July 22, 2016

Research #2Gold in British Columbia

Golden Dawn secures funding to go into gold production in BCTo get funding for project acquisitions and capital expenditures (CAPEX) in order to go into production are one of the biggest hurdles for juniors. Yesterday, Golden Dawn Mining Inc. has taken a big step in leaving both hurdles behind, advancing to a potentially highly profitable gold producer in British Columbia within the next few months. According to yesterday’s announcement, San Francisco based private equity fund RIVI Capital intends to pay Golden Dawn $4 million USD in 2 tranches, which will fund CAPEX to resume mining, processing and purchase of the Greenwood Project consisting of a modern 220/400 t/day flotation mill as well as the Lexington-Grenoble and Golden Crown Mines, located 500 km east of Vancouver B.C. near the City of Greenwood on TransCanada Highway #3. Once gold is being produced, RIVI shall be entitled to 12% of the production for the first 15,000 oz at a cost of $400 USD/oz (whereafter the metal stream reduces to 6% at $650 USD/oz) from the Lexington-Grenoble and Golden Crown Mines (excluding the May Mac Mine and any other property). The company appears exceptionally well on track as it is considered a ground floor opportunity (those who get in on the ground floor might well make a fortune). On top of that, it looks like perfect timing.

Company Details

Golden Dawn Minerals Inc.Suite 900 - 525 Seymour StreetVancouver, B.C. V6B 3H7 CanadaPhone: +1 604 221 8936Email: allinfo@goldendawnminerals.comwww.goldendawnminerals.comShares Issued & Outstanding: 64,495,547

Canadian Symbol (TSX.V): GOMCurrent Price: $0.30 CAD (July 21, 2016)Market Capitalization: $19 million CAD

German Symbol / WKN: 3G8A / A1XBWD Current Price: €0.21 EUR (July 21, 2016)Market Capitalization: €14 million EUR

Chart Canada (TSX.V)

Chart Germany (Frankfurt)

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ince initiating coverage on Golden Dawn last week at $0,16 CAD (see report with further details and pic-

tures of the project here), the opportunity has been well received, yet the company still has a market capitalization of less than $20 million CAD. Exploration and infrastructure investments by previous operators exceeded $40 million CAD.

Considering that the impact of yesterday’s announced funding on the economics calculated in the recent PEA is minimal, yesterday’s news is considered to be one the most vital milestones in the history of the company, potentially a “company-making” event as Golden Dawn is getting into the enviable position to breathe new life into a past producing mine that ran into financial trouble when gold was trading at $750 USD/oz some 8 years ago (June 2016 PEA states all-in sustaining costs of $820/oz).

With gold trading almost twice as much today, the time for Golden Dawn to prove the profitability of the Greenwood Pro-ject has come, however CEO Wolf Wiese plans to this time put both the Lexing-ton-Grenoble and May Mac Mines into dual production (both as early as Septem-ber/October).

As soon as the company has received a blasting permit (expected any day), underground drilling at its 100% owned May Mac Mine is set to commence shortly thereafter. Up to 400 holes with up to 2 rigs have been scheduled to be completed in just 6 weeks. A highly increased newsflow, likely on a weekly basis, is expected to put this junior on the radar of many. Previous drilling from surface scratched a new high-grade gold vein (up to 9 g/t gold and 525 g/t silver) and as such the upcoming underground drilling may delineate a signifcantly increased resource estimate update before mining will start to build up a stockpile for the mill to be put into operation approximately 2-3 months thereafter.

Rockstone is excited about the upcoming weeks following and covering the corporate developments. Bottom-line: A success-story in the making, and just getting started, as Rockstone believes.

Excerpts of yesterday’s press-release:

Vancouver, July 21, 2016 - Wolf Wiese, CEO of Golden Dawn Minerals Inc. (TSX-V: GOM; FRANKFURT: 3G8A) (the “Company” or “Golden Dawn”) announ-ces signing (LOI) Letter of Intent, for a Metal Purchase Agreement (MPA) With RIVI Capital of San Francisco. The MPA is a part of the overall financing strategy consisting of Debt, Equity, and the Metal Purchase Agreement (MPA) described below. This will fund the capital expendi-tures to resume mining, processing and purchase of the Greenwood Project con-sisting of the 220/400 t/d Mill, the Lex-ington and Golden Crown Mines, AKA the Greenwood Project; Located 500 km, East of Vancouver B.C. near the City of Greenwood on Trans Canada Hwy # 3.

The terms of the agreement are as fol-lows: RIVI shall be entitled to twelve per-cent (12%) of the total combined gross production of gold (“Au”) ounces lim-ited to the Lexington and Golden Crown Mines, at a gold-equivalent (“GEO”) price per ounce of four hundred dollars US $ 400 for the life of the Project. RIVI will purchase the Metal Stream for a total of US $4,000,000 in two tranches; US$3,000,000 upon signing the Final Agreement, and the second tranche of US $1,000,000 four months post reach-ing 85% production levels of the Green-wood project. The company will pay 10% interest per annum on the first US $3,000,000 advanced until 85% of 200 t/d production is achieved. The MPA in-cludes the Lexington and Golden Crown

Gold/ Copper Mines. The 100% company owned May Mac Silver/Gold Mine with its ancillary Mill and tailings pond locat-ed 15 Km from the Greenwood Projects Mill is excluded from this Metal Pur-chase Agreement (MPA). The Lexington and Golden Crown Mines do not have a permanent NSR (net smelter return) obli-gation, except for a fraction of the Gold-en Crown Mine Claims. Thus the impact of the MPA on the economics calculated in the recent PEA (JUNE 2016) is minimal.

Stream Reduction. Upon delivery of a minimum of 15,000 ounces of gold from the two Mines (Lexington and Gold-en Crown), and providing the one year average price of gold is above US$1200 per ounce, the Company shall have the option to reduce the Metal Stream from 12% of gross production to 6%, and in-crease the per-ounce payment from US$400 to US$650.

RIVI shall have the right to nominate and maintain one board member to the board of directors for the term of the MPA. Such director will not be compen-sated by the Company.

The board member must meet the TSX Venture Exchange requirements and approval as well as the approval of the Company’s Board of Directors. The RIVI director will be instated upon the signing of the Final Agreement.

This transaction will close the earlier of 60 days, or in a maximum of 60 days from the execution of this LOI.

SResearch #2 | Golden Dawn Minerals Inc.

Golden Dawn‘s state-of-the-art floatation mill can produce such gold doré bars

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Disclaimer and Information on Forward Looking Statements:All statements in this report, other than statements of historical fact should be con-sidered forward-looking statements. Much of this report is comprised of statements of projection. Statements in this report that are forward looking include that Golden Dawn Minerals Inc. or any other company or market will perform as expected; that Golden Dawn Minerals Inc. will complete the recently an-nounced transaction; that Golden Dawn Min-erals Inc. or its partner(s) can and will start producing and selling any kinds of products; that the company can raise sufficient funds for a transaction, exploration and corporate matters; that any of the mentioned plans, comparisons with other companies, regions or numbers are valid or economic. Such state-ments involve known and unknown risks, un-certainties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-look-ing statements. Risks and uncertainties re-specting lithium and resource companies are generally disclosed in the annual financial or other filing documents of Golden Dawn Minerals Inc. and similar companies as filed with the relevant securities commissions, and should be reviewed by any reader of this report. In addition, with respect to Golden Dawn Minerals Inc., a number of risks relate to any statement of projection or forward statements, including among other risks: the receipt of all necessary approvals and permits; the ability to conclude a transaction to start or continue exploration; uncertainty of future market regulations, capital expenditures and other costs; financings and additional capital requirements for exploration, development, construction, and operating of a facility; the receipt in a timely fashion of further permit-ting for its legislative, political, social or eco-nomic developments in the jurisdictions in which Golden Dawn Minerals Inc. carries on business; operating or technical difficulties in connection with production or development activities; the ability to keep key employees, joint-venture partner(s), and operations fi-nanced. There can be no assurance that such statements will prove to be accurate, as ac-tual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking in-formation. Rockstone and the author of this report do not undertake any obligation to update any statements made in this report.

Disclosure of Interest and Advisory Cautions: Nothing in this report should be construed as a solicitation to buy or sell any securities mentioned. Rockstone, its owners and the author of this report are not registered broker-dealers or financial advisors. Before investing in any securities, you should consult with your financial advisor and a registered broker-dealer. Never make an investment based solely on what you read in an online or printed report, including Rockstone’s report, especially if the investment involves a small, thinly-traded company that isn’t well known. The author of this report is paid by Zimtu Capital Corp., a TSX Venture Exchange listed investment company. Part of the author’s responsibilities at Zimtu is to research and report on companies in which Zimtu has an investment. So while the author of this report is not paid directly by Golden Dawn Minerals Inc., the author’s employer Zimtu will benefit from appreciation of Golden Dawn Minerals Inc.’s stock price. The author does NOT own equity or any other interests in Golden Dawn Minerals Inc. However, the authour owns shares of Zimtu Capital Corp., and thus would also benefit from volume and price appreciation of its stocks. Hence, multiple conflicts of interests exist. Therefore, the information provided herewithin should not be construed as a financial analysis or recommendation but as advertisement. The author’s views and opinions regarding the companies featured in reports are his own views and are based on information that he has researched independently and has received, which the author assumes to be reliable. Rockstone and the author of this report do not guarantee the accuracy, completeness, or usefulness of any content of this report, nor its fitness for any particular purpose. Crown Mining Corp.has not reviewed the content of this report prior to publication. Lastly, the author does not guarantee that any of the companies mentioned in the reports will perform as expected, and any comparisons made to other companies may not be valid or come into effect. Please read the entire Disclaimer carefully. If you do not agree to all of the Disclaimer, do not access this website or any of its pages including this report in form of a PDF. By using this website and/or report, and whether or not you actually read the Disclaimer, you are deemed to have accepted it. Information provided is educational and general in nature.

Analyst Profile and Contact

Stephan Bogner (Dipl. Kfm. FH)Mining Analyst Rockstone Research 8050 Zurich, Switzerland+41-44-5862323sb@rockstone-research.com

Stephan Bogner studied at the International School of Management (Dortmund, Germany), the European Business School (London)

and the University of Queensland (Brisbane, Australia). Under supervision of Prof. Dr. Hans J. Bocker, Stephan completed his diploma thesis (“Gold In A Macroeconomic Context With Special Consideration Of The Price Formation Process”) in 2002. A year later, he marketed and translated into German Ferdinand Lips‘ bestseller („Gold Wars“). After working in Dubai for 5 years, he now lives in Switzerland and is the CEO of Elementum International AG specialized in duty-free storage of gold and silver bullion in a high-security vaulting facility within the St. Gotthard Mountain Massif in central Switzerland.

Rockstone is a research house specialized in the analysis and valuation of capital markets and publicly listed companies. The focus is set on exploration, development, and production of resource deposits. Through the publication of general geological basic knowledge, the individual research reports receive a background in order for the reader to be inspired to conduct further due diligence. All research from our house is being made accessible to private and institutional investors free of charge, whereas it is always to be construed as non-binding educational research and is addressed solely to a readership that is knowledgeable about the risks, experienced with stock markets, and acting on one’s own responsibility.

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Research #2 | Golden Dawn Minerals Inc.