UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE GREENWOOD PRECIOUS METALS PROJECT, GREENWOOD, BRITISH COLUMBIA, CANADA NTS: 82E/02E 49° 06’ 30’ N and 118° 36’ 00’ W INCLUDING LEXINGTON-GRENOBLE DEPOSIT, LEXINGTON PROPERTY, GOLDEN CROWN DEPOSIT, GOLDEN CROWN PROPERTY, DEADWOOD DEPOSIT, TAM O’SHANTER PROPERTY, PHOENIX PROPERTY AND BOUNDARY FALLS PROPERTY Prepared For: Golden Dawn Minerals Inc. #318-1199 W. Pender Street Vancouver, B.C., V6E 2R1 Canada By: P&E Mining Consultants Inc. NI-43-101 & 43-101F1 Technical Report No. 322 Paul Cowley, P.Geo. Eugene Puritch, P.Eng., FEC Fred Brown, P.Geo. Ernest Burga, P.Eng. Alfred Hayden, P.Eng. James Pearson, P.Eng. Effective Date: May 5, 2017 Signing Date: June 2, 2017 TABLE OF CONTENTS 1.0 SUMMARY .........................................................................................................................1 1.1 MINERAL RESOURCE ESTIMATES ..................................................................3 1.2 PROPOSED MINING PLAN ..................................................................................5 1.2.1 Lexington-Grenoble .....................................................................................5 1.2.2 Golden Crown ..............................................................................................6 1.3 PROPOSED PROCESSING PLAN ........................................................................7 1.4 ENVIRONMENTAL CONSIDERATIONS ...........................................................8 1.4.1 Lexington and Golden Crown ......................................................................8 1.4.2 Tam O’Shanter Property ............................................................................11 1.4.3 Phoenix Property ........................................................................................11 1.4.4 Boundary Falls Property ............................................................................11 1.5 CAPITAL AND OPERATING COSTS (C$)........................................................11 1.6 FINANCIAL EVALUATION ...............................................................................11 1.7 RECOMMENDATIONS .......................................................................................12 2.0 INTRODUCTION AND TERMS OF REFERENCE .......................................................15 2.1 TERMS OF REFERENCE ....................................................................................15 2.2 SOURCES OF INFORMATION ..........................................................................16 2.3 UNITS AND CURRENCY ...................................................................................16 2.4 GLOSSARY AND ABBREVIATION OF TERMS .............................................16 3.0 RELIANCE ON OTHER EXPERTS ................................................................................19 4.0 PROPERTY DESCRIPTION AND LOCATION .............................................................20 4.1 LEXINGTON PROPERTY ...................................................................................22 4.2 GOLDEN CROWN PROPERTY ..........................................................................25 4.2.1 Greenwood Gold Project Sale ....................................................................28 4.3 TAM O’SHANTER PROPERTY..........................................................................29 4.4 PHOENIX PROPERTY.........................................................................................31 4.5 BOUNDARY FALLS PROPERTY ......................................................................38 4.6 GENERAL REQUIREMENTS FOR MINERAL CLAIMS .................................40 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY .............................................................................................................41 5.1 LEXINGTON PROPERTY ...................................................................................42 5.1.1 Lexington-Grenoble Mine .........................................................................42 5.2 GOLDEN CROWN PROPERTY ..........................................................................43 5.2.1 Greenwood Mill and Tailing Facility ........................................................43 5.2.2 Historic Mine Development .......................................................................44 5.3 PHOENIX PROPERTY.........................................................................................44 5.4 TAM O’SHANTER PROPERTY..........................................................................45 5.5 BOUNDARY FALLS PROPERTY ......................................................................45 5.6 PERMITTING .......................................................................................................46 5.6.1 General .......................................................................................................46 5.6.2 Greenwood Precious Metals Project Permits .............................................47 5.6.3 Reactivating Lexington-Grenoble Mine and Greenwood Mill and Tailings ......................................................................................................48 5.6.4 Golden Crown Mine ..................................................................................48 5.6.5 May Mac Mine ...........................................................................................49 6.0 HISTORY ..........................................................................................................................51 6.1 LEXINGTON PROPERTY ...................................................................................51 6.1.1 Surface Development To-date ...................................................................55 6.1.2 Lexington-Grenoble Previous Resource Estimates ...................................56 6.2 GOLDEN CROWN PROPERTY ..........................................................................56 6.2.1 Surface Development To-date ...................................................................61 6.2.2 Golden Crown Previous Resource Estimate ..............................................62 6.3 TAM O’SHANTER PROPERTY..........................................................................62 6.4 PHOENIX PROPERTY.........................................................................................68 6.5 BOUNDARY FALLS PROPERTY ......................................................................80 6.5.1 May Mac (Skomac)....................................................................................80 6.5.2 Boundary Falls Mineral Occurrences ........................................................86 6.5.3 May Mac Historic Mineral Resource Estimate ..........................................88 7.0 GEOLOGICAL SETTING AND MINERALIZATION ...................................................89 7.1 REGIONAL GEOLOGY .......................................................................................89 7.1.1 Paleozoic Units ..........................................................................................92 7.1.2 Mesozoic Units ..........................................................................................93 7.1.3 Tertiary Units .............................................................................................93 7.1.4 Intrusive Units ............................................................................................93 7.1.5 Fault Structures ..........................................................................................93 7.2 LEXINGTON PROPERTY GEOLOGY ...............................................................94 7.2.1 Lexington-Grenoble Mineralization ..........................................................94 7.3 GOLDEN CROWN PROPERTY GEOLOGY .....................................................96 7.3.1 Golden Crown Property Mineralization.....................................................97 7.3.2 Golden Crown Vein ...................................................................................98 7.4 TAM O’SHANTER PROPERTY GEOLOGY ...................................................104 7.4.1 Tam O’Shanter Property Mineralization .................................................105 7.4.1.1 Deadwood Zone .......................................................................................105 7.5 PHOENIX PROPERTY GEOLOGY ..................................................................110 7.5.1 Phoenix Property Mineralization .............................................................110 7.5.1.1 Central Cluster .........................................................................................111 7.5.1.2 Northeast Cluster......................................................................................121 7.5.1.3 Western Cluster ........................................................................................127 7.6 BOUNDARY FALLS PROPERTY GEOLOGY ................................................130 7.6.1 Geology of the May Mac Mine ................................................................132 7.6.2 Boundary Falls Property Mineralization ..................................................132 7.6.2.1 May Mac Mine .........................................................................................132 7.6.2.2 Boundary Falls - MinFile No 082ESE171 ...............................................143 8.0 DEPOSIT TYPES ............................................................................................................146 9.0 EXPLORATION..............................................................................................................147