Siren Gold Limited Annual Report 2020

3 Revenue and other income 2020 $ 2019 $ Other income Interest 2,352 190 Other income 1,891 - 4,243 190 4 Earnings per Share (EPS) 2020 $ 2019 $ a. Reconciliation of earnings to profit or loss Loss for the year (1,422,251) (248,524) Loss used in the calculation of basic and diluted EPS (1,422,251) (248,524) b. W eighted average number of ordinary shares outstanding during the year used in calculation of basic EPS 41,053,127 19,006,852 Weighted average number of dilutive equity instruments outstanding N/A N/A c. Earnings per share ¢ ¢ Basic EPS (cents per share) (3.464) (1.307) Diluted EPS (cents per share) (3.464) (1.307) As at 31 December 2020 the Group has 19,966,476 unissued shares under options (31 December 2019: 10,720,833). The Group does not report diluted earnings per share on losses generated by the Group. During the year ended 31 December 2020 the Group’s unissued shares under option were anti-dilutive. 5 Income Tax 2020 $ 2019 $ a. Income tax benefit Current tax - - Deferred tax - - b. Reconciliation of income tax benefit to prima facie tax payable The prima facie tax benefit on loss from ordinary activities before income tax is reconciled to the income tax expense as follows: Prima facie tax on operating loss at 27.5% (391,119) (68,344) Deferred tax asset not brought to account 391,119 68,344 Income tax benefit attributable to operating loss - - c. T he applicable weighted average effective tax rates attributable to the operating result are as follows: The tax rate used in the above reconciliations is the corporate tax rate of 27.5% payable by the Australian corporate entity on taxable profits under Australian tax law. There has been no change in this tax rate since the previous year. d. Balance of franking account at year end of the legal parent Nil Nil e. Tax losses carried forward 1,569,918 635,847 Potential deferred tax assets attributable to tax losses have not been brought to account at 31 December 2020 because the directors do not believe it is appropriate to regard realisation of the deferred tax assets as probable at this point in time. These benefits will only be obtained if: i. the Group derives future assessable income of a nature and of an amount sufficient to enable the benefit from the deductions for the loss to be realised; ii. the Group continues to comply with conditions for deductibility imposed by law; and iii. no changes in tax legislation adversely affect the Group in realising the benefit from the deductions for the loss. Notes to the Consolidated Financial Statements for the year ended 31 December 2020 Siren Gold Limited 40