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Investments
| Disclosure Criteria |
| Valuation Policy |
| Investees By Sector |
| Precious Metals |
| Oil & Gas |
| Coal |
| Uranium |
| Base Metals |
| Potash, Lithium and Rare Earths |
| Technology and Other |
| Investees by Name |
| Past Investments |
Uranium
Not all investees are displayed - click on Disclosure Criteria link for explanation
Click here to read Pinetree's Disclosure Criteria
Uranium
Pinetree developed a positive view of uranium in 2004 based on several macro factors including global growth led by China and India and the renaissance of nuclear power, seen as a clean reliable base-load generating technology. Growth in energy needs, primarily from China and India, combined with concerns for the environment continue to keep the price of uranium high. On the supply side, the flooding of the Cigar Lake project and Ranger mine are removing supply in the near and medium term. Unless a significant number of additional mines are brought to production soon, we see demand outstripping supply into the foreseeable future.
Pinetree began investing in uranium when it traded at $20/lb. With no official uranium market it is difficult to assess the spot price for uranium. Only small quantities of uranium were actually selling at the high levels seen in early 2007. At Pinetree, we believe a realistic spot price for uranium is between $80-$100 lb, a price which makes many new discoveries very economic to mine. Pinetree is investing in junior uranium companies that are not locked into historical contracts and as a result are able to take advantage of higher uranium prices when negotiating supply agreements.
Sector Themes
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China continues massive build out of nuclear power plants
- More supply disruptions are likely in the future
- Merger and Acquisition activity to continue
- Long term prices are supported by a pending market deficit
Uranium Investments as at March 31, 2012.
Please see our disclosure criteria regarding the investments that are displayed below.
| Cost | Total fair value | % of total fair value |
| 113,142 | 28,272 | 6.6 |
| Issuer | Security Description | Cost | Fair Value |
% of Sector (FV) |
|---|---|---|---|---|
|
Energy Fuels Inc. EFR:TSX |
10,161,552 common shares $1,000,000 promissory note 1,020,000 warrants expire Nov 30, 2012 500,000 warrants expire Mar 31, 2015 |
9,558 | 3,693 | 11.2 |
|
European Uranium Resources Ltd. (formerly Tournigan Uranium Corp.) EUU:TSXV |
4,650,000 common shares 100,000 warrants expire Jul 14, 2012 250,000 warrants expire Dec 30, 2012 |
5,882 | 1,511 | 4.6 |
|
Macusani Yellowcake Inc. YEL:TSXV |
7,650,500 common shares 1,500,000 warrants expire Nov 4, 2012 500,000 warrants expire Mar 25, 2013 |
3,408 | 1,035 | 3.1 |
|
Mega Uranium Ltd. MGA:TSX |
13,150,000 common shares 764,712 warrants expire Jun 6, 2012 1,500,000 warrants expire Oct 26, 2014 |
35,514 | 3,969 | 12 |
|
Pele Mountain Resources Inc. GEM:TSXV |
11,923,000 common shares |
4,273 | 1,433 | 4.3 |
|
Powertech Uranium Corp. PWE:TSX |
9,460,000 common shares 750,000 warrants expire Mar 15, 2013 |
3,824 | 1,514 | 4.6 |
|
Southern Andes Energy Inc. SUR:TSXV |
11,607,667 common shares 1,458,333 warrants expire Sep 12, 2012 2,000,000 warrants expire Dec 17, 2012 |
7,318 | 1,567 | 4.8 |
|
Tigris Uranium Corp. TU:TSXV |
8,800,000 common shares 750,000 warrants expire Jun 30, 2012 250,000 warrants expire Aug 22, 2012 |
2,825 | 1,804 | 5.5 |
|
U308 Corp. UWE:TSXV |
12,123,771 common shares 750,000 warrants expire Oct 14, 2012 441,250 warrants expire Feb 15, 2013 500,000 warrants expire Feb 9, 2014 |
6,591 | 5,558 | 16.9 |
|
Virginia Energy Resources Inc. VAE:TSXV |
11,000,000 common shares 100,000 warrants expire Jul 21, 2014 750,000 warrants expire Apr 21, 2014 |
6,868 | 1,705 | 5.2 |
