LION SELECTION GROUP LIMITED. — Net Asset Value 2020

May 10, 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 April 2020 is $0.46 per share (after tax).

CommodityMarch 2020A$MPani Joint Venture (33.3% Interest)Gold39.7Fair value for Pani based on Merdeka’s acquisition of 66.7% interestin the Pani JV from Lion’s previous JV partner in November 2018.Conditional agreement reached with J Resources to combine Paniprojects with adjacent tenement subject to approval by J Resourcessecured lenders and regulatory approval1. Valuation is under positivereview once deal is completed.PortfolioNusantara ResourcesGold10.6Erdene ResourcesGold1.7Sihayo GoldGold0.4Celamin HoldingsPhosphate1.1Other0.7Portfolio holdings measured at fair valueIncludes investments held directly by Lion and the value to Lion ofinvestments held by African Lion.Net Cash15.0	CommodityMarch 2020A$MPani Joint Venture (33.3% Interest)Gold39.7Fair value for Pani based on Merdeka’s acquisition of 66.7% interestin the Pani JV from Lion’s previous JV partner in November 2018.Conditional agreement reached with J Resources to combine Paniprojects with adjacent tenement subject to approval by J Resourcessecured lenders and regulatory approval1. Valuation is under positivereview once deal is completed.PortfolioNusantara ResourcesGold10.6Erdene ResourcesGold1.7Sihayo GoldGold0.4Celamin HoldingsPhosphate1.1Other0.7Portfolio holdings measured at fair valueIncludes investments held directly by Lion and the value to Lion ofinvestments held by African Lion.Net Cash15.0	CommodityMarch 2020A$MPani Joint Venture (33.3% Interest)Gold39.7Fair value for Pani based on Merdeka’s acquisition of 66.7% interestin the Pani JV from Lion’s previous JV partner in November 2018.Conditional agreement reached with J Resources to combine Paniprojects with adjacent tenement subject to approval by J Resourcessecured lenders and regulatory approval1. Valuation is under positivereview once deal is completed.PortfolioNusantara ResourcesGold10.6Erdene ResourcesGold1.7Sihayo GoldGold0.4Celamin HoldingsPhosphate1.1Other0.7Portfolio holdings measured at fair valueIncludes investments held directly by Lion and the value to Lion ofinvestments held by African Lion.Net Cash15.0	April 2020A$M¢ps40.326.710.26.62.31.61.20.81.00.70.70.313.99.3	April 2020A$M¢ps40.326.710.26.62.31.61.20.81.00.70.70.313.99.3
	Portfolio holdings measured at fair valueIncludes investments held directly by Lion and the value to Lion of
	investments held by African Lion.
	Net Cash15.0		13.9
	Net Tangible AssetsA$69.2	m	A$69.6m4	6¢ps
Capital StructureShares on Issue:150,141,271Share Price:39¢ps30 April 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