February 9, 2017

Report #13Gold , Silver and Copper in British Columbia, Canada

Today, Golden Dawn Minerals Inc. announced the completion of the $4 million USD financing with private equity fund RIVI Capital LLC of San Francisco, USA. This is a major milestone for the company and its shareholders as money is key to make the big step from exploration and development into production. With this major hurdle now behind, the press in Germany and coverage in North America may accelerate with production start coming closer.

On February 7, Steven Ralston of Zacks Research provided an update on Golden Dawn Minerals, raising the target price to $0.51 CAD/share due to rally in the price of gold. He provided the following outlook:

“Golden Dawn Minerals is a junior mineral exploration company that is on the verge of becoming an early stage gold-producing company...

We anticipate that the mill will begin processing ore from the May Mac mine once a permit is received. Raising target slightly due to rally in the price of gold.”

Today, Marc Davis from BNWNews published the article “Golden Dawn is Primed for a Breakout Year in 2017”, highlighting the chances for the company and its shareholders in the upcoming weeks and months while the transition to a junior miner is being executed by management.

More drill results from May Mac are expected by the end of the month.

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: 97,461,676

Canadian Symbol (TSX.V): GOMCurrent Price: $0.325 CAD (02/08/2017)Market Capitalization: $32 million CAD

German Symbol / WKN: 3G8A / A1XBWD Current Price: €0.232 EUR (02/08/2017)Market Capitalization: €23 million EUR

Chart Canada (TSX.V)

Chart Germany (Tradegate)

Golden Dawn in the spotlight of the press as production start becomes imminent

Recent picture showing underground drilling at the past producing May Mac Mine. In January, Golden Dawn Minerals reported that drilling has found the high-grade Skomac Vein to continue only few meters behind the end of the historic Level #7 adit.

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ast week, the German print magazine Derivate Magazin included an article in which Golden

Dawn Minerals is presented as a promising investment candidate because “2017 could upgrade the company from explorer to producer”, which is “the most important step in the life of a resource company and mostly goes hand in hand with considerable increases in company valuations”. The magazine also mentioned that “numerous institutional commodity analysts” will be visiting the project and may report on Golden Dawn Minerals shortly thereafter. This would clearly increase awareness of this young company, which intends to start producing precious and base metals during within the next 3 months.

As the ongoing drill programs at the historic May Mac Mine have been delivering high grades of gold, silver, zinc and lead, a 10,000 t bulk sampling program is set to com-mence once the permit is in hand (expected any day) with material to be processed at the near-by Greenwood Mill, potentially for immediate positive cash-flow generation).

Zacks Research analyst Steven Ralston calculated a discounted asset value of $0.51 CAD/share, which is based on around 180,000 ounces of gold contained in the 3 historic mines Lexington-Grenoble, Golden Crown and May Mac. Resource development programs are ongoing at the historic May Mac Mine and are poised to significantly increase its relatively small contribution ($2.8 million CAD) to Golden Dawn’s total net asset value (Lexington-Grenoble: $48 million CAD; Golden Crown: $33 million CAD). On top of that, Ralston’s valuation does not (yet) include the acquisition of the substantial Kettle River property package, which includes 29 historic metal mines. Ralston stated:

“The company recently acquired the Green-wood Gold Project, which is located in south-central British Columbia and which includes two past producing mines and the Greenwood mill. The company is expected to significantly expand its portfolio again by exercising its option to acquire 100% interest in the Greenwood Area Properties (aka Kettle River Resources Ltd)...

Managements of junior mineral exploration companies create value through evaluat-

ing, acquiring, exploring and/or developing mining properties. Management’s strategy is to increase shareholder value through acquiring projects in the Greenwood Mining Camp, where management has considerable experience, and subsequently advancing the properties to production. With the acquisition of the Greenwood mill, management is able to fast-track the May Mac, Lexington-Grenoble and Golden Crown mines to production. Our calculation of share value of attributable resources is based on the ascertained net asset value of each property, which is determined by adjusting the value of estimated resources for the

expected recovery rate, mining/processing costs and royalties, if any. Also, the resour-ces are assigned a confidence factor that attempts to take into account the risks of each project, such as the locality of the deposits, the assurance level of the resources, various technical mining/production risks, etc. The methodology also accounts for balance sheet adjustments for working capital and assets, such as property, plant and equipment, along with anticipated development capital costs. Based on our calculation of share value of attributable resources, our target for Golden Dawn stock is $0.51. The target was raised slightly due to rally in the price of gold.”

LReport #13 | Golden Dawn Minerals Inc.

Recent picture showing the portal of the past producing May Mac Underground Mine, which has great potential of going into commercial production before Lexington-Grenoble or Golden Crown (only these 2 historic mines fall under the metal purchase agreement with RIVI Capital)

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Recent pictures of underground drilling at May Mac and the near-by Greenwood Mill processing facility (more pictures here and new video on May Mac Mine here).

“At the May Mac mine, 3 surface diamond drill holes (totaling 550 meters) were com-pleted, along with 9 underground diamond drill holes (totaling 805 meters). In addition, one jackleg test hole was drilled from the end of the No. 7 drift. At May Mac, one of the 3 surface drill holes (BF16-26) intersected 6.07 meters of mineralization (located 13 meters below the No. 7 level and 100 meters northeast of the end of that level) grading 79.6 g/t Ag, 0.57 g/t Au, 1.9% Pb and 1.4% Zn. Assay results from the other two drill holes were not significant. The first hole (MU16-01) in the underground campaign was drilled horizontally from the end of the level No. 7 adit in order to locate the Skomac vein. At a dis-tance between 17.45 and 19.78 meters, MU16-01 intercepted 2.33 meters of mineralization grading 131.3 g/t Ag, 2.34 g/t Au, 0.59% Pb and 0.42% Zn. This discovery could be the po-tential target for the planned bulk sample. The samples for the remaining 8 holes have been sent to the lab for analysis.” (Steven Ralston of Zacks Research on February 3, 2017)

Report #13 | Golden Dawn Minerals Inc.

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Today, Golden Dawn Minerals also announced the appointment of Kevin Puil to join the board of directors:

“The Company is pleased to have RIVI as a partner and furthermore, effective immediately, Mr. Kevin Puil has agreed to join the board of directors of Golden Dawn. Kevin is an asset manager with more than 20 years’ experience managing investments. Mr. Puil is currently Managing Partner at RIVI Capital LLC, a mining focused private equity firm based in San Francisco. Prior to that, he held senior positions at several firms including Senior Analyst at the Encompass Fund in San Francisco, and at Bolder Investment Partners in Vancouver (now Haywood Securities), where he was a Partner and Portfolio Manager. Kevin currently serves as a Director and member of the Audit Committee of three Toronto Stock Exchange companies. He holds a degree in Economics from the University of Victoria in British Columbia, and is a Chartered Financial Analyst (CFA) charterholder. We welcome Mr. Puil to our team to add his considerable expertise in our industry to coordinate financings and distribution of equities of our company.”

San Francisco based RIVI Capital LLC is a private equity firm specializing in natural resource investments. The RIVI Opportunity Fund LP is a “streaming fund” based on the model from Silver Wheaton. According to an interview with Alphabulls, RIVI Capital is focussing on gold mines with all-in production costs of around $800 USD/oz.

One of RIVI Capital’s Managing Partners is Kevin Puil, a former fund manager and analyst with over 18 years of experience managing natural resource investments. Prior to RIVi, he held senior positions at several firms including Bolder Investment Partners (now Haywood Securities), where he was a Partner and Portfolio Manager; Gissen & Associates as Portfolio Manager and the Encompass Fund as Senior Analyst of natural resources. He holds a degree in Economics from the University of Victoria in British Columbia, and is a Chartered Financial Analyst charterholder.

RIVI’s other Managing Partner is John Menzies, who has +30 years of experi-ence in the natural resource sector. He is a Fellow of the Society of Economic Geologists, the Geological Society of London and the Australian Institute of Geoscientists. He was a senior geologist for Amax Inc. responsible for gold explor-ation in Western Australia. In the 1990s, he was Director and VP Exploration for Carbine Gold NL which ultimately merged with Bemax to became one of the world’s largest titanium mineral producers. Men-zies’ company CMI Capital Ltd. funded CIM Resources Ltd. and was its largest shareholder. CIM developed coal assets in Australia and subsequently became

the $1 billion Gloucester Coal company. He was CEO of Steppe Gold, which de-veloped gold assets in Kazakhstan, as well as introduced the finances to develop the Erdenet Copper Leach Project and the Tsargan Els Oilfield in Mongolia, and was one of the earliest shareholder in the $20 billion Ivanhoe Mines Ltd. Menzies was al-so CEO of Euromax Resources Ltd., a com-pany focused on the exploration and de-velopment of gold and copper projects in Bulgaria, Macedonia and Serbia. Euromax is now advancing the $450 million Ilovitza Project to development. This project will become the largest copper-gold producer in Europe and the investment will be the largest FDI project in Macedonia.

Report #13 | Golden Dawn Minerals Inc.

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By Marc Davis from BNWNews.ca on February 9, 2017

What’s a reliable recipe for success in Canada’s gold mining business?

Here’s a great example.

Start with a growing gold inventory. Add a nearby mill and up-to-date mining permits.

Finally, add to the mix a CDN $5.2 million financing.

Now you have a turnkey, money-making business venture – one that offers near-term cash flow. And it’s also a business model that’s perfectly-primed to capitalize on resurgent gold prices.

That’s what investors want to see. And that’s exactly what they’re getting with Vancouver-based Golden Dawn Minerals (TSX.V: GOM, Frankfurt: 3G8A). The company is strategically amassing a portfolio of small past-producing gold/silver mines, undeveloped deposits, and mineral prospects in an historic gold district in southern British Columbia.

Now Golden Dawn has the necessary finances to virtually triple its land holdings in the gold-rich Greenwood gold fields near the city of Grand Forks. It recently completed a CDN $5.2 million financing arrangement with a San Francisco-based private equity firm, RIVI Capital LLC.

This development unlocks the opportunity to explore and develop the best prospects for significant new gold discoveries within an additional 11,000-plus hectares of the Greenwood gold fields. (These new mineral claims, which are being acquired from Nadina Resources, can be seen in purple shading above.) Most significantly, this expansive land package includes a network of small historic artisanal mines that are far from mined-out or even systematically developed by former small-scale, cash-constrained operators.

Golden Dawn’s head geologist, Dr. Matthew Ball, thinks that his company is really onto a company-maker opportunity here. He believes that the surface of these historic gold fields has barely been scratched.

“The land package covers an exceptional abundance of mineral prospects, including 29 past mines and 78 mineral showings,” he says. “All of the historic mines are less than 150 metres in depth with the majority being less than 50 metres deep.”

“Therefore, the potential for extensions of known deposits is exceptionally high. Additionally, large areas of the property package remain unexplored.”

The Phoenix Mine: Untapped Potential for Many More Ounces of Gold

Among Golden Dawn’s new assets are several historic gold mines. They include the past-producing Phoenix mine, which yielded in excess of one million ounces of gold, nearly 6.5 million ounces of silver and 518,523,951 lbs of copper before the mine closed in 1978.

Now here’s where things get really interesting. Just south of the border, the

Greenwood gold fields also encompass a number of high-grade gold mines in Washington State. Collectively, they have produced in excess of 7.5 million ounces of gold. This includes several mines that were discovered as recently as the 1990s in what is known as the Boundary District.

Much of this gold production -- particularly in the Republic Graben and Rossland local-ities - comes from high-grade epithermal vein systems with “bonanza” grades aver-aging at least 16 grams per tonne (g/t).

These mines have similar geological char-acteristics to many of the well-mineralized exploration prospects among Golden Dawn’s new land holdings. Yet the fact that gold in the Boundary District is structural-ly-controlled by fault zones has only been recognized by geologists in recent years.

The solving of this geological puzzle now empowers Golden Dawn to apply the same proven geological model to finding more gold in previously under-explored areas of the Greenwood gold fields.

In particular, none of the past exploration at the Phoenix mine site and surrounding property had targeted a structurally-controlled style of mineralization. This helps

Report #13 | Golden Dawn Minerals Inc.

Golden Dawn is Primed for a Breakout Year in 2017

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explain the limited success of the mine’s past operators.

Yet untapped vein “shoots” with bonanza grades as high as 55 g/t (virtually two ounces per tonne) are known to still exist in this area. However, many more may yet be waiting to be discovered.

This is why Golden Dawn intends to make the Phoenix property a top priority with a view to proving up additional high-grade ounces. With this in mind, the prospective re-commissioning of this mine represents a rich vein of opportunity for Golden Dawn.

Additionally, the Phoenix mine acquisition comes with a sizeable tailings inventory that can be reprocessed at Golden Dawn’s proximal mill to recover residual gold and copper resources.

What’s Golden Dawn’s near-term strategy for a district-scale exploration program to determine where best to look first for significant new gold finds?

Dr. Ball explains how he hopes to narrow down the search on an expedited timeline: “Deep penetrating geophysics might be key to exploring beneath the known deposits for new sulphide deposits.”

“The aim of this work is to identify extensions to known deposits and new targets, and initial testing of these targets.”

A Commitment to Success via the Drill Bit

A successful exploration and development program at Phoenix and elsewhere on the new land package has a key strategic objective: It will build upon Golden Dawn’s existing gold inventory, which consists of three small past-producing gold mines -- namely Lexington, May Mac and Golden Crown.

This is where the company is initiating pilot-scale production, beginning with a 10,000-tonne bulk sample from certain high-grade veins at the May Mac mine.

To date, drilling has discovered high-grade mineralization as reported on December 12, 2006. It includes such highlights as 7.95 g/t gold and 135 g/t of silver over a 1.2-metre

intercept, as well as 0.5% copper.

This finding suggests that mineralization similar to what was mined much nearer the surface is present at least as deep as the mine’s “No. 7” level and that the mineralization continues along a lateral plane, too. In other words, gold and silver of unknown quantities is still dispersed throughout this historic mine.

Of equal importance, the Lexington mine is already permitted, meaning that no regulatory roadblocks stand in the way of it also becoming a turnkey-solution money-maker.

Plans are also underway to re-commission the Lexington mine in Q2 of 2017. Most importantly, the mine is already permitted, meaning that no regulatory roadblocks stand in its way.

In the near term, a minimum 500,000 ounces of high-grade gold and “gold equivalent” (the combined value of the gold, silver and copper) has been targeted at Lexington, May Mac and Golden Crown. The company hopes to achieve this goal by way of exploratory drilling and in-fill drilling, especially in known high-grade gold zones.

An On-Site Mill Makes for a Turnkey Gold Mining Business

It’s also important to note that virtually all the necessary mining infrastructure is already in-place to service all three deposits and any additional mining operations in the area. This includes a modern mill and a tailings storage facility.

Even the Phoenix mine and all the other new prospects are within a 15-kilometre radius of Golden Dawn’s mill.

All of these mines, deposits, and other prospects also benefit from ready access to a power grid, a water supply and a nearby highway. They are also close to the city of Greenwood, where a skilled labour force and mining supplies can be easily sourced.

Once the company’s first three mines are up-and-running, this will also allow Golden Dawn 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.

Furthermore, the prospect of bringing additional mines and deposits on-stream at Golden Dawn’s significantly expanded land holdings will lower overall mining costs even more and further benefit the company’s balance sheet.

Investment Summary

Golden Dawn’s share price promises to be a strong performer in 2017. This is due to an increasingly attractive risk/reward profile that is underpinned by the prospect of meaningful near-term, low-cost gold production.

Furthermore, the advent of steady cash flow also significantly limits the downside risk for the company’s share price. In essence, it’s an ideal insurance policy for investors.

At the same time, the opportunity to breathe new life into the prolific, high-grade Phoenix gold mine and several other smaller proximal mines offers plenty of so-called “blue sky” potential.

So too does the prospect of discovering other structurally-controlled, high-grade gold deposits in one of the world’s safest mining jurisdictions.

All of these key dynamics are destined to give Golden Dawn a break-out year in 2017. In fact, the advent of a steady stream of positive drilling news promises to reward patient investors with an ascending share price that’s poised to go from strength to strength.

About the Author

Marc Davis has a deep background in the capital markets spanning 25 years. He is also a longstanding financial journalist, having worked for leading digital financial news agencies in North America and in London’s financial centre. He is also a former on-camera business reporter for CBC Television. Over the years, his articles have also appeared in dozens of digital publications worldwide. They include USA Today, CBS Money Watch, Investors’ Business Daily, the Financial Post, Reuters, National Post, Google News, Barron’s, ChinaDaily, and AOL.

Report #13 | Golden Dawn Minerals Inc.

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Click on charts for updated versions

Previous Coverage

Report #12: “Gold and Gold Stocks: The Best Hedge Against Trump and Other Uncertainties“ (January 31, 2017)

Report #11: “Golden Dawn Discovers New Prospect For A Possible World-Class Deposit“ (January 26, 2017)

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)

Report #13 | 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 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.

For more information and sign-up for free newsletter, please visit: www.rockstone-research.com

Report #13 | Golden Dawn Minerals Inc.