LION SELECTION GROUP LIMITED. — Net Asset Value 2020

Jan 12, 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 December 2019 is $0.50 per share (after tax).

	CommodityNovember 2019	December	2019
	A$M	A$M	¢ps
Pani	Joint Venture (33.3% Interest)Gold39.2	39.2	26.1
	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.

	CommodityNovember 2019A$MPani Joint Venture (33.3% Interest)Gold39.2Fair value for Pani based on Merdeka’s acquisition of 66.7% interestin the Pani JV from Lion’s previous JV partner in November 2018.Conditional agreement reached with J Resources to combine Paniprojects with adjacent tenement subject to approval by J Resourcessecured lenders and regulatory approval1. Valuation is under positivereview once deal is completed.	December 2019A$M¢ps39.226.1
PortfolioNusantara ResourcesGold14.1Erdene ResourcesGold2.0Celamin HoldingsPhosphate1.7Sihayo GoldGold1.3Other1.1Portfolio holdings measured at fair valueIncludes investments held directly by Lion and the value to Lion ofinvestments held by African Lion.Net Cash17.6		14.89.91.91.31.71.11.20.81.10.715.110.1
Net Tangible AssetsA$77.0m		A$75.0m50¢ps
Capital StructureShares on Issue:150,134,879Share Price:46¢ps31 December 2019Options on Issue:15,720,958$0.50 expiry 12 April 2020

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

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

Further enquiries: Craig Smyth E: csmyth@lsg.com.au