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
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