July 14, 2016

Research #1Gold in British Columbia

Perfect timing to go into gold production in British Columbia

Especially when making such a bargain with the acquisition of Huakan

Golden Dawn Minerals Inc. plans to start mining as early as September/October this year. The company is gearing up to breathe new life into a past-producing gold-silver-copper mine in southern British Columbia – the Greenwood Project, consisting of a state-of-the-art floatation mill (installed in 2008), the Lexington-Grenoble Mine, the May Mac Mine, the Golden Crown Mine and all ancillary equipment and rolling stock. While most gold mines worldwide cost around $1,100 USD/oz to operate, engineering studies demonstrate that Golden Dawn could mine, process and ship its gold to the market as little as $820/oz (all-in sustaining costs). This would translate into an enviable operating margin of >$500/oz with gold trading >$1,320/oz. At a projected average output of 20,700 oz of gold equivalents per year, the initial mine life of 5 years is expected to produce 104,000 gold equivalent oz. The mine is forecasted to generate an average of $8.6 million CAD per year in after-tax cashflow, based on cumulative revenue of $158 million CAD over 5 years (assuming a gold price of $1,250 USD/oz).

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: $0.16 CAD (July 13, 2016)Market Capitalization: $10 million CAD

German Symbol / WKN: 3G8A / A1XBWD Current Price: €0.123 EUR (July 13, 2016)Market Capitalization: €8 million EUR

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Chart Canada (TSX.V)

Chart Germany (Frankfurt)

Massive gold-copper mineralization at the Lexington-Grenoble Underground Mine

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olden Dawn’s CEO Wolf Wiese, a German living in Vancouver, has proven in the past to have

strong connections in the mining and fi-nancing industry. The purchase price of around $3.5 million CAD was negotiated originally last year, respectively long be-fore the gold price started a new upward trend and as such may turn out to be a superb bargain.

The mine is currently on care and maintenance, hence it is estimated that approximately 3 months of work is required to get it back into operation. Thus, mining could start as early as September, whereas processing and gold production is estimated to start as early as November (as the mine must first deliver a large enough stockpile for the mill to be put into permanent operation).

The mill is commissioned to process 200 tbd initially (expansion to 400 tpd and 600 tpd possible). The mill is capable of producing doré gold bars for immediate sale to a smelter.

Exceptionally strong newsflow ahead

While it may take another 3 months to start mining, the newsflow is set to increase significantly. Management is planning to drill up to 400 holes over the summer at its May Mac Mine with up to 2 rigs in action. Underground drill holes are typically between 30 and 200 m long. This underground drilling campaign requires blasting, for which a permit is required (expected any day, whereafter drilling is said to start immediately). Shortly thereafter, Rockstone anticipates the release of new assays on a weekly basis. At depth, the high-grade mother lode may get discovered with this drill program. Drilling from surface at the May Mac Mine identified a new high-grade gold vein with as much as 9 g/t gold and 525 g/t silver. Underground drilling is poised to significantly expand the resource.

First of all, the Lexington-Grenoble Mine is planned to be brought into pro-duction. Almost 100,000 oz of relatively high-grade gold remain in the deposit as of today. This well-outlined deposit has been drilled extensively with >230 holes.

More drilling is planned to increase mine life, with a view to doubling the mine life to at least 10 years. Practical-ly, all necessary mining infrastructure is already on-site, including a modern mill and tailings storage facility (origin-al costs: $40 million approximately).

The Lexington-Grenoble Mine was originally commissioned in 2008, however production came to a halt after only a few months when its former operator (a small mining company) ran into financial trouble (at that time gold was trading at $750 USD/oz, a significant discount to today’s price).

The mine will also benefit from ready access to power, water and a nearby highway. Skilled labour and mining supplies can be easily sourced from the close town Grand Forks.

Golden Dawn latest (June 2016) PEA calculated an after-tax IRR of 62% and an after-tax NPV of $23.2 million at a 6% discount rate and a $1,250 gold price.

With an 8% higher gold price ($1,350), the after-tax IRR increases to 75% (+21%) and the after-tax NPV increases to $29 million (+25%). Projected payback on CAPEX is a little less than 2 years.

Rockstone is looking forward to the upcoming drill program and the increased newsflow expected over the next months before starting to mine and pour the first gold bars later this year.

GResearch #1 | Golden Dawn Minerals Inc.

Portal to the Lexington-Grenoble Mine

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The Greenwood Project consists of as-sociated buildings, equipment and vehi-cles. Previous investments by Merit Min-ing (acquired by Huakan) are in the order of $40 million. Permits exist for mining and processing. Infrastructure is in place and intact. Minimal pre-production de-velopment required to start mining.

Currently, the 2008-built mill (see pic-ture on top) has a 200 tpd capacity with potential for expansion to 400 tpd and thereafter to 600 tpd. A nearby tailings storage facility (see picture above) has a 400,000 t design capacity and is per-mitted (currently placed under care and maintenance).

Research #1 | Golden Dawn Minerals Inc.

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The following priority geological targets have been identified that require fol-low-up exploration:

Lexington-Grenoble (gold-copper)

• Deposit is open up and down dip along its strike length.

• Both holes TG-81 (4.4 m @ 28.5 g/t Au and 2.18% Cu) and B93-6 may have inter-sected 2 significant parallel deposits.

• Richmond Zone: 9.2 million t @ 5.3 g/t Au and 1.37% Cu (another zone that needs follow-up drilling).

• Lone Star: Mostly inferred resource (definition drilling required).

Golden Crown (gold-silver-copper-lead-zinc)

• Several veins and anomalies require further exploration. Many veins and wider shoots remain open-ended lat-erally and at depth. Example: King Vein with a 40° westward rake that remains open-ended along this projection.

• Trenching 2.5 km northwest of the main vein system identified high-grade gold mineralization that should be fur-ther tested by drilling.

• The entire 2.5 km gap between the prin-cipal vein system and the trenched aurif-erous shears contains untested gold soil anomalies (potential for new discoveries).

May Mac(gold-copper)

• On-site water, power, tailings pond and a 100 tpd mill owned by Golden Dawn.

• New zone intersected at depth in 2015 indicates potential for resources below historic mine workings. An underground drill program is planned. There are 2 principal veins and at least 10 other veins hosting precious and base metals.

• Underground development recom-mended to include drifting and raising to explore the vein and prepare for stope mining of a bulk sample. Work will deter-mine grade of zones above 7th level for bulk sampling. Sub level drifting at inter-mediate heights between the 6th and 7th levels required over slope of 100 m.

• Historic production (1903-1983) to-talled 3,574 t yielding 18.5 kg of gold and 693 kg of silver, plus base metals. Inactive since the 1980s. Underground adits and tunnels exist. May Mac Low-er Adit: Historical records 35 t of ore at a grade of 318 g/t gold mined in 1903-1904.

Research #1 | Golden Dawn Minerals Inc.

Kinross Gold Corp. (5th largest gold producer in the world) recently acquired a major land position in the Greenwood mining district

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• Positive Preliminary Economic Assess-ment in June 2016.

• Large up-side potential from further gold price increase.

• 6 month start-up time.

• Gold-copper resource estimates recently updated and may get updated again after a summer drilling program.

• Further exploration at Lexington-Gre-noble, Golden Crown and May Mac could add resources and extend the project life.

• Other resources in nearby area could add to project.

The Republic Graben is a geological for-mation that host numerous mines:

Research #1 | Golden Dawn Minerals Inc.

Preliminary Economic Assessment (“PEA“) Highlights as of June 2016:

2016 Pre-Production:

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By Marc Davis from BNWnews.ca on July 1, 2016

In business, good timing is often what matters most.

This is why Wolf Wiese, the president of Golden Dawn Minerals (TSX.V: GOM) (Frankfurt: 3G8A), is in a very good mood.

In recent months, gold stocks have rallied strongly (especially since the “Brexit” vote). They’ve even become star performers. A Major De-Risking Milestone for

Golden Dawn

The fact that the price of gold is moving higher – along with gold stocks – is not what Wiese (a German citizen living and working in Vancouver, BC) is most excited about.

He’s just gotten the best news ever in his company’s history: Golden Dawn just received final approval from Canada’s stock market regulators to complete the purchase of a small but scalable gold mine in southern British Columbia.

Now that the governmental approval process is finally completed, Golden Dawn is just one final step away from finalizing a significant company-maker transaction. This involves paying the approximately CDN $4 million price tag for the Lexington-Grenoble mine – which is a bargain. A financing to make this happen is already underway, according to Wiese. It should be completed by mid-August.

It should be noted that a preliminary agreement to purchase the mine was

made last year, long before gold’s recent rally and the resurgence in popularity of gold stocks. This explains why the asset is being bought for a fraction of its current value.

On-Track for Near-Term, Low-Cost Gold Production

The company forecasts that the mine can be put back into production as early as Q1 of next year. Most importantly, it’s already permitted, meaning that no regulatory roadblocks stand in the way of the mine becoming a near-term money-maker.

Significantly, the purchase also provides Golden Dawn with important mining infrastructure. This includes a modern mill and tailings storage facility, which are together valued at over CDN $40 million. The mine also has ready access to a power grid, a water supply and a nearby highway.

By way of a little background, the mine was originally commissioned in 2008 but production ground to a halt after only a few months when its former operator, a small mining company, ran into financial trouble.

The mine is forecast to be a low-cost producer when reactivated,. In fact, engineering studies demonstrate that gold can be mined, processed and shipped to market for as little as US $820/oz in “all-in sustaining costs” (which includes all other corporate operating expenditures, as well as royalties). This translates into a very enviable operating margin of up to US $500/oz based on current gold prices. Two other small proximal gold/copper mines are also expected to be re-commissioned by Golden Dawn after Lexington-Grenoble is brought on-stream. All three deposits are situated

in what has traditionally been a fertile gold and copper mining district for over a century. Known as the Greenwood mining camp, it has mostly seen small-scale, non-mechanized mining that has barely scratched the surface.

This helps explain why there’s still around 100,000 ounces of relatively high-grade gold waiting to be extracted from Golden Dawn’s past-producing Lexington-Grenoble deposit. This well-outlined gold asset has been extensively drill-defined by no less than 232 drill holes. (More drilling is planned this year to outline more gold resources, with a view to doubling the mine life’s to at least 10 years.)

The Big Picture: Ramping-Up Gold Output

According to Wiese, Golden Dawn aims to increase its resource base to nearly half a million ounces of gold within the coming months. This involves proving up more gold and silver resources by way of additional drilling at the company’s three past-producing deposits.

These include the past-producing, high-grade May Mac gold/silver mine – which Golden Dawn already owns. In fact, a small-scale project to mine certain high-grade gold veins at May Mac is scheduled to commence later this summer.

Once all three mines are up-and-running, this will allow the company to benefit from cost-cutting economies of scale. Such a reality promises to lower overall mining costs further and boost the company’s future projected profits.

How Golden Dawn Offers an Attractive Risk/Reward Profile

It’s rare for investors to be able to own an inexpensive gold stock that promises to be supported by near-term gold

Research #1 | Golden Dawn Minerals Inc.

Golden Dawn Gets Government Approval to Mine Gold

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production. However, Golden Dawn is one of these opportunities.

Due to the fact that the price of gold is trending higher, the company’s share price will likely continue to strengthen. This is the case for virtually all gold stocks. However, they are also very vulnerable to declines in the price of gold as well.

This is especially the case for most inexpensive gold stocks because the price of gold is their only real value indicator in the absence of revenues. And it is a very approximate indicator or proxy at best.

However, with solid earnings, Golden Dawn stands out from the crowd by being able to build real, meaningful value into its share price – something that can be easily and accurately measured on a balance sheet.

Yet the ultimate insurance policy for Golden Dawn’s shareholders is the prospect of the company becoming a profitable business that is able to scale-up quickly to ramp-up earnings in a renewed bull market for gold.

So how does Golden Dawn plan to become a near-term success story? Starting out, the Lexington-Grenoble mine by itself is forecast to generate an

average of CDN $8.6 million a year in post-tax cash flow, based on cumulative revenue of $157.8 million over five years (assuming a price of $1,250 oz/gold).

These metrics have all been calculated by an independent engineering firm by way of a preliminary economic assessment that was announced last month.

The prospect of near-term cash flow also means that Golden Dawn’s relatively tight share structure should not have to be significantly diluted (unlike most small mining stocks) by round after round of equity financings. By way of explanation, the fewer shares outstanding a company has, the easier it usually becomes for the share price to double or triple in value with good news flow. Meanwhile, the company plans to also commercialize the nearby Golden Crown gold/copper deposit and the May Mac gold/silver mine – both of which promise to become catalysts to higher share prices, according to Wiese.

In fact, these projects should significantly boost Golden Dawn’s annual output over the next several years, he says.

Once again, it’s worth mentioning that Golden Dawn believes that strategic drilling within the three mines (which are all close to one another) has the

prospect of outlining up to 500,000 ounces of high-grade gold and gold equivalent (the combined value of the gold, silver and copper).

The company intends to aggressively drill-define additional gold and silver resources in untapped gold veins in the coming months. The more precious metals produced, the more attractive the company’s risk/reward profile becomes, Wiese points out. In other words, there should be less downside risk for investors and more upside opportunity.

In summary, Golden Dawn offers investors the opportunity to capitalize on an emerging bull market for gold by proxy. This involves owning a future gold producer, whose share price offers significantly leveraged exposure to gains in the price of gold. For instance, Golden Dawn’s share price has virtually doubled in recent weeks while the price of gold is up by less than 30% so far this year (which is still impressive).

Early-stage investors will also become fractional owners of a gold mining business that promises to quickly become profitable – offering the prospect of annual dividends, too.

This is what value-oriented investors typically refer to as the best of both worlds.

Research #1 | Golden Dawn Minerals Inc.

A highly informative, 8 minute video presenting the Greenwood Gold Project is available by clicking on the image to the right (or here):

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Management & Directors

Wolf Wiese (President, CEO & Director)Mr. Wiese has been involved in the conception and implementation of local and international businesses for the past 30 years, as stock broker and bank owner in Germany. Mr. Wiese has spent the past 16 years in the Mining Exploration Business, primarily as a consultant and financier to public companies. He was the driving force behind Canadian Metals Explorations Ltd, now Hard Creek Nickel Ltd. from 1995 until 2004. During his tenure as the primary Financier/Consultant to the Company, Canadian Explorations Ltd. Discovered one of the largest Sulfide Nickel deposits in the World. Mr. Wiese has been involved with Golden Dawn Minerals Inc since the inception of the company in 2004.

Stephen M. Leahy (Director)Mr. Leahy has been involved in the resource sector since 1982. He was the founder of North American Tungsten and its Chairman & CEO from 1993-2013. With 250 employees and CDN $100 Million in revenue, North American Tungsten produced annually some 4% of the world’s primary tungsten concentrate from its extensive underground operations. From 2011-2013 Mr. Leahy was president of International Tungsten Industry Association based in London. He is a member of the ITIA Executive Committee for eight years and a member of ITIA itself since 1993. He is a director of Mining Association of Canada from 2011-2013 and a founding member of the Yukon Mine Training Association. In addition, Mr. Leahy serves as a director for four separate junior mining companies.

Andrea Yuan (CFO)Ms. Andrea Yuan Chartered Professional Accountant (CPA)/Certified General Accountant (CGA) British Columbia and Certified Public Accountant (CPA) New Hampshire. Ms. Yuan obtained her Bachelor of Economics from Shanghai University of Finance and Economics in 1994. Ms. Yuan started as internal auditor then team head internal audit department at the Bank of China’s Shanghai Pudong branch China 1994 through to 1999. Ms. Yuan moved to

Davidson and Company LLP, Chartered Accountants, in 2004 audit group. November 2006 until 2009, Ms. Yuan was audit manager at Davidson. From 2009 until October 2011, Ms. Yuan was audit principal at Davidson. Ms. Yuan is Chief Financial Officer or financial consultant for several public companies TSX Venture Exchange, Canadian Securities Exchange and OTC Markets.

Dr. Mathew Ball (COO & Chief Geologist)Dr. Ball is a professional geologist with over 30 years of worldwide experience including underground precious metals mine development programs. For the past 5 years he was President and COO at the Bralorne gold mine in B.C. Dr. Ball brings a wealth of practical experience and knowledge of lode and epithermal gold-silver, porphyry copper-gold and related skarn deposits, all of which occur in the Greenwood area.

Brian McClay (Advisor to the Project Management Team)Brian McClay is a mining contractor, diamond drill contractor and a mining development specialist who has worked globally for over 50 years in the recognizing and developing of mineral deposits . He has managed projects and mines in Canada, United States, Mexico, Ecuador, Russia and Australia.

McClay was President and CEO of Mosquito Consolidated Gold Mines Ltd. from 1991-2012 guiding this company from a market capitalization of $400,000 to in excess of $100 million culminating in a hostile take-over.

Brian Mills (Mine Manager)Mr. Mills is president of Genex Mining Company Limited, a Kootenay B.C. based Mining Contractors. He is the fourth generation of his family to mine in the Silvery Slocan area of British Columbia.

Non-Executive Directors

Dr. Dieter Benz (Ph.D.; Mechanical Eng.)

Stefan Bender (Chief Editor of the German information service “Mining Scout”

Advisory Board

Stewart Jackson (Ph.D. and P. Geo.)

Michael Dufresne (M.Sc. and P. Geo.)

Frank Wright (P.Eng.; Processing Engineer)

George Sookochoff (B.Comm.; Database Specialist)

Research #1 | Golden Dawn Minerals Inc.

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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 #1 | Golden Dawn Minerals Inc.