Lion Selection Group Ltd – a mining investment company

Presentation by Howard Walker - March 2003

Lion Selection Group Limited

The TeamThe Team

Lion Robin Widdup Chris Melloy Howard Walker Kevin Robinson

AFL Mike Brook

The Board• Robin Widdup, Ewen Tyler, John O’Reilly & Graham Freestone

The Team (previous J B Were Mining team)

Lion Selection Group Limited

Lion Selection Group LimitedLion Selection Group Limited

1997 Plan Raised A$100 million 12 to 15 Investments

• $5m to $10m each 50/50

• Australian / Overseas• Gold / Metals

Make Shareholders money 2 ways• Growth projects• Resource cycle

Lion Selection Group Limited

GrowthGrowth

Lion Selection Group Limited

GrowthGrowth

Lion Selection Group Limited

Selection ProcessSelection Process

Filter Analyse (Visit) In-depth review (due diligence) Recommend

“Only work with people we know, like and trust.”

Lion Selection Group Limited

Lion Selection Group Limited

ASX Code : LSG Share Price : 135¢ Shares Invested : 100.1 m Market Cap : $135 m 2002

•Net Profit : $9.5 m•Dividend (Feb 03) : 3 cps

NTA : 125 cps

Lion Selection Group Limited

12 New Gold Mines

Australia

Golden Gift Empress Cracow Westonia

AfricaTanzania North Mara Buckreef Kitongo Nyakafuru

Botswana Mupane

South East Asia

Philippines Tampakan Rapu Rapu

Java Cibaliung

Lion Equity Gold : 4.5mozs (including 2.1mozs IRN)

Lion Selection Group Limited

Lion vs US$ Gold Price

Lion Selection Group

$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

$1.10

$1.20

$1.30

$1.40

$1.50

Jun-97 Dec-97 Jun-98 Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02

250

270

290

310

330

350

370

LSG US$Gold Price

Lion Selection Group Limited

3 Examples3 Examples

East African Gold Mines

Gallery Gold

Lafayette Mining

Lion Selection Group Limited

East African Gold Mines Ltd – 11%

Lion Selection Group Limited

East African Gold Mines Limited

New 210,000oz pa gold mine

Lion Selection Group Limited

East African Gold Mines Limited

Gokona cross section12830E

Lion Selection Group Limited

East African Gold Mines Limited

Nyabigena North chargeability feature showing location of drill traverse

Lion Selection Group Limited

Summary

Right time in cycle for gold

Keys to investment•Growth & exploration•Seek new mines & discoveries

Lion offers multiple new mines•Portfolio approach for investorsTax free profits and dividends