QUARTERMAIN ROBERT 4

What Happened
Robert Quartermain, CEO of Dakota Gold Corp. (DC), exercised 275,000 stock options on April 13, 2026. The options had an exercise price of $4.76 per share (total exercise value $1,309,000). To cover the exercise price the company withheld 226,863 shares (valued at $5.77/share based on the April 13 closing price). Separately, 13,448 shares were sold in the open market at an average of $5.61/share to satisfy tax withholding obligations (proceeds about $75,443). The filing also shows the derivative/options position was converted into common stock (options cancelled on conversion).

Key Details

• Transaction dates: April 13, 2026 (exercise, withholding); April 15, 2026 (open-market sale reported).
• Prices and amounts:
  • Exercised 275,000 options @ $4.76 (exercise value $1,309,000). (Code M)
  • 226,863 shares withheld by issuer to pay the exercise price @ $5.77 (value $1,309,000). (Code F)
  • 13,448 shares sold in the open market @ avg $5.61 (proceeds ~$75,443) to satisfy tax withholding. (Code S / F)
  • Options reported as disposed/converted (shown at $0 in filing) when converted to shares.
• Net shares retained from this exercise: 275,000 - 226,863 (withheld) - 13,448 (sold) = 34,689 shares added to Quartermain’s holdings (based on the filing’s transaction amounts).
• Vesting note: the options vested one-third on each of May 17, 2021, 2022 and 2023. (Footnote F3)
• Footnotes: F1 explains the share withholding to pay the exercise price using the April 13 closing price; F2 explains the tax-withholding shares were sold at $5.60–$5.61; F3 details the vesting schedule.
• Filing timeliness: marked as late (transactionTimeliness = 'L') in the record.

Context

• This was primarily an option exercise (acquisition) with portions of the new shares withheld or sold to cover the exercise cost and tax withholding — a common cashless exercise/tax-withholding pattern, not necessarily a discretionary sale for cash.
• The small open-market sale (13,448 shares) was to meet tax obligations rather than an indication of broader selling.
• The filing does not state total post-transaction beneficial ownership explicitly; net retained shares from this event are shown above based on the reported transactions.