26. Januar 2017

Report #11Gold , Silver and Copper in British Columbia, Canada

Today, Golden Dawn Minerals Inc. reported the completion of a NI43-101 Report on the property package which is intended to be acquired from Kettle River Resources Ltd. The total land package is in excess of 11,000 hectares and covers an exceptional abundance of mineral prospects, including 29 past mines and 78 mineral showings.

Although the area was an established mining district, all of the historic mines are less than 150 m in depth with the major-ity being less than 50 m deep. Therefore, the potential for extensions of known deposits is exceptionally high. Addition-ally, large areas of the property package remains unexplored.

As soon as the acquisition has been offi-cially closed, the company can immedi-ately start exploring in order to find addi-tional material for processing at its own Greenwood plant. All historic mines and showings are located within a radius of 15 km to this modern mill with a 200/400 t/d capacity, which had been constructed in 2008 (operational only for few months as low gold prices forced the previous operator to cease operations).

On January 3, Golden Dawn reported the closing of the $5.2 million CAD metal pur-

chase agreement with RIVI Capital LLC, in general probably the most critical factor to go into production. On January 16, it was mentioned that underground drilling at the past producing May Mac Mine will resume on January 21, i.e. new results are expected within the next few weeks.

The company has also applied for an extension of the Level #7 at May Mac to access, for bulk sampling purposes, the newly discovered high-grade mineral-ization as reported on December 13: 3 g/t gold, 156 g/t silver, 2.9% zinc and 0.33% copper, with gold grades increas-ing to 7.95 g/t in the following 1.2 m long intercept. Surface drilling at May Mac intersected 688 g/t silver, 1.18 g/t gold, 7% zinc and 19% lead, extending the Skomac Vein to 13 m below the #7 adit level with mineralization continuing along strike and open to the northwest.

As soon as the permit has been received, the extension of Level #7 will synchronously become a bulk sampling program as mineralization continues at the end of the existing level. The material will be processed at the near-by Greenwood Mill (expected to be operational shortly) to produce saleable doré bare and concentrates for immediate cashflow generation.

Company Details

Golden Dawn Minerals Inc.#318 - 1199 West Pender StreetVancouver, B.C. V6E 2R1 CanadaPhone: +1 604 221 8936Email: allinfo@goldendawnminerals.comwww.goldendawnminerals.com

Shares Issued & Outstanding: 97,236,676

Canadian Symbol (TSX.V): GOMCurrent Price: $0.265 CAD (01/25/2017)Market Capitalization: $26 million CAD

German Symbol / WKN: 3G8A / A1XBWD Current Price: €0.187 EUR (01/25/2017)Market Capitalization: €18 million EUR

Chart Canada (TSX.V)

Chart Germany (Tradegate)

Golden Dawn Discovers New Prospect For A Possible World-Class Deposit

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ost interestingly, Golden Dawn today mentioned that the historic mines, deposits

and showings within the Kettle River land package are clustered in 2 areas: Phoenix and Summit camps.

This localized grouping of occurrences suggests the 2 areas may overlie porphyry copper gold source intrusions, and were generated by metal-rich hydrothermal fluids that ascended from the intrusions. The majority of the mineralization in the Greenwood Camp can be classified as copper-gold skarns or skarn-related.

Early exploration and historic mining in the Greenwood Camp only focussed on massive sulphide and oxide ores which were easy to process and could be shipped directly to smelters.

This means that there is significant potential to discover large tonnage deposits of low to moderate grade copper-gold skarn material peripheral to the historic mines.

In addition, since most of the historic mines were focussed on copper, iron-rich skarn zones of mineralization were largely ignored. Iron skarns containing gold mineralization could be economic at current metal prices. It will be important to re-evaluate all of the skarn deposits for gold.

Golden Dawn is confident that new mill feed for its Greenwood Mill will be discovered in and proximal to these historic mines and showings, to extend the current mine life of 5 years from its Lexington and Golden Crown Mines resources. Concurrently, the company

will explore the areas evidencing indi-cations of intrusive (porphyry) deposits which may be sources for the numerous historic mines and mineral showings.

The property encompasses the world-class historic Phoenix Mine which produced nearly 1 million ounces of gold and 235,700 tonnes of copper from a total of 21 million tonnes mined from 1900-1919 and 1956-1978. There is also potential to establish a mineral resource from the Tremblay Tailings that were derived from this mine. Production records show that 4.19 million tonnes at an average grade of 0.15% copper, 0.38 g/t gold and 3.8 g/t silver were discharged to the Tremblay site. The production records are only an approximate indication of the total tailings. Note that this is not a mineral resource as more work is required.

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SOUTH ZONE Past Production Figures:

Sylvester K: 5,090 t @ 5.1g/t gold (1987)Marshall: 370 t yielded 15.2 kg gold, 17.6 kg silver, 470 kg copper, 2,300 kg lead and 560 kg zinc (1967-1975)Brooklyn, Idaho, Stemwinder: 292,834 t yielded 855 kg gold, 3,431 kg silver, 3,567 kg copper (1900-1960; production after 1960 is included in the Phoenix summary) Old Ironsides: 2.4 million t (no assays or recoveries given; production includes that from the Knob Hill, Drop Gold, Monarch, Victoria, Snowshoe and Curlew Mines) Phoenix, Aetna, Curlew: 22 million t yielded 28,341 kg gold, 183,036 kg silver and 235,693 t copper (1900-1919: 12.4 milliin t of ore mined; 1959-1974: 9 million t of ore was mined; including the Knob Hill, Old Ironsides, Gold Drop, Monarch, Victoria, Snowshoe and the Curlew Mines)

Snowshoe: 1,284 kg gold, 4,950 kg silver and 6,322 t copper (1900-1904, 1906-1911; Granby Consolidated Mining & Smelting purchased the property in 1913 and through the years 1959, 1962-1964 mined 270,000 t of a lower grade ore by open pit mining and processing at the Phoenix Mill)Rawhide: 856,634 t yielded 1,056 kg gold, 6,919 kg silver and 8,441 t copper (1904-1916; between 1959-1962 Granby mined the property on aroyalty basis and production is included in the Phoenix summary) Gold Drop: 1.6 million t of ore mined (1905-1919; recoveries reported in Phoenix summary) Grey Eagle: 45,360 t @ 0.2% copper, 36% iron and 0.7g/t gold (1916)

(All figures sourced from the latest NI43-101 Technical Report prepared by Dr. Mathew Ball, P.Geo, with effective date as of January 20, 2017)

WESTERN ZONE Past Production Figures:

Crescent: 250 t @ 1.5 g/t gold, 453 g/t silver also yielded 3,000 kg lead and 3,500 kg zinc (1905-1908) Preston: 16 t yielded 18.4 kg silver and 306 kg lead Last Chance: 704 t yielded 4.7 kg gold and 3,026 kg silver (1904-1905, 1920, 1935; a sample of the dump assayed 15.8 g/t gold, 278 g/t silver, 2% lead and 5% zinc) Skylark: 1,866 t yielded 5,282 kg gold, 22.5 kg silver, 25.8 t lead and 4.8 t zinc (1905-1907, 1915, 1935) and 33,298 t yielded 11,751 kg silver, 90 kg gold, 108 t lead, 44 t zinc and 9,536 t copper (1988-1989) Prince Henry: 19 t yielded 40,060 kg silver, 0.4 kg gold and 1,130 kg lead (1906, 1917) Bay: 447 t yielded 17 kg gold and 17kg silver (1904-1941; majority in 1935)Mavis: 29 t yielded 0.6 kg gold and 1.7 kg silver (1906)

Research #11 | Golden Dawn Minerals Inc.

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On January 16, Golden Dawn reported additional drill results and corrected erroneous assays for 1 hole at the May Mac Mine. Repeat analyses on surface hole BF 16-26 indicate the original fire assay results announced in a news release dated December 12, 2016 were biased low. Additional check assays were done on a highly mineralized intercept for silver, gold and base metals by the same laboratory. Revised values for the intercept are:

6.07 m @ 133.6 g/t silver, 0.54 g/t gold, 3.6% lead and 1.5% zinc including:

0.96 m @ 688 g/t silver, 1.18 g/t gold, 19% lead and 7% zinc

This intercept is from a very significant 100 m step-out hole along the north-westerly trend of the Skomac Vein system. The hole not only demonstrates

the northwest strike extension, but also extends the vein to 13 m below the #7Adit level. It indicates that mineralization similar to that historically mined from the upper levels of the mine is present down to the No. 7 level, and that the mineralization continues along strike and is open to the northwest.

Further surface drill testing will test the extent of the mineralized zone.

9 underground holes totalling 805 m were drilled at the May Mac Mine to test for mineralized zones on the Skomac vein and to test for parallel veins. All 9 holes intersected the target Skomac vein indicating that the Skomac vein mineralization continues down to and below the No. 7 level. Significant results are presented in the Table 1, including previously released results for hole MU16-0.

Drill Hole MU16-01, penetrating from the end of No. 7 level along the line of the tunnel, intersected the Skomac vein at 18 m. Extending the No. 7 drift 18 m will intersect this mineralized zone.

The remaining holes (MU16-02 to 9) were drilled on a fan pattern to the northeast from drill station #3, the deepest of 3 drill stations excavated in 2016.

Golden Dawn will resume May-Mac Mine underground drilling by January 21 from drill station #3, followed by stations #2 and #1.

The company will continue underground as well as surface exploration drilling to locate a source of mill feed from the May Mac Mine to add to the future produc-tion from the company’s Lexington and Golden Crown Mines.

Research #11 | Golden Dawn Minerals Inc.

Portal to the past producing May Mac Mine in Greenwood, British Columbia (photo: Udo Rettberg)

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MU16-01 17.45 19.78 2.33 131.3 2.34 0.6 0.4 0.1including 18.68 19.78 1.1 250 4.96 1.2 0.9 0.2MU16-02 24.09 24.64 0.5 132 0.14 1.9 1.6 0.5MU16-03 18.38 18.87 0.49 21.1 0.55 N/S 0.1 N/SMU16-04 17 17.5 0.5 57.5 0.32 0.7 1.1 0.1MU16-05 32.92 34.42 1.5 176.5 1.06 3.2 1.1 0.3MU16-06 69.28 70.04 0.76 173 0.22 2.7 2.5 0.1MU16-07 23.4 23.84 0.44 105 0.15 3.7 0.3 N/SMU16-08 34.57 35 0.43 84.8 0.2 0.6 0.1 N/SMU16-09 55.3 55.78 0.48 151 2.97 0.9 0.7 0.1MU16-09 58.54 58.94 0.4 152 0.4 4.5 1.7 0.1

Zinc (%)

Copper (%)

Notes: N/S = No Significant Results. The widths of zones reported above for the drill holes are core lengths, which may be different from true width. There is insufficient information at this time to accurately estimate the true width of the zones.

Hole No.

Table 1: Significant Intercepts from 2016 Underground Drilling at May Mac Mine, Greenwood, British Columbia, Canada

From (m)

To (m)

Length (m)

Silver (g/t)

Gold (g/t)

Lead (%)

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Click on charts for updated versions

Research #11 | Golden Dawn Minerals Inc.

Previous Coverage

Report #10: “Golden Dawn discovers 10 g/t gold over 15 m at surface and delivers top results from the underground“ (December 13, 2016)

Report #9: “Golden Dawn passed environmental and safety inspection, provides progress report on Greenwood projects“ (October 31, 2016)

Report #8: “Independent research house Zacks initiates coverage of Golden Dawn with a Price Target of $0.85 Dollar“ (October 25, 2016)

Report #7: “Golden Dawn Minerals: B.C.´s next powerhouse gold miner?“ (October 20, 2016)

Report #6: “Golden Dawn acquires several major past producing mines and becomes largest land holder in the Greenwood District next to Kinross“ (October 18, 2016)

Report #5: “Golden Dawn moving rapidly toward renewed operation“ (September 28, 2016)

Report #4: “Starting Shot for the May Mac Mine“ (September 6, 2016)

Report #3: “Ascend from explorer to producer secured: A Just-in-Time success story par excellence “ (August 30, 2016)

Report #2: “Golden Dawn secures funding to go into gold production in BC“ (July 22, 2016)

Report #1: “Perfect timing to go into gold production in British Columbia“ (July 14, 2016)

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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 announced transaction; 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. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-looking statements. Risks and uncer-tainties respecting lithium and resource com-panies 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 per-mitting 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 development activities; the ability to keep key employees, 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 material-ly from those anticipated in such statements. Accordingly, readers should not place undue reliance 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 mentioned. Rockstone, its owners and the author of this report are not registered brok-er-dealers or financial advisors. Before in-vesting 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 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, mul-tiple 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 particu-lar purpose. Golden Dawn Minerals Inc. 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 Disclai-mer 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.

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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Research #11 | Golden Dawn Minerals Inc.