LION SELECTION GROUP LIMITED. — Net Asset Value 2020

Mar 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 29 February 2020 is $0.49 per share (after tax).

	CommodityJanuary 2020	February	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.
Portfolio

	CommodityJanuary 2020A$MPani Joint Venture (33.3% Interest)Gold39.7Fair value for Pani based on Merdeka’s acquisition of 66.7% interestin the Pani JV from Lion’s previous JV partner in November 2018.Conditional agreement reached with J Resources to combine Paniprojects with adjacent tenement subject to approval by J Resourcessecured lenders and regulatory approval1. Valuation is under positivereview once deal is completed.Portfolio	February 2020A$M¢ps39.726.4
Nusantara ResourcesGold14.1Erdene ResourcesGold2.5Celamin HoldingsPhosphate1.8Other2.5Portfolio holdings measured at fair valueIncludes investments held directly by Lion and the value to Lion ofinvestments held by African Lion.Net Cash15.1		12.38.22.41.61.91.32.41.614.89.9
Net Tangible AssetsA$75.0m		A$73.5m49¢ps
Capital StructureShares on Issue:150,134,879Share Price:40¢ps29 February 2020Options 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