Siren Gold Expands Endeavour Shear Zone to 8km at Queen Charlotte as Drilling Plans Progress

Endeavour Shear Zone at Queen Charlotte Extended to 8 Kilometres with Strong Surface Sampling

Soil sampling in the June 2026 quarter has notably extended the Endeavour Shear Zone mineralisation at the Queen Charlotte Project, now traced over 8 kilometres between Endeavour Inlet and Resolution Bay mines. The shear zone exhibits a consistent northwest-southeast strike and measures about 100 metres wide. Mineralisation remains open to both northwest and southeast, indicating potential for further expansion as exploration progresses. This extension marks a significant advancement in understanding the scale and continuity of mineralisation at Queen Charlotte.

Channel sampling from surface outcrops yielded multiple high-grade assay results supporting the prospectivity of the extended shear zone. New channel samples include 5.0 metres at 3.4 g/t gold and 0.4% antimony from Maria Reef at Endeavour Inlet, and 0.6 metres at 4.9 g/t gold from Maria Reef at Resolution Bay. Previous samples from the same areas returned encouraging results such as 1.2 metres at 1.5 g/t gold and 18.5% antimony from Skyline Reef, and multiple 6.0-metre intervals at Maria Reef grading 2.8 to 2.9 g/t gold. These results validate the mineralisation style and grades across the shear zone.

Access Arrangement Application Submitted for Queen Charlotte Drilling

Siren Gold has advanced its exploration timeline by lodging an access arrangement application with the Department of Conservation for drilling at Queen Charlotte. This application is a crucial step towards transitioning from surface sampling to subsurface drilling exploration. Approval would allow systematic drilling to test mineralisation extensions identified by soil sampling and better define the geometry, grade distribution, and thickness of mineralised zones at depth.

The Department of Conservation’s approval process is a regulatory requirement in New Zealand and demonstrates Siren’s commitment to environmental and conservation management. The drilling schedule depends on approval timing, but the application submission highlights active progress in Siren’s exploration strategy. Successful drilling would support advancing Queen Charlotte towards a high-impact development phase.

Sams Creek Mining Permit Denied; Capital Reallocation Underway

During the quarter, Siren Gold was notified that its Minerals Mining Permit application for the Sams Creek Gold Project was declined by New Zealand Petroleum and Minerals, part of the Ministry of Business, Innovation and Employment. This denial is a significant setback, as Sams Creek had been a core asset since its October 2022 acquisition. Since acquisition, Siren has invested approximately NZ$4.1 million (around US$5 million) in exploration and evaluation at Sams Creek.

The company clarified that the denial does not indicate fundamental issues with the mineral resource but that further work and documentation are needed before a successful future permit application. Siren is actively assessing legal and commercial options and remains focused on shareholder interests. The company retains the option to reapply for permits if conditions improve. Following the permit denial, Siren relinquished the adjacent Waitui and Barrons Flat exploration tenements to avoid significant expenditure commitments, reflecting a prudent capital management approach amid regulatory uncertainty.

Queen Charlotte Hosts New Zealand’s Largest Historic Antimony Mine

The Queen Charlotte Gold and Antimony Project is situated within the Marlborough Goldfield in New Zealand’s upper South Island and contains the country’s largest historic antimony mine at Endeavour Inlet. Antimony was discovered there circa 1872, with mining commencing in 1880 and continuing intermittently until the mid-1890s. Approximately 3,000 tonnes of ore were extracted historically, featuring exceptionally high grades averaging around 40% antimony, with some samples containing up to 96% stibnite, the primary antimony mineral.

The historic mine and high-grade antimony mineralisation provide strong evidence of the economic potential for antimony resources at Queen Charlotte. Current soil and channel sampling programs aim to delineate antimony mineralisation extent within the Endeavour Shear Zone and identify drilling targets. The combined gold and antimony mineralisation enhances the project’s strategic importance, given antimony’s critical raw material status and sustained demand for both metals.

Critical Mineral Status of Antimony and Supply Risks

Antimony is classified as a critical mineral by governments including Australia, the US, Canada, Japan, the EU, and New Zealand due to its essential industrial uses and geopolitical supply concerns. Global production is highly concentrated, with China and Russia accounting for about 82% of supply, creating significant risks amid geopolitical tensions.

Antimony’s key industrial applications include flame retardants in plastics, textiles, and electronics; defence electronics and semiconductors; lead-acid batteries; and emerging liquid metal battery technologies for long-duration grid-scale energy storage supporting renewables like wind and solar. Growing renewable energy demand is expected to drive antimony demand, positioning it as a commodity with structural growth and limited alternative supply outside major producers.

Langdons Project Progresses as Part of Dual-Asset Exploration Strategy

Alongside Queen Charlotte, Siren Gold operates the Langdons Gold and Antimony Project near Reefton in New Zealand’s upper South Island. Although no detailed updates were provided for Langdons this quarter, the company has identified it as a key exploration asset alongside Queen Charlotte. Siren remains focused on advancing both projects, with Langdons offering exposure to gold and antimony mineralisation in a distinct New Zealand mining district.

The company pursues a disciplined exploration approach across both assets while evaluating new opportunities to enhance long-term shareholder value. Following the Sams Creek permit denial and capital reallocation, Siren’s focus is expected to intensify on Queen Charlotte and Langdons as primary near-term exploration priorities, with ongoing investment anticipated at Langdons.

Strategic 12.1% Stake in RUA Gold Diversifies Exposure

Beyond direct operations, Siren Gold holds a strategic 12.1% equity interest in RUA Gold, a dual-listed explorer on the Toronto Venture Exchange (TSX:RUA) and New Zealand Exchange (NZX: RGI). This stake provides indirect exposure to additional gold and antimony exploration projects in New Zealand’s Reefton and Hauraki goldfields. Siren views RUA Gold’s portfolio as a value creation opportunity complementing its own projects.

The RUA Gold shareholding offers portfolio diversification and access to exploration-stage assets in established New Zealand mining regions. Siren highlights this investment as a potential source of shareholder wealth enhancement through exploration success and value realisation. RUA Gold’s dual listing provides liquidity and trading flexibility in both Canadian and New Zealand markets.

Favourable Market Conditions Support Exploration Investment

During the June 2026 quarter, gold and antimony prices remained elevated, closing near US$4,300 per ounce and US$24,000 per tonne, respectively, despite some recent consolidation. These price levels create a supportive environment for gold and antimony exploration, improving economic viability for resource development. Gold benefits from safe-haven demand, while antimony demand is driven by industrial uses, critical mineral supply constraints, and emerging renewable energy storage applications.

This pricing backdrop underpins Siren’s exploration advancement at Queen Charlotte and Langdons, enabling deposits previously uneconomic at lower prices to become viable. The quarter’s exploration results, combined with strong commodity prices, reinforce the strategic rationale for continued investment in Siren’s New Zealand assets.

Capital Structure and Shareholder Focus

Siren Gold has 300,011,817 ordinary shares issued as of the reporting date. This share count and its 12.1% shareholding in RUA Gold frame the company’s per-share value and available capital for exploration. The capital structure reflects cumulative equity raises and management decisions supporting exploration funding and working capital.

The company’s disciplined capital management is evident in relinquishing the Waitui and Barrons Flat tenements to avoid further expenditure, focusing resources on higher-priority projects. This approach highlights management’s commitment to maximizing return on invested capital. Investors should consider ongoing funding needs and potential future capital raises as material factors when evaluating Siren Gold.