Siren Gold Limited Annual Report 2021

Financial Review Operating Results For the year ended 31 December 2021 the Group reported a loss before tax of $1,319,748 (2020 loss: $1,422,251). Financial Position The net assets of the Group have increased from $10,536,712 at 31 December 2020 to $13,647,358 at 31 December 2021. As at 31 December 2021, the Group’s cash and cash equivalents were $5,729,496 (2020: $8,801,581) and it had surplus working capital of $5,458,288 (2020: $8,455,310). 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 $1,319,748 (2020 loss: $1,422,251) and a net operating cash out-flow of $1,373,748 (2020: $1,076,830). Equity raising In November 2021 the Company announced it had raised $4,000,000 before cost via a placement to institutional; and sophisticated investors and related parties at a share price of $0.35 per share. Events Subsequent to Reporting Date There are no significant events that have arisen since the date of this report which have significantly affected or could significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in future financial years. 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 within 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 Qualifications – Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM) Experience –  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. Directorships held Iceni Gold Limited (current) in other listed entities (last 3 years) – Keith Murray – Non-Executive Director Qualifications – B. Acc, Chartered Accountant (CAANZ) Experience –  Mr 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. Directorships held Iceni Gold Limited (current) in other listed Desert Metals Limited (current) entities (last 3 years) Directors’ Report for the year ended 31 December 2021 Siren Gold Limited 20