The novel coronavirus is spreading fear and panic on a global scale. Over the last few days, the Dow Jones Index crashed almost 3,000 points lower. Yesterday alone, the leading stock market index lost 1,190.96 points (-4.42%), making Thursday, February 27, 2020, the biggest daily point loss in the history of the Dow Jones. On the positive side, this is not the first time that the popular stock indices are in crash mode, pulling down almost everything including gold stocks. A look into the past, however, shows that gold stocks may only fall for a limited period of time during such panic-driven selling waves. In the last major stock market crash of 2008, gold prices and gold stocks only briefly fell to their knees and were able to quickly make up for their losses. The gold price started a strong upward trend after the 2008 crash and appreciated by 175% (from $700 to $1,923 USD/ounce) within only 2 years. During that time, gold stocks were amongst the biggest winners.

1. February 28, 2020February 28, 2020
Report #19Report #19
Gold, Silver, Tellurium, CopperGold, Silver, Tellurium, Copper
in southern British Columbia, Canadain southern British Columbia, Canada
Ximen Mining: Ready to go?
Stock Market Crash and Gold Stocks
The X-Factor Poised to Separate the
Wheat from the Chaff Now
On the positive side, this is not the first
time that the popular stock indices are in
crash mode, pulling down almost every-
thing including gold stocks.
A look into the past, however, shows that
gold stocks may only fall for a limited
period of time during such panic-driven
selling waves. In the last major stock mar-
ket crash of 2008, gold prices and gold
stocks only briefly fell to their knees and
were able to quickly make up for their
losses. The gold price started a strong up-
ward trend after the 2008 crash and ap-
preciated by 175% (from $700 to $1,923
USD/ounce) within only 2 years. During
that time, gold stocks were amongst the
biggest winners.
In a recent Kitco article it was discussed
which (rare) breed of gold stocks may
provide the biggest profits for investors
going forward, respectively in case the
gold price can continue its upward trend.
The result:“Companies with the path to
production within three years.”
The novel coronavirus is spreading fear and panic on a global scale. Over
the last few days, the Dow Jones Index crashed almost 3,000 points lower.
Yesterday alone, the leading stock market index lost 1,190.96 points
(-4.42%), making Thursday, February 27, 2020, the biggest daily point loss
in the history of the Dow Jones.
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: 49,828,102
Chart Canada (TSX.V)
Canada Symbol (TSX.V): XIM
Current Price: $0.45 CAD (02/27/2020)
Market Capitalization: $22 Million CAD
Chart Germany (Tradegate)
German Symbol / WKN: A2JBKL / 1XMA
Current Price: €0.296 EUR (02/27/2020)
Market Capitalization: €15 Million EUR
Company Details

2. While the gold price increased by 20%
last year, the stocks of seniors (large
gold producers) rose twice as strong,
averaging about 40%.
However, investors in a different
class of gold stocks returned even
higher profits: Companies with the
path to production within 3 years
vastly outperformed, up 70% to 80%,
relatively to the seniors.
This trend may continue well into the
future as“Investors are starting to
realize that there is a dearth of quality
projects in good jurisdictions to feed
the dozens of producers for future
production“, the Kitco article noted.
On the other hand, the class of gold
explorers had a hard time last year and
continue to struggle in general (there
exist, of course, notable exceptions)
as this type of gold stock typically
attracts investors‘ attention later in the
course of a new bull market in gold
(when investors become comfortable
to take more risk into account). This
underperformance continues to create
a major financing hurdle within the
junior space“, Kitco stated.
And so those type of gold stocks are
currently in the focus of (small and
large) investors that can be brought
into production within a few years, i.e.
are “ready to go“. This is because the
current mantra in the mining space
must be “go big or go home“.
However, not only investors are
looking for gold stocks with a path
to production but also the seniors, a
group of about 3 dozen gold producing
companies each with a market
capitalization exceeding $500 million.
Especially at the beginning of a new
gold bull, the seniors are hunting for
their elixir of life: Fresh supply.
Only new gold ounces can prolong
(mine) life and inspire the stock market
with growth prospects.
On the other hand, it‘s not only
the 3 dozen seniors in search of
replenishment but also another 3
dozen gold producing companies with
a market capitalization of less than
$500 million: The so-called junior gold
producers.
With more than 72 hunters in the race,
there could be a fierce battle for the
highly limited gold projects that are
believed to be brought into production
within few years in politically stable
and mining-friendly jurisdictions.
And so, according to Kitco, M&A acti-
vity in the gold market is expected to
increase. Mergers, takeovers, strategic
alliances and joint ventures may beco-
me the order of the day from now on.
The 6 dozen gold producers know only
too well that the best deals are made
at the beginning of a new bull market,
precisely when valuations are felt to be
(still) low.
2 Report #19 | Ximen Mining Corp.
Updated Chart: http://schrts.co/bkPAYnVw

3. And since the global stock market crash
is dragging down gold stocks as well, it
should come as no surprise if some of
the best deals are made now.
And because there are not many pro-
mising gold projects available in safe
areas that could be brought into pro-
duction within the next few years, the
gold producers should now be quick
with their outright takeovers or friendly
interlocking partnerships, because the
hunger for fresh gold ounces is great.
The last bear market was quite long
and demanding. It may even become
precarious as the producers know all to
well that in the hunt for new gold sup-
ply only the one will win who is faster.
And it is also about competition with
my favourite gold stock Ximen Mining
Corp. as this prospective gold producer
is already behaving like one who is
hunting for growth early on.
In recent weeks, Ximen made several
announcements (see here, here, here
and here) buying up properties inclu-
ding previously producing underg-
round mines near the city of Nelson in
southern British Columbia.
Interestingly, the sellers obviously pre-
ferred Ximen stock as the main transac-
tion currency (instead of mostly cash as
being the case especially during bear
markets).
At the same time, Ximen may also
become a target candidate for the 6
dozen gold producers who are themsel-
ves looking for growth. In recent years,
Ximen has considerably expanded its
project portfolio in southern British
Columbia and has become a top dog
both in the Greenwood Mining District
(in the very south of BC, near the city of
Greenwood, bordering Washington Sta-
te) and 150 km further north near the
city of Nelson. Ximen aims at reviving
both these historic mining districts.
Just a few kilometers from the city of
Nelson is the Kenville Gold Mine (100%
Ximen; 0% royalties). As always, any
“great“ gold deposit is not worth much
3 Report #19 | Ximen Mining Corp.

4. if there is no processing plant available
that can produce gold bars from the
mined material.
A processing plant can easily cost a
2-digit-million-dollar amount and can
quickly swallow up 3 to 4-digit millions
of dollars. This upfront capital must first
be raised in order to be able to say that
a production start is in the works.
Ximen could be all the luckier to use
the modern, almost unused Green-
wood Processing & Tailings Facility
just 2 hours drive (on a highway) away
from the Kenville Mine Property. Al-
though this asset is owned by another
company (Golden Dawn Minerals Inc.),
the President and CEO of Ximen has
also become the CEO of Golden Dawn
Minerals, so the same interest potenti-
ally exists: Mining in Nelson and gold
bar pouring in Greenwood.
Most importantly, the Ximen manage-
ment has done its homework over the
last years and can now get down to bu-
siness. The many news in the last weeks
are topped by today‘s press-release, as
Ximen has now become a major land
owner in the Nelson Mining District.
A month ago, the highly regarded Lau-
rentian Bank Securities Inc. has become
Ximen‘s strategic financial advisor to
assist in sourcing capital and evaluating
potential M&A opportunities (see here).
Since then, Ximen is behaving like a big
player, consolidating the entire Nelson
Mining District and acquiring prospec-
tive properties including historic mines.
The properties (highlighted in yellow
in the above map) acquired today from
49er Creek Gold Corp. cover 4,276
hectares and include 4 previously
producing mines that had a combined
historic output of“only“ 641 ounces of
gold, but did so from“only“ 45,546 ton-
nes of mined material. Additional gold
ounces, some of which are historically
enriched with silver and copper, could
be present but need to be defined by
drilling first.
Besides the Greenwood Camp, Ximen
now also owns some of the largest
gold-prospetive properties in the
Nelson Mining District, adjacent to its
flagship asset, the Kenville Gold Mine
(100% Ximen; 0% royalties) targeted to
be put into production first.
4 Report #19 | Ximen Mining Corp.
Above map from today’s news shows the Kenville Gold Mine Property (red; top) and
the California Gold Mine Property acquired in late January (red; right), as well as the
recently properties acquired from Klondike Gold Corp. (pink) and the properties
acquired from Emgold Mining Corp. (orange). Today the large properties (yellow)
from 49er Creek Gold Corp. were added.
As the gold price in Canadian Dollar has already
surpassed its 2011-high ($1,800 CAD/oz) and
currently trades near $2,200 CAD/oz, the timing for
Ximen could be perfect to advance towards near-
term production in mining-friendly British Columbia.

5. Previous Coverage
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“
Report #10:“Ximen Mining: Paving the
road(s) to success“
Report #9:“Ximen takes a shot at history,
focuses on acquiring the Kenville Gold
Mine“
Report #8:“Industry inquiries persuade
Ximen‘s partner to re-assay drill core for
tellurium“
Report #7:“Ximen Hires B.C. Mining
Expert Dr. Mathew Ball, Another Perfect
Team Member To Start Rolling“
Report #6:“Location is Key for Ximen‘s
Treasure Mountain Project“
Report #5:“The Unprecedented Gold-
Silver-Tellurium Strikes in the Historic
Greenwood Mining Camp Continue“
Report #4:“Record-Breaking Gold Hit in
Southern British Columbia“
Report #3:“Strong drill results and
appreciating precious metals prices may
herald golden times for Ximen“
Report #2:“Ximen reveals striking drill
core observations ahead of assays“
Report #1:“Hunting for Multi-Million
Ounces in British Columbia“
5 Report #19 | Ximen Mining Corp.
Updated chart (15 min. delayed): http://schrts.co/PxRvMIhK

6. Disclaimer and Information
on Forward Looking Statements
Cautionary Statement: Ximen Mining Corp. may de-
cide to advance its projects into production without
first establishing mineral resources supported by an
independent technical report or completing a feas-
ibility study. A production decision without the bene-
fit of a technical report independently establishing
mineral resources or reserves and any feasibility study
demonstrating economic and technical viability cre-
ates increased uncertainty and heightens economic
and technical risks of failure. Historically, such projects
have a much higher risk of economic or technical fail-
ure. 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 fac-
tors. 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 gold stocks may only fall for a limi-
ted period of time during such panic-driven selling wa-
ves in popular stock markets; that in the last major stock
market crash of 2008, gold prices and gold stocks only
briefly fell to their knees and were able to quickly make
upfortheirlosses,andthatsuchmayhappenagain;that
companies with the path to production within three ye-
ars may provide the biggest profits for investors going
forward, respectively in case the gold price can con-
tinue its upward trend; that this trend of certain gold
stocks to outperform others may continue well into the
future; that gold explorers typically attract investors‘ at-
tention later in the course of a new bull market in gold
(when investors become comfortable to take more risk
into account); that those type of gold stocks are current-
ly in the focus of (small and large) investors that can be
brought into production within a few years, i.e. are“rea-
dy to go“, and that this is because the current mantra in
the mining space must be“go big or go home“; that not
only investors are looking for gold stocks with a path
to production but also about 6 dozen gold producing
companies; that with more than 72 hunters in the race,
there could be a fierce battle for the highly limited gold
projectsthatarebelievedtobebroughtintoproduction
within few years in politically stable and mining-friend-
ly jurisdictions; that M&A activity in the gold market is
expected to increase; that mergers, takeovers, strategic
alliances and joint ventures may become the order of
the day from now on; that the 6 dozen gold producers
know only too well that the best deals are made at the
beginning of a new bull market, precisely when valua-
tions are felt to be (still) low; that Ximen may also beco-
me a target candidate for the 6 dozen gold producers
who are themselves looking for growth; that Ximen
aims at reviving 2 historic mining districts in BC; that Xi-
men could be all the luckier to use the modern, almost
unused Greenwood Processing & Tailings Facility just 2
hours drive (on a highway) away from the Kenville Mine
Property; that although this asset is owned by another
company (Golden Dawn Minerals Inc.), the President
and CEO of Ximen has also become the CEO of Golden
Dawn Minerals, so the same interest potentially exists:
Mining in Nelson and gold bar pouring in Greenwood;
that the timing for Ximen could be perfect to advance
towards near-term production in mining-friendly British
Columbia; that the engagement of Laurentian Bank Se-
curities (“LBS“) could have a positive impact on Ximen
and its projects going forward; that LBS will assist Ximen
in to source capital and evaluate and evaluate poten-
tial merger and acquisition opportunities; that the en-
gagement of LBS will be successful; that many industry
experts believe that the gold market is on the verge of
a long-term bull market; that the Greenwood Mill from
Golden Dawn Minerals Inc. appears as a suitable site
for processing material from Kenville; that additional
gold ounces, some of which are historically enriched
with silver and copper, could be present on the recently
acquired properties but need to be defined by drilling
first; that there will be any drilling in futfure. Such for-
ward-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 there will be no exchange or
regulatory approval for the announced acquisitions;
that acquisitions willnot be completed; that Cimen‘s
President and CEO may not remain as CEO of Golden
Dawn Minerals Inc.; 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 en-
countered with drilling, if any at all; that Ximen and/or
its partner will not find adequate financing to proceed
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 re-
coveries 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 me-
tals 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 tho-
se under control of Ximen, these may not be minable or
operational profitably. The writer assumes no responsi-
bility 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 solicita-
tion to buy or sell any securities mentioned. Rockstone,
its owners and the author of this report are not regis-
tered broker-dealers or financial advisors. Before in-
vesting 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 re-
port, especially if the investment involves a small, thin-
ly-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 invest-
ment or is being paid to conduct shareholder communi-
cations. 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 addi-
tion, the author holds equity of Ximen Mining Corp.,
Golden Dawn Minerals Inc. and Zimtu Capital Corp., and
thus would also benefit from volume and price appreci-
ation of their stocks. Ximen pays Zimtu to provide this
report and other investor awareness services. Overall,
multiple conflicts of interests exist. Therefore, the infor-
mation provided should not be construed as a financial
analysis but as an advertisement. The author’s views
and opinions regarding the companies featured in re-
ports 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 guar-
antee 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 Dis-
claimer, 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 gen-
eral in nature. Data, tables, figures and pictures, if not
labeled or hyperlinked otherwise, have been obtained
from Stockwatch.com, Comdirect.de, Ximen Mining
Corp., Golden Dawn Minerals Inc., Stockcharts.com and
the public domain.The cover picture has been obtained
from Graphic_studio, das the picture “Go Big, or Go
Home”comes from Quotefancy and the picture with the
chess figures has been obtained from Monster Ztudio.
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 spe-
cialization in Finance &
Asset Management, Pro-
duction & Operations,
and Entrepreneurship &
International Law, at the
International School of Management (Dort-
mund, 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 Macroeco-
nomic 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 Switzer-
land and is the CEO of Elementum Interna-
tional 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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6 Report #18 | Ximen Mining Corp.