December 19, 2017

Report #21Gold , Silver and Copper in British Columbia, Canada, and Washington, USA

Today, Golden Dawn Minerals Inc.made a game-changing announce-ment: The acquisition of the J&L Property, located in the prolific Revelstoke Mining Division of southeastern British Columbia, some 600 km east of Vancouver, Canada.

What makes this project so attractive is not only its great location near existing infrastructure but being an advanced-stage multi-million ounce project with immense upside potential.

With 1.3 million ounces of gold and 15 million ounces of silver, plus significant zinc and lead by-product credits, in historic (2012) resources, J&L is a perfect match for Golden Dawn Minerals.

The seller of this major gold-silver-zinc-lead project is Huakan International Mining Inc., from which Golden Dawn Minerals also acquired the Lexington Mine, the Golden Crown Deposit and the Greenwood Processing Plant in February of 2016.

As the Lexington Underground Mine and the Greenwood Plant are well on track to re-start gold-copper production in early 2018, Golden Dawn has shown its ability to execute its plans while creating shareholder value (share price doubled).So it does not surprise now that Huakan has full faith in Golden Dawn to bring into production the J&L Project, and profit once again from a significantly increased share position in Golden Dawn.

Company Details

Golden Dawn Minerals Inc.#318 - 1199 West Pender StreetVancouver, B.C. V6E 2R1 CanadaPhone: +1 604 221 8936Email: allinfo@goldendawnminerals.comwww.goldendawnminerals.comShares Issued & Outstanding: 127,143,073

Canadian Symbol (TSX.V): GOMCurrent Price: $0.28 CAD (12/18/2017)Market Capitalization: $36 Million CAD

German Symbol / WKN: 3G8A / A1XBWD Current Price: €0.177 EUR (12/18/2017)Market Capitalization: €23 Million EUR

Chart Canada (TSX.V)

Chart Germany (Tradegate)

Perfect Match: Golden Dawn Minerals Takes Over

Multi-Million Ounce Gold-Silver-Zinc Project in BC

The J&L Deposit is an advanced-stage gold-silver-zinc underground mining project.

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olden Dawn Minerals’ current market valuation of $36 million CAD is based

on its exploration and mining projects in the historic Greenwood Mining District, currently with total resources of 171,900 ounces of gold equivalents (Lexington: 96,300 oz gold equivalents; Golden Crown: 75,600 oz gold equivalents).

Over night, some 1.3 million ounces of gold and 15 million ounces of silver in historic resources were added. You do the math! No matter what, J&L is a significant value add for the company and its shareholders because this new acquisition lifts the company to a whole different level in the gold mining business. It’s getting serious now, we are talking big numbers from now on.

Golden Dawn emphasized in the press-release that J&L is a stand-alone project, fully independent from and not interfering with its Greenwood Projects. It represents a further implementation of the company’s strategy of acquiring significant advanced-stage to near-production mineral properties with ancillary assets.

And now, Golden Dawn’s latest announcement of December 6 – appointing 2 world-class mining professionals to its management team – should make even more sense going forward:

Perfect Match: It’s All About the PEOPLE Behind Great Projects

Newly appointed Peter Cooper appears to be the perfect match for Golden Dawn’s Greenwood mining and explor-ation projects, while newly added Dr. Serguei Soloviev looks like the perfect professional to advance the J&L Project into production over the next years.

Peter Cooper has spent the better part of the past 20 years working in the Republic Gold District of northeastern Washington State and southern BC. Since 2007, he was Chief Geologist and subsequently Manager of Operations Strategy for Kinross’ Kettle River Operations, located 40 km south of

Golden Dawn Minerals’ Greenwood Projects. Mr. Cooper has participated in 3 successful new gold mine start-ups, including Kinross’ prolific Buckhorn Mine, located 20 km southwest of Golden Dawn Minerals´ Lexington Mine, where he played a significant role in pre-production exploration and development.

Dr. Serguei Soloviev is a Professional Geologist with more than 35 years’ exploration experience in Canada and abroad. He was most recently with Rio

Tinto Exploration, where he served as Chief Geologist for Russian operations from 2010-2016. From 2006-2008, he was involved in the exploration of gold and copper deposits in British Columbia and Yukon, including Harper Creek and Skukum Creek. In 2000-2005, he was the Chief Geologist and a board member for Chapleau Resources Ltd., where he oversaw a number of exploration projects in British Columbia, Yukon, and Alaska. Dr. Soloviev has published over 50 technical papers in leading peer-reviewed journals.

Report #21 | Golden Dawn Minerals Inc.

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While the Main and Footwall Zones have already been defined well historic-ally, the Yellowjacket Zone is a parallel deposit with immese upside potential, it also hosts very favorable material for processing, with very high zinc grades.

Golden Dawn’s Plans

Following the Option Agreement, as outlined in the press-release, Golden Dawn plans to initiate and complete an updated Preliminary Economic Assess-ment (the “UPEA”), which will be based on a verified and an updated resource estimate and current economic param-eters. Subject to a positive UPEA and af-ter permitting, further exploration of the J&L Property will be undertaken. This will include underground drilling aimed at upgrading inferred mineral resources to the indicated category after establishing an access decline and a drift at a deeper level. Large volume metallurgical testing will also be conducted. All this will con-stitute a base for a Pre-Feasibility Study. Additional exploration drilling aimed at resource expansion will be done along strike and downdip of the known mineralized zones, as well as in areas of potential parallel and blind zones.

The J&L Property is located 35 km north of Revelstoke in British Columbia. The property consists of 20 mineral tenure claims and 10 crown granted claims for a total of 3,052 hectares.

Report #21 | Golden Dawn Minerals Inc.

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The J&L Property has been explored intermittently during the 20th century by a number of operators. In total, 311 drill holes (40,886 m) have been completed, together with about 3 km of underground development.

In 2010, a 100% unencumbered interest in the property was acquired by Huakan (formerly, Merit Mining Corp.) after making payments totaling $10.79 million. Huakan completed extensive drilling and drifting on the property, advancing it to the point of a Preliminary Economic Assessment (“PEA”) in 2012; further work, however, ceased due to financial constraints in 2014.

The property has a well-established road access via paved highways and forestry roads; it has an easy access to railroad, with a 100%-owned rail siding and load-out facility in Revelstoke. Power source could be provided by transmission from Revelstoke and Mica Major hydro-generation facilities. The property infrastructure includes mine buildings (40-person camp, maintenance buildings and workshops) and an underground mining equipment fleet.

In 2012, before the completion of the Phase 2 exploration program, a PEA on the J&L Property was completed by Micon; it was based on a mineral resource estimate published in a Technical Report dated May 2011. There has not been an updated Technical Report based on the subsequent year-2012 exploration results and the new resource estimate. The 2012 PEA by Micon considered the potential production of gold, silver, lead and zinc from the J&L Main Zone. That PEA was based on the proposed underground mining and carbon-in-leach processing at a rate of 1,500 t/d to produce gold doré and saleable concentrates.

The underground mine plan in the PEA was based on a 1,500 t/d under-ground bulk mining operation, using ramp access. The main mining method considered was mechanized longhole stoping with truck haulage, and stope backfill using waste rock and process tailings.

Report #21 | Golden Dawn Minerals Inc.

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Two process flowsheet options were considered for this PEA and each includes a heavy mineral separation (HMS) circuit ahead of milling to remove 40% of the rock by weight, with estimated metal losses of 2%. The main difference between the two proposed options is whether a single lead concentrate or two concentrates, lead and zinc are produced for sale.

The 2012 PEA recommended that the J&L project be advanced to the pre-feasibility stage, including additional drilling, metallurgical testing, and engineering design. Part of the recommended work was completed by Huakan since the PEA was completed.

The next planned phase of exploration includes: drive Ramp 1 decline approximately 2,180 m; drive five cross cuts totaling 976 m at elevations ranging from approximately 730 m to 660 m; drill 47 holes totaling 7,800 m.

Technical disclosure in the news release has been approved by Dr. Serguei Soloviev, P.Geo., a Qualified Person as defined by NI 43-101, and Chief Geologist for the J&L Project of Golden Dawn Minerals Inc.

Read the full news release here for further details.

Report #21 | Golden Dawn Minerals Inc.

Click on charts for updated versions.

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Previous Coverage

Report #20: “Golden Dawn Minerals Strengthens its Management Team“

Report #19: “New Drill Results from Golden Crown Show New Potentials“

Report #18: “High-Grade Gold and Copper Drill Results Near Surface at Golden Crown“

Report #17: “Rapid Progress with the Reactivation of Mine and Mill

Report #16: “Dewatering Start! Gold Production Expected in November“

Report #15: “Golden Dawn receives Mine and Mill Permits and Rockstone publishes a Site Visit Report“

Report #14: “Golden Dawn getting increasingly attractive with latest acquisition plans“

Report #13: “Golden Dawn in the spotlight“

Report #12: “Gold and Gold Stocks: The Best Hedge Against Trump and Other Uncertainties“

Report #11: “Golden Dawn Discovers New Prospect For A Possible World-Class Deposit“

Report #10: “Golden Dawn discovers 10 g/t gold over 15 m at surface and delivers top results from the underground“

Report #9: “Golden Dawn passed environmental and safety inspection“

Report #7: “Golden Dawn Minerals: B.C.´s next powerhouse gold miner?“

Report #6: “Golden Dawn acquires several major past producing mines“

Report #5: “Golden Dawn moving rapidly toward renewed operation“

Report #4: “Starting Shot for the May Mac Mine“

Report #3: “Ascend from explorer to producer“

Report #2: “Golden Dawn secures funding“

Report #1: “Perfect timing to go into gold production in British Columbia“

Report #21 | Golden Dawn Minerals Inc.

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Disclaimer and Information on Forward Looking Statements:All statements in this report, other than state-ments of historical fact should be considered forward-looking statements. Much of this report is comprised of statements of projec-tion. 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. 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; that the J&L Project is attractive and a perfect match for Golden Dawn; that J&L is an advanced-stage multi-million ounce project with immense upside potential; that Huakan has full faith in Golden Dawn to bring J&L into pro-duction and that shareholders will profit once again; that J&L is a significant value add for the company and its shareholders; that the newly appointed consultants are a perfect match for the projects of the company. Such statements involve known and unknown risks, uncertain-ties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-looking statements. Risks and uncertainties respecting lithium and resource companies are generally disclosed in the annual financial or other filing documents of Golden Dawn Minerals Inc. and similar compan-ies as filed with the relevant securities commis-sions, 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 state-ments, 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 regu-lations, 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 permitting for its legislative, political, social or economic developments in the jurisdictions in which Golden Dawn Minerals Inc. carries on business; operating or technical difficulties in connection with production or de-velopment activities; the ability to keep key em-ployees, joint-venture partner(s), and operations financed. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

Accordingly, readers should not place undue reli-ance on forward-looking information. 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 men-tioned. Rockstone, its owners and the author of this report are not registered broker-dealers or financial advisors. Before investing in any secur-ities, you should consult with your financial advis-or and a registered broker-dealer. Never make an investment based solely on what you read in an online or printed report, including Rockstone’s re-port, 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 Capital Corp. is to research and report on companies in which Zimtu Capital Corp. has an investment. So while the author of this report is not paid directly by Golden Dawn Minerals Inc., the author’s employer Zimtu Capital Corp. will benefit from appreciation of Golden Dawn Minerals Inc.’s stock price. The author owns shares of Golden Dawn Minerals Inc. and 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 recommen-dation but as advertisement. The author’s views and opinions regarding the companies featured in reports are his own views and are based on in-formation 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, complete-ness, or usefulness of any content of this report, nor its fitness for any particular purpose. Golden Dawn Minerals Inc. has not reviewed all of the content of this report prior to publication, and as such may not agree to statements from the author. 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 Disc-laimer 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 provid-ed is educational and general in nature.

Author Profile & Contact

Stephan Bogner (Dipl. Kfm. FH)Rockstone Research 8260 Stein am Rhein, 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 spe-cialized in the analysis and valuation of capital markets and publicly listed companies. The focus is set on explora-tion, development, and production of re-source 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, experi-enced with stock markets, and acting on one’s own responsibility.

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Report #21 | Golden Dawn Minerals Inc.