Siren Gold Limited Annual Report 2020

Diamond Drilling The historic underground mine workings have been modelled in 3D and this coupled with historic mine reports show that four main ore shoots were mined around the main anticline (Figure 10). Shoot 1 was mined to level 4, Shoot 2 to level 6, Shoot 3 to level 12 and Shoot 4 to level 8 when the mine closed in 1942. The A2 Shoot and Prima Donna were not mined. Drilling commenced at Big River on 29 October 2020 with twelve holes completed for a total of 1,416m to mid February 2021. Seven holes have been completed in A2 Shoot, which is located in a second smaller anticline structure (Figure 10) and 5 holes targetting high grade mineralisation intersected by Oceanagold in the top of Shoot 4 (Figure 10 and 11). It is evident from Figure 10 that only limited mining was completed above level 3 and drilling results indicate that the gold grade of Shoot 4 also increases below level 3. Diamond holes drilled into the A2 Shoot tested 100m strike to a depth of around 25m. Drillhole BRDDH020 intersected 4m stope (possible mined quartz reef), a 2m low grade zone then 5m @ 4.15g/t Au in the footwall from 24m. The zone contains approximately 4800 ppm As and 0.37% sulphur (largely from pyrite). The gold mineralisation is located within mineralised greywacke with stockwork veins and quartz breccia. BRDDH022- BRDDH024 were drilled along strike to the north (Figure 11). These holes intesected a 10m wide zone with lower grade gold mineralisation but with the same high arsenic and sulphur mineralisation. BRDDH023 has very high sulphur averaging 10.9% over 8m with a high of 36% over 1m (Figure 12). These results are encourageing and indicate a strongly mineralised system at surface which may have high gold mineralisation at deeper levels i.e. below level 3 (~120m) similar to Shoot 1 and Shoot 4 (Figure 10). Additional consented drill pads will be required to target this shoot at deeper levels. Diamond holes drilled into the Shoot 4 tested the mineralisation just above and below level 3 (Figure 10). BRDDH027 intersected 6m @ 5.1 g/t Au from 142.2m (Figure 13). Core from this hole had visible gold between 146.35m and 147.25m (Figure 14) with this interval assaying 12.3g/t Au. BRDDH025 and BRDDH026 intersected lower grade mineralisation above level 3. BR4 (4m @ 4.42g/t Au from 128m and 6.6m @ 21.9g/t Au from 136m), BR9 (3m @ 18.5g/t Au from 147m and 7m @ 8.8g/t Au from 158m) and BR12 (3m @ 5.4g/t Au from 170m and 3m @ 2.0g/t Au from 205m) all have two intersections indicating that there may be a hangingwall and foootwall reefs in this area. The drillholes above this zone BR3, BR5 and BR27 have a single intersection. The Company has budgeted to drill 5,000m of diamond core at Big River in 2021. Indicative drillholes are shown on Figure 10. Drilling will be undertaken on all six shoots targeting areas that have not been previously mined. Table 3. Big River drilling data. Hole Number Hole ID Pad Easting Northing Dip Azimuth Total Depth 1 BRDDH020 8 1509582 5322341 -60/290 50.5 2 BRDDH021 8 1509607 5322325 -60/280 122.5 3 BRDDH022 8 1509588 5322370 -60/275 68.3 4 BRDDH023 8 1509623 5322370 -60/275 82.5 5 BRDDH024 8 1509653 5322371 -60/275 113.2 6 BRDDH025 4 1509869 5322345 -55/270 148.5 7 BRDDH026 4 1509869 5322345 -45/225 135.1 8 BRDDH027 4 1509869 5322345 -69/235 163.0 9 BRDDH028 4 1509869 5322345 -82/285 150.0 10 BRDDH029 4 1509869 5322345 -90/285 220.0 11 BRDDH030 8 1509653 5322371 -60/340 83.0 12 BRDDH031 8 1509653 5322371 -60/160 89.4 Project Total 1,416 Operations Review for the year ended 31 December 2020 Siren Gold Limited 12