Lion Selection Group Ltd. · ASX:LSX
Lion Selection — Investor Presentation (February 2026)
25 slides from Lion Selection's investor presentation, February 2026
Slide 1: Lion Selection Group
Lion Selection Group ASX:LSX February 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: There's something about micro-cap miners
there’s something about Highest Growth micro- Sector of the Market cap miners Huge Value Creation Opportunity • Discovery / project growth • De-risking • Cyclical re-rating / Commodity leverage • M&A ASX:LSX lionselection.com.au 3
Slide 4: Stock Selection: So many Frogs / So few Princes
Stock Selection So many Frogs / So few Princes There are over 850 Natural Resources companies listed on ASX Almost 700 of them are capitalised at less than $200M: nil revenue micro-caps ASX:LSX lionselection.com.au 4
Slide 5: Timing
Timing The most material influence on your investing outcomes • Driven by liquidity = money pushing into / leaving the mining sector • The market is always different, every cycle is different ? • But mining sector behaviours repeat, and are characteristic of how well funded the sector is ASX:LSX
Slide 6: 2025: The Year the Mining Boom Began
2025: The Year the Mining Boom Began Liquidity = Price. More Liquidity = Higher Prices Since Apr / Mid 2025: COVID19 Pandemic strikes. Russian invasion of Ukraine. April 2025 – Liberation Week. Rebased to 19 April 2022* ↓ Then stimulus, which pushed ↓ USD became a confiscateable Everything dipped. T
Slide 7: 2025: The Year the Mining Boom Began – IPOs
2025: The Year the Mining Boom Began Mining / Resources Initial Public Offerings (IPO’s): Litmus Test of Liquidity 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 Mining / Resources IPO’s p
Slide 8: 2026: Boom Building
2026: Boom Building Key equity investing themes 1. Early in a Mining Boom • This boom expected to be defined by the lack of investment over 10-15 years, which has resulted in lack of new supply 2. Mineral commodities • Prices have levelled out, most increasing • Clear shooting stars – e.g. gold • Mo
Slide 9: Lion Clock
Lion Clock Mining Cycle: the most material influence on resources investing outcomes 2021 & 2022 2026: Boom underway 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 commodity demand (de-carbonis
Slide 10: OUTLOOK – Gold
OUTLOOK – Gold Perfect storms of supply and demand Pre-GFC Post-GFC Global Financial Crisis No monetary stimulus. STIMULUS ?x Historically, to this point, Western governments Lion is strongly leveraged to gold: tough times had called for can never again fall back austerity on austerity… 9 out of 12
Slide 11: OUTLOOK – Commodities
OUTLOOK – Commodities When the sky is the limit, and when it isn’t Gold: • One of the best performing assets over multi-decades • Priced influenced more by buyer urgency than value in use MULTIPLE since Jan 1971 Copper: • Bellwether of the global economy • Price practically constrained by what users
Slide 12: OUTLOOK – Small Cap Catchup
Opportunity for re-rating has not passed OUTLOOK – Small Cap Catchup – it has improved Whilst the equity prices of many micro-cap As risk appetite returns and commodity prices perform gold companies have improved, the underlying value of an undeveloped gold Example asset has also increased as a resu
Slide 13: Lion Selection Group: Micro-Cap Resources Focussed Specialist Investment Company
Lion Selection Group Micro-Cap Resources Focussed Specialist Investment Company Why Lion Selection Group ? • High growth end of a high growth sector: Requires specialist stock selection / portfolio management 1. Exposure to the Micro-Cap • Lion invests in mining and exploration companies with strong
Slide 14: 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 terminal risks depressed stages • Integrity
Slide 15: Australian Portfolio: Investing at cyclical low prices
Australian Portfolio: Investing at cyclical low prices Targeting the highest growth potential companies at Pre-discovery Definition Assessment Development Production the highest growth potential stage Brightstar Res New owner: multi-million ounce Sandstone Gold belt [ASX:BTR] Medallion Metals Low ca
Slide 16: 2025 Highlights
2025 Highlights Terrific year. And the boom is only just beginning Portfolio additions $43.3M invested VS $116.3M value1 3 Medallion (MM8), Caspin (CPN), Peregrine (PGD) Key contributors: INVESTING* 10 Follow-on investments Doubled down and built percentage holdings • Saturn – derisking, recognition
Slide 17: OUTLOOK – Lion
OUTLOOK – Lion Portfolio value realisation leveraged to the mining boom RESOURCES SECTOR: Beginning to Boom LION: Strongly Positioned All Mining Booms: Lion Portfolio: • Good for fund raising and share prices (liquidity) • 12 Australian investments vs target 15-20 • Feature Mining M&A • Well funded:
Slide 18: 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 19: Appendices: References
Appendices References 1. Refer to Lion Selection Group announcement to ASX on 9th February 2026 2. Refer to Lion Selection Group announcement to ASX on 25th August 2025 3. Total Shareholder Return (TSR) for Lion Selection Group as at 31 January 2026 since inception in July 1997 was 10.7%pa, versus t
Slide 20: 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 21: Micro-Cap Resources Focussed Specialist: So Far 2022-2026
Lion Selection Group Micro-Cap Resources Focussed Specialist So Far: 2022-2026 Contrarian investing in opportunities Mining Boom Just getting started Target depressed by the bust Historic mining booms: multiple returns over years +138% Mining Boom: Uplifts sector performance on Australian Investing
Slide 22: Valuation
31 Jan 2026 143M shares Valuation Cash $39.2M 27.4cps Sum of the parts1 Legacy Investments $14.1M 87.9cps New Investments (Australia) * $111.9M Tax -$7.4M Total Value $157.8M 110.2cps Market Capitalisation $151.1M 105.5cps Lion’s investment strategy since January 2022*: $43.3M $116.3M +138% Invested
Slide 23: Board & Management
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
Slide 24: Commodities: 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 25: Micro-Capitalisation Resources
Micro-Capitalisation Resources Exploration, development, small-cap miners 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 downside investing outcome
Lion Selection Group — Investor Presentation (February 2026) on 6ix