Siren Gold Limited Annual Report 2021

Lyell The Lyell project area is the northern extension of the Reefton Goldfield that produced +2 Moz of gold at an average recovered grade of 16g/t. Lyell is located 40kms north of Reefton (Figure 13), where gold bearing quartz lodes were worked over a strike length of 5kms. The main mine was Alpine United that produced 80koz at 17g/t Au from steeply north-plunging ore shoots in an anticline hinge that were mined to 550m and are open at depth. Previous soil sampling had confirmed a continuous zone of gold and arsenic soil anomalism extending over a 3 km strike length. The soil anomalies straddle the anticline axis that hosts the historical gold bearing quartz reefs and is associated with quartz vein stockworks that have been mapped over a 200m wide zone. Mapping and Sampling Additional soil lines to the north and south of the current grid were completed with the gold and arsenic soil anomalies extended a further 1.6kms to the north and 400m to the south (Figure 11). The arsenic anomaly now extends for around 5kms and is open to the north and south. Mapping indicates that the strong arsenic soil anomaly is associated with the hinge zone of a N-S Alpine Anticline. Mapping has extended the anticline to the south and to the northern permit boundary. The Alpine Anticline contains numerous bedding parallel barren quartz veins with disseminated rhombic arsenopyrite between the veins. The historic Alpine United, Break of Day and United Victory gold mines lie on the western side of the anticline and arsenic anomaly. Figure 12 shows that the gold mineralisation trend is spatially associated with the Alpine Anticline in the south but deviates to the NNW through the Break of Day and United Victory mines. At Lyell only limited gold mineralised outcrops have been discovered so far and this will be a focus during the first quarter of 2022. However, a small outcrop containing acicular arsenopyrite very similar to the disseminated mineralisation at Alexander River was discovered along this gold trend and contained 1.6g/t Au. Several float samples containing visible gold have been found at the Break of Day mine (Figure 10) but have not yet been found in outcrop. Figure 10. Free Gold quartz float found by Siren geologist in 2021 near the Break of Day Mine. Diamond Drilling In 2011 Auzex Resources Limited drilled six diamond holes in two areas 400m and 1km to the north of the Alpine United mine. The best result was in ARD4 which intersected 2m @ 4.6g/t Au from 62m near the Break of Day mine. The Break of Day mine produced 4,600oz of gold at an average grade of 66g/t. Siren plans to commence drilling at Lyell in quarter 4 2022. Directors’ Report for the year ended 31 December 2021 Siren Gold Limited 14