Forensic Analysis · Energy / Oil & Gas · as of Jun 27, 2026
Dakota Gold Corp. (DC)
A forensic read on Dakota Gold Corp. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Clean
Earnings quality
3
Forensic signals
-25.2%
ROE
$568M
Market cap
Dakota Gold Corp. earns a D (Weak — demands caution) forensic quality grade. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-29%Return on invested capital. Return on invested capital is -29% and rising from -31% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+68.7%/yrShare-count dilution. Diluted share count changed +206% over the last 3 years to FY2025 (+68.7%/yr). The count is GROWING — existing holders are being diluted. That's ~68.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~206%.
stoppedShareholder returns — halted. Capital returns have STOPPED — $4M of buybacks + dividends in FY2021, but ~$0 in FY2022. A halt usually means the company is conserving cash; understand why before reading it as neutral.
Key fundamentals
Free Cash Flow$-25.6M
Return on Equity-26.3%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Dakota Gold Corp.:
🔒The written investment read — what the numbers mean, in plain English
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🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown
🔒Peer comparison + filing-change monitoring & alerts
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Data from SEC EDGAR public filings · metrics as of Jun 27, 2026. Forensic signals flag probability, not certainty.