LION SELECTION GROUP LIMITED. — AGM Information 2024

Nov 27, 2024

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28 November 2024

Chairman’s Address

to 2024 Annual General Meeting

Lion Selection Group Limited (ASX: LSX) (‘ Lion ’ or ‘ the Company ’) is pleased to release the Chairman’s Address to be made by Robin Widdup at the Annual General Meeting (AGM) to be held at 3.30pm (AEDT) today, 28 November 2024.

Chairman’s Address

When Lion was started in 1997 the plan was to invest in emerging mining companies using the competitive advantages of:

• Deep industry experience and knowledge of people.

• Use the Lion Clock to time activity to the cycle.

• Take a long-term view, as most mining investors think a month is a long time.

Today I can say that our model works. Having started with $100m, Lion has returned more than $400m to shareholders over the 27 years since starting, and retains a portfolio today worth more than $100m.

There have been lessons learned, and the last few years have been a time of transformation, making adjustments for the lessons learned:

• A conventional management structure has replaced the external Lion Manager. Congratulations Hedley on today’s appointment as MD.

• The African and Asian Lion Funds were bought back to simplify Lion’s structure and importantly to provide 100% new business focus on Australia. Without a doubt Australia is a Treasure Island, over 90% of our exports in recent years are from mineral production and our exploration and mining professionals are world’s best. As you will see in the presentations to follow.

• I am pleased to report that investment activity has been reset to the Lion Clock and that this is benefiting from a deeply discounted junior metals market.

Opportunities to improve remain and we must find a way to remove the share price discount to NTA. Ownership of a cashflow generating mine asset or royalty would help in this challenge.

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Looking to the future, the outlook appears bright for Australia’s metals and mining industry. Lion has a lean, deeply experienced board and management team to sort through the many opportunities thrown up by the changing global trade scene, energy transition and politics of mining in Australia.

I thank shareholders for their support and on behalf of all of us pass tribute to Barry Sullivan our previous Chairman, a man of great experience and common sense who is missed by all.

ASX Release: LSX

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