LION SELECTION GROUP LIMITED. — Investor Presentation 2021

Mar 15, 2021

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Melbourne Mining Club Cutting Edge: March 2021

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www.lionselection.com.au

This presentation does not constitute investment advice. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. This presentation does

not take into account any person’s particular investment objectives, financial resources or other relevant circumstances and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. To the fullest extent permitted by law, each of Lion Selection Group Limited (Lion), Lion Manager Pty Ltd (Lion Manager), or any of its related bodies corporate, or any of its directors, officers, employees, agents, representatives and advisers do not make any representation or warranty, express or implied, as to the accuracy or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.

This presentation may include forward looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are inherently speculative and outside the control of Lion and Lion Manager. These risks, uncertainties

and assumptions include commodity prices, currency fluctuations, economic and financial market conditions in various countries and regions, environmental risks and legislative, fiscal or regulatory developments, political risks, project delay or advancement, approvals and cost estimates. Accordingly, there can be no assurance that actual values, results or events will not vary significantly from those expressed or implied in this presentation. Lion and

Lion Manager do not undertake any obligation to update or revise any information or any of the forward looking statements in this presentation for changes in events, conditions or circumstances on which any such forward looking statement is based following the date of this presentation.

This presentation may include figures illustrating past performance. Past performance is not and should not be relied upon as a guide to future performance. Future returns are not guaranteed and a loss of original capital may occur.

Disclaimer

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ASX:LSX lionselection.com.au 2
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Investing Significant investment in early stage mining companies Key Investments Pani & Nusantara: two multi million ounce high quality gold projects

Target Return Aims to generate 5 times initial investment amount within 5 years Gold Leverage Commodity supported by perfect storm of fundamentals Historic Returns Returned almost $4 per share since listing at $1 Sustainability Follows World Bank’s sustainability policies for exploration and mining

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Board & Management Strong Foundation

MANAGEMENT TEAM

BOARD

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Barry Sullivan

Peter Maloney

Chris Melloy

Chairman Non-Executive Director Non-Executive Director

Barry is a mining Peter has commercial Chris is a mining engineer with over 40 background developed engineer with 40+ years experience. Barry through various roles years experience in has held numerous at WMC Resources, mining operations, Non-Executive Santos and FH securities analysis and Directorships and was Faulding. Peter was investment. He has previously Chairmanof Chairman at Catalpa held senior positions EganStreet Resources. Resources when it at MIM and JB Were, merged into Evolution and directorships of Mining Limited. several Lion investee companies.

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Robin Widdup

Managing Director Robin’s mining experience spans Africa, UK and Australia. Robin led the mining analyst team at JB Were and was the founder of Lion Selection Group.

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Craig Smyth

Hedley Widdup Executive Director

Tim Markwell

Executive Director

Executive Director

15 years mining 13 years mining 20 years mining investment investment investment experience. experience. experience. Tim has worked at Craig is a member Hedley has extensive BHP, Golder Associates of the Institute of experience as a mine and Minara Resources Chartered Accountants geologist covering specialising in resource of Australia with the Mt Keith nickel assessment. Prior to experience working for mine, Olympic Dam, joining Lion, Tim was Coopers & Lybrand, Mt Isa and the St Ives a Senior Investment Credit Suisse First gold mine. Analyst for the LinQ Boston (London) and Resources Fund. ANZ Investment Bank.

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Portfolio Performance Strong Shareholder Returns

Value Returned Value Since Inception Dividends 97cps Offmarket Buyback 81cps Catalpa 155cps Current value of Lion 35.5cps share (vs NTA 60.5cps) Total 368cps

Lion Selection was founded in 1997, raising A$100m at $1/share

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As at 28 FEB 2021

Current Investment Portfolio

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Name	Commodity	Cost	Value	Per Share	Change	Time Held
Pani Joint Venture	Gold	$18.9M	$61.6M	41.0c	+225%	2.9yrs		$53M
								Market Cap at $0.35/Share
Nusantara Resources	Gold	$18.2M	$13.0M	8.6c	-29%	3.6yrs		19% Owned
								by Board & Management
Erdene Resources	Gold	$2.3M	$4.7M	3.1c	+101%	8.2yrs		150MShares on Issue
Sihayo Gold	Gold	$4.2M	$0.8M	0.6c	-81%	10.5yrs		60.5c	35.5c
								Net Tangible Asset	Share Price
Celamin Holdings	Phosphate	$2.3M	$1.1M	0.8c	-53%	10.3yrs		333cps
Other	Various	-	$0.8M	0.6c	-	-		Distributions to Shareholders 1
								7.8%
Cash	-	-	$8.8M	5.8c	-	-		TSR vs. XSRAI 4.2%
Total			$90.8M	60.5c

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As at 28 FEB 2021

Current Investment Portfolio Pani Joint Venture

NAME	COMMODITY	COST	VALUE	PER SHARE	CHANGE	TIME HELD
Pani Joint Venture	Gold	$18.9M	$61.6M	41.0c	+225%	2.9yrs

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Pani Location Sulawesi, Indonesia Ownership Lion 33% Merdeka 67%

Investment case

Unification of 2.30Moz[2] + 2.37Moz[3] Resources pending (subject to deal closure / arbitration[4] )

Very high gold ounces per vertical metre

Significant exploration upside

Mid-tier core gold project

Natural open pit design

Only investable via Lion (ASX)

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Catalyst Events

Catalyst 3 Definitive Revaluation Events Feasibility Catalyst 1 Study Project Revaluation Economic JV Deal Study Investment Initiation Completion Catalyst 5 Revaluation Processing Plant & Gold Price Catalyst 4 Commercial Merdeka $60.7M Project Production Unification of Jul 2020 Acquisition Funding 2.30Moz + Catalyst 2 of Pani 2.37Moz Interest Resources Drilling Initial pending (subject to Expand $39.3m to deal closure / Resource Investment Nov 2018 arbitration[4] ) (+5Moz) $15.4M Apr 2018 March 2021

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Current Investment Portfolio Nusantara Resources

Awak Mas Location Sulawesi, Indonesia

NAME	COMMODITY	COST	VALUE	PER SHARE	CHANGE	TIME HELD
Nusantara Resources	Gold	$18.2M	$13.0M	8.6c	-29%	3.6yrs

Investment case

2.28Moz Resource[5] / 1.53Moz Reserve[6] NPV5 US$517m (US$1,700/oz, after tax)[7]

IRR 45% (after tax)[7]

16 year LOM on current reserves[7]

VALUE CREATION

AISC US$875/oz[7]

127kozpa first four years production[7]

Significant Front End Finalising Processing Engineering Debt Plant Gold prospectivity Production to increase 16 and Design Funding Construction year life

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Current Investment Portfolio Strategic Partners

Location Indonesia

Excellent Gold Mining Jurisdiction Globally significant gold producer

• Equal 11th largest producer

• 4th largest gold Reserves

• Access to ports, roads, grid power (<US 10c/kwhr)

Bankable: vibrant bank and bond lending market

Marsh Country Risk Rating

• Indonesia is an attractive mining jurisdiction (2019 Rating: 62.7)

• Other Gold Jurisdictions: Australia (75.7), Cambodia (49.8), Burkina Faso (44.3), Mali (36.6)

• <49 considered Extremely Unstable

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Multi-asset mid-tier
Indonesian gold miner Multi-asset Indonesian
Lion
Backed by Provident, Selection Nusantara energy, mining and
Thohir Group, Saratoga Resources services conglomerate
Group
IDX listed: ASX:NUS IDX Listed:
ASX:LSX
EV US$3.9B EV US$1.3B
Pani Project Awak Mas Project
World Class Size & Shape gold project Long life / high margin gold project
Drilling & Assessment to come Seeking debt funding
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NAME	COMMODITY	COST	VALUE	PER SHARE	CHANGE	TIME HELD
Erdene Resources	Gold	$2.3M	$4.7M	3.1c	+101%	8.2yrs

Striker Midfield North Midfield Dark Horse

AAD-58: 45m at 3.5km 6g/t Au From 10m[9]

0.4-2.0 g/t Au Low Grade Shell ≥2.0 g/t Au High Grade Shell

Drill Highlights Drill Highlights 5.2g/t Au/41m 5.6g/t Au/37m 6.0g/t Au/80m 5.3g/t Au/25m

Drill Highlights 6.8g/t Au/31m

Bayan Khundii Project Location Mongolia Ownership Lion 3.9%

Investment case NPV US$216m, 77% IRR, Capex USD $59m[8]

Low capex, high grade & shallow open pit Development funding process: Mandate Letter US$55m with EDC Fresh discovery drilling underway: 45m at 6g/t Dark Horse Well funded - C$11m

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624koz Resource

409koz at 3.7g/t Au Reserve[8]

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Liquidity for Miners Exceptionally Strong

TSXV miners: capitalization doubled in 2020, and raised more funds than TSX miners (first time ever…?)

2x new top-10 gold producers formed via mergers

Large Mining IPO’s – on the way

Big people seeking careers in small companies

Fundraising by Mining Juniors:

ASX (source: Austex) Tally of 5B reporting companies 2020 A$5,267m

TSXV

(source: TMX Market Intelligence) Tally of all TSXV listed Miners 2020 C$4,109m

Substantial jump in funds raised by junior miners

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+51%
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+90%
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ASX:LSX

Gold Market Coming or Going ?

Gold Price (2001-2021) & Gold Bull Market Corrections

Gold’s strongest fundamental is real interest rates Bull market commenced prior to COVID-19, when long term QE / rates assumptions reversed

Stimulus, lockdown savings and consumer demand VS slowed production… Inflation ?

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-18.4%
-12.3%
-16.7% -13.6%
-12.6%
-15.0%
-12.5%
-22.2%
-27.2%
-12.1%
-15.5% -14.8%
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ASX:LSX

Lion Clock Point in Market Cycle

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ASX:LSX

2x Multi- Pani JV: 2.30Moz + 2.37Moz Resources being combined Million Nusantara (22%): Awak Mas 2.35Moz Resource Ounce Gold Re-valuation catalysts unlock project value Projects

Partnering with first choice operators in Indonesia Well funded ▪A$8.8m cash (28 February 2021)

Highly experienced Board and Management Team (19% LSX ownership) Total Shareholder Return of 7.8% over 23 years

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Appendix References

1. Distributions by Lion Selection (ASX:LSG, ASX:LST, NSX:LGP, ASX:LSX) 1997-present, includes dividends, cash returns, offmarket buyback and distribution of listed equities

2. Refer to J Resources 31 December 2018 Annual Report (http://www.jresources.com/ investors/article/finalresources-reserves-compilation-2017- to-2018)

3. Refer to One Asia Resources Limited news release 3 December 2014 (https://www. lionselection.com.au/wpcontent/uploads/2018/08/PANI%20JORC%20RESOURCE.pdf).

4. Refer to ASX announcement by Lion Selection, 4 February 2021 Pani Arbitration Initiated with J Resources: US$500-$600m Compensation Claim

5. Refer to ASX announcement by Nusantara Resources, 16 March 2021 Successful Close-Spaced Daimond Drilling Campaign Generates Maiden Measured Resource at Awak Mas

6. Refer to ASX announcement by Nusantara Resources, 16 June 2020 Awak Mas Ore Reserves Increase by 34% to 1.53m ounces

7. Refer to ASX announcement by Nusantara Resources, 29 June 2020 Awak Mas NPV Increases by 240% to USD517m

8. Refer to TSX announcement by Erdene Resource Development Corp, 20 July 2020 Erdene Announces Positive Bankable Feasibility Study Results for Bayan Khundii Gold Project

9. Refer to TSX announcement by Erdene Resource Development Corp, 6 January 2021 Erdene announces New Gold Discovery 3.5km north of the Bayan Khundii Gold Deposit

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Appendix Pani: Mineral Resources

Category	Pani IUP (Lion 33% / Merdeka 66.7%)	Pani IUP (Lion 33% / Merdeka 66.7%)	Pani IUP (Lion 33% / Merdeka 66.7%)	Contract of Work (J Resources 100%)	Contract of Work (J Resources 100%)	Contract of Work (J Resources 100%)
	0.2g/t cut off 3			0.4g/t cut off 2
	Tonnage (MT) Grade (g/t Au) Contained Gold (Moz)			Tonnage (MT) Grade (g/t Au) Contained Gold (Moz)
Measured	10.8	1.13	0.39	15.5	1.03	0.51
Indicated	62.4	0.81	1.63	41.3	0.98	1.31
Inferred	16.2	0.67	0.35	15.9	0.93	0.48
Total	89.5	0.82	2.37	72.7	0.98	2.30

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Appendix Awak Mas: Mineral Resource and Ore Reserves

Mineral Resource Estimate – March 2021[5]

0.5g/t cut off

Deposit	Category	Tonnes(Mt)	Au (g/t)	Au (Moz)
Awak Mas Measured 2.2 1.58 0.11 Indicated 36.5 1.41 1.66 Inferred 5.9 1.10 0.21 Sub-total 44.6 1.38 1.97
Salu Bulo	Measured	-	-	-
	Indicated	3.0	1.68	0.16
	Inferred	0.7	1.07	0.02
	Sub-total	3.7	1.56	0.19
Tarra Measured - - - Indicated - - - Inferred 3.0 1.29 0.13 Sub-total 3.0 1.29 0.13
TOTAL	Measured	2.2	1.58	0.11
	Indicated	39.4	1.43	1.82
	Inferred	9.6	1.15	0.36
	TOTAL	51.3	1.39	2.28

Ore Reserve Estimate – June 2020[6]

0.5g/t cut off

Deposit	Classification	Tonnes(Mt)	Au (g/t)	Au (Moz)
Awak Mas Proved - - - Probable 32.7 1.30 1.37
Salu Bulo	Proved	-	-	-
	Probable	2.9	1.66	0.16
TOTAL Proved - - - Probable 35.6 1.33 1.53
	TOTAL	35.6	1.33	1.53

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Appendix Bayan Khundii: Mineral Resource and Ore Reserves

Mineral Resource Estimate – October 2019[8] 0.55g/t cut off

Ore Reserve Estimate – July 2020[8]

Category	Tonnes(Mt)	Au (g/t)	Au (Moz)		Classification	Tonnes(Mt)	Au (g/t)	Au (Moz)
Measured	1.4	3.77	0.171		Proved	1.2	4.2	0.166
Indicated	3.7	2.93	0.350		Probable	2.2	3.5	0.244
Inferred	0.9	3.68	0.103		TOTAL	3.4	3.7	0.409
TOTAL	6.0	3.23	0.624

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