LION SELECTION GROUP LIMITED. — Net Asset Value 2020

Jul 9, 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 30 June 2020 is $0.51 per share (after tax).

	CommodityMay 2020	June	2020
	A$M	A$M	¢ps
Pani	Joint Venture (33.3% Interest)Gold40.3	40.3	26.8
	Fair value for Pani based on Merdeka’s acquisition of 66.7% interest in
	the Pani JV from Lion’s previous JV partner in November 2018.
	Conditional agreement reached with J Resources to combine Pani
	projects with adjacent tenement subject to approval by J Resources
	secured lenders and regulatory approval1. Valuation is under positive
	review once deal is completed.
Portfolio

Nusantara Resources	Gold	14.8	15.7	10.5
Erdene Resources	Gold	2.6	4.3	2.8
Sihayo Gold	Gold	1.2	2.2	1.4
Celamin Holdings	Phosphate	1.2	1.0	0.7
Other		0.7	0.4	0.4
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		13.6		13.3	8.8
Net Tangible Assets		A$74.4m		A$77.2m	51¢ps
Capital Structure
Shares on Issue:	150,141,271
Share Price:	48¢ps	30 June	2020

1 Lion Selection Group ASX Announcement 9 December 2019, Pani Gold Projects Combined

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