick Gold Corp., has acquired 46,000 acres around the former Homestake site.
As of Tuesday, Dakota Gold shares were trading at $3.84.
What’s Next
Company officials expect to release more detailed exploration results later this year. Northern Plains News will continue reporting on public input opportunities, permitting decisions, and local reaction as the project progresses.
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:30 Broadcast Reader
A South Dakota gold company got a big boost Tuesday. Analysts at Canaccord Genuity raised Dakota Gold’s target stock price to $12. The company’s Richmond Hill project in Lawrence County may hold more than 3.6 million ounces of gold. But before it can become a mine, it faces years of permitting, environmental review, and public input.
:10 Broadcast Reader
Dakota Gold’s stock got a 45 percent bump Tuesday. But its $2.5 billion mining project still needs approval before it can break ground in the Black Hills.