Quarterly Activities/Appendix 5B Cash Flow Report

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 2023

Highlights

• Global Resource increased to 1.1Moz at 3.1g/t Au (100% basis).
• Maiden Inferred resource at Big River of 105koz at 3.94g/t Au at a 1.5g/t cut-off.
• Big River gold project consists of 6 identified gold mineralised shoots across more than 500m of strike, with potential to discover additional high-grade shoots. Maiden Resource defined from 2 of these 6 shoots (A2 Shoot and Shoot 4). The deposit remains open in all directions.
• Drilling commenced at Auld Creek with Siren’s first drillhole (ACDDH004) intersecting broad zones of the type of mineralisation targeted. Assay results are currently pending.
• Three trenches at Auld Creek that ended in mineralisation were extended. FTTR001 intersection increased to 8.4m @ 19.7g/t Au, 5.3% Sb for 32.0g/t AuEq, FTTR004 increased to 5.5m @ 4.5g/t Au, 0.3% Sb for 5.1g/t AuEq, and BZTR002 increased to 3.4m @ 4.1g/t Au, 0.26% Sb for 4.8g/t AuEq.
• Two new Auld Creek trenches; BZTR008 intersected 6m @ 4.5g/t Au, 0.26% Sb for 5.1g/t AuEq and FTTR018 intersected 8.3m @ 2.1g/t Au, 0.45% Sb for 3.2g/t AuEq.
• The Mt Lyell North 1km long Au Zone has been identified as a significant new discovery with visible gold discovered at the United Reed located at the NW end of the Au anomaly.
• A United Victory Reef channel sample returned 3.0m @ 19.1g/t Au, comprising a 0.4m quartz reef with visible gold that assayed 39.0g/t Au, surrounded by disseminated arsenopyrite mineralisation assaying up to 42.0g/t Au.

During the quarter Siren increased its Global Mineral Resource Estimate (MRE) to 1.1Moz @ 3.1g/t Au at a 1.5g/t Au cut-off. This included a Maiden Big River MRE of 105koz @ 3.94g/t Au at a 1.5g/t cut-off.

Mapping and trenching continued at Lyell North with a 1km long Au Zone identified. The reef is surrounded by disseminated acicular arsenopyrite for a total thickness of approximately 2m-5m along the 1 km gold zone. Channel samples of the United Victory Reef at the NW end of the zone returned 3.0m @ 19.1g/t Au, comprising a 0.4m quartz reef with visible gold that assayed 39.0g/t Au, surrounded by disseminated arsenopyrite mineralisation assaying up to 42.0g/t Au.

Three trenches at Auld Creek that had ended in mineralisation were extended. The FTTR001 intersection increased to 8.4m @ 19.7g/t Au, 5.3% Sb for 32.0g/t AuEq, FTTR004 increased to 5.5m @ 4.5g/t Au, 0.3% Sb for 5.1g/t AuEq, and BZTR002 increased to 3.4m @ 4.1g/t Au, 0.26% Sb for 4.8g/t AuEq.

A new Bonanza trench BZTR008 was excavated 40m to the south of BZTR001 (6m @ 2.5g/t Au, 1.6% Sb% for 6.2g/t AuEq) and intersected 6m @ 4.5g/t Au, 0.26% Sb for 5.1g/t AuEq, extending the Bonanza Shoot to an estimated 125m.

Drilling recommenced on 27 March at Auld Creek, with ACDDH004 completed to 142.6m on 6 April.

This hole intersected both the Fraternal and Bonanza Shoots, based on core logging and spot pXRF analysis, with a 20m thick Fraternal mineralised zone that contained stibnite cemented breccia on the hanging wall, with silicified disseminated acicular arsenopyrite mineralisation containing numerous sheeted 1-5cm stibnite veins in the footwall.1

The top of the Bonanza Shoot was also intersected, with a 3.7m thick brecciated zone containing disseminated arsenopyrite.1

The thickness and consistency of the Fraternal mineralisation is encouraging and consistent with recent trench intersections.

Drilling is continuing, with initial assay results expected in May.

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