04-Dec-2025: LSX's AGM Presentation on November 27th was interesting. Below are three slides that show what they hold, what commodities those companies are exposed to, what LSX is expecting from those companies in the coming months and years, and finally where Hedley Widdup (their MD) thinks we are in the commodity cycle based on his clock:

Source: https://wcsecure.weblink.com.au/pdf/LSX/03029480.pdf

BTW, in a post about HAV and FFM (here), I said that LSX currently hold a position in RMS (Ramelius Resources, an ASX100 (large) established gold producer. This is NOT correct; I had remembered the podcast incorrectly (this podcast) - Hedley did mention Ramelius (RMS) and their Edna May mill which is currently on C&M, however he was only pointing out that there are no mid-tier or larger goldies currently operating in that area, and he was discussing that in relation to the potential of Brightstar Resources (BTR) at that point, a company that LSX does hold. However Lion Selection Group (LSX) does not hold shares in RMS or any of the other larger producers. I have corrected that post of mine now.

Disclosure: I do not hold LSX shares, however both LSX and I do own shares in AZY, SHN and GBR.