Siren Gold Limited Annual Report 2021

Independent Auditor’s Report Material Uncertainty Related to Going Concern We draw attention to Note 1(aii) in the financial report which indicates that the Consolidated Entity incurred a net loss of $1,319,748 during the year ended 31 December 2021. As stated in Note 1(aii), these events or conditions, along with other matters as set forth in Note 1(aii), indicate that a material uncertainty exists that may cast significant doubt on the Consolidated Entity’s ability to continue as a going concern. Our opinion is not modified in this respect of this matter. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key Audit Matter How our audit addressed the Key Audit Matter Exploration and Evaluation Expenditure As disclosed in note 7 to the financial statements, as at 31 December 2020, the Consolidated Entity’s capitalised exploration and evaluation expenditure was carried at $8,036,388. The recognition and recoverability of the exploration and evaluation expenditure was considered a key audit matter due to: • The carrying value represents a significant asset of the Consolidated Entity, we considered it necessary to assess whether facts and circumstances existed to suggest the carrying amount of this asset may exceed the recoverable amount; and • Determining whether impairment indicators exist involves significant judgement by management Our audit procedures included but were not limited to: • Assessing management’s determination of its areas of interest for consistency with the definition in AASB 6 Exploration and Evaluation of Mineral Resources (“AASB 6”); • Assessing the Consolidated Entity’s rights to tenure for a sample of tenements; • Testing the Consolidated Entity’s additions to capitalised exploration costs for the year by evaluating a sample of recorded expenditure for consistency to underlying records, the capitalisation requirements of the Consolidated Entity’s accounting policy and the requirements of AASB 6 • By testing the status of the Consolidated Entity’s tenure and planned future activities, reading board minutes and enquiries with management we assessed each area of interest for one or more of the following circumstances that may indicate for the year ended 31 December 2021 Annual Report 2021 55