LSX – Lion Selection Group Limited

Monthly net tangible asset (NTA) ​

Backing per share as at 31 December 2025 Before Tax After Tax* 105.1 cps 101.0 cps Share Price 99.0 cps

*The after-tax number relates to the provision for deferred tax on the unrealised gains in the Company’s investment portfolio. The Company is a long-term investor and does not intend disposing of its total long term investment portfolio.

Under current Accounting Standards, the Company is required to provide for tax on any gains that may arise on such a theoretical disposal, after the utilisation of brought forward losses. Managed exposure to high growth mineral companies.

Targeting multiples on investment aligned to the mining cycle.

Lion Selection Group Investment focus: Micro-capitalisation resources companies.

This sector has the potential to be one of the best performing in the market, where individual companies can generate high multiple returns. Exceptional opportunity access: High quality deal flow including pre-public market and internally originated opportunities.

Well-funded to invest: Net cash $46.7M at 31 December 2025.

History of dividends: Distributions in excess of 343cps3 over Lion’s 28+ years.

Lion aims to pay sustainable dividends from surplus investment proceeds, whilst balancing the investment requirements of the Company with the market conditions and capital growth.

Listed on ASX: Code LSX Size of portfolio: $144.6M as at 31 December 2025 Shares on issue:

Investment approach: Lion searches for opportunities in the micro-cap resources space with a contrarian eye, targeting companies depressed by the mining cycle or missed by investors.

Avoiding risks (to limit downside) and looking for opportunities where de-risking / the advancing cycle / growing metal inventory will add value strongly.

Lowest jurisdiction risk: Australian focus. Lion investment horizon: 3-5 years. Investment Research: 100% internally derived by a full-time professional directly employed mining investment team.

Performance of Lion’s Australia focused* Investing Strategy since January 2022 $ invested $ value Performance 143,245,975 $43.3M +122% $96.0M Unvested Performance Rights: 1,110,800 * Lion reset its investment strategy in 2022, having finalised major asset sales and underlying assets becoming majority cash.

New Investments (which are separate from the Legacy Investment Portfolio) are companies invested in by Lion for the first time after 1 January 2022 and are focussed completely on Australian projects. Performance includes realised gains as well as value of portfolio holdings.