In short: "I have Dakota as a five… I don't think there's any doubt that Richmond Hill becomes a mine. The question becomes now how big?" The optionality he keeps it ranked aggressively for: reserves and resources "sterilized when Barrick gave the mine to the state of South Dakota" — Quartermain could plausibly pay the state to get the original Homestake ounces back. Richmond Hill / Maitland is "one event," possibly three production facilities feeding a common mill, with undrilled potential at depth in nobody's mine plan.
Dakota Gold is trying to bring gold mining back to the Homestake district in South Dakota — the ground around one of the greatest gold mines in American history. Rick ranks it a 5, and thinks the base case is essentially settled: "I don't think there's any doubt that Richmond Hill becomes a mine. The question becomes now how big?"
The reason he ranks it more aggressively than the arithmetic alone justifies is a free option. When Barrick handed the old Homestake mine to the State of South Dakota, a lot of gold was effectively "sterilized" — locked away because nobody could mine it. If Dakota gets back into production, Rick's speculation is that it could pay the state a sum welcome in its budget to unlock those ounces. Nobody is paying for that today.
He also views the district as one connected system — Richmond Hill and Maitland as "one event," possibly three separate mines feeding a shared processing mill — with mineralization at depth that appears in nobody's mine plan.
53:54I have Dakota as a five. I am due for a talk with Bob Quartermain who has kicked himself upstairs to chairman from CEO. I like what they've done at Richmond Hill. I need to know more about the foot wall and hanging wall deposits. I don't think there's any doubt that Richmond Hill becomes a mine. I think we're far enough along there that it becomes a mine.
In short: Large personal holding (ranks it a "4"); infill hits on the open-pit (old Homestake district) say "this is a mine" — whether Quartermain builds it or neighbor Coeur takes it over.
Dakota is a gold developer in South Dakota's historic Homestake mining district, and one of Rule's larger personal holdings (he grades it a "4" and notes he's friends with management, so he's talking his own book). The encouraging sign: as they drill closer-spaced holes ("infill" drilling, which confirms how much gold is really there), the results keep saying "this is a mine." It gets built either by Dakota itself or by its neighbor Coeur, which already operates a mill next door and could simply buy it.
13:50That's a fairly strong negotiating position. Yeah. Yeah. Agreed. Agreed. Okay. Well, thank you for the thoughts on that. Um, Dakota Gold, Mr. — Strength, — you know, strength to strength. Uh, note, I'm a large Dakota Gold shareholder. So, partly I'm talking my own book and Bob Quartermain's been a personal friend of mine for 30 years.
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