ACN 619 2 1 1 826 ANNUAL REPORT 2022
SIREN LIMITED 1 Chairman’s Letter 2 Corporate Directory 3 Directors’ Report 47 Auditor’s Independence Declaration 48 Consolidated Statement of Profit or Loss and Other Comprehensive Income 49 Consolidated Statement of Financial Position 50 Consolidated Statement of Changes in Equity 51 Consolidated Statement of Cash Flows 52 Notes to the Consolidated Financial Statements 76 Directors’ Declaration 77 Independent Auditor’s Report 83 Additional Shareholder Information Contents
Chairman’s Letter Dear Siren Shareholders, Your Board would like to thank all existing shareholders that remained on the Share Register over the last 12 months, and we welcome all new shareholders that invested in the Company, particularly those who joined us through the July 2022 and, more recently, January 2023 capital raisings. No company can operate without the ongoing support of its shareholders, and it is important that this is acknowledged. If a company were to be judged solely on its share price performance, then to date we have failed by that measure to deliver to our long-term shareholders, as the Company listed in October 2020 at 25c and the share price at the 31 December 2022 year end was 18c. During the year 50m shares were traded, and a year high of 52c was recorded in March 2022. Whilst acknowledging the disappointment and frustration of the share price performance, during 2022 the Board and our exploration and administrative personnel continued to work steadfastly towards delivering on our exploration strategy of the Company securing a maiden onemillion-ounce global resource, and this has now been achieved, as announced in January 2023. The Company is also strongly of the opinion that over the next 12 months, with adequate funding, these resources will grow significantly. Certainly, that is Siren Gold’s ongoing strategy; to deliver quality high grade ounces to the Company’s resource book from our discoveries at the Reefton, Lyell and Sam’s Creek goldfields in the South Island of New Zealand. Indeed, this strategy was outlined in the Company’s prospectus, including the Independent Geological Report at listing, and it has not changed. A significant achievement this year was the Company’s success in being awarded additional tenement holdings, with additions at the strategically important Cumberland tenement package that covers part of the expired Globe Progress mining permit at Reefton. This tenement is in the central portion of the 35km long structural corridor that hosts the largest mines in the Reefton belt. The total historical Globe Progress Mine gold production was 1.1Moz @ 6g/t Au, including 420koz @ 12.2g/t Au from underground and 700koz @ 2g/t Au from an open pit. The historical Cumberland permit also produced 45koz @ 14.2g/t Au, so it is not difficult to understand why the Company has high hopes for future exploration success in these historically rich high-grade areas. The Sams Creek project was purchased in October. The deposit was remodelled for an underground mining scenario with the new mineral resource estimate of 825koz @ 2.8g/t Au. An additional and possibly less recognised feature of the prospectivity of Siren’s tenements package also lies in the untapped potential for antimony and gold via high grade stibnite resources. The Cumberland tenement package lies in the central portion of the 35km long structural corridor that extends Siren’s very promising gold - stibnite mineralisation a further 10kms from the promising Auld Creek prospect to Big River. Throughout the period since listing Siren has noticed a significant increase in the price of Antimony, so much so that it is now valued higher than the price of copper. Antimony is now a major component of the Critical Metals industry, being used in, amongst other purposes, the production of Armaments, as well as Solar Panels, Wind Turbines and Electric Vehicle Batteries. Currently, over 85% of the world’s antimony supply is being sourced outside of Western Countries and this could well highlight the potential for supply chain related price increases over the coming years. Your Directors are of the opinion that Siren is well placed to increase the Company’s gold resources over the next 12 months from our Reefton and Sam’s Creek projects, as well as having the potential to add significant value from the Company’s antimony related prospectivity, particularly at Auld Creek and Big River. With the expectation that gold and antimony prices look set to be higher in 2023 than in previous years, there is no reason to believe that Siren’s share price will not increase along with them. We look forward to delivering to shareholders in 2023. Regards Brian Rodan Executive Chairman Annual Report 2022 1
Directors Brian Rodan Managing Director Executive Chairman Paul Angus Technical Director Keith Murray Non-executive Director Company Secretary Sebastian Andre Registered Office Address: Suite 1, 295 Rokeby Road SubiacoWA 6008 Telephone: +61 (0)8 6555 2950 Facsimile: +61 (0)8 6166 0261 Email: admin@sirengold.com.au Website: www.sirengold.com.au Share Registry Automic Registry Services Address: Level 5, 191 St George’s Terrace PerthWA 6000 Australia Telephone: +61 (0)8 9324 2099 Facsimile: +61 (0)2 8583 3040 Auditors Hall ChadwickWA Audit Pty Ltd (Previously known as Bentleys (WA) Pty Ltd) 283 Rokeby Road SubiacoWA 6008 Telephone: (08) 9426 0666 Solicitors to the Company Steinepreis Paganin Level 4, The Read Buildings, 16 Milligan Street PerthWA 6000 Siren Gold Limited 2 for the year ended 31 December 2022 Corporate Directory
Your directors present their report on Siren Gold Limited (Siren or the Company) and its subsidiaries (the Group) for the year ended 31 December 2022. i. Directors The Directors of the Company in office since 1 January 2022 and up to the date of this report are: – Brian Rodan Managing Director Executive Chairman – Paul Angus Technical Director – Keith Murray Non-executive Director For additional information on Directors, including details of the qualifications of Directors, please refer to the paragraph ‘Information relating to the directors’ of this Directors’ Report. ii. Company Secretary The following person held the position of Company Secretary during the year ended 31 December 2022: – Sebastian Andre Qualifications – BAcc/BA, GradDip Fin, FGIA Experience – Mr Andre is a Chartered Secretary with over 10 years of experience in corporate advisory, governance and risk services. He has previously acted as an adviser at the ASX and has a thorough understanding of the ASX Listing Rules, specialising in providing advice to companies and their boards in respect to capital raisings, IPOs, backdoor listings, corporate compliance and governance matters. Mr Andre holds qualifications in accounting, finance and corporate governance and is a member of the Governance Institute of Australia. Dividends paid or recommended There were no dividends paid or recommended during the year ended 31 December 2022. Significant changes in the state of affairs There have been no significant changes in the state of affairs of the Company during the year to 31 December 2022 other than as disclosed elsewhere in this Annual Report. Directors’ Report for the year ended 31 December 2022 Annual Report 2022 3
Operations and financial review Nature of operations and principal activities Siren holds a large, strategic package of tenements along the under-explored 40km long Reefton and Lyell Goldfields, with permits covering a further 40kms of buried unmined Greenland Group rocks that potentially host gold mineralisation to the south of Blackwater. Key projects include Alexander River, Big River, Auld Creek, Lyell and Sams Creek. Operational Review Physicals In 2022 Siren completed over 3,000 soil samples, 300m of handheld trenching, 160-line kilometres passive seismic and ground magnetics combined, and 50 diamond drillholes for a total of 13,634m as shown in Table 1. Drilling was completed at Alexander River (35 holes for 10,108m), Big River (11 holes for 3,245m) and Sams Creek (4 holes for 281m). Table 1. 2022 Exploration Physicals. Physicals Unit 2022 Total Soil Samples No. 3,333 Rock Chips No. 289 Trenching lm 295 Geophysics lkm 159 Holes completed No. 50 Diamond Drilling m 13,634 Strategic Tenement Package Siren holds a large, strategic package of tenements in the Reefton, Lyell and Sams Creek Goldfields in the South Island of New Zealand. Western New Zealand was originally part of Gondwana and lay adjacent to eastern Australia until around 80Ma ago. The NWof the South Island of New Zealand comprises an area of predominantly early Palaeozoic rocks in broad northerly trending belts which terminate at the Alpine Fault (Figure 1). The Palaeozoic sequence is divided into the Buller Terrane, Takaka Central and Takaka Eastern Belts. Directors’ Report for the year ended 31 December 2022 Siren Gold Limited 4
Operations and financial review (continued) Figure 1. Top of the South Island, geology showing Palezoic rocks in green Directors’ Report These belts are interpreted to correspond with theWestern, Central and Eastern belts of the Lachlan Fold Belt. The Buller andWestern Lachlan belts contain orogenic gold deposits like Bendigo, Ballarat and Fosterville in Australia and the Reefton and Lyell Goldfields in New Zealand. The Eastern Takaka and Eastern Lachlan belts host Sams Creek porphyry and porphyry copper-gold deposits, like Cadia and Ridgeway, respectively. Siren purchased the Sams Creek Project from Sandfire Resources in October 2022. This included an 81.9% interest in EP 40338 and 100% interest in EP 54454 (Figure 2). OceanaGold Ltd (OGL) is New Zealand’s largest gold producer and has retained an 18.1% interest in EP 40338. for the year ended 31 December 2022 Annual Report 2022 5
Operations and financial review (continued) Figure 2. Sams Creek Tenement map. Siren was granted the Cumberland exploration permit (EP 60747) in December 2022. The permit comprises the northern and southern areas of the previous Globe Progress mining permit (Figure 3). The Globe Progress Mine has produced over 1.1Moz gold and is the largest mine in the Reefton Goldfield followed by Blackwater (740koz @ 14.2g/t Au). The Globe Progress mine produced 420koz @ 12.2g/t Au until 1926 when it closed. The mine extended down to 420m below the surface where the mineralisation was offset by the Chemist Shop Fault. The displaced mineralisation was never found. OGL re-opened the mine as an open pit in 2007 and mined the lowgrade remnant mineralisation down to around 200mwhen the mine closed in 2015. OGL extracted approximately 700koz @ 2g/t Au, taking the total gold production to around 1.1Moz @ 6g/t Au. The Cumberland permit joins Siren’s Big River, Golden Point and Reefton South permits (Figure 3) and abuts the Federation Mining permit, who are currently developing the Snowy River underground mine to extract around 700koz of gold below the historic Blackwater mine. Directors’ Report for the year ended 31 December 2022 Siren Gold Limited 6
Operations and financial review (continued) Figure 3. Reefton tenement map. Global Mineral Resource Estimate Siren’s Global Mineral Resource Estimate (MRE) increased to 10.2Mt @ 3.0g/t Au for 994koz (100% basis) at a 1.5g/t Au cut-off during 2022. The Alexander River InferredMRE is estimated at 1.07Mt @ 5.0g/t Au for 170koz at a 1.5g/t cut-off and the Sams Creek Indicated and Inferred MRE is estimated at 9.1Mt @ 2.8g/t Au for 824koz at a 1.5g/t cut-off (Table 2). Directors’ Report for the year ended 31 December 2022 Annual Report 2022 7
Operations and financial review (continued) Table 2. Updated Global Resource at 1.5g/t cut-off (100% basis). Project Tonnes (kt) Grade (g/t Au) Ounces (koz) Sams Creek Indicated 3,290 2.80 295.6 Total Indicated 3,290 2.80 295.6 Sams Creek Inferred 5,810 2.83 528.8 Alexander River Inferred 1,066 4.95 169.9 Total Inferred 6,876 3.16 698.4 Total Indicated + Inferred 10,166 3.04 994.0 Tonnages are dry metric tonnes and minor discrepancies may occur due to rounding. Epizonal High-grade Gold - Stibnite Mineralisation The Reefton Goldfield has been correlated to the Lachlan Fold Belt that contains epizonal gold-antimony (Sb) deposits like Fosterville and Costerfield. Siren’s Auld Creek epizonal deposit contains high grade gold and massive stibnite (antinomy sulphide) veins (Figure 4). Figure 4. Massive stibnite (antimony sulphide) veins at Auld Creek. Directors’ Report for the year ended 31 December 2022 Siren Gold Limited 8
Operations and financial review (continued) Antimony is a critical metal of which China and Russia combined produce approximately 82% of the world’s antimony rawmaterial supply. Antimony features highly on the critical minerals lists of many countries, including Australia, the USA, Canada, Japan and the European Union. Antimony alloys with lead and tin, which results in improved properties for solders, munitions, bearings and batteries. Antimony is also a prominent additive for halogen-containing flame retardants. Adequate supplies of antimony are critical to the world’s energy transition, and to the high-tech industry, especially the semi-conductor and defence sectors. For example, antimony is a critical element in the manufacture of lithium-ion batteries and to the next generation of liquid metal batteries that lead to scalable energy storage for wind and solar power. The price of antimony has increased significantly since 2016 and has reached US$14,000/tonne in 2022 (Figure 5). Figure 5. Quarterly antimony price between 2016 and 2022 in US$/tonne. (Source: Stockhead.com.au/resources/antimony-one-of-the-most-important-critical -minerals-youve-never-heard-of/) Directors’ Report for the year ended 31 December 2022 Annual Report 2022 9
Alexander River Mapping and Geochemical Sampling The Alexander River Project (Exploration Permit 60446) is located ~26kms southeast of Reefton, in a mostly fault‑bounded sliver of Greenland Group rocks 7kms southeast of the main Reefton Goldfield block. It is bounded by undeformed granite to the west, and by a metamorphic core complex to the east. The Alexander mineralisation outcrops for over 1.2kms (Figure 6) and is comprised of high-grade quartz reefs and disseminated mineralisation. Surface trenching and channel sampling show 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 East Shoot was 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 can be divided into two structural domains. The Bull-McVicar-Bruno reef track is ENE striking, steeply SE dipping, while the Loftus-McKay reef track extends fromBruno into Mullocky Creek and is NNE-striking and dips 50o to the NW. In both structural domains, it appears that the intersection between an anticline hinge and a mineralised fault likely controls the trend and plunge of Au‑bearing shoots. The arsenic soil anomaly extends fromBull and ends around the last known outcrop of the Loftus-McKay Shoot near Pad 28, where the shoot is interpreted to be offset approximately 150m to the north by a NNW trending Mullocky Fault (Figure 6). This interpretation is based on the offset of a dolerite dyke and the absence of the Loftus-McKay Shoot in holes drilled from the next two pads to the north. Diamond Drilling Siren has now completed 107 diamond drillholes for 20,323m at Alexander River since drilling commenced in October 2020. 35 holes for 10,108mwere completed in 2022. A plan and a long section of the drill hole locations is shown in Figures 6 and 7. The mineralised shoots have been traced for up to 1.3kms down plunge until they have been offset by a fault (Figure 7). Drilling on the NE side of the fault has intersected a number of dolerite dykes that have also been mapped on the surface (Figure 6) and by a recent drome magnetic survey. These dykes postdate and have removed the mineralisation over an estimated 100m strike. It is expected that the mineralised shoots will extend to the north beyond the dykes and this area will be targeted when drilling recommences. Directors’ Report for the year ended 31 December 2022 Siren Gold Limited 10
Alexander River (continued) Figure 6. Plan of the Alexander River trenches and drillhole traces. Directors’ Report for the year ended 31 December 2022 Annual Report 2022 11
Directors’ Report Alexander River (continued) Figure 7. Schematic long section showing surface sampling and drillhole intersections. Mineral Resource Estimate Siren contracted independent mining consultants Measured Group (MG) to deliver a JORC Resource Estimate for the Alexander River Gold Project, utilising the geological observations and geochemical analysis data from 121 diamond drillholes and 31 trenches completed at the project. In January 2023, Measured Group reported a Total Inferred Mineral Resource of 1.07 million tonnes, containing 5.0g/t Au at a 1.5g/t Au cut-off (Table 4), compiled in accordance with JORC (2012). This represents an increase in resource ounces of 30%, with grade increasing 22%, based on the inclusion of data from 31 trenches. An isometric view of the block model by geological domain is shown in Figure 8. for the year ended 31 December 2022 Siren Gold Limited 12
Directors’ Report Alexander River (continued) Figure 8. Oblique View Looking SSE – Inferred contained gold by domain (at 1.5 g/t cut-off). Table 3. Alexander River MRE Summary at different cut-off grades. Cut-off Grade Status Tonnes (kt) Grade (g/t Au) Ounces (koz) 1.0 Inferred 1,249 4.4 177 1.5 Inferred 1,066 5.0 170 2.0 Inferred 869 5.7 159 2.5 Inferred 723 6.4 148 Table 4: Inferred Resource by Geological domain at a 1.5 g/t Au Cut-off. Shoot Status Tonnes (kt) Grade (g/t Au) Ounces (koz) %MRE McVicar East Inferred 40.7 5.9 7.6 4.5 Bull East Inferred 322.2 2.6 26.4 15.6 Bruno Inferred 101.3 5.5 17.9 10.6 Loftus-McKay Inferred 194.8 5.3 33.1 19.5 McVicar West Inferred 407.1 6.5 84.5 49.8 Total Inferred 1,066 5.0 169.6 100.0 for the year ended 31 December 2022 Annual Report 2022 13
Big River The Big River exploration permit (60448) is located ~15 kms southeast of Reefton. The mineralisation at Big River is associated with the Sunderland Anticline that extends for at least 5kms through Big River North, the historic Big River mine and St George. The Big River mine produced 136koz at 34.1g/t Au, and the mineralised zone lies 4kms to the east of the famous Blackwater mine, that produced 740koz at 14.2g/t Au. The Big River mine closed in 1942 due to a shortage of labour duringWW2 and Blackwater closed in 1951 when the shaft collapsed and the mine flooded. Federation Mining Limited is currently developing a 3.3km decline to intercept the Birthday Reef 750m below the surface where the Blackwater mine ended in 1951, and plan to extract an additional 700koz of gold. Mapping and Sampling The historic Big River mine workings have been modelled in 3D, and this, coupled with historic mine reports, shows that four main ore shoots were mined around the main Sunderland Anticline. A second anticline (A2) located 150m to the west is associated with anomalous gold and arsenic soil geochemistry. Mapping and channel sampling of the A2 anticline has identified outcropping quartz reef up to 1m thick surrounded by sulphide rich sediments which contain lenses of massive sulphide in the footwall. Channel sampling shows that the quartz reef at surface is relatively low grade, but the footwall mineralisation assayed up to 11g/t Au. The 1942 map by Gage shows the Prima Donna reef approximately ~200m east of Big River mine (Figure 9). The Prima Donna was reported as “a large lode carrying some gold and encouraged the company to commence forming track to the outcrop with the view of prospecting it at depth, but this has been discontinued”. The A2, Big River Mine and the Prima Donna combined cover a strike of around 500m, which is overlaid by anomalous gold and arsenic soil geochemistry (Figure 9). Directors’ Report for the year ended 31 December 2022 Siren Gold Limited 14
Big River (continued) Figure 9. Interpreted Big River shoots. Mapping to the south of the Big River mine has confirmed that a large broad Sunderland Anticline extends at least 5kms from the Big River mine to St George and is open to the north and south (Figure 9). This anticline is largely obscured by thin glacial till but there is sufficient basement outcrop in creek beds to map this structure. The main reef track that runs through the St George and Big River South mines is parallel and 250m to the west of the anticline hinge and appears to link into the Big River mine. These structures are prime target areas for Big River mine style mineralisation. Soil geochemistry has now been completed for over 5kms fromBig River North to around 2kms south of St George. The arsenic and gold soil geochemistry shows large anomalies at Big River mine and a 3km long anomaly fromGolden Hill to south of St George, where it is cut-off by the granite intrusion (Figures 10 and 11). Directors’ Report for the year ended 31 December 2022 Annual Report 2022 15
Big River (continued) Figure 10. Big River - St George arsenic soil plan. Directors’ Report for the year ended 31 December 2022 Siren Gold Limited 16
Big River (continued) Figure 11. Big River - St George gold soil plan. Directors’ Report for the year ended 31 December 2022 Annual Report 2022 17
Directors’ Report Big River (continued) The St George area comprises the Golden Hill, Big River South and St George historical mine areas. In the historic Golden Hill claim a 0.6m to 2mwide quartz reef was found in the late 1800’s. The quartz reef was traced in a series of trenches over a strike length of 900m. A 55m long drive was developed on the northern section of the reef that averaged 0.5m thick and 39 tons were mined and crushed for an average grade of 7g/t Au. This was considered sub economic at the time and no further exploration has been completed. Big River South was discovered in 1908, when a 45m long reef 1.5mwide with visible gold was estimated to grade between 23g/t and 32g/t Au and had similarities with the nearby Blackwater Reef. Good reef was intersected in exploration drives which pinched and swelled. On one level a 100m long gold reef was found but no further work was done to prove its extent or worth and the Reefton South claimwas never worked after 1925. St George, just to the south of Big River South, was found after several gold bearing outcrops were found in the 1890’s. An early 30m drive was completed on a 1m reef containing quartz and black pug with very encouraging results. 70 ounces were recovered from 30 tons of ore recovered, with an estimated grade of 72g/t Au. Three further reefs were discovered where 37 ounces were recovered from 16 tons of ore also with an estimated grade of 72g/t Au. The reefs were found to pinch and swell and, again, development was hampered by a lack of funding. The claimwas abandoned until 1910 when an ambitious plan was to drive a low-level tunnel from Snowy River. In 1910 a 571m long tunnel was driven north from the Snowy River. From 240m the tunnel was driven along the gold bearing reef with several small gold reefs or quartz boulders were intersected along the drive, but none were developed. The war in 1914 stopped any further exploration. Diamond Drilling Drilling commenced in Big River in 2011 when OceanaGold Limited (OGL) drilled 19 diamond holes for a total of 4,106m. Siren commenced diamond drilling at Big River in October 2020, with 26 holes completed for a total of 5,893mwith 11 holes for 3,146m completed in 2022. OGL’s drilling focused on the SE side of the Big River mine, targeting 100-200m below the surface (Figure 9). Siren targeted Shoot 4 and extended the shoot to around 400m below the surface. BR35, which was the deepest hole drilled at Big River to date, intersected 5.9m@ 4.1g/t Au. This hole intersected approximately 100m belowmine Level 7, which was the deepest level Shoot 4 was mined to, before the mine closed in 1942 duringWW2. BR44 was drilled 100m below BR35. This hole intersected the mineralised zone at 425m but then intersected a 16m thick dolerite dyke that cut off the mineralisation. BR45 was drilled 100m above BR34 (5.9m@ 4.1g/t Au from 361m) on the interpreted SE edge of Shoot 4 and intersected 9m@ 1.8g/t Au. Siren has also targeted the A2 shoot (Figure 9). Drillholes BR37 (5.2m@ 6.3g/t Au from 213m), BR41 (6m@ 1.5g/t Au from 252m) and BR39 (10m@ 1.2g/t Au from 271m, including 3m@ 2.5g/t Au) intersected the A2 Shoot. The deeper drilling in the A2 Shoot indicates that the shoot has a slightly shallower plunge than previously interpreted and that drillholes BR40 and BR41 intersected the footwall. Significant intersections are shown in Table 5, with several of the drillholes intersecting a second mineralised structure (Shoot 4b) 5-10m below. for the year ended 31 December 2022 Siren Gold Limited 18
Directors’ Report Big River (continued) Siren has estimated an Exploration Target of between 100koz and 125koz at a gold grade between 7-9g/t Au for Shoot 4, based on drillholes shown in Table 5. With additional drilling similar exploration targets could potentially be estimated on the other shoots. Table 5. Big River drilling results Hole ID Shoot From (m) To (m) Interval (m) Au (g/t) BRDDH003 4 99.0 101.0 2.0 12.1 BRDDH004 4a 128.0 131.0 3.0 5.6 4b 136.4 143.0 6.6 21.4 BRDDH005 4 112.1 117.1 5.0 3.2 BRDDH009 4a 147.0 150.0 3.0 10.0 4b 159.0 162.0 2.5 8.5 BRDDH011 1 139.0 141.5 2.5 8.5 BRDDH012 4 170.0 173.0 3.0 5.4 BRDDH020 A2 24.0 29.0 5.0 4.2 BRDDH027 4a 142.2 148.2 6.0 5.1 4b 153.8 155.0 1.2 3.1 BRDDH031 A2 25.9 36.5 10.6 1.3 41.5 44.9 3.4 2.5 BRDDH034 4 361.7 367.6 5.9 4.1 BRDDH035 4 374.8 381.2 6.4 3.7 BRDDH037 2 213.2 218.4 5.2 6.3 BRDDH039 2 271.0 281.0 10.0 1.2 2 278.0 281.0 3.0 2.5 BRDDH045 5 337.0 346.0 9.0 1.8 for the year ended 31 December 2022 Annual Report 2022 19
Directors’ Report Auld Creek (Golden Point permit) The Auld Creek Prospect is contained within Siren’s Golden Point exploration permit and is situated between the highly productive Globe Progress mine, which historically produced 418koz @ 12.2g/t Au, and the Crushington group of mines that produced 515koz @ 16.3g/t Au (Figure 12). More recently OceanaGold Limited (OGL) mined an open pit and extracted an additional 600koz of gold from lower grade remnant mineralisation around the historic Globe Progress mine. The Auld Creek Prospect contains both high-grade gold and antimony mineralisation, extends for over 2kms and represents a block that was potentially offset to the west, along NE-SE trending faults between Globe Progress and Crushington (Figure 12). Siren has recently acquired the Cumberland exploration permit that was part of the Globe Progress mining permit. Siren now holds the ground immediately to the north (Auld Creek) and south of Globe Progress mine. The gold-antimony mineralisation extends fromAuld Creek south through Globe Progress and the Cumberland prospects (Figure 13) and on to Big River a strike length of 12kms with 9kms in Siren’s permits and the remaining 3kms in Globe Progress reserve area. The Globe Progress mineralisation extended for over 200m vertically below the bottom of the open pit before it was offset by the Chemist Shop Fault (CSF). The offset mineralisation on the other side of the CSF has not been found. Figure 12. Auld Creek and Cumberland exploration permits surrounding the Globe Progress mine. for the year ended 31 December 2022 Siren Gold Limited 20
Directors’ Report Auld Creek (Golden Point permit) (continued) Mapping and Sampling Siren completed infill soil sampling to better define the soil anomalies. The arsenic soil anomaly now extends for over 700m along strike and clearly defines the Fraternal and Bonanza mineralisation (Figure 13). The Fraternal zone has been subdivided into the Fraternal and Fraternal North zones and Bonanza into the Bonanza and BonanzaWest zones. Siren has excavated a number of the trenches across all the mineralised zones, as shown in Figure 13 and Table 6. The Fraternal Shoot intersections include 8.4m@ 19.7g/t Au, 5.3% Sb for 32.0g/t AuEq, 2m@ 14.2g/t Au, 13% Sb for 44.9g/t AuEq and 8.4m@ 2.8g/t Au, 0.24% Sb for 3.2g/t AuEq. Fraternal North intersections include 5.5m@ 4.5g/t Au, 0.26% Sb for 5.1g/t AuEq and Bonanza North includes 14m@ 2.0g/t Au, 0.8% Sb for 3.9% AuEq. Figure 13. Auld Creek trench locations and results. for the year ended 31 December 2022 Annual Report 2022 21
Directors’ Report Auld Creek (Golden Point permit) (continued) Table 6. Significant Auld Creek trench results. Trench ID Mineralised Zone From To Interval (m) True Width (m) Au g/t Sb% AuEq g/t1 FTTR001 Fraternal 3.5 11.9 8.4 8.4 19.7 5.3 32.0 FTTR002 Fraternal 0.0 1.5 1.5 1.5 17.1 9.0 38.3 FTTR003 Fraternal 3.0 5.0 2.0 2.0 14.2 13.0 44.9 FTTR004 Fraternal North 1.3 6.8 5.5 5.5 4.45 0.26 5.1 FTTR005 Fraternal 1.0 9.8 8.8 8.5 2.82 0.26 3.4 FTTR006 Fraternal North 1.9 3.6 1.7 1.7 3.61 0.01 3.6 BZTR001 Bonanza 2.5 16.5 14.0 14.0 2.0 0.82 3.9 including 10.5 16.5 6.0 6.0 2.5 1.55 6.2 BZTR002 Bonanza 0.0 2.7 2.7 2.5 2.61 0.15 3.0 1 Based on gold equivalent formula of AuEq = Au g/t + 2.36 x Sb%. Diamond Drilling Between 1996 and 2013, OGL drilled 17 diamond holes for 2,016m, defining a mineralised zone of up to 13m true width. The Fraternal mineralisation was intersected in several holes, including RDD0087, which intercepted a true width of 12m@ 4.1g/t Au and 2.9% Sb for 11.0g/t AuEq from 63m. The highest grades in the deposit are generally associated with strong stibnite mineralisation. The deepest drillhole intersected gold mineralisation less than 100m below surface, and mineralisation remains open at depth and along strike. Significant intersections are shown in Table 7. Table 7. Significant Auld Creek drillhole intercepts. Hole ID Mineralised Zone From To Interval (m) TrueWidth (m)1 Au g/t Sb % AuEq g/t2 96DDAC001 Fraternal 51.9 53.1 1.2 0.6 1.0 7.90 19.6 96DDAC003 BonanzaWest 34.0 35.0 1.0 0.6 4.65 <0.01 4.7 RDD0081 Fraternal 45.0 51.0 6.0 3.0 1.73 1.96 6.4 Fraternal 57.0 67.0 11.0 6.0 2.24 0.11 2.5 RDD0081a Fraternal 57.0 67.0 10.0 5.5 1.71 0.06 1.9 RDD0085 Fraternal 30.0 64.0 34.0 20.5 1.61 0.70 3.3 Incl 30.0 37.0 7.0 4.5 3.02 3.20 10.6 Incl 43.0 51.0 8.0 5.2 2.62 0.17 3.0 Incl 59.0 64.0 5.0 3.4 1.58 0.03 1.7 RDD0086 Fraternal 90.0 96.0 6.0 3.0 4.14 4.10 13.8 RDD0087 Fraternal 63.0 98.0 35.0 12.0 4.11 2.90 11.0 Incl 63.0 81.0 18.0 5.5 5.74 4.80 17.1 RDD0088 Fraternal 125.0 127.0 2.0 1.4 1.28 2.90 8.1 1 True widths are based on a sectional interpretation of the Fraternal mineralised zone dipping steeply (~85o) to the west. This dip may vary as more data becomes available and the true widths may change. 2 Based on gold equivalent formula of AuEq = Au g/t + 2.36 x Sb%. for the year ended 31 December 2022 Siren Gold Limited 22
Directors’ Report Auld Creek (Golden Point permit) (continued) The cross-section shown in Figure 14 shows that the Fraternal mineralisation dips steeply to the west and the Bonanza mineralisation steeply to the east and they are projected to intersect above RDD091. The BonanzaWest mineralisation is interpreted to be a parallel and structure 30m below Bonanza. The N-S long section indicates that the Fraternal Shoot is moderately south plunging, and it was drill tested for approximately 100m (Figure 15). This shoot orientation is similar to the Globe Progress shoots 1km to the south. The height of the shoot is unknown at this stage, with trench FTTR005 excavated at the point interpreted to be near the Fraternal Shoot intersecting 8.8m@ 3.2g/t AuEq. Arsenic soil geochemistry shown on Figure 13 suggests the shoot may extend for another 50m to the south. The bottom of the shoot appears to be reasonably constrained by trenching and drilling. The Fraternal North Shoot is interpreted to have a similar orientation to Fraternal but it has not been drill tested. The mineralisation between the two shoots is thin (~1m) but still strongly mineralised i.e 0.6m@ 19.6g/t AuEq in RDD001 and 1.4m@ 8.1g/t AuEq in RDD088. There is only limited surface data on the Bonanza Shoot, so the plunge is not known at this stage. Figure 14. Auld Creek E-W schematic cross section. for the year ended 31 December 2022 Annual Report 2022 23
Directors’ Report Auld Creek (Golden Point permit) (continued) Figure 15. Auld Creek N-S schematic long section. Cumberland The Globe Progress Mine has produced over 1.1Moz of gold and is the largest mine in the Reefton Goldfield, followed by Blackwater (740koz @ 14.2g/t Au). The Globe Progress mine produced 420koz @ 12.2g/t Au until 1926 when it closed. The mine extended down to 420m below the surface where the mineralisation was offset by the Chemist Shop Fault and the displaced mineralisation was never found. OceanaGold Limited (OGL) re-opened the mine as an open pit in 2007 and mined the low-grade remnant mineralisation down to around 200mwhen the mine closed in 2015 when the gold price was ~A$1,500 compared to around A$2,700 currently. OGL extracted approximately 700koz @ 2g/t Au, taking the total gold production to around 1.1Moz @ 6g/t Au. OGL surrendered the Globe Progress mining permit in 2019. New Zealand Petroleum and Minerals (NZPaM) split the mining permit into two areas. The area containing the Globe Progress open pit, processing plant, tailings storage facility (TSF) and waste rock stacks was reserved until 6 December 2023 while site rehabilitation is being completed. The remaining permit area became open ground as Newly Available Acreage (NAA) in October 2020. Under NAA regulations the ground is opened for applications before a set close-off date. Applications are then reviewed by NZP&M and the permit granted to the applicant they consider has the best work programme to evaluate the mineral potential. Siren Gold was granted an exploration permit for the non-reserved area on 14 December 2022 for an initial period of 5 years. The Cumberland permit comprises the northern and southern areas of the previous Globe Progress mining permit as shown in Figure 16. The Cumberland permit joins Siren’s Big River, Golden Point and Reefton South permits and abuts the Federation Mining permit, who are currently developing the Snowy River underground mine to extract around 700koz of gold below the historic Blackwater mine. for the year ended 31 December 2022 Siren Gold Limited 24
Directors’ Report Cumberland (continued) Mapping and Sampling Gold bearing reefs in the Cumberland project area were first discovered at Supreme in 1872 and mining proceeded from then until 1923 when the Sir Francis Drake mine closed. Relative to the rest of Reefton Goldfield, the Cumberland mines were small scale, undercapitalised and worked in small and limiting claims. There was some major development in the area with a 1.2km long adit driven in fromRainey Creek under the Supreme and Inkerman mines to the InkermanWest mine. A 600m adit was driven under the Golden Lead mine. Total production from the area was 44,626 oz of gold from 97,993 tonnes of ore at an average grade of 14.2 g/t Au (Table 8). Table 8. Historic production from the Cumberland Exploration permit. Mine Quartz (t) Gold (oz) Recovered Gold (g/t) Supreme 22,214 5,268 7.4 Inkerman 21,020 6,102 9.0 Inkerman South 90 270 93.3 InkermanWest 7,282 6,035 25.8 Scotia 594 1,284 67.2 Gallant 2,340 759 10.1 Sir Francis Drake 16,987 5,810 10.6 Merrijigs 259 84 10.1 Cumberland 13,896 13,631 30.5 Exchange – Industry 511 259 15.8 Golden Lead – OK 11,379 2,645 7.2 A1 1,361 2,479 56.7 Total 97,993 44,626 14.2 The mineralisation in the Cumberland permit extends for 3kms south of the Globe Progress mine and is open to the west (under cover) and south (Figure 16). This area lies along the main structural corridor that hosts all the larger mines in the Reefton Goldfield and links to Siren’s very promising Auld Creek Au-Sb prospect. The stibnite mineralisation extends for 10kms fromAuld Creek south into the Globe Progress mine, including the Globe Deeps area below the open pit, through Souvenir, Supreme and Big River. A total of 77 drillholes for a total of 10,933m have been completed (Figure 16). The Supreme soil geochemistry shows a strong stibnite anomaly trending SE under the cover (Figures 16). The strong broad stibnite soil anomaly at the Golden Lead / A1 in the southern end of the permit remains unexplained but is associated with stockwork mineralisation at A1. This anomaly abuts the cover to the east and it is likely that the mineralisation will extend under the cover and could link up with Supreme and potentially Big River. An ionic leach survey will be undertaken over the cover to see if mineralisation under the cover can be detected. The A1 anomaly also remains open to the south. Supreme gold mineralisation is a similar style to the Globe Progress deposit, with high-grade quartz breccia, pug and disseminated sulphides. Supreme contains three sub-parallel mineralised shoots, which have been traced down dip for approximately 200m and are open at depth. The shoots plunge moderately to the SE with an average thickness of approximately 12m. Significant intersections are shown in Table 9 and include 10m@ 3.5g/t Au and 14m@ 3.5g/t Au (RDD013), 11m@ 3.2g/t Au (RDD017), 13m@ 2.6g/t Au (RDD018), 9.5m@ 2.3g/t Au (RDD021) and 9.5m@ 4.1g/t Au (RDD025). The Supreme drill samples were generally not analysed for stibnite, which will be undertaken in Q1 2023. for the year ended 31 December 2022 Annual Report 2022 25
Directors’ Report Cumberland (continued) A high-grade quartz reef located within a shear zone extends for 3kms from Inkerman south through the Gallant, Sir Francis Drake, Merrijigs and Exchange group of workings (Figure 16). At Inkerman gold mineralisation is primarily contained within lenticular quartz lodes, with similar styles and grades to the Blackwater mine, however, there is a small halo of arsenopyrite-gold mineralisation. The reef extended for 100m on surface and was mined down to 97m below surface with a vein thickness ranging from0.3 to 2.1m. Drillhole 97RDD022 was drilled below the old mine workings and intersected 9m@ 6.1g/t Au from 107m (Table 9), indicating that the mineralisation remains open at depth. Gallant contains a shear hosted, 1m-5m thick quartz vein, that extends for over 300m and dips steeply east and west. Diamond hole GLA001 was drilled to the west and appears to have drilled obliquely down a steeply west dipping the reef. The hole intersected a 27mmineralised zone dominated by a quartz reef with visible gold (Figure 17) and disseminated arsenopyrite mineralisation in the hangingwall. The true thickness of the mineralized zone is unclear but estimated to be around 5m. The average down-hole grade of the mineralised zone was 27m@ 74.9g/t Au, which includes 1m@ 1,911g/t Au. The Merrijigs mineralisation extends for around 1.5kms from Sir Frances Drake to Exchange. The shear zone dips to the west and has a true width between 1m and 6.5m. Significant drillholes shown in Table 9 include: 3.3m@ 5.1g/t Au (GLA004), 6.5m@ 4.0g/t Au (87DDMJ02) and 4.2m@ 17.6g/t Au (HVS003). Gold mineralisation is associated with disseminated arsenopyrite in sheared argillite, black pug breccias and minor grey quartz veins. The Golden Lead – A1 mineralisation lies a few hundred metres to the west of Merrijigs. Amineralised zone is up to 27m wide, containing mostly narrow quartz stockwork veinlets within a crushed sandstone unit. Very little mapping has taken place since CRAE first explored the area and mapped and sampled the underground workings in the 1980’s. The broad stibnite soil anomaly is up to 1kmwide and open to the south, and east under cover, and is largely undrilled (Figure 16), is unexplained and is a key target. To the north of Globe Progress, the Cumberland permit contains anomalous stibnite soil geochemistry that extends into the southern Auld Creek area. To date Siren has been focussed on the central Auld Creek around RDD0087 but will start exploring south into this area in 2023. for the year ended 31 December 2022 Siren Gold Limited 26
Cumberland (continued) Figure 16. Cumberland exploration permit showing antimony soil geochemistry, drillhole collars (white dots) and significant drill hole intersections. for the year ended 31 December 2022 Annual Report 2022 27
Directors’ Report Cumberland (continued) Figure 17. Visible gold in diamond hole GLA001. Table 9. Significant drillhole intersections in the Cumberland permit Hole ID Prospect From To Interval (m) TrueWidth (m)1 Au g/t 97RDD022 Inkerman 107.0 116.0 9.0 9.0 6.1 97RDD029 Inkerman 17.0 19.0 2.0 2.0 11.8 GAL001 Gallant 31.0 58.0 27.0 5.0 74.9 including 47.0 48.0 1.0 0.2 1,911.0 GAL002 Gallant 34.7 37.5 2.8 2.8 6.3 GAL004 Sir Francis Drake 207.8 211.1 3.3 3.3 5.1 87DDMJ2 Merrijig’s 38.3 47.1 8.8 6.5 4.0 HVS003 Merrijig’s Shear 54.0 60.0 6.0 4.2 17.6 including 58.0 58.5 0.5 0.4 198.0 RDD0013 Supreme 37.0 47.0 10.0 10.0 3.5 59.0 73.0 14.0 14.0 3.5 RDD0017 Supreme 26.0 40.0 14.0 11.0 3.2 RDD0018 Supreme 122.0 151.0 29.0 13.0 2.6 RDD0021 Supreme 56.0 68.0 12.0 9.5 2.3 RDD0025 Supreme 79.0 98.0 19.0 9.5 4.1 1 True widths are based on a sectional interpretation. This dip may vary as more data becomes available and the true widths may change. for the year ended 31 December 2022 Siren Gold Limited 28
Directors’ Report Lyell The Lyell Goldfield is located 40kms north of Reefton (Figure 3), where gold bearing quartz lodes were historically worked over a continuous strike length of 5kms. The Lyell Goldfield is the northern extension of the Reefton Goldfield that produced 2 Moz of gold at an average recovered grade of 16g/t. The project overlays the historic Alpine United mine, which produced ~80koz of gold at an average recovered grade of ~17g/t between 1874 and closing in 1912. Several other small mines, such as the Break of Day, Tyrconnell and United Italy, also operated historically north of the Alpine United mine. These are reported to have worked high grade quartz leaders up to about 10 cm in width but only produced only small tonnages. Mapping and Sampling Soil sampling has confirmed a NNW trending 4km long anomalous gold zone between the Alpine United and United Victory mines (Figure 18). The Break of Day mine is also located along this anomaly. The soil samples have identified several anomalous areas which may represent mineralised shoots similar to those seen at Alexander River. The Alpine United mine shoot plunged ~45o to the north and was mined down to 500m below the surface and 750m down plunge and it is open at depth. A total of 80koz @ 17g/t Au was recovered from the mine. Two trenches (LTTR001 and LYTR002) approximately 100m apart were excavated across the Mt Lyell North mineralised zone (Figure 19). The trenches intersected disseminated arsenopyrite with thin grey quartz veins. LYTR001 exposed a 7m thick mineralised zone that averaged 7m@ 13.8g/t Au, with 1m grades as high as 25.0g/t Au. The true thickness of the intersection is interpreted to be around 5m. LYTR002 exposed an 8m thick mineralised zone that averaged 8m@ 6.3g/t Au, with 1m grades as high as 29.7g/t Au. The true thickness of this intersection is also interpreted to be around 5m. During recent fieldwork two additional trenches (LYTR003 and LYTR004) were excavated approximately 100 and 200m north of LYTR001 across a high-grade soil anomaly (Figure 19), and an outcropping quartz reef with significant visible gold was found in a creek close to the United Victory mine. This reef and the adjacent country rock was channel sampled and called LYTR005 (Figure 20). Assay results for the three new trenches are awaited. for the year ended 31 December 2022 Annual Report 2022 29
Directors’ Report Lyell (continued) Figure 18. Lyell gold soil geochemistry for the year ended 31 December 2022 Siren Gold Limited 30
Directors’ Report Lyell (continued) Figure 19: Mt Lyell andMt Lyell North gold soil anomalies and trench locations. for the year ended 31 December 2022 Annual Report 2022 31
Directors’ Report Lyell (continued) The United Victory reef exposed in the creek is around 0.5m thick with disseminated acicular arsenopyrite on the both the hangingwall and footwall for an overall thickness estimated at approximately 2m (Figure 20). The quartz reef comprises mottled grey and white quartz with significant visible gold (Figures 21 and 22). The United Victory reef was found close the NWend of the Mt Lyell North soil anomaly (Figure 19). The Mt Lyell North Au soil anomaly extends 1km and is open to the NW, with the next soil line approximately 1km to the north, which has two Au anomalies. Mt Lyell North is a new discovery with no historic mining or previous exploration except for the small United Victory which was mined over two levels, but no production records or details are available. Figure 20. United Victory reef along with disseminated acicular arsenopyrite in the hangingwall and footwall. for the year ended 31 December 2022 Siren Gold Limited 32
Directors’ Report Lyell (continued) Figure 21. Quartz Reef with significant visible gold in the United Victory reef. for the year ended 31 December 2022 Annual Report 2022 33
Directors’ Report Lyell (continued) Figure 22. Magnified Gold shown in Figure 21. Diamond Drilling In 2011 Auzex Resources Limited drilled six diamond holes in two areas 400m and 1km to the north of the Alpine United mine. The best result was in ARD4 which intersected 2m@ 4.6g/t Au from 62m near the Break of Day mine. The Break of Day mine produced 4,600oz of gold at an average grade of 66g/t. Siren plans to commence drilling at Lyell in 2023. Reefton South Exploration Permit (EP) application 60928.01 replaces the previous prospection permit 60465 which expired and covers the same area of Early Ordovician Greenland Group rocks to the west of the Cumberland and famous Blackwater mines and buried Greenland Group rocks to the south of the Blackwater. The Greenland Group rocks are interpreted to extend south of Blackwater, beneath a veneer of glacial moraine and have not been explored for hard rock gold deposits. The two largest gold mines in the Lyell-Reefton goldfields; Globe Progress (~1.1 Moz) and Blackwater (740koz + inferred resource of 700koz) lie close to the cover boundary and it is unlikely that the gold mineralisation stops there. The Reefton South area also possesses a significant history of alluvial gold mining with an estimated 8 Moz of gold recovered along theWest Coast south of Reefton. Bell Hill The Bell Hill Prospecting Permit 60632 is located approximately 40 km south of Reefton and abuts the southern boundary of the Reefton South permit (Figure 3). The project contains a continuation of the buried Greenland Group rocks found in the Reefton South permit. There has been no historical hard rock mining, but alluvial gold is mined from the overlying gravels sourced fromGreenland Group. Waitahu TheWaitahu Prospecting Permit 60759 covers the northern extension of the Golden Point reef under the cover. The historic mines at Reefton are potentially located on two mineralised corridors. The eastern corridor includes the Capleston, Crushington, Globe Progress, Cumberland and Big River mines and the western corridor extends from Reefton town south through the Golden Point, Morning Star, Blackwater, and Homer mines. The eastern corridor potentially contains the thicker, high sulphur sheared deposits i.e., Globe / Big River style, while the western corridor contains low sulphur, narrow high-grade quartz veins i.e., Blackwater style. for the year ended 31 December 2022 Siren Gold Limited 34
Directors’ Report Sams Creek The Sams Creek Gold Project is located 140kms NE of Reefton and 100kms NE of Lyell (Figure 1). The Project comprises two exploration tenements: EP 54454, which is 100% held by Sams Creek Gold Limited (SCG) a wholly owned subsidiary of Siren, and EP40338, which is 81.9% held by SCG under a joint venture agreement with New Zealand’s largest gold miner OceanaGold Limited (OGL), who own the remaining 18.1% interest. Siren believes there is significant potential at Sams Creek for a large underground mining operation. The Sams Creek Dyke (SCD) is up to 60m thick, can be traced for over 7kms along strike, has a vertical extent of at least 1km and is open at depth. Drilling to date has focused on a 1km section of the dyke from the Carapace to the Main Zone (Figure 23). Topography is very steep, with the SCD outcropping from 800m-200m above sea level and it has been intersected in drillholes to -200m. The SCD has been folded into gentle NE plunging folds, with the gold veins preferentially forming in the fold hinges, resulting in NE plunging mineralised shoots. To date around 127 diamond holes have been drilled in this zone. Drilling to date has been focussed around the Main Zone, Carapace and SE Traverse (resource model areas) with little or no drilling at Doyles, Anvil West and Anvil East. To date only around 15% of the SCD has been drill tested. Rock chip samples along the SCD are shown in Figure 23. These show that Roirdans, Western Outcrops, Doyles, Anvil West and Anvil East all have high-grade rock chips, interpreted to be associated with NE trending anticline hinges, and they have the potential to contain additional mineralisation. Golder completed a JORCMain Zone Resource estimate in 2013 for an open pit mining scenario and included large areas of low-grade mineralisation. An Indicated and Inferred Resource of 1Moz @ 1.54g/t Au at a 0.7g/t cut-off was estimated. At a 1.5g/t cut-off the estimate is 588koz @ 2.43g/t Au (refer to ASX Announcement dated 3 June 2022). Siren considers that Sams Creek is a potential underground mine and believes the model could be improved for an underground mining scenario, by trimming some of the low-grade dyke, and using separate domains for the high-grade mineralisation along the fold hinges and lower-grade fold limbs. The 2013 resource estimate does not include the SE Traverse prospect. The SE Traverse is an isolated section of dyke approximately 500m long and 200mwide that is interpreted to be a continuation of the anticline hinge that extends from the Main Zone for over 1.5kms and is open at depth. Drillhole intersections in the SE Traverse shown in Figure 23 confirm the continuation of the higher-grade mineralisation in the anticline hinge. Siren engagedMeasured Group to complete the Mineral Resource Estimate (MRE) that includes the Main Zone, Carapace and SE Traverse, based on an underground mining scenario. The MRE, which is in accordance with the JORC 2012 Code, has utilised geological and assay data from 20,020m of diamond core drilling from 137 holes. The updated Sams Creek Mineral Resource Estimate (MRE) of 807,772 ounces at 2.82g/t Au (Table 10 and Figure 24), represents a 37.4% increase in contained ounces and a 16% increase in grade. This includes the Maiden MRE for the SE Traverse prospect of 1.28Mt @ 3.56g/t Au for 146koz. At a higher cut-off of 1.85g/t Au, the Sams Creek MRE is now 7.07Mt grading 3.10g/t Au for 705,729 ounces of contained gold. Sams Creek is open in all directions and has significant potential for increased gold resources from additional exploration drilling. The newMRE supports Siren’s strategy to develop a large tonnage, bulk mechanised underground mining operation. Table 10. 2022 Sams Creek Resource estimate at a 1.5g/t cut-off. Prospect Status Cut-off (g/t) Tonnes (Mt) Au (g/t) Ounces (koz) Main Zone Indicated 1.5 3.29 2.80 296.6 Main Zone Inferred 1.5 3.79 2.71 330.0 SE Traverse Inferred 1.5 1.28 3.56 146.1 Carapace Inferred 0.5 0.54 2.06 36.0 Total 8.91 2.82 807.8 for the year ended 31 December 2022 Annual Report 2022 35
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