Koenig Amy 4

What Happened

• Amy Koenig, SVP, Chief Legal Officer and Corporate Secretary of Dakota Gold (DC), exercised 100,000 stock options on January 20, 2026. The exercise had a stated exercise price/value entry of $5.09 per share, representing $509,000.
• To cover the exercise price and tax withholding, the issuer withheld and disposed 85,952 shares (valued using the Jan 20 closing price of $6.36) with an indicated value of $546,655. After the withholding, Koenig received a net 14,048 shares (100,000 exercised minus 85,952 withheld).
• The filing also shows the option/derivative instrument was converted/surrendered as part of settlement (listed as a derivative disposition at $0.00), consistent with option exercise/settlement mechanics.

Key Details

• Transaction date: January 20, 2026.
• Exercise: 100,000 options exercised at an exercise-price entry of $5.09 (total $509,000).
• Withholding/tax: 85,952 shares withheld/disposed to cover exercise price and taxes, valued at $6.36/share (total $546,655) per the filing footnote.
• Net shares received: 14,048 shares after withholding.
• Footnote: Withholding was calculated based on the NYSE American closing price of $6.36 on Jan 20, 2026.
• Filing date: January 23, 2026 (filed three days after the transaction date — this may be outside the standard 2-business-day Form 4 window; check the filing for a timeliness indicator).
• Transaction codes: M = option exercise/conversion; F = shares withheld for exercise price/taxes.

Context

• This was an exercise of options with a cashless-like settlement in practice: shares were withheld by the issuer to cover exercise costs and taxes rather than selling shares on the open market. Such withholding is routine and does not necessarily signal a buy/sell opinion by the insider.
• No late-filing certification or 10% owner flag is provided here; the form indicates an executive-level officer (not an institutional holder).