Federation and Siren, page-5

Siren has a tenement map in earlier presentations on their website and in previous Announcements which covers Siren, RUA and Federation. RUA is referred to under its pre listing name. RUA Gold only listed on the TSX recently with a reverse takeover of another listed company. RUA have a slightly larger land holding in Reefton than Siren, but only have historical drilling data, no resource, and similar grades to what Siren have had. Rua are drilling now as well. They are well funded but their EV is around $30million, ours is $13million. Federation will be ready to pour gold at the end of 2025 with 700,000OZ at a very high grade, but they have no other immediate resource after that and no tenements in Reefton. The mill they build will want feeding once that depletes, and M&A will ultimately be what plays out. I see no processing plant ever getting built by Siren. But its smokes and mirrors and lots more drilling until a bigger fish realises the scale, grade and antimony that Reefton has. Sams Creek was always a bit of a gamble. The resource and scale are attractive, but permitting was always the issue as its on DOC land. Sams Creek previously went under contract for over $20million (more than our MC) a few years ago but was valued at $250k when we bought it. If it gets approved on the new NZ fast track permit this year, it'll be a game changer for Siren, and the best $250k Brian ever spent.