Lion Selection Group Ltd. · ASX:LSX
Lion Selection — Investor Presentation (March 2026)
22 slides from Lion Selection's investor presentation, March 2026
Slide 1: Lion Selection Group
Lion Selection Group ASX:LSX March 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: 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 4: 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 4
Slide 5: Deep-Seated Mining Boom – Only Just Beginning
Deep-Seated Mining Boom – Only Just Beginning Liquidity = Price. More Liquidity = Higher Prices Since Apr 2025: Weakening Mining Market New Mining Boom ASX100 Resources Resources Micro-Caps* ← → Jan 21-Jan 23. Top of the market for mining equities and commodities Interest rates move above 3%pa, equi
Slide 6: Deep-Seated Mining Boom – Only Just Beginning
Deep-Seated 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” 2025: new boom began Liquidity • Almost everything Bull Market ? • Resource equity pri
Slide 7: 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… 8 out of 11p
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 Selection Group
Lion Selection Group Micro-Cap Resources Focussed Specialist Investment Company Long-term continuity of key people │ Strong 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 $100M rais
Slide 10: 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 11: 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] Medallion Metals Ravensthorpe + Forrestania = rapid pa
Slide 12: 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 Measured exposure
Slide 13: Commodities 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 14: 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 15: 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 16: 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: $41.0M cash1 for new investments / follow on This Boom Outlook: • Actively managed: exits i
Slide 17: 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 18: 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 [email protected]
Slide 19: Appendices
Appendices References 1. Refer to Lion Selection Group announcement to ASX on 3rd March 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 No
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: Valuation Feb 2026
Valuation 28 Feb 2026 143M shares Cash $41.0M 28.6cps Sum of the parts1 Legacy Investments $8.1M 89.7cps New Investments (Australia) * $120.3M Tax -$9.5M Total Value $159.9M 111.6cps Market Capitalisation $146.8M 102.5cps Lion’s investment strategy since January 2022*: $50.9M $126.9M +149% Invested
Slide 22: 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
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