Siren Gold Limited Annual Report 2021

14 Share-based payments (continued) a. Share-based payments There were no shares or options issued to Directors during 2021. During 2020 the Company issued 5,250,000 options to Directors under exemptions available within the Corporations Act 2001 (Cth) section 219, with terms summarised below. Name Number under Option Date of Expiry Exercise Price Brian Rodan 2,250,000 26/09/2024 $0.375 Dave Filov 750,000 26/09/2024 $0.375 Paul Angus 1,500,000 26/09/2024 $0.375 Keith Murray 750,000 26/09/2024 $0.375 b. Fair value of options grants during the period The fair value of the options granted to KMP is deemed to represent the value of the employee services received over the vesting period. There were no options granted during the year (2020: 9,293,262 options granted at a weighted average fair value of $0.05). c. Movement in share-based payment arrangements during the year A summary of the movements of all company options issued as share-based payments is as follows: 2021 2020 Number of options Weighted Average Exercise Price Number of options Weighted Average Exercise Price Outstanding at the beginning of the year 14,293,262 $0.331 5,000,000 $0.250 Granted – – 9,293,262 $0.375 Exercised – – – – Expired – – – – Outstanding at year end 14,293,262 $0.331 14,293,262 $0.331 Exercisable at year end 14,293,262 $0.331 14,293,262 $0.331 Reconciliation to total Company Options Non share-based payment options outstanding at the end of the year 5,673,214 5,720,833 Non share-based payment options exercised or expired (3,719,048) (47,619) Total Company options on issue 16,247,428 19,966,476 i. No share-based payment options were exercised during the year. ii. The weighted average remaining contractual life of share-based payment options outstanding at year end was 2.15 years. The weighted average exercise price of outstanding shares at the end of the reporting period was $0.331. iii. The fair value of the options granted to directors and employees is deemed to represent the value of the employee services received over the vesting period. Notes to the Consolidated Financial Statements for the year ended 31 December 2021 Siren Gold Limited 46