Dakota Gold Corp. (DC) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 14, 2026

Risk Assessment Details

Potential Dilution: 48.09% of current shares
Recent Dilution: 49.47% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
120M
Potential Supply
60M
Additional shares possible
Splits
None
Past 2 years

Summary

DC currently has 124M outstanding shares. with moderate dilution risk from 59.5M authorized shares representing 48.1% potential dilution. The company has significantly diluted shareholders by 49.47% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 14, 2026

10-Q filing | 123.8M shares outstanding

120M 60M
Mar 25, 2026

10-K filing | 133.5M shares outstanding

130M 60M
Aug 13, 2025

10-Q filing | 112.0M shares outstanding

110M 60M
Jul 24, 2025

S-3 filing: Dakota Gold Corp. is filing an S-3 to register Common Stock, Warrants and Units for up to $250,000,000.

110M 60M
May 08, 2025

10-Q filing | 111.9M shares outstanding

110M 0
Mar 24, 2025

8-K filing: Dakota Gold Corp. closed an offering of 12,400,000 shares of its common stock at a price of $2.83 per share on March 24, 2025, resulting in estimated net proceeds of approximately $32.65 million, which will be used for working capital and general corporate purposes. ($35.09M proceeds)

91M 0
Mar 20, 2025

10-K filing | 90.9M shares outstanding

91M 74M
Nov 13, 2024

10-Q filing | 93.6M shares outstanding

94M 74M
Oct 30, 2024

8-K filing: Dakota Gold Corp. announced the appointment of Dr. Robert Quartermain as Interim CEO, succeeding Jonathan Awde, who resigned. Mr. Awde also agreed to forfeit his vested stock options to acquire 387,500 shares of the Company's common stock.

88M 74M
Aug 13, 2024

10-Q filing | 87.9M shares outstanding

88M 74M
Jul 03, 2024

8-K filing: Dakota Gold Corp. completed a registered direct offering, selling 2,344,836 shares of common stock to OMF Fund IV SPV C LLC at $2.50 per share, resulting in gross proceeds of $5.9 million. ($5.9M proceeds)

87M 74M
May 10, 2024

10-Q filing | 87.4M shares outstanding

87M 74M
Mar 28, 2024

10-K filing | 87.7M shares outstanding

88M 74M
Nov 13, 2023

10-Q filing | 78.1M shares outstanding

78M 74M
Oct 17, 2023

8-K filing: Dakota Gold Corp. entered into a subscription agreement with OMF Fund IV SPV C LLC (Orion) to issue and sell 6,666,667 shares of common stock at $2.55 per share for gross proceeds of $17 million in a registered direct offering. ($17.0M proceeds)

76M 74M
Aug 10, 2023

10-Q filing | 75.9M shares outstanding

76M 74M
May 10, 2023

10-Q filing | 73.7M shares outstanding

74M 74M
Mar 06, 2023

POS AM filing: Dakota Gold Corp. is offering up to 7,453,379 shares of common stock upon the exercise of Private Placement Warrants at an exercise price of $2.08 per share, with the warrants expiring on March 15, 2026.

73M 74M
Nov 09, 2022

10-Q filing | 72.0M shares outstanding

72M 82M
Sep 13, 2022

8-K filing: Dakota Gold Corp. issued 180,000 shares of common stock to LAC Minerals (USA) LLC and Homestake Mining Company of California as part of an amendment to an option agreement.

71M 82M
Aug 10, 2022

10-Q filing | 71.0M shares outstanding

71M 82M
Jul 15, 2022

S-3 filing: Dakota Gold Corp. files an S-3 registration statement to offer and sell common stock, warrants, and units from time to time, up to an aggregate amount of $250,000,000.

72M 82M
Jun 28, 2022

10-K filing | 72.0M shares outstanding

72M 7.5M
May 06, 2022

S-1/A filing: This prospectus relates to the issuance by Dakota Gold Corp. of up to 7,453,379 shares of common stock that are issuable upon the exercise of the Private Placement Warrants.

N/A 7.5M
Mar 28, 2022

S-1 filing: This S-1 filing relates to the issuance of up to 7,615,718 shares of common stock upon the exercise of warrants, with the company potentially receiving $15.8 million from the full exercise of these warrants.

N/A 7.6M
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