Mkt Price to NTA, page-12

The latest quarterly from LSX is well worth reading.
Interesting to note they have paused Pani JV drilling until the agreement is finalised. Initially, they stated they expected the JV agreement to be finalised in the first qtr of 2020. More delays.
I don't have an opinion of fair value of Lions 20% stake other than positive as there are so many variables.
I do have the opinion that LSX's valuation of its assets is conservative and is mostly based on assets that are already discounted by the market and then you have the market discounting LSX to NTA on top of that.
I have been in LSX since 2005, I think it was LSG back then. Between 2006 and 2009 many of their investments matured and they returned good money through dividends, a capital return and demerging Catalph shares that went on to become EVN through a merger with Conquest.
Since then it has been a long time between drinks. The LSX share price was around 65c in 2011, down to about 17c in 2015 and here we are at 53c in 2020. Shareholders have not got as much as a cracker in that period. Admittedly this was a low period in the Gold price cycle.
I think it has been a good gig for the LSX managers to be on, as they appear to have been well reimbursed for sitting on their hands for most of this period.
I am of the view that where we are in the current Gold cycle will see some of LSX's investments mature in the next few years and I am hoping to see even bigger returns than we saw 06-09. The quarterly report seems to support this optimism.

Things can change quickly as we saw when SLR took over EGA at the end of 2019.
Although I was disappointed to see LSX exit their takeover shares in SLR early this year at below $1.20/sh only for SLR shares to reach $2.70 within a few months. After sitting in EGA for so many years, LSX then to missed out on most of the gain through selling SLR early, this has me questioning the judgement of the LSX managers.