H.C. Wainwright raises Dakota Gold stock price target on drilling results

Investing.com - H.C. Wainwright raised its price target on Dakota Gold Corp. (NYSE:DC) to $10.50 from $9.75 while maintaining a Buy rating.

The firm cited favorable results from a drilling program that incorporated 29,524 meters over 242 drill holes to collect data for a Pre-Feasibility Study. Drill hole RH25C-310 intersected 5.0 grams per tonne gold and 28.64 grams per tonne silver over 24.9 meters, including 60.82 grams per tonne gold and 61.68 grams per tonne silver over 1.5 meters.

The company encountered numerous intersections exceeding an average grade of 0.566 grams per tonne gold that was reported in the Initial Assessment in mid-2025. Management began trade-off studies in preparation for the Pre-Feasibility Study that are expected to optimize mine sequencing and bring forward higher-grade gold areas.

Despite the positive drilling results, Dakota Gold shares have declined 12% over the past week to $5.42, though the stock has delivered a robust 75% return over the past year. According to InvestingPro analysis, which tracks 8 additional key insights for DC, the stock currently appears overvalued relative to its Fair Value estimate.

The trade-off studies aim to increase the prior 30,000 tonnes per day outlined in the Initial Assessment to 60,000 tonnes per day by adjusting crushing sizes, stacking, transportation, and other features.

H.C. Wainwright said the increased price target is driven by rolling its discounted cash flow model forward one year. Analyst consensus remains bullish with price targets ranging from $8.40 to $14.00, suggesting potential upside of 85% from current levels.