December 5, 2017

Report #19Gold , Silver and Copper in British Columbia, Canada, and Washington, USA

Yesterday after market close, Golden Dawn Minerals Inc. released another set of drill results from its ongoing surface drill program at its Golden Crown Property near Greenwood in British Columbia, Canada.

• To date, 31 holes have been drilled total-ing 2,954 m (on average 95 m per hole).

• The assays of holes 1- 9 holes were reported in early November (see here).

• Holes 10-19 are reported today along with those for the first 9 holes which are updated to include re-assays of core where initial results were higher

than the upper detection limit. Length weighted average grades were calculated for 2 intercepts as follows:

Hole GC17-02: 3.53 g/t gold + 0.11% copper @ 3 m (9.24-21.58 m) including: 7.60 g/t gold + 0.13% copper @ 4.6 m (17-21.58 m) Note: these intercepts include a few intervals of low core recovery (as low as 21%).

Hole GC17-05: 6.77 g/t gold + 1.18% copper @ 6.95 m (14.65-21.6 m) including: 16.48 g/t gold + 1.96% copper @ 2.69 m (18.13-20.82 m)

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: 126,943,073

Canadian Symbol (TSX.V): GOMCurrent Price: $0.285 CAD (12/04/2017)Market Capitalization: $36 Million CAD

German Symbol / WKN: 3G8A / A1XBWD Current Price: €0.182 EUR (12/04/2017)Market Capitalization: €23 Million EUR

Chart Canada (TSX.V)

Chart Germany (Frankfurt)

New Drill Results from Golden Crown Show New Potentials

The strongly mineralized King Vein outcrops at surface, whereas today‘s drill results confirm continuation of high-grade mineralization near surface in a field of multiple veins and veinlets.

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he results indicate gold and copper grades of economic interest in massive sulphide

veins and adjacent wall rocks.

“The deposit now appears to consist of a field of multiple veins and vein-lets, with the main vein structures selected as targets for underground development.”

• The holes reported to date were drilled to test 4 different zones on the Golden Crown Property: The King, Winnipeg, Portal and Southwest Zones. Locat-ed 3 km west of the Golden Crown Property is the historic JD Zone, where rock chip samples (1 m wide) showed grades between 1.8 and 15.8 g/t gold (average of 7.4 g/t).

• As the above 19 holes from Golden Crown not only showed high gold and copper grades in massive sulphide veins but also significant mineralization in the adjacent wall rocks (in form of veinlets and disseminated sulphides), the upcoming drill program will test for a continuation of mineralization in the entire area between the Golden Crown Property and the JD Zone. If this +3 km long area indeed shows a continuation of mineralization of at least 1 g/t gold near surface, the com-pany could start evaluating the poten-tial for open-pit mining of all or parts of this mineralized trend at surface. In general, open-pit mining is less com-plicated and thus much cheaper than underground mining. Therefore, overall mining costs of a combination of open-pit and underground mining could be reduced significantly while at the same time significantly more material could be mined and processed.

• Already selected targets for under-ground development will also be evalu-ated as the company plans to permit underground mine development and bulk sampling to prepare the Golden Crown Property for full-scale production in 2018.

• The drill results of 12 more holes are pending, whereas drilling continues, so the assays of more than 12 holes will be announced once available.

Report #19 | Golden Dawn Minerals Inc.

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• The Golden Crown property lies only 3 km from the Greenwood Processing Plant and is a key component of the material scheduled to be processed at the plant.

• Continued drilling is planned to potentially increase resources and upgrade Inferred Resources to the Indicated category:

Golden Crown 2016 Resource Estimate (3.5 g/t gold equivalent cut-off ):

Indicated: 163,000 t @ 11,09 g/t gold + 0.56% copper(11.93 g/t gold equivalent; 62,500 gold equivalent oz)

Inferred: 42,000 t @ 9.04 g/t gold + 0.43% copper (9.68 g/t gold equivalent; 13,100 gold equivalent oz)

Below video shows recent drilling on the Golden Crown Property. Click on the image or here to watch the video.

Report #19 | Golden Dawn Minerals Inc.

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Technical Perspective

Report #19 | Golden Dawn Minerals Inc.

Click on charts for updated versions.

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Previous Coverage

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 Minerals getting increasingly attractive with latest acquisition plans“

Report #13: “Golden Dawn in the spotlight of the press “

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 secured: A Just-in-Time success story par excellence “

Report #2: “Golden Dawn secures funding to go into gold production in BC“

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

Report #19 | 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 new drill results show new potentials for an open-pit; that the company could start evaluating the potential for open-pit mining of all or parts of the mineralized trend at surface to be drill tested in the future; that overall mining costs could be reduced with an open-pit. 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 uncertainties respecting 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 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 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 materially 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 men-tioned. Rockstone, its owners and the author of this report are not registered broker-dealers or financial advisors. Before investing in any se-curities, 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 Ex-change 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 recom-mendation 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. 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 wheth-er 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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Report #19 | Golden Dawn Minerals Inc.