Quarterly Activities Report - Quarter Ended 31 March 2024

Siren Gold Limited (ASX: SNG) (Siren or the Company) is pleased to provide the following summary of its activities for the three months ended 31 March 2024.

Highlights

• The first diamond drillhole for 2024, ACDDH015 intersected both the Bonanza East and Fraternal Shoots.
  • The Bonanza Shoot downhole intersection assayed 12.4m @ 5.3g/t Au and 14.9% Sb from 69.6m, with an estimated true width of 6m.
  • The Fraternal Shoot downhole intersection assayed 23.0m @ 4.0g/t Au and 0.22% Sb from 105m, with an estimated true width of 8m.
  • The Bonanza East intersection contains significant antimony mineralisation, including a very rich section that assayed 6.0m @ 5.2g/t Au and 25.6% Sb.
• The second hole drilled, ACDDH016 was targeted to intersect near the interpreted top of the Bonanza East Shoot approximately 120m above ACDDH015. The hole intersected 21m of moderate to strong arsenopyrite mineralisation from 68m with intermittent stibnite veining in the first six metres. Assay results are awaited.
• The Company has engaged Alton Drilling Ltd (Alton) as its drilling contractor at Sams Creek.
  • Drilling program targeting approximately 1,000m of diamond drilling at the Anvil prospect at Sams Creek commenced in the second week of April 2024
  • Alton has indicated a willingness to accept equity as part-payment for drilling services to be provided at Sams Creek to a maximum of AUD $125,000
• A Capital raising consisting of $2.2m was raised during the quarter with strong support from existing shareholders and new institutional investors to fund exploration on the Company’s projects.
• Highly experienced mining executive Victor Rajasooriar appointed as Managing Director and Chief Executive Officer.
• The Company has applied for both the “Reefton Gold and Antimony Project” and the “Sams Creek Gold Project” to be considered and be included as a “listed project” in the Fast-Track Approvals Bill (Bill).
  • The Government has established the Fast Track Project Advisory Group to identify listed projects for inclusion in the Bill.

Background

Siren is a New Zealand focussed gold and antimony explorer, with two key projects in the upper South Island of New Zealand: Reefton (Reefton, Lyell and Paparoa goldfields) and Sams Creek (Figure 1).

The Reefton Goldfield produced ~2Moz of gold at an average recovered grade of 16g/t from 84 historic mines, plus an estimated alluvial gold production of 8Moz. Most underground mining ceased by 1942, with the famous Blackwater mine closing in 1951, when the shaft failed, after producing ~740koz of gold down to 710m below surface.

OceanaGold Limited (OGL) developed an open pit on the historic Globe Progress mine between 2007 and 2015. OGL recovered an additional 700koz at around 2g/t Au, increasing total hard rock production at Reefton to around 2.7Moz @ 12g/t Au.

Federation Mining Limited (FML) a privately owned company, is currently developing the Snowy River Mine on the Birthday Reef (Figure 2), which historically produced 740koz of gold at an average recovered grade of 14.2g/t.

Sams Creek is a gold mineralised porphyry dyke, the extends for 7km and is up to 60m thick. The Sams Creek Dyke (SCD) was discovered in 1974 and has not been historically mined. The Main Zone and Anvil projects are contained within an Exploration Permit (EP40338) that is part of a Joint Venture between Siren (81.9%) and New Zealand’s largest gold miner, OceanaGold (TSX:OGC), which holds the remaining interest (18.1%).

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