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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