Quarterly Activities Report - Quarter Ended 30 June 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 30 June 2024.

Highlights

• At the Reefton project, diamond drillhole 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 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 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 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 assaying 22.2m @ 7.3.0g/t Au and 0.3% Sb with true width estimated at 10m.
• At Sams Creek an Ionic Leach (IL) soil survey identified a number of targets both around and inside two large circular structures.
  • The circular structure anomalies have been divided into five dyke and six porphyry targets.
  • The dyke targets have an Au-As signature, and the porphyry targets have an Au-Cu-REE signature.
• A 4 hole drilling program comprising 526m was carried at the Anvil Prospect, with all 4 holes intersecting mineralisation similar to the Main Zone prospect. All assay results were announced post the quarter end (ASX Announcements dated 2 and 25 July 2024).
• Post the quarter end, Siren entered into a definitive agreement with Canadian listed RUA Gold Inc. (CSE:RUA) for the sale of the Reefton Project to consolidate the Reefton Goldfield.
• The proposed transaction is for RUA to acquire Siren’s 100% owned subsidiary, Reefton Resources Pty Ltd (NZ):
  • RUA to acquire the Reefton Project for A$20m, comprising A$2m in cash and A$18m in RUA shares.
  • Siren Chairman Mr Brian Rodan will join the RUA Board on completion of the transaction.
  • Acquisition price of A$45/oz, based on Reefton’s current 444,000 oz inferred Mineral Resource Estimate (MRE)¹.
  • Post transaction, Siren will hold approximately 30.2% of RUA’s common shares currently outstanding, maintaining a significant interest in the Reefton project as well as acquiring an interest in the high-grade Glamorgan Project in the North Island of New Zealand.
  • Siren will retain the Sams Creek Project with a current MRE of 824koz @ 2.8g/t Au and remain listed on the ASX (Refer Table 1).
  • The total consideration equates to approximately A$0.10 per issued share of Siren, which represents a 28.4% premium over Siren’s closing share price on 12 July 2024².
• Post transaction Siren will have cash and investments of over $20m, representing 10cps per SNG share, and it will focus on the Sams Creek Project, which currently has a MRE of 824koz of gold and a pending mining permit application, whilst shareholders will remain invested in Reefton through the RUA shareholding.
• The transaction is subject to customary conditions and approvals such as shareholder and regulatory approvals and is expected to close in Q4 2024.

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. FML plan to mine the Birthday Reef below the historic mine, with an estimated production of 700koz. FML have developed twin 3.2km declines and are currently resource drilling from underground, with the aim of producing around 70koz of gold per annum for 10 years from 2025.

Sams Creek is a gold mineralised porphyry dyke, that extends over 7km and is up to 50m thick. The Sams Creek Dyke (SCD) was discovered in 1974 and has not been historically mined.

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