Wherever you look, there is construction activity all around the plant. Contractors are busy inside the plant working to replace and upgrade the dehydration sieve bottles and add corn oil extraction equipment. The equipment projects are on track for Q4 2024 completion. Crews are working outside to pour concrete for the driving surfaces, including our previously gravel entrance (below). Please watch the website to be aware of changing traffic restrictions due to construction activity. Concrete activity will carry on through the remainder of the summer. —Scott Mundt, CEO PO Box 100 Wentworth, SD 57075 605-483-2676 (corn) 888-539-2676 (corn) www.dakotaethanol.com Office hours: 8:00 a.m. to 5:00 p.m. (M-F) Receiving/shipping hours: 7:30 a.m. to 4:30 p.m. (M-F) Investor Relations email: investor-relations@dakotaethanol.com Contact information Do we have your current address and phone number? Have you moved? No longer have a home phone? Is your cell phone your only phone number? What is your email address? Call or send an email to investor-relations@dakotaethanol. com with your current contact information. This newsletter contains forward-looking statements. We undertake no respon- sibility to update any forward-looking statement. When used, the words “be- lieve”, “expect”, “will”, “can”, “estimate”, “anticipate” and similar expressions are intended to identify forward-looking statements. Readers should not place undue reliance on any forward-looking statements and recognize that the statements are not predictions of actual future results; which could, and likely will differ materially from those anticipated in the forward-looking statements due to risks and uncertainties, including those described in our SEC filings, copies of which are available through our website or upon request. CEO Report: Construction: Inside & out May 2024 The board, management and counsel are working on the proxy statement to be filed with the Se- curities Exchange Commission (SEC). As outlined in the letter to members in April, the board intends to bring the matter of deregistration to a vote of the membership. Following approval of the proxy by the SEC, additional information will be sent to the members as soon as possible. Informational meetings will be scheduled to provide the members the opportunity to attend to learn more about the process and the vote. The meeting dates and locations will be announced in the future. Process continues to move toward SEC deregistration EXHIBIT 99.1
Dakota Ethanol LLC May 2024 Page 2 CFO Report: Lower commodity prices hit profits Balance Sheet Data 3/31/24 12/31/23 Current Assets $26,842,452 $61,486,747 Total Assets 160,640,663 193,384,154 Current Liabilities 12,505,502 37,989,725 Long-Term Liabilities 19,441,278 20,001,000 Member's Equity 128,693,883 135,393,429 Book Value Per Capital Unit 4.34 4.57 Statement of Operations Three Months Ended 3/31/2024 Three Months Ended 3/31/2023 Revenues $46,647,681 $77,841,106 Gross Profit 2,575,640 3,898,593 Net Income $2,357,654 $3,417,060 Capital Units Outstanding 29,620,000 29,620,000 Net Income Per Capital Unit $0.08 $0.12 First quarter 2024 provided lower profits compared to the first quarter of 2023. Revenues and cost of revenues were both lower with commodity and energy market decreases as strong produc- tion and higher inventories moved values lower. Based on 2023 performance, the board declared and paid $0.30 per unit distribu- tions during the first quarter of 2024. —Rob Buchholtz, CFO The table contains information concerning completed unit transactions that occurred over the last four quarters. There are 29,620,000 capital units issued and outstanding. The total 99,500 units traded from second quarter 2023 through first quarter 2024 represents 0.34% of units outstanding. First quarter 2024 trading totalled 20,000 units traded at $6.00-$6.06 per unit. Unit sales holding steady so far in 2024 Quarter Low Price High Price Average Units Traded Second Quarter 2023 4.24 4.47 4.25 51,000 Third Quarter 2023 4.49 4.49 4.49 3,500 Fourth Quarter 2023 6.00 6.08 6.06 25,000 First Quarter 2024 6.00 6.06 6.01 20,000 For more details on Lake Area Corn Processors, LLC trading please contact Variable Invest- ment Advisors at 1-800-859-3018, visit their website at www.agstocktrade.com or contact our office. Any member wishing to have a proposal included in the 2025 annual meeting information statement must submit the proposal in writing to the company by November 8, 2024. Manager nominations must be made on a Manager Nomination Petition and submitted by January 1, 2025, unless the company notifies the members of a different deadline. We suggest that proposals for the 2025 annual meeting of members and manager nominations be submitted by certified mail-return receipt requested. Members who intend to present a proposal at the 2025 an- nual meeting of members, without including such proposal in the annual meeting information statement, must provide notice of such proposal no later than January 24, 2025. Lake Area Corn Processors reserves the right to reject, rule out of order, or take appropriate action with respect to any proposal that does not comply with these and other applicable requirements. 2025 proposals, nominations due Nov. 8