Lion Selection Group Ltd. · ASX:LSX
Lion Selection — Investor Presentation (October 2026)
22 slides from Lion Selection's investor presentation, Oct 6, 2026
Slide 1: Lion Selection Group: One Shareholding: High Growth Mining Exposure
rsonal use only Lion Selection Group One Shareholding: High Growth Mining Exposure ASX:LSX October 2026 www.lionselection.com.au
Slide 2: Disclaimer
Disclaimer rsonal 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 presentation does
Slide 3: Managed / Passive Exposure to High-Growth Micro-Cap Resources
LION SELECTION GROUP Managed / Passive Exposure to High-Growth Micro-Cap Resources rsonal use only One Shareholding: High Growth Portfolio Exposure 143,293,575 Ordinary shares Capital Structure $0.90 / share $1.096 / share & Net Tangible Asset backing (share price) (NTA per share) 17.8% (NTA = Portf
Slide 4: Founder / Owner Led: Board & Investment Team
LION SELECTION GROUP Founder / Owner Led rsonal use only 20.7% Mining Industry Experienced Board and Management Board & Investment Team Robin Widdup Peter Maloney 2004 - Non-Executive Director Investment team focussed Chris Melloy on identifying assets with 5.8% 1997 - the best prospects for Non-Exe
Slide 5: Mineral Resource Sector
Mineral Resource Sector Largest component of the Australian Equity Market Sector beginning to perform: strong cyclical driver rsonal use only ✓ underpinned by multiple new demand growth themes and lack of new supply ✓ Diversity: Low correlation to FINANCE and TECHNOLOGY sectors ✓ ASX: Global leading
Slide 6: Mining Macro Snapshot
Mining Macro Snapshot Scene setting: Seeds of this boom sown over the last decade rsonal use only 2000-2011 2011 – 2015 2016 – 2021 2020 – 2021 2022 China Boom Long, deep bust Last mining boom COVID-19 Russia invades Ukraine • Long / large boom driven by • Investors abandoned mining, • Small Boom: c
Slide 7: Lion Clock
Lion Clock Mining Cycle: the most material influence on resources investing outcomes rsonal use only Commodities Supply: Under-prepared Demand: Multi-fronted “This boom will be defined by the • De-globalisation: Stockpiling / lack of investment over the last hoarding of strategic materials 10-15 yea
Slide 8: Micro-cap resources opportunity in a single chart
Lion Selection Group Micro-cap resources opportunity in a single chart rsonal use only 2021 / 2022 ASX100 ↓ Lion exited major investments, Resources liberating over $90M to cash (Lion became mostly cash backed) New Mining Show the overall Boom cyclical trend Already reacting to strong sector outlook
Slide 9: Lion Investing Process
Lion Investing Process Decades of process refinement on a single page rsonal use only Invest where Minimise impediments Multiple shots 1 value is cheap 2 to derisking 3 at goal CYCLE ALIGNMENT DEAL FLOW PEOPLE VALUATION RISK ASSESSMENT Sell Buy ! • Establish • Listed and unlisted • Competence • Fund
Slide 10: Lion Portfolio: Leveraging the Lassonde Curve
Lion Portfolio Leveraging the Lassonde Curve DERISKING rsonal use only The Lion portfolio harnesses returns via the • Pathways to production, with two key value drivers of the Lassonde Curve substantial historic investment: investment cases that can be valued • Main focus of Lion investment to date
Slide 11: Australian Portfolio
Australian Portfolio Pre-discovery Definition Assessment Development Production ONE SHAREHOLDING: High Growth Brightstar Res Portfolio Exposure Defined projects derisking whilst maintaining growth [ASX:BTR] Majority of Lion’s rsonal use only DERISKING Medallion Metals [ASX:MM8] invested capital: Sun
Slide 12: Portfolio Features
Portfolio Features Near-Production to Exploration: derisking & growth with commodity diversity rsonal use only Massive Top five holdings contain established, Target scale and simplicity for minimal de- Advanced development scale, gold / gold dominant Target risking obstruction mineral resources Gold
Slide 13: Commodities: Degrees of difficulty
Commodities Difficulty Degrees of difficulty Diamonds rsonal use only Considerations: Mineral Sands, Industrial Minerals, Nickel Hard to find & Diamond mafia • Process risk / Cobalt laterites, Graphite, REE’s Technically complex, opaque product markets, numerous • Off-site capex requirements product
Slide 14: Investments in Focus: Sunshine Metals
Investments in Focus: Sunshine Metals [ASX:SHN] What asset │ Why invested │ How is it going rsonal use only Sybil: Growth High grade gold exploration Mt Moss: Proposed process site Plant site, site infrastructure and Asset • Liontown: precious & base metal Mineral project comminution Resource contai
Slide 15: Investments in Focus: Plutonic Limited
Investments in Focus: Plutonic Limited [UNLISTED] What asset │ Why invested │ How is it going rsonal use only Copper sulphide bearing quartz vein, Asset • Project originator: targeting large, unrecognised / unexplored mineral Plutonic Limited [UNLISTED] Loki (Champion, NT) Au systems • Champion: NT
Slide 16: OUTLOOK – Lion
OUTLOOK – Lion Portfolio value realisation leveraged to the mining boom rsonal use only All Mining Booms are good for Lion Portfolio: commodities, mining equities and • Strong, Australian project portfolio M&A • Well funded: $29.1M cash1 for continued portfolio development in weak markets This Boom
Slide 17: Micro-Cap Resources Specialist Investment Company
Lion Selection Group Micro-Cap Resources Specialist Investment Company rsonal use only Long-term continuity of key people │ Track record of long-term returns 1997 1997 - 2021 2021 2021 – 2022 (Resources Market Cyclical Peak) • Lion listed on ASX: • Invested in the • 96.7cps dividends • 2x Indonesian
Slide 18: Lion Selection Group | Well funded | Targeting deep value
ASX:LSX rsonal use only Lion Selection Group | Well funded | Targeting deep value ONE SHAREHOLDING: High Growth Portfolio Exposure 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 19: Footnotes and references
1. Refer to Lion Selection Group announcement to ASX on 2nd October 2026 2. Sunshine Metals (ASX:SHN) references regarding project resources, exploration results and development plans: • The development plan incorporating the Mt Moss Process Plant is fully described in the Sunshine announcement to A
Slide 20: Valuation: Sum of the parts
30 September 2026 143M shares Valuation Cash $29.1M 20.3cps Sum of the parts1 Legacy Investments $12.6M rsonal use only 94.6cps Australian Investments * $123.0M Tax -$7.6M Total Value $157.1M 109.6cps Market Capitalisation $129.0M 90.0cps The full breakdown of Lion’s portfolio holdings including amo
Slide 21: Board & Management
Board & Management Strong Foundation INVESTMENT TEAM rsonal 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 Chris
Slide 22: The Lion Story
Founded in 1997 by Robin Widdup, Lion Selection Group has built a track record as a The Lion Story successful investor in mining assets and interpreter of the cycles of mining. In a 29-year history, Lion has been an early shareholder and contributed to the success of a 29 years long list of successf
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