Siren Gold Limited Annual Report 2020

Operations Review Remuneration Report – Audited (continued) The fair value of the options issued during the year to Key Management Personnel was determined by reference to the Black-Scholes option pricing model. The key inputs and valuations are summarised as follows: Grant date 26 August 2020 Exercise price 37.5 cents Number of Options Issued 5,250,000 Expiry date (length of time from issue) 49 months Risk free interest rate 0.28 % Volatility (discount) 109% Indicative value per Related Party Option 5.28 cents Total Value of Related Party Options $277,200 ix. Option Holdings The movement during the reporting period in the number of options over ordinary shares in Siren Gold Limited held, directly, indirectly or beneficially, by each key management person, including their related entities, is as follows: Key Management Personnel Held at beginning of year/on appointment Granted Purchased Exercised Lapsed or Expired Held at end of year/on resignation Vested and exercisable at end of year Brian Rodan 3,369,524 2,750,000 – – – 6,119,524 6,119,524 Dave Filov – 750,000 – – – 750,000 750,000 Paul Angus 2,000,000 1,500,000 – – – 3,500,000 3,500,000 Keith Murray – 750,000 – – – 750,000 750,000 Don Harper 83,334 – – – – 83,334 83,334 x. Equity Holdings and Transactions No shares were granted to key management personnel during the year as compensation (2019: Nil). The movement during the reporting period in the number of ordinary shares in Siren Gold Limited held directly, indirectly or beneficially, by each key management person, including their related entities is as follows: Key Management Personnel Held at beginning of year/on appointment Purchases Sales Exercise of Options Held at end of year/on resignation Brian Rodan 12,928,806 3,754,575 – – 16,683,381 Dave Filov 40,000 - – – 40,000 Paul Angus – 20,000 – – 20,000 Keith Murray – 80,000 – – 80,000 Don Harper 3,914,845 - (1,914,844) – 2,000,001 for the year ended 31 December 2020 Siren Gold Limited 26