Lion Selection : Investor Presentation - Quarter ended 30 April 2022

ersonal use only

Lion Selection Group

Update

Quarter Ended 30 April 2022

www.lionselection.com.au

This presentation does not constitute investment advice. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. This presentation does not take into account any person's particular investment objectives, financial resources or other relevant circumstances and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. To the fullest extent permitted by law, each of Lion Selection Group Limited (Lion), Lion Manager Pty Ltd (Lion Manager), or any of its related bodies corporate, or any of its directors, officers, employees, agents, representatives and advisers do not make any representation or warranty, express or implied, as to the accuracy or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.

This presentation may include forward looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are inherently speculative and outside the control of Lion and Lion Manager. These risks, uncertainties and assumptions include commodity prices, currency fluctuations, economic and financial market conditions in various

only	countries and regions, environmental risks and legislative, fiscal or regulatory developments, political risks, project delay or advancement, approvals and cost estimates. Accordingly, there can be no
assurance that actual values, results or events will not vary significantly from those expressed or implied in this presentation. Lion and Lion Manager do not undertake any obligation to update or
	revise any information or any of the forward looking statements in this presentation for changes in events, conditions or circumstances on which any such forward looking statement is based
	following the date of this presentation.
	This presentation may include figures illustrating past performance. Past performance is	not and should not be relied upon as a guide to future performance. Future returns are not guaranteed and
use	a loss of original capital may occur.
Disclaimer
ersonal
ASX:LSX	.au		2

Transformational

Quarter

only	68.8cps
use	Net Asset Backing
(after tax)
	VS
ersonal	48cps
Share Price
	(as at 30 April 2022)
ASX:LSX

1. Pani Sale Closed

• Received US$22m cash
• Received US$20M of Merdeka shares

• Up to US$10m of deferred cash to be paid in January 2023 (subject to performance of Merdeka shares)

2. Dividends Re-Established

1. • 3.5cps unfranked special dividend paid on 29 April 2022
     • Further 1.5cps annual dividend to be paid late 2022
     • The board intends to consider a further special dividend in the first half of 2023
2. On-MarketBuy-Back Commenced
3. Lion Re-Commenced New Opportunity Investing

• Investment made into Great Boulder Resources (ASX:GBR)

• Lion exercised / sold entitlement in Merdeka rights issue: A$860k profit

• Actively seeking and assessing company and project investments - Australia focus / precious and base metals, battery materials

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Merdeka Copper Gold TBK

(MDKA:IDX)

only
use	Lion signing price US$0.2749
	per Merdeka share
ersonal
ASX:LSX

Lion holding (shares)	72.8m
Lion entry price / sum invested	36.5cps / A$26.5m*
Price at 30 April / holding value	51.7cps / A$37.6m

*US$20m of Merdeka received by Lion as part consideration for the sale of Pani on 25 January 2022

• Merdeka Enterprise Value approx. US$9.36B1
• Long life / high quality mining and development assets in Indonesia
• Copper / Nickel / Gold / Acid
• Highly liquid: 12month average 70m shares per day / 1,535m shares per month

Value to Lion

No less than US$20m (value protected) Likely to be sold early 2023

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Current Investments & Cash 2

Name	Value
only
Net Cash	$42.4M
PT Merdeka Copper & Gold	$37.6M
Lion holds 72.8M Merdeka shares (MDKA:IDX)		less
which are value protected (a top up payment		crystalliseto no US$30m)than
use
will be provided if the shares are worth less
than US$20M at 28 January 2023)
Pani Def. Consideration	$9.8M	(Lion
Up to US$10M cash, subject to performance
of Merdeka. Due 28 January 2023
ersonal
Other	$13.8M
T tal	$103.0M

* A uming: 1) No further change in value of Merdeka, 2) AUDUSD as at 30 April 2022 (0.70614),

ASX:LSX

Per Share

	28.3c
2023*)Febbycash
25.1c
(A$89.8M
6.5c
	9.2c
	68.8c (post tax)

and 3) prior to any investing outflows or dividends

$71.9M

Market Cap at $0.48/Share

19% Owned

by Board & Management

149.8M Shares on Issue

68.8c 48c

Net Tangible Asset Share Price

Dividends

3.5cps PAID April 2022 1.5cps approx. Nov 2022

337cps Historic Distributions to Shareholders 3

As at 30 APR 2022

lionselection.com.au

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