October 18, 2016

Report #6Gold , Silver and Copper in British Columbia, Canada

Golden Dawn acquires several major past producing mines and becomes largest land holder in the Greenwood District next to KinrossToday, Golden Dawn Minerals Inc. announced the100% acquisition of Kettle River Resources Ltd. (“KRR”), which makes Golden Dawn the owner of most historic mines and deposits in British Columbia’s historic Greenwood Mining District.

Golden Dawn has recognized the opportunity for renewed exploration activities to add resources and to consolidate the entire district. Just at the right moment, management took advantage of the gold price pullback and has acquired KRR’s mines and land positions to add more value to the company and its shareholders.

KRR discovered a high-grade silver zone with up to 1’044 g/t silver over 6.2 m and a near-by high-grade gold zone with 30.2 g/t gold over 7.3 m and 9.8 g/t gold over 9.8 m. Prior to that, KRR discovered another deposit and delineated a (historic)

resource averaging 8.6 g/t gold.

These 3 separate zones/deposits alone are projected to become additional sources for feeding Golden Dawn’s Greenwood Mill.

Today’s announced acquisitions add significant mineral rights and upside potential to the Golden Dawn’s 100% owned May Mac, Lexington and Golden Crown Mines, all within a 15 km radius of its 200/440 t/d Greenwood Mill.

In early September, Bob Moriarty hit the nail on the head when assessing the value of Golden Dawn’s modern processing facility, which is currently being reactivated to start production in early 2017:

“The increase in the price of silver and gold has made several other small-scale mines in the Greenwood district economically viable and the company may do toll milling or simply buy out the owners.”

Company Details

Golden Dawn Minerals Inc.

Suite 900 - 525 Seymour Street

Vancouver, B.C. V6B 3H7 Canada

Phone: +1 604 221 8936

Email: allinfo@goldendawnminerals.com

www.goldendawnminerals.com

Shares Issued & Outstanding: 87‘272‘907

Canadian Symbol (TSX.V): GOM

Current Price: $0.23 CAD (10/17/2016)

Market Capitalization: $20 million CAD

German Symbol / WKN: 3G8A / A1XBWD

Current Price: €0.16 EUR (10/17/2016)

Market Capitalization: €14 million EUR

Chart Canada (TSX.V)

Chart Germany (Frankfurt)

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oday’s acquired property pack-age covers 10’400 hectares and includes several significant historic

mines, deposits and exploration targets that have already demonstrated, by historic exploration and production, great potential for resources to be defined and added to the resource inventory of Golden Dawn.

Bluebell/Oro Denoro

• In 1995-1996, Kettle River discovered high-grade gold. Results of chip samples across the zone included 30.2 g/t gold over 7.3 m and 9.8 g/t gold over 10 m.

• The Minnie Moore Showing was discov-ered in 2006. Trenching in 2007 showed 1’044 g/t silver over 6.2 m, 432 g/t silver over 5.8 m and 414 g/t silver over 8.5 m.

Sylvester K

• Discovered by Kettle River in a 1983 drilling program.

• Historic resource estimate of 50’000-100’000 t averaging 8.6 g/t gold. Grades are typically in the order of 8.5 g/t gold for the massive sulfide mineralization and about 10 g/t gold for the footwall style mineralization.

Tam O’Shanter

• Previously explored by Golden Dawn in 2011-2012, resulting in an inferred resource of 24.5 million t averaging 0.53 g/t gold, inclusive of the contiguous Wild Rose Property.

Phoenix

• The historic Phoenix Mine (including production from the Snowshoe, Brook-lyn-Idaho and Stemwinder Mines) was active between 1900-1919 and 1956-1978, with production totaling over 1 million ounces of gold at grades of about 1.1 g/t gold, 18 million ounces of silver and 575 million pounds of copper at grades of about 0.9% copper.

• After mine closure (due to low copper prices and a shortage of coal for the smelter), the property was purchased by Noranda in 1979 and later by Kettle River.

• Great exploration potential to discover the high-grade source of mineralization below the underground mine workings.

Research #6 | Golden Dawn Minerals Inc.

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The geological origin of the copper-gold deposits at Phoenix is traditionally thought to be replacement or skarn-type deposits formed by interaction between mineralized fluids and Brooklyn limestone unit. However, the source of the fluids has not been discovered and it is generally assumed that granitic rocks under the mine area produced the mineralizing solutions. In addition to excellent potential for discovery of new replacement type deposits, the inferred source intrusions are a high priority exploration target for porphyry copper-gold deposits.

Phoenix Tailings

• 3 separate tailings sites situated on 2 claim blocks covering a total area of 413 hectares.

• Historical production records indicate that a total of approximately 13.2 million t of tailings were produced during the operation.

• From 1959-1967, the Tremblay Tailings consist of 4.19 million t of tailings, grading 0.15% copper, 0.38 g/t gold and 3.8 g/t silver.

• From 1967-1976, 7.33 million t of tailings with an average grade of 0.08% copper, 0.31 g/t gold and 3.1 g/t silver were discharged to the Twin Creek site.

• In the final years of operation, tailings were discharged into the open pit, which is estimated to contain 1.64 million t of tailings grading 0.09% copper, 0.17 g/t gold and 2.23 g/t silver.

• The results of metallurgical studies on material from 2 holes drilled into tailings indicate that re-grinding and cleaner flotation would produce a concentrate grading of approximately 18% copper and 207 g/t gold. Although very encouraging, considerably more information is required to assess the tailings resource and economic viability of tailings re-processing.

Bottom-line: As Bob Moriarty recently concluded in an article on Golden Dawn: “If management executes their plan as well as they have over the last six month, investors have a nice alternative to buy into a small but profitable gold mining operation in the safest of jurisdictions. Don’t be confused by the small resource, this was a major gold district in Canada and Golden Dawn has the only mill. That puts them in the catbird’s seat.”

Research #6 | Golden Dawn Minerals Inc.

Larox pressure filter for reagents

The Greenwood Mill was built and commissioned in 2008 and is in excellent shape

Conveyor Belts at the Greenwood Mill in excellent condition

Rougher and First Cleaner Float Cells: Golden Dawn‘s modern floatation circuit can produce gold doré bars to be sold directly to smelters. The facility was in operation only for a short period of time in 2008 and put on care and maintenance due to low gold prices of about $750 USD/oz (June 2016 PEA indicated all-in production costs of $820 USD/oz).

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Above and below (and cover picture on page 1): Recent pictures from the past producing May Mac and Amigo Mines, where surface and underground drilling have started and are expected to be completed by year’s end. Until then, a strong newsflow reporting drilling results is anticipated, besides news about the reactivation of the Greenwood Mill processing facility and dewatering the Lexington-Grenoble Mine. Bulk sampling and test mining at May Mac is said to start in the first quarter of 2017 (assuming that a 10’000 t bulk sample averages 6 g/t gold, some 1’900 oz of gold worth $2.4 million USD could be produced with gold at $1’250 USD/oz, putting Golden Dawn into a first cashflow position).

Research #6 | Golden Dawn Minerals Inc.

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Above: Recent picture of surface drilling at the historic Amigo Mine (near May Mac)

Below: Greenwood Project Update Video (click on image or here to view)

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Click on charts to view 15 min. delayed version

Previous Coverage

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“

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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.

Analyst Profile & Contact

Stephan Bogner (Dipl. Kfm. FH)Mining Analyst Rockstone Research 8050 Zurich, Switzerland+41-44-5862323sb@rockstone-research.com

Stephan Bogner studied at the Inter-national School of Management (Dort-mund, 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 special-ized 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 #6 | Golden Dawn Minerals Inc.