Freedom estimates Dakota Gold shares’ upside potential at up to 132%

Freedom analysts raised the target price for Dakota Gold (DC) shares to $12.5 while maintaining the “Buy” rating. The revision was driven by the company’s progress in advancing its key Richmond Hill project, which continues to move closer to the industrial development stage.

Dakota Gold is engaged in exploring and developing gold deposits in the Homestake region of South Dakota, one of the best-known gold-mining districts in the U.S. The company’s primary asset is the Richmond Hill project, which is seen as a future source of business growth.

The company plans to start production at Richmond Hill in 2029. The current resource base totals 3.65 million ounces of gold and 38.1 million ounces of silver in the Measured & Indicated categories. The company is preparing a preliminary feasibility study (Pre-Feasibility Study, PFS), which is expected to be published in the second half of 2026.

According to the analysts, successful completion of the PFS will be one of the key catalysts for the company’s shares in the coming quarters. The Richmond Hill project may deliver more minerals than currently assumed. Additional drilling results and optimization of development parameters could have a positive impact on the project’s economics.

This is not an individual investment recommendation.