LION SELECTION GROUP LIMITED. — Net Asset Value 2020

Sep 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 August 2020 is 63.1 cents per share (after tax).

CommodityJuly 2020A$MPani Joint VentureGold60.7The fair value of Lion’s interest in the Pani Joint Venture increased to A$60.7M at31 July 2020. This increase reflects the sustained escalation in gold prices sinceNovember 2018, being the most recent arms‐length transaction when Merdekaacquired its project interest in the Pani Joint Venture1.PortfolioNusantara ResourcesGold16.8Erdene ResourcesGold7.8Sihayo GoldGold2.1Celamin HoldingsPhosphate1.1Other0.5 Portfolio holdings measured at fair value Includes investments held directly by Lion and the value to Lion of investments heldby African Lion.Net Cash10.8	August 2020A$M¢ps60.740.514.29.55.94.01.91.21.10.70.60.310.46.9
Net Tangible AssetsA$99.8m	A$94.8m 63.1¢ps
Capital StructureShares on Issue:150,141,271Share Price:55.0¢ps31 August 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 Page 1 of 1

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.auASX RELEASE – 10 August 2020