Siren Gold Limited Annual Report 2021

Operations and financial review Alexander River Mapping and Geochemical Sampling The Alexander River project (Exploration Permit 60446) is located ~26 km southeast of Reefton. The Alexander mineralisation outcrops for over 1.2kms (Figure 1) and is comprised of high-grade quartz reefs and disseminated mineralisation. Surface trenching and channel sampling shows that the mineralisation ranges from 2-15m thick, with an average thickness and grade of 4m @ 8g/t Au. Surface sampling identified four mineralised shoots, named Bull, McVicar, Bruno and Loftus-McKay. Only the McVicar shoot was historically mined to any extent, with the shallow plunging shoot mined to 250m below surface, extracting 41koz at an average recovered grade of 26g/t Au before the mine closed in 1942. Structural mapping has confirmed that the Alexander River mineralised zone comprises two separate reef structures. The Bull-McVicar-Bruno reef track (McVicar Reef) is ENE striking, steeply SE dipping while the Loftus-McKay reef track extends from Bruno into Mullocky Creek and is NNE-striking and dips 50 o to the NW. A strong arsenic soil anomallly extends from Bull into Mullucky Creek to the NE. The arsenic anomally ends around the last known outcrop of the Loftus-McKay shoot around Pad 28 (Figure 2), where the shoot is inrerpreted to be down thrown 100-200m by a NW trending fault. Diamond Drilling Prior to Siren, only limited drilling had been completed at Alexander River. Siren has now drilled 73 diamond drillholes for 10,200m to the end of 2021, and has confirmed that the surface shoots continue for at least 350m down plunge and are still open at depth. Siren also discovered a new McVicar’s West shoot, which extends for at least 300m from the bottom of the historic McVicar Mine and is also open at depth and drillhole AX68a appears to have intersected a third west dipping shoot below the McVicar West (Figure 2). Significant intersections are included in Table 1. An Exploration Target of 500,000 to 700,000 ounces of gold @ 5-7g/t has been estimated, based on 500m long mineralised shoots at Bull, Loftus-McKay and McVicar West down to around 300m below the surface. During the first quarter of 2022 the focus will be on extending the shoots to around 400m down plunge, followed by a maiden mineral resource estimate in April. Siren is planning an additional 10,000m of diamond drilling in 2022 at Alexander River. Once the initial resource drilling is completed in quarter 1 2022, drilling will focus on extending the shoots to around 600m below surface or 1km down plunge. The nearby Birthday Reef at the historic Blackwater mine was mined to 710m below surface (1.2kms down plunge) with the recovery of 740koz at an average recovered grade of 14.2g/t Au. Drilling by OceanaGold Ltd has extended the Birthday Reef to 1,500m below the surface (2.4kms down plunge) and it is still open at depth. Federation Mining Limited are currently developing 3.3km twin declines access to the bottom of the historic mine and once completed, will drill out the top of the section of the reef prior to mining. Federation is planning to extract over 600koz of gold down to 1,500m. Directors’ Report for the year ended 31 December 2021 Siren Gold Limited 4