Ann: Net Tangible Asset Backing as at 30 June 2023, page-2

At 43.5c there is a 30% discount to NTA. Of that most is cash earning 4.5%, hence the small increase in NTA this month.

"Lion is cash rich, and the value of Lion’s cash is not diminishing – it is earning approximately 4%pa, which is currently beating the equity market. And, whilst inflation drives concerns about eroding purchasing power of cash across much of the economy, Lion’s cash is earmarked to invest in junior resources companies. The price of this asset class is collapsing, so rather than eroding – Lion’s purchasing power for investing is multiplying."

That's from page 10 of their latest quarterly. Interest rates have gone up since then.
They are patient investors, waiting for real bargainsI.
Topped up today at 43.5c.