PhosCo's Multi-Bagger Rise Leaves Lion Awaiting a Value Realisation Path

A Tunisian rock-phosphate project rose from 2.4 cents to 16 cents on project milestones and development bank backing, with a scoping study due in the fourth quarter of 2026.

31 Jul 2026 · 2 min read

PhosCo, Lion Selection Group's last remaining legacy investment from its earlier Africa-focused mandate, delivered a genuine multi-bagger return, rising from lows of 2.4 cents to highs of 16 cents on major project ownership milestones and financial backing from the European Bank of Reconstruction and Development, even as Lion continues to wait for the right pathway to realise that value.

Lion's last remaining legacy investment

Lion Selection Group said its PhosCo investment has been in place for many years, dating to a time when Lion was investing with a global mandate and a strong focus on Africa, now its last remaining legacy investment following successful exits from Erdene and Atlantic. Lion said it will consider follow-on investments in PhosCo but is ultimately focused on pathways to value realisation, noting PhosCo is not yet at the stage where a sale is warranted.

Lion's PhosCo investment has been in place for many years, since a time when Lion was investing with a global mandate and a strong focus on Africa. It is Lion's last remaining legacy investment, following successful exits from Erdene and Atlantic.

— Lion Selection Group, Quarterly Report, October 2025

A multi-bagger rise on project and financing milestones

Lion Selection Group said its legacy portfolio was reduced to only one remaining investment during 2025, following the sale of holdings in Erdene Resource Development Corp and Atlantic Tin, with PhosCo having a strong year, rising from share price lows of 2.4 cents to achieve recent highs of 16 cents, following major project ownership and technical milestones, alongside obtaining financial support from prominent development finance institution the European Bank of Reconstruction and Development.

PhosCo had a strong year in 2025, rising from share price lows of 2.4cps to achieve recent highs of 16cps. This has followed major project ownership and technical milestones, in addition to obtaining financial support from prominent DFI the European Bank of Reconstruction and Development.

— Lion Selection Group, Quarterly Report, January 2026

A Tunisian rock-phosphate project awaiting a scoping study

Lion Selection Group said PhosCo remains its last legacy holding, a Tunisian rock-phosphate project expecting a scoping study in the fourth quarter of 2026, remaining focused on pathways to value realisation but not yet considering the position ready for sale, with an investment cost of $4.8 million against a current holding value of $9.9 million.

PhosCo remains Lion's last legacy holding, a Tunisian rock-phosphate project expecting a scoping study in Q4 2026. We are focused on pathways to value realisation but do not yet consider the position ready for sale, with an investment cost of $4.8M versus a current holding value of $9.9M.

— Lion Selection Group, Quarterly Report, July 2026

What fund managers say they are watching next is delivery of the fourth-quarter 2026 scoping study for the Tunisian rock-phosphate project, continued support from the European Bank of Reconstruction and Development and other development finance institutions, and whether Lion identifies the right pathway to value realisation for its remaining legacy holding.