Siren Gold Ltd High-Grade Discovery at Doyles Validates Expansion Potential

Siren Gold Expands Beyond Main Zone with High-Grade Discovery at Doyles

Siren Gold Limited (ASX: SNG) has delivered compelling new results from the Sams Creek Project in New Zealand, with recent drilling confirming substantial gold mineralisation 500 metres west of the existing Main Zone. The latest diamond drilling programme at the Doyles fold has intersected 19m @ 1.30 g/t Au, including 9m @ 1.86g/t Au, validating the company's structural interpretation and opening up significant exploration potential across the broader 7km strike of the Sams Creek Dyke.

The breakthrough at Doyles represents a crucial milestone for Siren Gold Ltd high-grade discovery at Doyles, demonstrating that the mineralised system extends far beyond the current 824koz @ 2.8g/t Au resource base. Furthermore, with approximately 90% of drilling to date concentrated on the Main Zone, these results highlight the substantial untapped potential across multiple target areas that remain largely underexplored.

Key Drilling Results Validate Structural Model

The Doyles fold drilling programme has successfully confirmed the presence of a ~20m thick mineralised dyke at depth. The results from two diamond holes completed between December 2025 and January 2026 demonstrate the project's significant potential.

SCDDH115 Results:

• 19m @ 1.30 g/t Au from 78.3m
• Including 5.7m @ 1.28g/t Au from 78.3m
• Including 9m @ 1.86g/t Au from 88m

SCDDH114 Results:

• 20m @ 0.51g/t Au from 106m

These intersections validate the structural interpretation derived from surface mapping, where rock chip samples from the Doyles fold outcrop have averaged 3.4 g/t Au. In addition, the increased dyke thickness and gold grades encountered reinforce the potential for this mineralised fold to extend 1.5km down-plunge toward previous deep intersections, including notable results of 11m @ 2.01g/t Au and 13m @ 3.14g/t Au.

Understanding the Sams Creek Dyke System

The Sams Creek gold mineralisation is hosted within a hydrothermally altered granite intrusion that cuts through ancient sedimentary rocks. This intrusion, known as the Sams Creek Dyke (SCD), represents what geologists call an intrusion-related gold deposit – a style of mineralisation where gold forms when hot fluids alter granite bodies that have pushed up through surrounding rocks.

Key characteristics of the SCD system include:

• 7km strike length with thickness ranging from 10-60m
• Vertical extent of at least 1km
• Gold mineralisation within thin quartz-sulphide veins (1-15mm) that crosscut the dyke
• NE-plunging mineralised shoots up to 35m wide and 100m high

This geological setting is particularly significant for investors as it indicates a large-scale, coherent mineralised system with multiple targets for resource expansion. Moreover, the Siren Gold Ltd high-grade discovery at Doyles demonstrates how this systematic approach to exploration can identify new high-grade zones across the broader system.

Exploration Targets Show Significant Upside Potential

The drilling statistics clearly demonstrate the exploration opportunity ahead. While the Main Zone has been extensively drilled with 86 holes, the other prospects combined have seen only 30 holes – representing less than 20% of total drilling effort despite covering a much larger area along the 7km strike.

Consequently, Siren Gold's strategy focuses on a centralised development model where future discoveries could be accessed via Main Zone infrastructure. This approach creates operational synergies and potential cost advantages as the resource base expands.

Resource Development Progress

The company is advancing on multiple fronts to transition from explorer to developer, with several key initiatives underway.

SE Traverse and Carapace Infill Drilling

The current drilling programme demonstrates steady progress towards resource enhancement:

• 15 holes completed (50% of programme)
• 893m drilled to date
• Targeting upgrade to Indicated category by Q3 2026
• Supporting updated Mineral Resource Estimate and Scoping Study

Current Resource Base

Note: Siren Gold owns 81.9% with OceanaGold Limited holding 18.1%

Mining Permit Application Advances

A critical milestone for Siren Gold's development trajectory is the progression of the Sams Creek Mining Permit application (MPA 61324). Following the expiry of the exploration permit in March 2025, the mining permit application represents the pathway to develop the project's potential.

The permit application is currently under regulatory review by New Zealand Petroleum and Minerals (NZPAM). Importantly, Siren maintains the ability to continue exploration activities during the assessment period. Award of the mining permit will mark a transformative milestone in the company's evolution from explorer to developer.

CEO Zane Padman commented: "Sams Creek continues to demonstrate its potential to evolve into a large-scale, high-grade gold system. With close to one million ounces already defined at the Main Zone, our recent success at Doyles confirms that similar mineralised folds occur across the broader 7km strike of the Sams Creek Dyke, providing a clear pathway for future resource growth."

Investment Thesis: Scale Potential with Near-Term Catalysts

The Siren Gold Ltd high-grade discovery at Doyles fundamentally strengthens the company's investment proposition by demonstrating that high-grade mineralisation extends well beyond the existing resource base. Several factors make this particularly compelling for investors seeking exposure to significant growth potential.

Scale Opportunity

The project's geological characteristics present substantial expansion opportunities:

• 7km of strike length with only 10% explored outside Main Zone
• Multiple high-priority targets identified through systematic geological work
• Centralised development model offering operational efficiencies

Near-Term Value Catalysts

Multiple upcoming milestones provide clear value catalysts for investors:

• Updated Mineral Resource Estimate and Scoping Study by Q3 2026
• Mining permit decision expected to enable development pathway
• Ongoing exploration across multiple prospects along 7km strike

What Makes This Discovery Significant?

The resource quality metrics demonstrate the project's exceptional characteristics compared to many gold developments globally:

• 2.82 g/t Au average grade across current resource
• Strong metallurgical characteristics with 80-90% recovery achievable
• Underground mining potential for Main Zone and related prospects

The combination of an established resource base approaching one million ounces and substantial exploration upside across a 7km mineralised system positions Siren Gold uniquely in the gold exploration and development sector. However, investors should note that mining development carries inherent risks including regulatory, technical, and market factors.

Why Investors Should Monitor Siren Gold

The Siren Gold Ltd high-grade discovery at Doyles validates what many investors have been waiting to see – proof that Sams Creek represents a large-scale gold system with multiple opportunities for resource growth. The company's systematic approach to exploring the broader SCD system, combined with progression toward development milestones, creates multiple pathways for value creation.

With 90% of historical drilling focused on just one area of a 7km system, the exploration leverage is substantial. The upcoming resource update and scoping study will provide greater clarity on development economics, whilst the mining permit decision could mark a significant re-rating catalyst.

For investors seeking exposure to a high-grade gold project with substantial exploration upside and clear development pathway, Siren Gold's combination of established resources and systematic exploration across multiple targets offers compelling risk-adjusted returns potential. Nevertheless, investors should conduct their own due diligence and consider their risk tolerance before making investment decisions.

Key Takeaway: Siren Gold has positioned itself as a significant player in New Zealand's gold sector, with substantial upside potential due to the largely underexplored 7km Sams Creek Dyke system. With upcoming milestones including resource updates, scoping study, and mining permit decision expected through 2026, investors should monitor developments closely.

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