Lion Selection Group reported its results for the first quarter, which ended Jan. 31, revealing a share price of 42 cents per share and a pre-tax net tangible asset backing of 61.4 cents per share.

Investments during the quarter include $2 million in Plutonic (now 48.5% ownership), $3 million in Saturn Metals (ASX:STN) (10.8% stake), and a $250,000 top-up in Great Boulder Resources ASX:GBR)(1.7% holding).

Discussions on the need for an external manager and a potential shift in management structure are underway.