LION SELECTION GROUP LIMITED. — Net Asset Value 2021

May 6, 2021

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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 2021 is 60 cents per share (after tax).

CommodityMarch 2021A$MPani Joint VentureGold62.0The fair value of Lion’s interest in the Pani Joint Venture increased to A$60.7M at31 July 2020. This increase reflects the sustained escalation in gold prices from thetime of the most recent arm’s length transaction in November 20181. An additional$1.3M has been invested subsequently.PortfolioNusantara ResourcesGold14.0Erdene ResourcesGold4.0Celamin HoldingsPhosphate1.5Sihayo GoldGold1.0Other1.0 Portfolio holdings measured at fair valueNet Cash7.9	April 2021A$M¢ps62.041.312.78.53.92.61.40.91.10.71.30.97.75.1
Net Tangible AssetsA$91.4m	A$90.160¢ps
Capital StructureShares on Issue:150,141,271Share Price:41¢ps30 April 2021

1 Lion Selection Group ASX Announcement 4 August 2020, Pani Update and Valuation Revision

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

Authorised for release by: Craig Smyth E: csmyth@lsg.com.au

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ASX RELEASE – October 2020