Golden Dawn Minerals Inc. TSX.V:GOM Frankfurt Xetra 3G8A OTC:GRMRF

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2 Forward Looking Statements Except for historical information contained herein, this presentation may contain forward looking statements including, but not limited to, comments regarding predictions and projections. Forward looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Although Golden Dawn Minerals Inc. believes that such expectations are reasonable, there can be no assurance that such expectations will prove to be correct, and therefore actual results may differ materially from those currently anticipated in such statements. You are cautioned not to place reliance on such forward looking statements, whether made in this presentation or in any question and answer period related to this presentation. This document has been approved by Dr. Serguei Soloviev, P.Geo, who is a Qualified Person on this Project, as defined by National Instrument

3 Project Highlights: Significant gold and silver resource - one of the largest undeveloped precious metal resource in the Province and a lead-zinc resource: AN UPDATED (2018) J&L MINERAL RESOURCE ESTIMATE STAYS AT 1.35 MILLION MEASURED AND INDICATED GOLD EQUIVALENT OUNCES AND 1.08 MILLION INFERRED GOLD EQUIVALENT OUNCES Secure, safe mining-friendly jurisdiction: British Columbia, Canada Good access and infrastructure, skilled labor, significant underground development Good average gold grades (4-6 g/t gold) Significant silver (50-60 g/t Ag) and lead-zinc grades (2-3% each) Positive metallurgical testing (gold recovery >90%), can be further optimized By-products (silver, lead, zinc) may cover much of mining costs Rapid advancement to production is possible Blue-sky potential: less than half of 3.3 km-long mineralized structural corridor explored by drilling, potential to increase to ~9 km; main mineralized zone is open downdip, with potential for parallel zones 3

4 Location and access: 6.5 hours from Vancouver by TransCanada Highway to Revelstoke 4 hours from Calgary by TransCanada Highway to Revelstoke 45 minutes from Revelstoke on highway 23 (35km) and Forestry road (12km) to site 4

5 Existing Infrastructure: 3,052 hectare mineral claims package Underground Mining equipment fleet Mine buildings: maintenance and workshops 3 km of underground drift development 40,887 m drilled (311 drill holes) Easy access to paved highways and railways Power source nearby (transmission from Revelstoke and Mica major Hydro Generation Facilities) Rail siding and load-out facility in Revelstoke (100% owned) 5

6 Mineralization: Shear-hosted, replacement-style, 2-3 m to 15 m wide, moderately-dipping (55 o ), sulfide-rich mineralized zones (possibly distal intrusionrelated as small felsic intrusions and intermediate to mafic dikes are present in the area) Major sulfide minerals include pyrite, arsenopyrite, galena, bournonite, freibergite, sphalerite and chalcopyrite Both sulfide-related (refractory) gold and native (free) gold are present Exploration Potential Main and Yellowjacket zones remain open for expansion along strike, down-dip and up-dip Only 1.4 km explored by drilling of the total known strike extent of the mineralized package of 3.3 km Potential for en echelon and parallel zones some are already known but never drilltested 6

7 Mineralization (cont d): Two mineralized zones are known at the J & L deposit: the Main Zone and the Yellowjacket Zone, both strike NW and dip NE; The Main Zone traced by drilling for ~1.4 km along strike and for ~0.85 km downdip; 7

8 Mineralization (cont d): The Main Zone contains gold mineralization, together with silver, lead, and zinc; The Yellowjacket Zone contains mostly silver-lead-zinc mineralization; Main Zone contains copper ( %), local bismuth (up to 180 ppm), and cadmium (up to 700 ppm) Economic implications of by-product elements remain to be evaluated; Historical mineral resource outlines for the Main and Yellowjacket Zones MAIN ZONE HISTORIC MEASURED AND INDICATED RESOURCES MAIN ZONE HISTORIC INFERRED RESOURCES 8

9 The newest (January 2018) NI compliant J&L Mineral Resource Estimate at C$110/tonne NSR Cut-Off (1-6), as defined by P&L Mining Consultants Inc. Tonnes (000 s) Au (g/t) Au (000 s oz) Ag (g/t) Ag (000 s oz) Pb (%) Zn (%) AuEq (g/t) AuEq (000 s oz) Main Zone Measured 1, , Indicated 2, , Meas & Ind 4, , ,144 Inferred 4, , ,016 Hanging Wall Zone Indicated Inferred Footwall Zone Inferred Yellowjacket Zone Indicated , Inferred Total All Zones Measured 1, , Indicated 3, , Meas & Ind 5, , ,351 Inferred 4, , ,075 9

10 Notes to accompany Mineral Resource estimate, and parameters used by P&L Mining Consultants Inc. for the 2018 J&L resource estimate: 1) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. 2) The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. 3) The Mineral Resources in this estimate were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council. 4) The following parameters were used to derive the NSR block model cut-off values used to define the Mineral Resource: Dec 31, 2017 US$ two year trailing avg. metal prices: Pb $0.95/lb, Zn $1.13/lb, Au $1,253/oz, Ag $17.08/oz; Exchange rate of US$0.76 = CDN $1.00; Process recoveries of Pb 74%, Zn 75%, Au 91%, Ag 80%; Smelter payables of Pb 95%, Zn 85%, Au 96%, Ag 91%; Refining charges of Au US$10/oz, Ag US$0.50/oz; Concentrate freight charges of C$65/t and Smelter treatment charge of US185/t; Mass pull of 5% and 8% concentrate moisture content. 5) The NSR cut-off of CDN$110 per tonne was derived from $75/t mining, $25/t processing and $10/t G&A. 6) AuEq= Au g/t + (Ag g/t x 0.011) + (Pb % x 0.422) + (Zn % x 0.455) 10

11 Important note: The Mineral Resource Estimate was undertaken by P&E Mining Consultants Inc. and authorized by Eugene Puritch, P.Eng., FEC, CET of P&E Mining Consultants Inc., who is a Qualified Person as defined by NI and is independent of Golden Dawn Minerals Inc. P&L Mining Consultants Inc. will complete a Technical Report for Golden Dawn within 45 days of the news release dated January 23,

12 Metallurgical Summary Metallurgical flowsheet includes gold (arsenopyrite/pyrite), lead (galena), and zinc (sphalerite) flotation concentrates. Most gold and some silver are recovered into gold/silver Dore from the arsenopyrite/pyrite concentrate after pressure oxidation leaching (POX), or bio-leaching, and cyanidation. Most silver and some gold are recovered from the lead concentrate (Micon Int l Ltd., 2012). According to Micon Int l Ltd. (2012), gold is present in two modes. The majority (80%-90%) occurs as solid solution within the arsenopyrite matrix. The second mode of gold occurrence (10%-20%) is as fracture filling/veinlets in arsenopyrite or as coarse grains locked to gangue or other sulfides. This secondary gold occurrence liberates on grinding, floats with the lead concentrate and is cyanide leachable. The majority of the silver is present as freibergite and is in solid solution with the lead minerals. Metal recoveries to sulfide concentrates are in the order of 98%. Gold and silver extraction from arsenopyrite concentrates treated by pressure oxidation and cyanidation were approximately 90% and 50%, respectively. Extractions for arsenopyrite concentrates treated by bio-oxidation and cyanidation were approximately 90% and 80%, respectively. After accounting for heavy media, flotation and POX leaching losses, including the assumption of no precious metal payables for the zinc concentrate, the overall recoveries of the principal metal credits were calculated at 92% for gold and 90% for silver (Huakan International Mining Inc., NR Jan.17, 2013). 12

13 Underground Mine Development Plan (HIMI 2012) Conceptual layout for the mine development. The view is from the south looking toward the north. Existing workings are shown in pink, proposed development in blue, and the mineralized zone in brown (Micon Int l Ltd., 2011). Conceptual layout for the mine development. The view is from the southeast looking toward the northwest. Existing workings are shown in purple, and proposed development in green (Micon Int l Ltd., 2011). 13

14 Golden Dawn Plan: Complete new PEA based on an updated resource estimate and current economic parameters, consider option of mining Yellowjacket Zone Further conversion of inferred to indicated resources by additional underground drilling Large-volume bulk metallurgical testing Pre-feasibility study to follow new PEA and resource conversion, Additional access tunneling (to expand drilling) Additional exploration drilling along strike (from 1.4 km currently traced by drilling vs. 3.3 km traced on the surface) and downdip of the Main mineralized zone, with further resource expansion; checking for parallel and en-echelon zones Pre-production tunneling and infrastructure development 14

15 Phase III drilling at Main Zone for resource upgrade, as proposed by HIMI,

16 Budget for Phase III: 700 Level Main Zone Drilling (HDMI 2012) Phase III Proposed Budget Phase III 700 Level Ramp, Drift and Drill 16

17 Permitting/ Environmental study New PEA Critical Path Exploration / Resource Conversion Pre-feasibility study Feasibility study Production financing Procurement Construction 17