CanXgold Mining Corp., previously known as Golden Dawn Minerals Inc., Kettle River Resources Ltd.

Receivership

^{Page last updated: December 9, 2024}

This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.

Status of file as at November 2, 2024

The Receiver is pleased to confirm the transaction with Phoenix Copper Company Inc. as approved by the court on September 16, 2024 closed on November 1, 2024.

Status of file as at September 16, 2024

At the court hearing on September 16, 2024 the Court granted the following 4 orders sought by the Receiver:

• An order (the "108 Receivership Order") appointing PwC as Receiver of all the assets, undertakings, and property of 1086359 B.C Ltd.
• An approval and vesting order (the "AVO"), among other things 1) approving the Purchase and Sale Agreement dated August 13, 2024 (the "Sale Agreement") between the Receiver and Phoenix Copper Inc.
• An order (the "Distribution Order") approving the distribution of the NSR and RIVI Shares to RIVI Opportunity Fund LP
• An order sealing the Confidential Supplement to the Receiver's First Report to the Court dated August 14, 2024 until the filing of the Primary Receiver's Certificate (as defined in the Sale Agreement) or further order of the Court (the "CanXGold Sealing Order").

The court also heard RIVI's application for the two administrative orders it was seeking and granted the order clarifying that the Receivership Order dated November 20, 2023 applies to both CanXGold Mining Corp. and Golden Dawn Minerals Inc. (the "Confirmatory Order") The court declined to grant the order regarding RIVI's security over KRR.

Status of file as at August 16, 2024

The hearing scheduled to take place on August 27, 2024 was adjourned until September 16, 2024.

Status of file as at August 14, 2024

Following the completion of the sales process the Receiver has entered into a purchase and sale agreement (the "PSA") with Phoenix Copper Company Inc. for the sale of all of the assets of the Companies. The Receiver is making an application for approval of the PSA and the transaction contemplated therein and extending the Receivership Proceedings to include 1086359 BC Ltd. a wholly owned subsidiary of Company. The hearing is scheduled for August 17, 2024.

The Receiver has prepared and filed its First Report with the Court (the “First Report”) to provide the Court with information in support of its applications. A copy of the First Report can be found under the Receiver's Report tab and the Receivers Notice of Application can be found under the Court Materials tab.

In addition the petitioners in the Receivership Proceedings, RIVI Opportunity Fund LP are seeking two additional administrative orders and have filed materials in support of these applications which can also be found under the Court Materials tab.

Status of file as at January 19, 2024

PricewaterhouseCoopers Inc. (“PwC”) in its capacity as court-appointed receiver of CanXGold Mining Corp. (formerly known as Golden Dawn Minerals Inc.) and Kettle River Resources Ltd. (the “Companies”) is seeking offers to purchase the assets of the Companies. A copy of the Information Memorandum and non-disclosure agreement (“NDA”) are included in the “Sales Process” tab above. All future publicly available information related to the Sales Process will be included in this area.

Any interested parties who wish to participate in the sales process and gain access to the data room, you should reach out to Claire Wheldon at claire.l.wheldon@pwc.com or Selena Chiang at selena.chiang@pwc.com for more details.

Status of file as at November 20, 2023

On November 20, 2023, the Supreme Court of British Columbia (the "Court") granted an Order (the “Receivership Order”) appointing PwC as Receiver of the assets, undertakings and property of CanXgold Mining Corp., previously known as Golden Dawn Minerals Inc. and Kettle River Resources Ltd.  A copy of the Receivership Order can be found under the "Court Orders" tab above.