Siren Gold Limited Annual Report 2021

11 Issued capital (continued) c. Options 2021 No. 2020 No. Options At the beginning of the year 19,966,476 10,720,833 27.08.20 - $0.375 options issued, expiry: 26.09.2024 – 1,675,000 27.08.20 - $0.375 options issued, expiry: 26.09.2024 – 5,925,000 26.08.20 - $0.375 options issued, expiry: 26.09.2024 – 75,000 29.09.20 - $0.375 options issued, expiry: 26.09.2024 – 1,618,262 23.10.20 - Options exercised – (47,619) 04.02.21 - Options exercised (199,999) – 12.02.21 - Options exercised (650,000) – 21.06.21 - Options exercised (333,333) – 09.09.21 - Options exercised (250,000) – 16.09.21 - Options exercised (786,191) – 30.09.21 - Options exercised (666,667) – 30.09.21 - Options expired (832,858) At reporting date 16,247,428 19,966,476 d. Capital Management The Directors’ objectives when managing capital are to ensure that the Group can maintain a capital base so as to maintain investor, creditor and market confidence and sustain future development of the business. The Board of Directors monitors the availability of liquid funds in order to meet its short-term commitments. It does this by ensuring that its current ratio (current assets divided by current liabilities) remains in excess of 1:1. 2021 2020 Current ratio 9.85 15.00 Due to the nature of the Group’s activities, being mineral exploration, the Group does not have ready access to credit facilities, with the primary source of funding being equity raisings. Therefore, the focus of the Group’s capital risk management is the current working capital position against the requirements of the Group to meet exploration programs and corporate overheads. The Group’s strategy is to ensure appropriate liquidity is maintained to meet anticipated operating requirements, with a view to initiating appropriate capital raisings as required. The Group is not subject to externally imposed capital requirements. The working capital position of the Group at 31 December 2021 was as follows: 2021 $ 2020 $ Cash and cash equivalents 5,729,496 8,801,581 Trade and other receivables 220,704 143,920 Other assets 125,044 113,646 Trade and other payables (578,077) (580,388) Borrowings (17,227) (15,913) Provisions (21,652) (7,536) Working capital position 5,458,288 8,455,310 Notes to the Consolidated Financial Statements for the year ended 31 December 2021 Siren Gold Limited 44