First Berlin – Golden Dawn Minerals Inc. Research Update (22/01/2019)

First Berlin Equity Research has published a research update on Golden Dawn Minerals Inc. (ISIN: CA3808957060). Analyst Simon Scholes is ending coverage.

Gold production from Golden Dawn Minerals' Lexington mine and its Greenwood Processing Plant was originally scheduled to start in January 2018 with additional feed expected from the Golden Crown mine a year later. Delays occurred in dewatering at Lexington because water volume was three times the expected level, and also because of the need to meet new health and safety requirements. The start of gold mining at Lexington was put back to Q4 2018 and at Golden Crown to mid 2019. These revised dates were conditional on sufficient financing being secured. This has so far not been forthcoming, and so mining has not started. We terminate our coverage of Golden Dawn Minerals effective with this report (previous target: CAD0.43; previous rating: Buy).