Case Studies - Pinetree Capital

Transcription

Case Studies
Updated November 10, 2010
Forward Looking Statements
Forward-Looking Information
Certain information in this presentation constitutes forward-looking information, which is information regarding possible events, conditions or
results of operations of Pinetree that is based upon assumptions about future economic conditions and courses of action and which is inherently
uncertain. All information other than statements of historical fact may be forward-looking information. Forward-looking information is often, but not
always, identified by the use of words such as “seek”, “anticipate”, “budget”, “plan”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”,
“project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar words or phrases (including negative
variations) suggesting future outcomes or statements regarding an outlook. Forward-looking information contained in this presentation includes our
expectations regarding the performance of our investments and our ability to generate returns, and is based upon material factors and assumptions
such as continued strength in commodity prices, increased demand for commodities (driven in part by continued economic growth in China and
other BRIC countries) and declining supplies, continued weakness of the U.S dollar and other factors which are indicated in the presentation.
Forward-looking information involves known and unknown risks, uncertainties and other factors (many or most of which are beyond our control)
that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Some of the risks and other
factors which could cause results to differ materially from those expressed in the forward-looking information contained in this presentation include,
but are not limited to: market fluctuations generally and their impact on our investments, the sensitivity of commodity prices to various factors
beyond our control, foreign political and economic conditions which are inherently unpredictable, and other risks included in the Company’s current
annual information form and other public disclosure documents filed with certain Canadian securities regulatory authorities and available under
Pinetree’s profile at www.sedar.com.
Although we have attempted to identify important factors that could cause actual events and results to differ materially from those described in the
forward-looking information in this presentation, there may be other factors that cause events or results to differ from those intended, anticipated
or estimated. We believe the expectations reflected in the forward-looking information are reasonable but no assurance can be given that these
expectations will prove to be correct and readers are cautioned not to place undue reliance on forward-looking information contained in this
presentation. The forward-looking information is provided as at the date hereof and we undertake no obligation to update publicly or revise any
forward-looking information, whether as a result of new information, future events or otherwise, except as otherwise required by law. All of the
forward-looking information contained in this presentation is expressly qualified by this cautionary statement.
www.pinetreecapital.com
2
Pinetree Capital Ltd. Venture to Grow.
Table of Contents




Sample Successes – Precious Metals
Selected Top Realized Gain Positions
AfriOre Limited (AFO:TSX)

Aurelian Resources Inc. (ARU:TSX)

Gold Eagle (GEA:TSX)

Colossus Minerals Inc. (CSI:TSX)

Guyana Goldfields Inc. (GUY:TSX)

Evolving Gold Corp. (EVG:TSXV)

Mega Precious Metals (MGP:TSXV)

Queenston Mining (QMI:TSX)


Sample Successes – Uranium

Khan Resources Inc. (KRI:TSX)

Summit Resources (SMM:ASX)

Tournigan Energy Ltd. (TVC:TSXV)

Sample Successes - Oil &Gas

Connacher Oil & Gas Ltd. (CLL:TSX)

Petrolifera Petroleum Ltd. (PDP:TSX)

Geoglobal Resources (GGR:AMEX)

OilSands Quest (BQI:AMEX)
Sample Successes – Base Metals
Visible Genetics Inc. (VGI:NASD)
Current Positions – Precious Metals
Current Positions – Uranium

Mega Uranium Ltd. (MGA:TSX)

Rockgate Capital Corp (RGT:TSXV)
Current Positions – Coal



Noront Resources (NOT:TSXV)
Current Positions – Lithium


Ucore Uranium (UCU:TSXV)
Current Positions – Base Metals


Cline Mining (CMZ:TSX)
Current Positions – Uranium/Rare Earths

Potash One (KCL:TSX)
Sample Successes – Biotechnology


FNX Mining Co Inc. (FNX:TSX)
Sample Successes – Potash


Other Sample Successes




Lithium Americas Corp. (Private)
Other Current Positions

Selected Top Recent Performers
AfriOre Limited (AFO:TSX)
AfriOre was acquired by Lonmin (LMI:LSE) in 2007 for $441 million. The company’s
principle project was the Akanani platinum deposit in the Bushveld district of South Africa.


Pinetree’s Roles:
 Early investor, prior to Akanani acquisition,
when company was gold and coal explorer.
 Developed close ties to management; a
team that boasted a track record of building
and selling mining companies.
 The strong relationship with management
secured Pinetree’s participation in the seed
financings of the group’s other ventures,
including CIC Energy, Talon Metals and
Sabre Energy. It also led to Pinetree forming
other strategic relationships in Africa.
Investment Summary



$10.00

Initial investment price - $0.75 (Nov 03)
Subsequent high - $8.75 (Nov 06)
Total investment - $1.8 M
Exit proceeds - $9.4 M (5.2 x cost)
$9.00
$8.00
$7.00
$6.00
$5.00
$4.00
Pinetree
Invests
$3.00
$2.00
$1.00
$0.00
Nov-03
4
May-04
Nov-04
May-05
Nov-05
May-06
Nov-06
Sample Successes - Precious Metals
Aurelian Resources Inc. (ARU:TSX)
Aurelian was acquired by Kinross (K:TSX) in 2008 for $1.2 billion. The company’s principle
asset was the Fruta del Norte Gold deposit in Ecuador. Aurelian made significant gold
discovery with intersections including 189m of 24g/t and 250m of 35g/t


Pinetree’s Roles:
 Founder and seed investor in early
stage concept.
 Participated in every financing and
was strategic advisor to company.
 Instrumental in all capital raisings and
strategy.
 Introduced Aurelian to possible
suitors.
 Continues to back management team
in new ventures.
Investment Summary:


$12.00


Initial investment price - $0.56 (Dec 03)*
Subsequent high - $10.11 ($40.44 pre-split) (Feb 07)
$10.00
$8.00
$6.00
$4.00
Pinetree
Invests
$2.00
$0.00
Nov-03 May-04 Nov-04 May-05 Nov-05 May-06 Nov-06 May-07 Nov-07 May-08
*Split adjusted
5
Gold Eagle (GEA:TSX)
Gold Eagle was acquired by Goldcorp in mid-2008 for $1.5 billion. The company’s principle
project was the Bruce Channel discovery in Red Lake Ontario, adjacent to ground held by
Goldcorp.

Investment Summary



Pinetree’s Roles:
 Early investor in the predecessor company
Southern Star Resources (SSR:TSX).
 Had board representation and was intimate
advisor on both the evolution of the merger
of Southern Star and Exall and the sale of the
combined Company to Goldcorp.
$14.00


Initial investment price - $0.60 (Sep 05)*
Subsequent high - $12.28 (Jul 08)
$12.00
NEED Chart
$10.00
$8.00
$6.00
Pinetree
Invests
$4.00
$2.00
$0.00
Nov-04
May-05
Nov-05
May-06
Nov-06
May-07
Nov-07
May-08
*Initial investment in Southern Star Resources
6
Sample Successes - Precious Metals
Guyana Goldfields Inc. (GUY:TSX)
Guyana Goldfields Inc. is a Canadian based mineral exploration Company primarily
focused on the exploration and development of gold deposits in the Guiana Shield of
South America. Flagship Aurora Project now over 5m ounces and definitive
feasibility studies are being prepared.
 Investment Summary:



Pinetree’s Roles:
 Seed investor in 2002.
 Participated in all early financing rounds and
also in seed financing of spin-out (Aranka).
 Intimate strategic advisor in discussions
with potential acquirers.
 Pinetree’s special relationship with founders
positioned company to make seed
investments in new vehicles such as Ontex
and Guyana Precious Metals.
$14.00
$12.00


Initial investment price - $0.40 (Jun 02)
Subsequent high - $12.62 (Jan 07)
$10.00
$8.00
$6.00
$4.00
Pinetree
Invests
$2.00
$0.00
7
Khan Resources Inc. (KRI:TSX)
Khan Resources is a uranium development company advancing the Dornod project
in Mongolia.
Investment Summary


Pinetree Roles:
 Major shareholder of Khan as a private
company.
 Instrumental in taking the company public,
advising management through the process,
as well as being the lead order on the IPO.
 Exited position in 2007 near the top of
the uranium market.
Initial investment price – USD $0.50 (Dec 03)



$6.00

$5.00
$4.00
$3.00
$2.00
$1.00
8
Nov-09
Aug-09
May-09
Feb-09
Nov-08
Aug-08
May-08
Feb-08
Nov-07
Aug-07
May-07
Feb-07
Nov-06
$0.00
Aug-06
Pinetree
Invested as
Seed Investor
Sample Successes - Uranium
Summit Resources (SMM:ASX)
Summit is a uranium developer with its main Valhalla project in Queensland,
Australia. In 2007, Paladin launched a takeover offer for the company and currently
owns 82% of SMM.


Pinetree Roles:


Investment Summary:

Leveraged an extensive knowledge base and
network of contacts in the Australian.
resource sector to identify Summit as
investment opportunity.

$7.00
$6.00


Initial investment price- AUD $0.22 (Jan 05)
Subsequent high – AUD $5.94 (May 07)
Exit proceeds – $10.1 M (8.4 x cost)
$5.00
Invested early and exited the position with a
impressive return of 8.4 x cost.
$4.00
$3.00
$2.00
Pinetree
Invests
$1.00
$0.00
9
Tournigan Energy Ltd. (TVC:TSXV)
Tournigan Energy Ltd. is a uranium developer with projects in Slovakia. The
company has recently awarded a contract for the preparation of an NI43-101
compliant prefeasibility study for its Kuriskova deposit.


Pinetree’s Roles:


Investment Summary


Established a sizable position in 2005, exiting
in 2007 near the top for uranium equities.

$5.00

$4.50
Re-entered the stock in late 2008, recognizing
a bottom in the resource sector and the
significant discount the equity market was
placing on the company’s projects.
Initial investment price - $0.51 (Sep 05)
Subsequent high - $4.50 (Jun 07)
Total investment - $8.1M
Exit proceeds & current value* – $19 M (2.2 x cost)
$4.00
$3.50
$3.00
$2.50
Pinetree
Re-Enters
$2.00
$1.50
$1.00
Pinetree
Invests
$0.50
$0.00
*as at September 30, 2010.
10
Sample Successes – Oil & Gas
Connacher Oil & Gas Ltd. (CLL:TSX)
Connacher Oil and Gas Limited is a Calgary-based integrated oil company. Its primary
upstream production is from oil sands operations at the 10,000 bbl/d Great Divide Pod One
SAGD plant in northeastern Alberta.
 Investment Summary

Company came to Pinetree in late 2004 as a
struggling oil sands producer
$7.00

Pinetree’s Roles:
 Provided capital to help Connacher
progress to next stages in its development.
 Provided strategic advice on financing and
participated in all capital raisings.
 Sponsored and engineered spinout of
Petrolifera (next slide).




$6.00
$5.00
$4.00
$3.00
$2.00
Pinetree
Invests
$1.00
$0.00
Oct-04 Apr-05 Oct-05 Apr-06 Oct-06 Apr-07 Oct-07 Apr-08 Oct-08 Apr-09 Oct-09 Apr-10
11
Sample Successes – Oil & Gas
Petrolifera Petroleum Ltd. (PDP:TSX)
Petrolifera Petroleum Limited is a Calgary-based crude oil and natural gas exploration and
production company engaged in exploration and production activities in Argentina,
Colombia and Peru.

Pinetree’s Roles:
 Seeded and engineered spinout of Petrolifera
from Connacher.
 Acted as key advisor to Petrolifera on strategy.
 Exited in 2007 but recently re-entered looking
for promising returns based on the company’s
Peruvian interests and Colombian projects.
 Petrolifera made significant oil discoveries in
Argentina (Neuquin Basin).
 Production was up to 9,000bbl/d within 12
months of discovery.
$30.00
$25.00




Exit proceeds & current value* - $27.4 M
(1.7 x cost)
$20.00
$15.00
$10.00
$5.00
Pinetree
Invests
$0.00
Nov-05 May-06 Nov-06 May-07 Nov-07 May-08 Nov-08 May-09 Nov-09 May-10
*as at September 30, 2010
12
Sample Successes– Oil & Gas
Geoglobal Resources Inc. (GGR:AMEX)
GeoGlobal Resources Inc., headquartered in Calgary, Alberta, Canada, is an oil and gas
company engaged primarily in the pursuit of petroleum and natural gas through exploration
and development in India.

Pinetree Roles:




Backed geoscientist from Niko based on
his theories that India hosted the last
undiscovered oil and gas basin.
Initial investment price – USD $1.00 (Jan 03)

Subsequent high - USD$14.33 (Apr 06)


Exit proceeds – $10.4 M (1.2 x cost)
$16.00
$14.00
Geoglobal went on to make the Deen
Dayal discovery in India which is thought
to contain over 14 tcf of gas.
$12.00
$10.00
$8.00
Instrumental advisor and key shareholder
during growth of the company.
$6.00
$4.00
Led to Pinetree making more strategic
Indian oil and gas investments.
$2.00
13
$0.00
Apr-10
Jan-10
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-08
Apr-08
Jan-08
Oct-07
Jul-07
Apr-07
Jan-07
Oct-06
Jul-06
Apr-06
Jan-06
Oct-05
Jul-05
Apr-05
Jan-05
Oct-04
Jul-04
Apr-04
Jan-04
Pinetree
Invests as Seed
Investor

Sample Successes– Oil & Gas
OilSands Quest (BQI:AMEX)
OilSands Quest Inc. is exploring a large holding of contiguous oil sands permits and licenses,
located in Saskatchewan and Alberta, and developing Saskatchewan's first global-scale oil
sands discovery.

Pinetree’s Roles:



Original investment made in BQI. Pinetree
acted as negotiator and advisor in completing
the merger between BQI and JV OilSands
Quest private JV partner.
Invested in every round, assisting and advising
company on fundraising and key growth
strategies.
Believed in theory that the oil sands in the
Fort McMurray area continued into
Saskatchewan, which BQI proved to be
correct.
$9.00

Initial investment price- USD $0.77(Aug 05)

Subsequent high – USD $8.30 (Sep 06)


$8.00
$7.00
$6.00
$5.00
$4.00
$3.00
Pinetree
Invests
$2.00
$1.00
$0.00
Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09
14
Sample Successes – Base Metals
FNX Mining Company Inc. (FNX:TSX)
FNX Mining Company Inc. ("FNX"), a diversified Canadian nickel company, produces,
develops and explores for nickel, copper, cobalt, platinum, palladium and gold in Canada's
prolific Sudbury Basin.


Investment Summary

Pinetree’s Roles:
 Critical early backer of technical team of
senior ex-Inco executives.
 Seed and repeat investor in all rounds of
financing.
 Developed close relationship with
management and have continued to back
team in other initiatives including
International Nickel Ventures.
 FNX made significant discoveries in old
mines in the Sudbury Basin, including the
discovery of the Footwall hosting significant
nickel and gold grades.



$45.00
Initial investment price - $1.00 (Dec 01)
$40.00
$35.00
$30.00
$25.00
$20.00
$15.00
Pinetree
Invests
$10.00
$5.00
$0.00
15
Sample Successes - Potash
Potash One (KCL:TSX)
Potash One Inc. is a resource company engaged in the exploration and development of
advanced potash properties, amenable to solution mining, in Saskatchewan. Potash One
was one of first movers in the new potash cycle


Pinetree Roles:



Investment Summary

Key sponsor and investor at early
stage based on concept that a strong
agricultural/potash cycle was
evolving.

$7.00


Initial investment price- $0.35 (Apr 04)
Subsequent high - $5.75 (Jun 08)
$6.00
$5.00
Invested in the early rounds and
exited near the top of the cycle.
$4.00
Held over 10% of the company at the
peak.
$3.00
$2.00
$1.00
Pinetree
Invests as Seed
Investor
16
$0.00
Nov04
May05
Nov05
May06
Nov06
May07
Nov07
May08
Nov08
May09
Sample Success– Biotechnology
Visible Genetics Inc. (VGI: NASD)
Visible Genetics Inc. was a Canadian company that developed, manufacturing and marketed
automated DNA sequencing systems. Visible Genetics was acquired by Bayer Corporation
in October 2002, in a cash deal valued at approximately $61.4 million.



Pinetree’s Roles:



Pinetree invested as seed investor in 1994.

Company founder, owned up to 44% pre-IPO.
90

Had board representation and worked closely
with management to get FDA approval for
first ever diagnostic system.
80

Investment Summary
100
Sold most of holding prior to Bayer takeover.

Initial investment price - $1.45 (1994)
Subsequent high – USD $94.00 (Jan 00)
70
60
50
40
Pinetree
Invests
as Seed
30
Investor
20
10
Jan-94
Apr-94
Jul-94
Oct-94
Jan-95
Apr-95
Jul-95
Oct-95
Jan-96
Apr-96
Jul-96
Oct-96
Jan-97
Apr-97
Jul-97
Oct-97
Jan-98
Apr-98
Jul-98
Oct-98
Jan-99
Apr-99
Jul-99
Oct-99
Jan-00
Apr-00
Jul-00
Oct-00
Jan-01
Apr-01
Jul-01
Oct-01
Jan-02
Apr-02
Jul-02
Oct-02
Jan-03
Apr-03
Jul-03
Oct-03
Jan-04
Apr-04
0
17
Other Sample Successes – Selected Top Realized Gain Positions
Aquiline Resources (AQI:TSX)
Nova Energy (NEL:ASX
UR-Energy (URE:TSX)
Resource Generation (RES:TSX)
Western Potash (WPX:TSXV)
Altai Resources (ATI:TSXV)
Largo Resources (LGO:TSXV)
Hathor (HAT:TSXV)
VIQ Solutions (CQS:TSXV)
Next Millennium (NM:TSXV)
Extract Resources (EXT:ASX)
Berkeley Resources (BKY:ASX)
Canada Lithium (CLQ:TSXV)
Bio-Extraction (BXI:TSXV)
Verona Pharma (VRP:AIM)
Western Desert (WDR:ASX)
East Asia Minerals (EAS:TSXV)
Uranium Energy (UEC:AMEX)
Canaco Resources (CAN:TSXV)
Sirius Exploration (SXX:AIM)
18
Colossus Minerals Inc. (CSI:TSX)
Colossus is an emerging mineral exploration and development company focused on
Brazilian gold. The company’s flagship project, Serra Pelada (Brazil), hosts the famed goldplatinum-palladium deposit. Serra Pelada is now at the resource delineation stage and is
being advanced toward production


Pinetree’s Roles:


Investment Summary

Seed investor (2006) in management team
with strong Brazilian and gold experience.

$10.00
$9.00
Had Board and management roles in early
stages as company negotiated rights to
Serra Pelada project.

Participated in every round of financing.

Key strategic advisor to Company.


Subsequent high - $6.14 (Dec 09)
Exit proceeds & current value* - $35.5 M ( 4.7x cost)
$8.00
$7.00
$6.00
$5.00
$4.00
Pinetree
was seed
investor in
2006
$3.00
$2.00
$1.00
$0.00
Feb-08
19
Aug-08
Feb-09
Aug-09
Feb-10
Aug-10
Evolving Gold Corp. (EVG:TSXV)
Evolving Gold Corp. is focused on finding multi-million ounce gold deposits in proven gold
producing areas in the Western USA. EVG’s team of geoscientists has over 200 years of
combined experience.
Investment Summary


Pinetree’s Roles:

Participated in all rounds of financings.

Developed close ties to company acting as
advisor to management and board.

$3.00
$2.50
Working closely with management on
further property acquisitions.

Initial investment price- $0.25 (May 07)

Subsequent high - $2.46 (Feb 08)


Exit proceeds & current value* - $9.2M (1.6 x cost)
$2.00
$1.50
Pinetree
Invests
$1.00
Pinetree
invests
as seed
investor
$0.50
$0.00
Jun-07
Dec-07
Jun-08
Dec-08
Jun-09
Dec-09
Jun-10
20
Mega Precious Metals (MGP:TSXV)
Mega Precious Metals is a precious metal exploration company with projects in Red Lake,
the Yukon and Nunavut.


Pinetree’s Roles:

Seed investor in predecessor company Mega
Silver.
$2.50

Architected merger of Mega Silver and
Skybridge to form Mega Precious Metals.

Brought in management team including Jim
Rogers, former regional exploration manager
for Goldcorp Inc. in the Red Lake Camp.

Remains one of the largest shareholders.
$2.00
Investment Summary

Initial investment price - $0.20 (Jul 05)

Subsequent high - $2.20 (May 08)


Exit proceeds & current value* - $5.5M (1.3x cost)
Pinetree
Invests
$1.50
$1.00
$0.50
$0.00
Nov-04May-05Nov-05May-06Nov-06May-07Nov-07May-08Nov-08May-09Nov-09May-10
21
Queenston Mining (QMI:TSX)
Queenston Mining Inc. is focused on the exploration and development of gold in the
Kirkland Lake and Cadillac gold camps in Ontario and Quebec. The company has an
inventory of historic & current resources of 2.7 million ounces of gold.

Pinetree’s Roles:


Established position as one of largest
shareholders through participation in all
company financings.
Investment Summary

Initial investment price - $1.77 (Apr 07)

Subsequent high - $6.52 (Oct 09)

$7.00

Exit proceeds & current value* - $26.5 M(1.7 x cost)
$6.00
$5.00
$4.00
Pinetree
Invests
$3.00
$2.00
$1.00
$0.00
22
Current Positions - Coal
Cline Mining (CMK:TSX)
Cline Mining is a mine development company focused on the exploration and
development of mine mineral resource properties.


Pinetree Roles:

Key sponsor and investor at early stage

Developed close ties to company acting as advisor
to management and board.
Investment Summary

Initial investment price- $0.55 (November 2004)

Subsequent high - $1.77 (March 2010)

Total investment – 11.3 M
$3.00

Exit proceeds & current value* - $43.0M (2.5 x cost)
$2.50
$2.00
$1.50
Pinetree
Invests
$1.00
$0.50
$0.00
23
Current Positions - Uranium
Mega Uranium Ltd. (MGA:TSX)
Mega Uranium Ltd. is a uranium explorer and developer with projects on five continents.
The company recently completed a $50 million capital raise to advance its Lake Maitland
project in Western Australia to production.

Pinetree Roles:


Management founded Mega in 2005.

Lobbied politicians in favour of uranium mining.

Subsequent high - $8.61 (Apr 07)

Total investment - $71.0

Exit proceeds & current value* - $36.7 M (0.6 x cost)
$8.00
over 3 year period.
Remains largest institutional investor.
Initial investment price- $3.75 (May 06)
$9.00
Spearheaded over 10 acquisitions for company


$7.00
Pinetree
Invests
$6.00
$5.00

Peak market cap of $1.5 billion.

Management negotiated US $49 million strategic
investment from Japan Australia Uranium Resources
Development Company Ltd. and ITOCHU
Corporation.
$4.00
$3.00
$2.00
$1.00
$0.00
24
Current Positions - Uranium
Rockgate Capital Corp (RGT:TSXV)
Rockgate is a uranium explorer and developer with projects in West Africa. The company
has completed extensive drilling and established an initial NI43-101 resource at its Falea
uranium/silver project in Mali.

Pinetree’s Roles:


Established position over time participating
both in the market and in all financings.
$6.00
Active in bringing awareness to the stock
both on the institutional investor side and
to research analysts.

Initial investment price - $0.40 (Jan 07)

Subsequent high - $ 5.30 (Apr 07)

Total Investment - $8.9

Exit proceeds and current value*– $9.5M (1.0 x cost)
$5.00
$4.00
$3.00
Pinetree
Invests
$2.00
$1.00
$0.00
Oct-05 Apr-06 Oct-06 Apr-07 Oct-07 Apr-08 Oct-08 Apr-09 Oct-09 Apr-10
25
Current Positions – Uranium/Rare Earths
Ucore Uranium (UCU:TSXV)
Ucore Uranium Inc. is a junior exploration company focused on establishing rare earth
element (REE) and uranium resources . The Company’s focus is the Bokan – Dotson Ridge
rare earth element and uranium project in southeast Alaska.


Pinetree’s Roles:


Established initial investment in 2006 on the
basis of company’s uranium potential.
$2.00
Increased holding after an in depth analysis
of the Bokan projects rare earth element
potential.
$1.80
Investment Summary


Subsequent high - $ 1.79 (Feb 07)

Total Investment - $9.1 M

Exit proceeds and current Value*– $8.3 M (0.9 x cost)
$1.60
$1.40
$1.20
$1.00
$0.80
$0.60
$0.40
$0.20
$0.00
Feb-06 Aug-06 Feb-07 Aug-07 Feb-08 Aug-08 Feb-09 Aug-09 Feb-10 Aug-10
Pinetree
Invests
26
Current Positions – Base Metals
Noront Resources (NOT:TSXV)
Noront Resources Ltd. is focused on high-grade nickel-copper-platinum palladium, chromite
and vanadium discoveries in an area known as the "Ring of Fire”, an emerging multi-metals
district located in the James Bay Lowlands of Ontario, Canada.


Pinetree’s Roles:




Invested in late 2003 well before the
company made its major nickel-copperpge discovery.
Investment Summary



$8.00

Exit proceeds & current value - $28.4 M(0.6 x cost)
$7.00
$6.00
Participated in all financing rounds
$5.00
Actively involved in management
restructuring in 2008.
$4.00
Pinetree
Invests
$3.00
Significant investor in Macfaulds Lake
camp including Freewest Resources
(FWR).
$2.00
$1.00
$0.00
Apr-10
Oct-09
Apr-09
Oct-08
Apr-08
Oct-07
Apr-07
Oct-06
Apr-06
Oct-05
27
Apr-05
Oct-04
Apr-04
Current Positions – Lithium
Lithium Americas Corp. (LAC:TSX
Lithium Americas Corp. is a junior exploration and development company focused on the
exploration and development of Lithium, Potash, Borax and other industrial minerals
in South America .

Pinetree’s Roles:

Early and significant investor in Latin American
Minerals (LAT:TSX).

Advised and supported strategy of acquiring
lithium properties adjacent to original
properties held by Latin American Minerals in
Argentina.



Seed investor in private subsidiary company,
Lithium Americas, and helped engineer finance
spin-out from Latin American Minerals.



Exit proceeds & current value - $5.6 M(1.2x cost)
$2.00
$1.80
Pinetree
was a
seed
investor
$1.60
$1.40
$1.20
$1.00
$0.80
Largest shareholder of Latin American Minerals
(which owns 8.4 million shares of Lithium
Americas Corp).
$0.60
$0.40
$0.20
Lithium Americas Corp. recently went public in
May 2010.

$0.00
28
Other Current Positions – Selected Top Recent Performers
African Gold Group (AGG:TSXV)
$0.90
Bridgeport Ventures (BPV:TSXV)
$3.00
$0.80
$0.70
$0.60
$2.50
$2.00
$0.50
$0.40
$0.30
$1.50
$1.00
$0.20
$0.10
$0.00
Nov-08Jan-09Mar-09May-09Jul-09Sep-09Nov-09Jan-10Mar-10May-10Jul-10Sep-10
Canaco Resources (CAN:TSXV)
$4.50
$4.00
$3.50
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
Nov-08Jan-09Mar-09May-09Jul-09 Sep-09Nov-09Jan-10Mar-10May-10Jul-10 Sep-10
$0.50
$0.00
Oct-09
Dec-09
Feb-10
Apr-10
Jun-10
Aug-10
Galway Resources (GWY:TSXV)
$1.80
$1.60
$1.40
$1.20
$1.00
$0.80
$0.60
$0.40
$0.20
$0.00
29
Other Current Positions – Selected Top Recent Performers
International Nickel Ventures (INV:TSX)
$1.60
$1.40
Orocobre Limited (ORE:ASX)
$3.00
$2.50
$1.20
$1.00
$2.00
$0.80
$1.50
$0.60
$1.00
$0.40
$0.20
$0.50
$0.00
$0.00
TNR Gold (TNR:TSXV)
$0.40
Tribute Minerals (TBM:TSXV)
$0.25
$0.35
$0.30
$0.25
$0.20
$0.15
$0.20
$0.15
$0.10
$0.10
$0.05
$0.05
$0.00
$0.00
30

Case Studies - Pinetree Capital

Transcription

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