Siren Gold Limited Annual Report 2020

Operations Review Financial Review Operating Results For the year ended 31 December 2020 the Group reported a loss before tax of $1,422,251 (2019: $248,524 loss). Financial Position The net assets of the Group have increased from $325,147 at 31 December 2019, to $10,536,712 at 31 December 2020. As at 31 December 2020, the Group’s cash and cash equivalents were $8,801,581 (2019: $157,853) and it had surplus working capital of $8,455,310 (2019: $1,903 working capital deficit). The financial report has been prepared on a going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of business. The Group incurred a loss for the year of $1,422,251 (2019: $248,524) and a net operating cash out-flow of $1,076,830 (2019: $331,594). Events Subsequent to Reporting Date There are no significant events that have arisen after the balance date of these reports that are not covered in this Directors’ Report or within the financial statements at Note 19 Events subsequent to reporting date. Future Developments, Prospects and Business Strategies Likely developments, future prospects and business strategies of the operations of the Group and the expected results of those operations have not been included in this report as the Directors believe that the inclusion of such information would be likely to result in unreasonable prejudice to the Group. Environmental Regulations The Group’s operations are largely contained with land managed by the Department of Conservation (DoC) in New Zealand. The Company has to comply with all environmental regulations and the conditions of the DoC Access Agreements granted over the Alexander and Big River projects that allow drilling, field camps and helicopter landing sites to be established. Information relating to the directors – Brian Rodan – Managing Director and Acting Chairman (appointed 12 June 2019) Qualifications – Fellow of the Australian Institute of Mining and Metallurgy (FAusIMM) Experience –  Brian Rodan was Managing Director and owner of Australian Contract Mining Pty Ltd (ACM), a mid-tier contracting company that successfully completed $1.5B worth of work over a 20 year period. ACM was sold to an ASX listed gold mining company in 2017. Founding Director of Dacian Gold Limited who purchased the Mt Morgans Gold Mine from the Administrator of Range River Gold Ltd. After listing on the ASX in 2012 Mr Rodan was Dacian’s largest shareholder. Executive Director of Eltin Limited. 15 year tenure with Australia’s largest full service ASX listed contract mining company with annual turnover of $850M(+). – Keith Murray – Non-Executive Director (appointed 26 March 2020) Qualifications – B. Acc, Chartered Accountant (CAANZ) Experience –  Murray is a Chartered Accountant with over 40 years’ experience at a general manager level in audit, accounting, tax, finance, treasury and corporate governance. During the 1990s Mr Murray was Group Accounting Manager Corporate and Taxation and joint Company Secretary for Eltin Limited, a leading Australian based international mining services company. Mr Murray is currently General Manager Corporate and Company Secretary for the Heytesbury Group. – Paul Angus – Technical Director (appointed 10 May 2018) Qualifications –  Paul Angus has over 30 years’ experience in mining and exploration in New Zealand. He joined OceanaGold in 1990 and performed numerous management roles within the company, including Exploration, Mining and Development Manager between 1996 and 2005. During that time his team discovered more than 2Moz of gold at Macraes and Reefton, and was responsible for the mining planning at Macraes and the Frasers Underground and Reefton Goldfield feasibility studies. Experience –  Mr Angus has been consulting on various exploration and mining projects for the last 15 years, including Project Manager for Sandfire Resources Limited at the Sams Creek Project since 2011. for the year ended 31 December 2020 Siren Gold Limited 22