Mr. Christopher Anderson reports

GOLDEN DAWN CLOSES TRANCHE OF PRIVATE PLACEMENT

Golden Dawn Minerals Inc. has closed the first tranche of the non-brokered private placement previously announced on May 22, 2020, for gross proceeds of $120,000. A total of two million units were issued for this tranche. Each unit consists of one common share at a price of six cents per share and one transferable common share purchase warrant. Each warrant will entitle the holder to purchase one additional Golden Dawn common share at an exercise price of eight cents during the 24-month period following the date of distribution of the units. The hold expiry date is Oct. 5, 2020.

The net proceeds from the offering will primarily be used by the company for continued exploration and maintenance of its Lexington project and other British Columbia mineral exploration projects, to advance the debt reorganization transactions, as well as for general working capital purposes.

Christopher Anderson, a director and/or officer of the company, participated in the offering constituting a related party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction did not exceed 25 per cent of the company's market capitalization.

The company is also proceeding with a shares-for-debt filing to pay outstanding debts of $54,425.20. Approximately 362,834 shares in the capital stock of the company will be issued to pay these outstanding payables. The shares-for-debt agreement is subject to TSX-V acceptance and, if issued, will be subject to the customary four-month hold period.

We seek Safe Harbor.