Lion Selection Group Ltd. · ASX:LSX
Lion Selection — Investor Presentation (May 2026)
21 slides from Lion Selection's investor presentation, May 2026
Slide 1: Lion Selection Group
Lion Selection Group ASX:LSX May 2026 www.lionselection.com.au
Slide 2: Disclaimer
Disclaimer 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 forward-loo
Slide 3: Micro-Cap Resources Focussed Specialist Investment Company
Lion Selection Group Micro-Cap Resources Focussed Specialist Investment Company 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 Gold $
Slide 4: Lion Selection Group
Lion Selection Group Specialist • Focused on the highest growth Micro-Cap Resources investor portion of a high growth sector Focussed Specialist Investment Company • Solid leverage to gold Investing • Recent and long-term strong strategy delivery track record Cyclical • Deep-seated mining boom just
Slide 5: Highest Growth Sector of the Market
Highest Growth Sector of the Market Huge Value Creation Opportunity… 1. Stock picking from a huge population 2. Cycle timing ASX:LSX lionselection.com.au 5
Slide 6: Mining Macro Snapshot
Mining Macro Snapshot Mining Boom… Only Just Beginning ↓ New Mining Boom ASX100 Resources Experienced a mild bust between 2023-2025. Whilst a rapid appreciation in 2025/2026, major miners still trade on undemanding earnings premia Resources ← → Micro-Caps* Collection of ASX listed micro-cap Jan 21-J
Slide 7: Mining Boom – Only Just Beginning
Mining Boom – Only Just Beginning Liquidity = Price. More Liquidity = Higher Prices “This boom will be defined by the lack of investment over the last 10-15 years, and the resultant lack of new supply” 2021-2025 2025 2026 / Outlook Weak mining market (bust) Turning point Early in the boom • ASX100 R
Slide 8: Lion Clock
Lion Clock Mining Cycle: the most material influence on resources investing outcomes 2026: Boom underway Expectation Mining Boom Industry under-invested in new supply New, significant commodity demand (de-carbonisation, conflict and de-globalisation driven strategic stockpiling) Mining M&A Investors
Slide 9: Lion Investing Process
Lion Investing Process Decades of process refinement on a single page CYCLE ALIGNMENT DEAL FLOW PEOPLE VALUATION RISK ASSESSMENT Sell Buy ! • Establish • Listed and unlisted • Competence • Funding / dilution • Identify and avoid shareholdings in companies fatal flaws • Integrity • Geological upside
Slide 10: Australian Portfolio
Australian Portfolio Pre-discovery Definition Assessment Development Production Targeting the highest growth potential companies at the highest growth potential stage Brightstar Res Laverton: developing. Sandstone: major growth project [ASX:BTR] Defined projects derisking whilst maintaining growth M
Slide 11: Portfolio Features
Portfolio Features Near-Production to Exploration: derisking & growth with commodity diversity Massive Top five holdings all contain established, Target scale and simplicity for minimal de- Advanced development scale, gold / gold dominant risking obstruction mineral resources Gold Target Measured ex
Slide 12: Commodity Degrees of Difficulty
Commodities Difficulty Degrees of difficulty Diamonds Considerations: Mineral Sands, Industrial Minerals, Nickel Hard to find & Diamond mafia • Process risk / Cobalt laterites, Graphite • Off-site capex requirements Technically complex, opaque product markets and numerous product types PGM’s, REE’s,
Slide 13: Investments in Focus: Medallion Metals [ASX:MM8]
Investments in Focus: Medallion Metals [ASX:MM8] What asset │ Why invested │ How is it going Asset • Ravensthorpe: Well established Mineral Resource (1.1Moz Au / 46Kt Cu) 2 Au • Process facility: Forrestania, acquired from Medallion Metals [MM8] IGO as C&M nickel process plant, Cu associated infrast
Slide 14: Investments in Focus: Plutonic Limited [UNLISTED]
Investments in Focus: Plutonic Limited [UNLISTED] What asset │ Why invested │ How is it going Copper sulphide bearing quartz vein, Asset • Project originator: targeting large, unrecognised / unexplored mineral Plutonic Limited [UNLISTED] Loki (Champion, NT) Au systems • Champion: NT Cu • Georgetown:
Slide 15: OUTLOOK – Lion
OUTLOOK – Lion Portfolio value realisation leveraged to the mining boom All Mining Booms are good for Lion Portfolio: commodities, mining equities and • Strong, Australian project portfolio M&A • Well funded: $38.2M cash1 for new investments / follow on This Boom Outlook: • Actively managed: exits i
Slide 16: Why Lion Selection Group? Why Now?
Why Lion Selection Group ? • High growth end of a high growth sector: Requires specialist stock selection / portfolio management Micro-Cap Resources • Lion invests in mining and exploration companies with strong assets, targeting asymmetric upside growth Exposure versus downside risk • Management te
Slide 17: LSX:ASX
LSX:ASX Lion Selection Group | Well funded | Targeting deep value Kissing Frogs So You Don’t Have To 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 18: Appendices – References
Appendices References 1. Refer to Lion Selection Group announcement to ASX on 4th May 2026 2. The Ravensthorpe project Mineral Resource is fully described in the Medallion Metals (ASX:MM8) announcement to ASX on 28th August 2025 3. Lion has paid dividends of 2cps (17 September 2025), 1.5cps (10 Nove
Slide 19: 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 28-year history, Lion has been an early shareholder and contributed to the success of a 28 years long list of successf
Slide 20: Valuation Apr 2026
Valuation 30 Apr 2026 143M shares Cash $38.2M 26.7cps Sum of the parts1 Legacy Investments $10.8M 75.4cps New Investments (Australia) * $97.3M Tax -$5.3M Total Value $141.0M 98.4cps Market Capitalisation $128.9M 90.0cps Lion’s investment strategy since January 2022*: $53.9M $104.1M +93% Invested Val
Slide 21: Board & Management Strong Foundation
Board & Management Strong Foundation MANAGEMENT TEAM 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 is a mining 50 y
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