Siren Gold finds a new route back into Sams Creek

Sams Creek permit strategy gets a second route

Siren Gold Limited (ASX:SNG) is trying to get back into Sams Creek through a fresh exploration permit application, after regulators rejected its mining permit bid in May. The company’s subsidiary applied on 7 October for a five-year Tier 1 exploration permit covering 4,098.8 hectares made available through New Zealand’s Newly Available Acreage process.

The application combines ground previously held under two permits and proposes technical, environmental, cultural and community work before any development decision. Siren says future drilling would target extensions to the Main Zone and Doyles Fold mineralisation, as well as infill work intended to improve resource confidence. The ground became available after Siren relinquished the adjoining Waitui and Barrons Flat permits in July, avoiding imminent work-program commitments. The earlier Sams Creek permit setback had left the project’s regulatory pathway uncertain.

Queen Charlotte work continues while drilling waits

At Queen Charlotte, Siren completed 130 soil samples, two rock-chip samples and geological mapping between the Endeavour East and Resolution Bay mines. Assay results were still pending at the reporting date, with another round of roughly 300 soil samples planned for October across the southern part of the Endeavour Shear Zone.

“Queen Charlotte Exploration Permit (EP 61215) in the Marlborough Goldfield 120kms east of Sams Creek.”

“Endeavour Inlet mine area showing channel sample results and proposed drill pads.”

Caption and image © Siren Gold Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 29 Oct 2026.

The company withdrew its application for access to 17 proposed drill pads and a field camp at Endeavour Inlet after the Department of Conservation began investigating historical contamination linked to the former mine and smelter. Twelve proposed drill sites sit within the affected area. Siren intends to resubmit once preliminary investigation results are available, while continuing exploration north and south of the contaminated zone. That work builds on the earlier Queen Charlotte sampling results, which reported high-grade gold and antimony from surface samples.

Langdons and Highlay widen the portfolio

Langdons is technically ready for a maiden drilling campaign, but its access arrangement application remains under Department of Conservation review. No fieldwork took place there during the quarter. At Highlay in Otago, Siren lodged an application for a 5,009-hectare exploration permit over the north-western extension of the Hyde-Macraes Shear Zone, which hosts OceanaGold’s Macraes mine. The application is being assessed by New Zealand Petroleum & Minerals, with a decision expected in approximately six months of lodgement.

“Simplified Geology plan of Langdons, showing historic mining areas and exposed adits, with updated reef occurrences.”

“Location of the Highlay exploration permit application (EPA 61691) at the north-western end of the HydeMacraes Shear Zone, showing the mined section of the HMSZ between…”

Caption and image © Siren Gold Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 29 Oct 2026.

Highlay remains an application rather than a granted permit, and Siren’s proposed initial work is correspondingly modest: historical data compilation, mapping and geochemical sampling beneath cover. The company is seeking exposure to a prolific gold belt, but the value of that exposure remains contingent on regulatory approval and subsequent exploration results.

RUA sale improves liquidity but cash runway remains short

Siren sold 700,000 RUA Gold shares for net proceeds of A$799,000 during the quarter, retaining 13,187,897 shares, or about 11.4% of RUA’s issued capital. The remaining holding was valued at approximately A$17.7 million at 30 September, based on RUA’s closing price, giving Siren a sizeable potential funding source alongside its wholly owned exploration portfolio.

That liquidity sits against a much smaller operating cash balance. Siren ended September with A$596,000 after A$449,000 of exploration and evaluation spending and A$670,000 of operational and administrative outflows. On the company’s calculation, that represented roughly half a quarter of funding at the quarter-end spending rate. Siren says it has scaled back exploration while permit and access matters are resolved, and identifies a capital raising or further RUA share sales as available options if required.