99% Gold Recovery at Ximen‘s Kenville Gold Mine Project in Southern BC

May 22, 2020

Report #21 Gold, Silver, Tellurium, Copper in southern British Columbia, Canada

Company Details

Ximen Mining Corp.

888 Dunsmuir Street – Suite #888 Vancouver, BC, Canada V6C 3K4 Phone: +1 604 488 3900 Email: office@ximenminingcorp.com www.ximenminingcorp.com ISIN: CA98420B2003 Shares Issued & Outstanding: 56,145,451

Metallurgical Test Results

99% GOLD RECOVERY AT XIMEN MINING‘S KENVILLE GOLD MINE PROJECT IN SOUTHERN BC

Chart Canada (TSX.V)

Canada Symbol (TSX.V): XIM Current Price: $0.48 CAD (05/21/2020) Market Capitalization: $27 Million CAD

Today, Ximen Mining Corp. announced the receipt of metallurgical test results for its Kenville Gold Mine Project near the city of Nelson in southern British Columbia, Canada.

According Ximen’s press-release: “The Kenville material responded exceptionally well to both gravity and flotation. The combined gold recovery is 99%,..”

“The test work started with a sample composited from the Kenville mineralization. Material was sorted on the basis of visible sulphide mineralization and separate lots were assayed. Portions of high-grade and low-grade material were

then combined to give a weight average grade approaching the expected grade of material to be mined from Kenville 0.5 ounce per ton gold (17.1 grams per tonne) when the project proceeds to a Bulk Sample. The resultant composite assayed 16.27 grams per tonne gold and 35.60 grams per tonne silver (0.475 ounce per ton gold, 1.0 ounce per ton silver). The material was then subjected to gravity gold recovery and flotation testing aimed at approximating the process at the target processing plant.”

Chart Germany (Tradegate)

German Symbol / WKN: A2JBKL / 1XMA Current Price: €0.31 EUR (05/20/2020) Market Capitalization: €17 Million EUR

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On March 20, 2020, Ximen provided an “update on recent property acquisitions and upcoming activities in the Nelson and Greenwood mining camps in southern British Columbia“, with Chris Anderson (CEO & President) commenting as follows: “Now that we have completed this part of our acquisition plan, we will move forward at Kenville as planned to start mining. As early as next week we’ll have boots on the ground, and the crew will begin refurbishing the Kenville mine portal before building the portal for the new decline. As soon as this part is finished, we can start cracking rock. The most exciting time for Ximen Mining starts right now!”

The following “2020 Work Programs“ at Kenville are planned as per the March 20 news-release: “At the Kenville Gold Mine, the Company will start work imminently on refurbishing the existing portal to the Kenville mine which will be utilized as an egress and ventilation for the new Portal. Once that is complete, work can proceed on starting the new decline following ministry final approval of the development program.

Report #21 | Ximen Mining Corp.

The World's Highest-Grade Underground Gold Mines 1.

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Mine Fosterville Yaramoko Segovia Cerro Negro Turquoise Ridge

Country Australia Burkina Faso Colombia Argentina USA

Kenville

Canada

Owner Kirkland Roxgold Gran Colombia Goldcorp Barrick Average Ximen

Gold Grade 21.50 g/t 17.60 g/t 17.48 g/t 16.74 g/t 15.22 g/t 17.71 g/t 17.10 g/t

Gold Recovery 97.3% 98.6% 90.5% 90.0% 91.0% 93.5% 99.0%

Sources: Mining.com (2017) / The stated gold recoveries are sourced from company reports (here, here, here, here, here) / Ximen’s gold recovery from initial metallurgical test results and the stated gold grade as per Ximen’s news as of May 22, 2020: “Portions of high-grade and low-grade material were then combined to give a weight average grade approaching the expected grade of material to be mined from Kenville 0.5 ounce per ton gold (17.1 grams per tonne) when the project proceeds to a Bulk Sample.” (Dr. Mathew Ball, P.Geo., VP Exploration for Ximen Mining Corp. and a Qualified Person as defined by NI 43-101, approved the technical information contained in this News Release.) Cautionary Statements: It is noted that the results of other gold mining projects (as presented in this table) are not necessarily indicative of the potential of Ximen’s Kenville Gold Mine Project and should not be understood or interpreted to mean that similar results will be obtained from the Kenville Project.

Note that the mineralogical and metallurgical qualities and indications of other gold mining projects are not necessarily indicative of the qualities or potential of the Kenville Gold Mine Project, and that such disclosure should not be relied upon by investors. Moreover, Ximen may decide to advance its Kenville Project into production without first establishing mineral resources supported by an independent technical report or completing a feasibility study. A production decision without the benefit of a technical report independently establishing mineral resources or reserves and any feasibility study demonstrating economic and technical viability creates increased uncertainty and heightens economic and technical risks of failure. Historically, such projects have a much higher risk of economic or technical failure. Please read the full disclosure, forward-looking statements and risks at the end of this report.

“In light of the current market conditions Ximen is actively pursuing opportunities and synergies to increase its precious metals land holdings in southern BC with the objective of being able to build resources in the region. With shareholder support, the input from Ximen’s Financial advisors at Laurentian Bank and the continued support from the $8,000,000 credit facility that allows Ximen to access capital when required via private placements, has put the company in the fortunate position to take advantage of opportunities resulting from the current market environment.“ On May 15, Ximen announced plans for the exploration season to begin in the next weeks: “The field season will begin in June and we anticipate initiating drilling activities immediately on the existing permitted areas, we see a very busy season ahead.

The diagram above depicts the test program executed for the Kenville Gold Mine Project (Source: Ximen’s news as of May 22, 2020)

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Report #21 | Ximen Mining Corp.

Further updates on drilling start dates and an update on the progress at the Kenville Gold mine and our activities there shall follow shortly.“ On May 20, Ximen announced to be “Ready to Start Drilling in the Greenwood Camp“ and that the company “will commence the 2020 exploration season with exploration work on its Providence property in the Greenwood mining camp in southern British Columbia.“

Previous Coverage Report #20: “Hooray, Hooray: Ximen Mining is Back!“ Report #19: “Stock Market Crash and Gold Stocks: The X-Factor Poised to Separate the Wheat from the Chaff Now“ Report #18: “Ximen Mining engages Laurentian Bank Securities to act as strategic financial advisors“ Report #17: “Shallow and deep drilling at Gold Drop produce highly promising results and findings“ Report #16: “The Drill is Turning to Uncover the Stargate II Anomaly: A Large Gold Pipe?“ Report #15: “Ximen targets first gold bar pour this year from bulk sampling at Kenville“ Report #14: “All Eyes on Gold Drop and Stargate II“ Report #13: “Ximen is pressing ahead aggressively with its goal of becoming a gold producer, mining plan now revealed“ Report #12: “Ximen frees Kenville Gold Mine from royalty burden, making it more attractive for development“ Report #11: “The Beauty of High-Grade Gold (and Silver!): Ximen Cuts to the Chase, Expands Work Efforts on Multiple Properties in Southern British Columbia“

Updated chart: http://schrts.co/uVBBNfpK

Report #8: “Industry inquiries persuade Ximen‘s partner to re-assay drill core for tellurium“

Report #4: “Record-Breaking Gold Hit in Southern British Columbia“

Report #7: “Ximen Hires B.C. Mining Expert Dr. Mathew Ball“

Report #3: “Strong drill results and appreciating precious metals prices may herald golden times for Ximen“

Report #10: “Ximen Mining: Paving the road(s) to success“

Report #6: “Location is Key for Ximen‘s Treasure Mountain Project“

Report #2: “Ximen reveals striking drill core observations ahead of assays“

Report #9: “Ximen takes a shot at history, focuses on acquiring the Kenville Gold Mine“

Report #5: “The Unprecedented GoldSilver-Tellurium Strikes in the Historic Greenwood Mining Camp Continue“

Report #1: “Hunting for Multi-Million Ounces in British Columbia“

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Disclaimer and Information on Forward Looking Statements Rockstone Research, Zimtu Capital Corp. (“Zimtu“) and Ximen Mining Corp. (“Ximen“) caution investors that any forward-looking information provided herein is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Ximen´s public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through Ximen‘s documents filed on SEDAR at www.sedar.com. All statements in this report, other than statements of historical fact, should be considered forward-looking statements. Statements in this report that are forward looking include that Ximen plans to explore and go into production; that Ximen plans to put into production its 100% owned Kenville Gold Mine Project near Nelson, BC; that Ximen will move forward at Kenville as planned to start development, exploration and mining; that soon Ximen will have boots on the ground, and the crew will begin refurbishing the Kenville mine portal before building the portal for the new decline, and that as soon as this part is finished, Ximen can start cracking rock; that the most exciting time for Ximen Mining starts right now; that there will be upcoming activities and work programs at Ximen‘s Kenville Property; that Ximen will start work on refurbishing the existing portal to the Kenville mine which will be utilized as an egress and ventilation for the new Portal, and once that is complete, work can proceed on starting the new decline following ministry final approval of the development program; that Ximen is actively pursuing opportunities and synergies to increase its precious metals land holdings in southern BC with the objective of being able to build resources in the region; that with shareholder support, the input from Ximen’s Financial advisors at Laurentian Bank and the continued support from the $8,000,000 credit facility that allows Ximen to access capital when required via private placements, has put the company in the fortunate position to take advantage of opportunities resulting from the current market environment; that Ximen plans for the exploration season to begin in the next weeks; that the field season will begin in June and we anticipate initiating drilling activities immediately on the existing permitted areas, we see a very busy season ahead; that further updates on drilling start dates and an update on the progress at the Kenville Gold mine and our activities there shall follow shortly; that Ximen is ready to start drilling in the Greenwood Camp, and that Ximen “will commence the 2020 exploration season with exploration work on its Providence property in the Greenwood mining camp in southern British Columbia“. Such forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information.

Risks that could change or prevent these statements from coming to fruition include that the initial metallurgical test results will not be repeated or that gold recoveries will drop significantly with further tests; that there will be no exchange or regulatory approval for the announced acquisitions; that acquisitions will not be completed; that Ximen‘s President and CEO may not remain as CEO of Golden Dawn Minerals Inc. and therefore will not be in a position to secure potential milling and processing opportunities; that uneconomic mineralization will be encountered with drilling; that the targeted prospects can not be reached; that drilling will not be completed; that uneconomic mineralization will be encountered with drilling, if any at all; that Ximen and/or its partner will not find adequate financing to proceed

Report #21 | Ximen Mining Corp.

with its plans; changing costs for exploration and other matters; increased capital costs; interpretations based on current data that may change with more detailed information; potential process methods and mineral recoveries assumption based on limited test work and by comparison to what are considered analogous deposits may prove with further test work not to be comparable; gold mineralization may be much less than anticipated or targeted;intended methods and planned procedures may not be feasible because of cost or other reasons; the availability of labour, equipment and markets for the products produced; world and local prices for metals and minerals; that advisory terms may be changed or no positive results from the advisory are reached; and even if there are considerable resources and assets on any of the mentioned companies‘ properties or on those under control of Ximen, these may not be minable or operational profitably. The writer assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.

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 broker-dealers or financial advisors. Before investing 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, Stephan Bogner, is not a registered financial advisor and is paid by Zimtu Capital Corp. (“Zimtu”), a TSX Venture Exchange listed investment company. Part of the author’s responsibilities at Zimtu is to research and report on companies in which Zimtu has an investment or is being paid to conduct shareholder communications. So while the author of this report may not be paid directly by Ximen, the author’s employer Zimtu will benefit from appreciation of Ximen’s stock price. In addition, the author holds equity of Ximen Mining Corp., and Zimtu Capital Corp., and thus would also benefit from volume and price appreciation of their stocks.

Ximen pays Zimtu to provide this report and other investor awareness services. Overall, multiple conflicts of interests exist. Therefore, the information provided should not be construed as a financial analysis but as an 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 but may not be. 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. Lastly, the author does not guarantee that any of the companies mentioned will perform as expected, and any comparisons made to other companies may not be valid or come into effect. Please read the entire Disclaimer 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 for entertainment and general in nature. Data, tables, figures and pictures, if not labeled or hyperlinked otherwise, have been obtained from Stockwatch.com, Comdirect.de, Ximen Mining Corp., Stockcharts.com and the public domain. The cover picture (amended) has been obtained and licenced from Whole Hearted.

Author Profile & Contact Stephan Bogner (Dipl. Kfm., FH) Rockstone Research 8260 Stein am Rhein, Switzerland Phone: +41 44 5862323 Email: sb@rockstone-research.com Stephan Bogner studied Economics, with specialization in Finance & Asset Management, Production & Operations, and Entrepreneurship & International Law, at the International School of Management (Dortmund, Germany), the European Business School (London, UK) and the University of Queensland (Brisbane, Australia). Under 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’s commodity markets 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 in central Switzerland.

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