Lion Selection Group Limited (Lion) is providing regular weekly announcements for its NTA in parallel with its on-market buy-back announced on 15 March 2022. These updates are provided in addition to the monthly NTA announcements.

Lion advises that the unaudited weekly net tangible asset backing of Lion as at 27 May 2022 is 68.0 cents per share (before tax) and 67.7 cents per share (after tax). This excludes $2.8M in contingent liabilities relating to Lion's acquisition of investments from African Lion 3

On 1 March 2022 Lion sold its Pani Joint Venture interest to PT Merdeka Copper Gold TBK (Merdeka, Lion's Pani joint venture partner) and Andalan International Pte Ltd (Andalan, an entity controlled by Provident Capital) for US$52M. Lion has received US$22M cash (less Indonesian withholding tax of US$2.6M), 72.8M Merdeka shares (IDX:MDKA), with the remaining deferred consideration (US$10M, subject to adjustment) due on 28 January 2023. Lion's Merdeka shares have downside protection providing Lion with continued upside exposure to Merdeka's expected strong growth at Pani and other Tier 1 mining projects in Indonesia. The deferred consideration is subject to adjustment, being reduced if the Merdeka share price outperforms a 15% benchmark as at 28 January 2023, and subject to a cash top up on the Merdeka shares Lion holds at 28 January 2023 if market value is less than US$20M. Accordingly, the deferred consideration in Lion's NTA is valued based on the current Merdeka share price. Lion has also purchased currency options to protect against large movements in the USD/AUD exchange rate until the time the deferred consideration is payable.

Contact:

Level 2/175 Flinders Lane

Melbourne Vic 3000

Australia

Telephone: +61 3 9614 8008

Facsimile: +61 3 9614 8009

Email: ua.moc.gsl@ofni

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