LION SELECTION GROUP LIMITED. — Net Asset Value 2020

Feb 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 31 January 2020 is $0.50 per share (after tax).

	Commodity December 2019	January	2020
	A$M	A$M	¢ps
Pani	Joint Venture (33.3% Interest) Gold 39.2	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.

	Commodity December 2019 A$M Pani Joint Venture (33.3% Interest) Gold 39.2  Fair value for Pani based on Merdeka’s acquisition of 66.7% interest in the Pani JV from Lion’s previous JV partner in November 2018.  Conditional agreement reached with J Resources to combine Pani projects with adjacent tenement subject to approval by J Resources secured lenders and regulatory approval1. Valuation is under positive review once deal is completed.	January 2020 A$M ¢ps 39.7 26.4
Portfolio Nusantara Resources Gold 14.8 Erdene Resources Gold 1.9 Celamin Holdings Phosphate 1.7 Sihayo Gold Gold 1.2 Other 1.1  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 15.1		14.1 9.4 2.5 1.7 1.8 1.2 1.2 0.8 1.3 0.8 14.8 9.9
Net Tangible Assets A$75.0m		A$75.4m 50¢ps
Capital Structure Shares on Issue: 150,134,879 Share Price: 44.5¢ps 31 January 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

Further enquiries: 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