Lion Selection

What we invest in

Lion Selection Group invests in junior mining and exploration companies.

Investment mandate:

  • High-quality people are essential.
  • Any mineral commodity, not oil and gas.
  • Pre-production. Project expansion by exception.
  • Equity only: generally seek 5–20% shareholding.
  • Lion can contemplate unlisted investments and companies listed on any exchange. Lion provides seed, pre-IPO and ongoing funding.
  • Investment targets must subscribe to practices consistent with or parallel to the World Bank’s sustainability policies for exploration and mining.

Lion’s Net Tangible Asset Backing as at 31 December 2017

 CommodityMarket Value A$M% Portfolio
Australia
Egan Street ResourcesGold3.9
Other Australia0.510%
Africa
RoxgoldGold8.5
Toro GoldGold1.0
Other Africa0.9
Cash dedicated to Africa10.525%
Asia
Nusantara ResourcesGold8.9
One Asia Resources2Gold2.5
Erdene ResourcesGold5.1
Other Asia2.745%
AmericasCoal0.82%
Uncommitted Net Cash7.618%
Net Tangible Assets
$42.9m
NTA Per Share34c

1 Includes committed cash of US$0.3 million to AFL3.
2 One Asia at a value of A$0.04/share, after the in specie distribution of Nusantara Resources.

Note: The above table includes investments held directly by Lion and the value to Lion of investments which are held by African and Asian Lion Funds