LION SELECTION GROUP LIMITED. — Net Asset Value 2020

Nov 8, 2020

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ASX RELEASE: LSX

Net Tangible Asset Backing

Net Tangible Asset Backing

Lion Selection Group Limited (Lion) advises that the unaudited net tangible asset backing of Lion as at 31 October 2020 is 62.8 cents per share (after tax).

	Commodity	September 2020	October	2020
		A$M	A$M	¢ps
Pani Joint Venture	Gold	60.7	61.2	40.7
The fair value of Lion’s interest in the Pani Joint Venture increased to A$60.7M at
31 July 2020. This increase reflects the sustained escalation in gold prices from the
time of the most recent arm’s length transaction in November 20181. An additional
$0.5M has been invested subsequently.
Portfolio
Nusantara Resources	Gold	15.5	14.2	9.5
Erdene Resources	Gold	5.3	5.2	3.4
Sihayo Gold	Gold	1.8	1.6	1.1
Celamin Holdings	Phosphate	1.2	1.4	0.9
Other		0.6	0.7	0.5
 Portfolio holdings measured at fair value
 Includes investments held directly by Lion and the value to Lion of investments held
by African Lion.
Net Cash		10.5	10.0	6.7
Net Tangible Assets		A$95.6m	A$94.3m	62.8¢ps
Capital Structure
Shares on Issue:	150,141,271
Share Price:	52.5¢ps	31 October 2020

1 Lion Selection Group ASX Announcement 4 August 2020, Pani Update and Valuation Revision

Authorised for release by: Craig Smyth E: csmyth@lsg.com.au

Lion Selection Group Limited ABN 26 077 729 572 Level 2, 175 Flinders Lane, Melbourne Vic 3000 T: +61 3 9614 8008 www.lsg.com.au ASX RELEASE – October 2020

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