Independent Auditor’s Report Other Information The directors are responsible for the other information. The other information comprises the information included in the Consolidated Entity’s annual report for the year ended 31 December 2022, but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Material Uncertainty Related to Going Concern We draw attention to Note 1a(ii) in the financial report which indicates that the Consolidated Entity incurred a net loss of $1,705,966 during the year ended 31 December 2022. As stated in Note 1a(ii), these events or conditions, along with other matters as set forth in Note 1a(ii), 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 2022, the Consolidated Entity’s capitalised exploration and evaluation expenditure was carried at $15,904,165. 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 w ther impairment i dic tors 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 underlyi g records, t capitalisation requirements of the Consolidated Entity’s accounting policy and the requirements of AASB 6 • By testing the status of the Consolidated En ity’s tenure and planned future activities, re ding board minutes and enquiries with management we assessed each r a of interest for on or for the year ended 31 December 2022 Siren Gold Limited 78
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