Lion Selection Group Ltd. · ASX:LSX
Lion Selection — Investor Presentation (October 2025)
17 slides from Lion Selection's investor presentation, October 2025
Slide 1: Lion Selection Group
Lion Selection Group ASX : LSX October 2025 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
Lion Selection Group Micro-Cap Resources Focussed Specialist 1. Leveraged to GOLD • Gold juniors only just beginning to perform • Lion portfolio predominantly gold oriented 2. Investment strategy PERFORMING • +169% Performance of Lion’s Australia focused Investing Strategy since January 20221 3. Str
Slide 4: Lion's investing focus: Micro-Capitalisation Resources
Micro-Capitalisation Resources Lion provides access to the high growth sector for generalist Lion’s investing focus investors and is intended to be a ‘set-and-forget’ exposure, Invest Early where the stock selection and Combination of stock selection and • Develop a portfolio with a contrarian eye,
Slide 5: Micro-Cap Resources
Micro-Cap Resources Strongest share price performances for years, gold-led resurgence ASX100 Much of the market is up, Industrials making record highs Large cap resources ASX100 companies weakened 22-25 Resources Broke into an up-trend in April 2025 Gold Juniors began improving mid 2024 Gold Juniors
Slide 6: Mining cycle
2021 & 2022 ✓ Lion made $95M of asset sales to move to 90% cash Mining cycle Top of the mining market ✓ Jurisdiction focus – narrowed to Australia only The most material influence 2022 - 2025 ✓ Lion has invested $42.9M on your investing outcomes “The bust” • Major miners fell ~25-50% ✓ Produced $115
Slide 7: Australian Portfolio: Investing at cyclical low prices
Australian Portfolio: Investing at cyclical low prices $47.2M cash to invest 1 Pre-discovery Definition Assessment Development Production Targeting the highest growth potential companies, at the Brightstar Resources Consolidator of the multi-million ounce Sandstone Gold belt highest growth potential
Slide 8: Lion Investing Process
Lion Investing Process Deal Flow People Valuation Risk Assessment Cycle Alignment Sell ! Buy • Listed and unlisted • Competence • Funding / dilution • Identify and • Establish companies avoid terminal shareholdings in • Integrity • Geological upside risks depressed stages • 1,000+ to assess of the c
Slide 9: Valuation
Valuation 1 30 Sep 2025 143M shares Cash $47.2M 33.0cps Sum of the parts Legacy Investments $5.1M 81.2cps New Investments * $111.3M Tax -$7.4M Total Value $156.2M 109.1cps Market Capitalisation $144M 100.5cps Lion’s investment strategy since January 2022*: $42.9M $115.4M +169% Invested Value# Return
Slide 10: 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. Micro-capitalisation Resources fell heavily 2022-2025 High quality deal flow including pre-IPO opportunities High proportion of deal flow internally originated Targeting highest growth
Slide 11: LSX:ASX
LSX:ASX 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 12: Appendices
Appendices References 1. Refer to Lion Selection Group announcement to ASX on 3 October 2025 2. Total Shareholder Return (TSR) for Lion Selection Group as at 30 April 2025 since inception in July 1997 was 10.6%pa, versus the ASX Small Resources Accumulation Index 5.6%pa Investment performance figure
Slide 13: 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 14: Lion Investing Objectives: Stock Selection
Lion Investing Objectives Targeting Multiples 2022-2025: So Far Mining Boom: To Come Target: Realisation at cycle peak Contrarian investing in (factors that drive returns in the boom) opportunities depressed by the bust Mining Cycle Expectation: Multi-Year • The Mining boom benefits the entire secto
Slide 15: Board & Management
Board & Management Strong Foundation MANAGEMENT TEAM BOARD Peter Maloney Chris Melloy Robin Widdup Hedley Widdup Craig Smyth Non-Executive Director Non-Executive Director Executive Chairman Managing Director Chief Financial Officer Peter has commercial Chris is a mining Robin’s mining 24+ years mini
Slide 16: Commodity Degrees of Difficulty
Commodities Degrees of difficulty Difficulty Diamonds Hard to find & Diamond mafia • Process risk • Off-site capex requirements Technically complex Mineral Sands, Industrial Minerals, for transport infrastructure Nickel / Cobalt laterites, Graphite • Transparency / liquidity of PGM’s, REE’s, Uranium
Slide 17: Mining Investor Landscape
Mining Investor Landscape Funds ETF Retail Lion Selection Group ASX100 Resources Index 19 companies Capitalisations >$2.4B Index Inclusion Large Capitalisation ASX Small Resources Index & Liquidity 53 companies Capitalisations $150M-$4B • Management external to • Listed company structure fund struct
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