Siren Gold (ASX:SNG) Research Update

Arrowhead is updating its coverage on Siren Gold Limited (Siren Gold, Siren or the company) with a fair value bracket of AUD 0.21 to AUD 0.33 per share (share price on March 15, 2024: AUD 0.062) based on the Relative Valuation method. 

• Siren’s maiden fieldwork at the Langdons prospect recorded outstanding gold and antimony grades at surface up to 506g/t Au and 9.3% Sb. The company collected six samples from Langdons mullock heap which returned gold grades ranging from 4 to 506g/t Au and up to 9.3% antimony. Liberty reef, located 300m along strike to the east from Langdons Reef, returned 1.75m @ 4.5g/t Au.
• Ionic leach survey identified a second Au-As-Mo anomaly at Anvil, Sams Creek, which extended for at least 1km from the mineralized outcrop, with significant rock chips up to 57g/t Au. Other anomalies including Copper-Lead and Rare Earth Elements (REE) were also detected and these multi-element responses might indicate potential for a large multi-metal, multi-phase mineral system at Sams Creek.
• The company has applied for 2-year extension to prospecting permits in Bell Hill and Waitahu and has applied for 5-year extension of exploration permits at Alexander River, Big River, and Lyell.
• SNG has received capital commitment to raise c. AUD 2.2 mn through placement by issuing up to 40.2 mn shares at AUD 0.05 per share. The funds will be used for drilling and soil sampling at Auld Creek, Sams Creek, Langdons and Big River North, as well as for working capital requirements and to cover the placement costs. In addition, the placement participants will be issued one attaching unquoted option for every placement share issued, exercisable at AUD 0.10 per share, expiring 3 years from the date of issue.
• SNG has appointed Mr. Victor Rajasooriar as the new Managing Director (MD) and Chief Executive Officer (CEO) from April 02, 2024. Mr. Rajasooriar has over 25 years of operational and technical experience in underground and open-pit mining operations. Victor holds a Bachelor of Engineering (Mining) from the WA School of Mines and is a member of the Australian Institute of Company Directors and the Australasian Institute of Mining and Metallurgy.