LION SELECTION GROUP LIMITED. — Net Asset Value 2020

Apr 6, 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 March 2020 is $0.46 per share (after tax).

	CommodityFebruary 2020	March	2020
	A$M	A$M	¢ps
Pani	Joint Venture (33.3% Interest)Gold39.7	39.7	26.4
	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.

review once deal is completed.
Portfolio
Nusantara Resources	Gold	12.3	10.6	7.0
Erdene Resources	Gold	2.4	1.7	1.1
Celamin Holdings	Phosphate	1.9	1.1	0.7
Other		2.4	1.1	0.8
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		14.8	15.0	10.0
Net Tangible Assets		A$73.5m	A$69.2m	46¢ps

Capital Structure

Shares on Issue:	150,134,879
Share Price:	37¢ps	31 March 2020
Options on Issue:	15,720,958	$0.50 expiry 12 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