Lion Selection Group Ltd. · ASX:LSX
Lion Selection — Shareholder Meeting (November 2025)
22 slides from Lion Selection's shareholder meeting presentation, Nov 27, 2025
Slide 1: Annual General Meeting November 2025
For personal use only Lion Selection Group Annual General Meeting November 2025 www.lionselection.com.au
Slide 2: Disclaimer
Disclaimer For personal use only 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 presentatio
Slide 3: Micro-Capitalisation Resources
Micro-Capitalisation Resources Exploration, development, small-cap miners For personal use only WHY ? CHALLENGE 1 CHALLENGE 2 Highest growth sector of Timing the Mining Cycle: Stock selection: targeting the equity market the most material asymmetric upside influence on resources (growth) versus down
Slide 4: 2025 Highlights
2025 Highlights Terrific year. And the boom is only just beginning For personal use only 3 Portfolio additions $43.3M invested VS $96.1M value1 Medallion (MM8), Caspin (CPN), Peregrine (PGD) Key contributors: Follow-on investments INVESTING* 10 Doubled down and built percentage holdings • Saturn – d
Slide 5: Lion Investing Process
Lion Investing Process Decades of process refinement on a single page For personal use only CYCLE ALIGNMENT DEAL FLOW PEOPLE VALUATION RISK ASSESSMENT Sell Buy ! • Establish • Listed and unlisted • Competence • Funding / dilution • Identify and avoid shareholdings in companies terminal risks depress
Slide 6: 2025: The Year the Mining Boom Began
2025: The Year the Mining Boom Began Liquidity = Price. More liquidity, higher prices For personal use only 1 COVID19 Pandemic strikes. Deepest and fastest Early 2021-mid 2022: Top of Mining Bust New Boom ? equity market correction ever. Followed by the Market. Peak for most stimulus, which had an i
Slide 7: 2025: The Year the Mining Boom Began – Mining IPOs
2025: The Year the Mining Boom Began Mining / Resources Initial Public Offerings (IPO’s): Litmus Test of Liquidity For personal use only Number of Mining / Resources IPO’s onto ASX 2024 & 2025 • Mostly exploration companies Mining / Resources IPO’s • High numbers of IPOs in boom years Number of Mini
Slide 8: Lion Clock
Lion Clock Mining Cycle: the most material influence on resources investing outcomes 2021 & 2022 For personal use only Moving through 6 O’clock Top of the mining market Expectation Mining Boom 2022 - 2025 Industry under-invested in new Mining Bust supply Major miners fell ~25-50% New, significant co
Slide 9: Australian Portfolio: Investing at cyclical low prices
Australian Portfolio: Investing at cyclical low prices $47.1M cash to invest1 Pre-discovery Definition Assessment Development Production For personal use only Targeting the highest growth potential companies, at the Brightstar Resources New owner: multi-million ounce Sandstone Gold belt highest grow
Slide 10: Australian Portfolio: Investing at cyclical low prices
Australian Portfolio: Investing at cyclical low prices Growth (potential for a material discovery) $47.1M cash to invest Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Wild Card For personal use only Brightstar Resources 40kozpa Consolidation Sandstone Laverton Sandstone 70kozpa Laverton New owner: multi-m
Slide 11: OUTLOOK – Gold
OUTLOOK – Gold Perfect storms of supply and demand Pre-GFC Post-GFC Global Financial Crisis No monetary stimulus. STIMULUS Historically, to this point, Western governments Lion is strongly leveraged to gold: ?x For personal use only tough times had called for can never again fall back austerity on a
Slide 12: OUTLOOK – Equity Market
OUTLOOK – Equity Market Tech dominated growth binge… how sustainable ? For personal use only Market penchant for Growth Stocks: premium Miners missing the growth binge valuation relative to Value Stocks ASX200 Resources PE Ratio versus ASX200 PE Ratio # Ratio: Russell 1000 Growth Index to Russell 10
Slide 13: OUTLOOK – Lion
OUTLOOK – Lion Portfolio value realisation leveraged to the mining boom For personal use only RESOURCES SECTOR: Beginning to Boom LION: Strongly Positioned All Mining Booms: Lion Portfolio: • Good for fund raising and share prices (liquidity) • 11 Australian investments vs target 15-20 • Feature Min
Slide 14: Micro-Cap Resources Focussed Specialist
Lion Selection Group Micro-Cap Resources Focussed Specialist For personal use only 1. Leveraged to GOLD • Gold juniors only just beginning to perform • Lion portfolio predominantly gold oriented 2. Investment strategy PERFORMING • +122% Performance of Lion’s Australia focused Investing Strategy sinc
Slide 15: LSX:ASX
LSX:ASX For personal use only Lion Selection Group | Well funded | Investing at cyclical low Powerful contrarian play in a weakened market Subscribe for Lion Announcements http://www.lionselection.com.au Level 2/175 Flinders Lane Melbourne VIC 3000 T +61 3 9614 8008 E info@lsg.com.au
Slide 16: Appendices – References
Appendices For personal use only References 1. Refer to Lion Selection Group announcement to ASX on 6th November 2025 2. Refer to Lion Selection Group announcement to ASX on 25th August 2025 3. Sources of company milestone guidance: Please refer to announcements made to ASX by each of the companies
Slide 17: The Lion Story
Founded in 1997 by Robin Widdup, Lion Selection Group has built a track record as a successful investor in mining assets and interpreter of the cycles of mining. The Lion Story In a 28-year history, Lion has been an early shareholder and contributed to the success of a long list of successful mining
Slide 18: Micro-Cap Resources Focussed Specialist: So Far 2022-2025
Lion Selection Group Micro-Cap Resources Focussed Specialist For personal use only So Far: 2022-2025 Contrarian investing in opportunities Mining Boom Just getting started Target depressed by the bust Historic mining booms: multiple returns over years +122% Mining Boom: Uplifts sector performance on
Slide 19: Valuation Oct 2025
Valuation 31 Oct 2025 143M shares Cash $47.1M 32.9cps Sum of the parts Legacy Investments $7.0M For personal use only 69.1cps New Investments (Australia) * $92.0M Tax -$5.5M Total Value $140.6M 98.2cps Market Capitalisation $132.5M 92.5cps Lion’s investment strategy since January 2022*: $43.3M $96.1
Slide 20: Board & Management
Board & Management Strong Foundation MANAGEMENT TEAM For personal use only BOARD Peter Maloney Chris Melloy Robin Widdup Hedley Widdup Craig Smyth Charlie Waterman Non-Executive Director Non-Executive Director Executive Chairman Managing Director Chief Financial Officer Analyst Peter has commercial
Slide 21: Commodities: Degrees of difficulty
Commodities Degrees of difficulty Difficulty Diamonds Hard to find & Diamond mafia For personal use only • Process risk • Off-site capex requirements Technically complex Mineral Sands, Industrial Minerals, for transport infrastructure Nickel / Cobalt laterites, Graphite • Transparency / liquidity of
Slide 22: Investing in high growth Resources via Lion
Investing in high growth Resources via Lion Broad opportunity access 6. Investing in a deeply discounted market 1. High quality deal flow including pre-IPO opportunities For personal use only Micro-capitalisation Resources fell heavily 2022-2025 High proportion of deal flow internally originated Tar
Lion Selection Group — Shareholder Meeting (November 2025) on 6ix