Precious Metals
Oil & Gas
Base Metals
Potash, Lithium and Rare Earths
Technology and Other


Not all investees are displayed - click on Disclosure Criteria link for explanation

Click here to read Pinetree's Disclosure Criteria


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

  • 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 Price -
Uranium Investments as at September 30, 2014.
Please see our disclosure criteria regarding the investments that are displayed below.
Total fair value
% of total fair value
48,887 11,305 7


Issuer Security Description Cost
% of
Macusani Yellowcake Inc.
17,996,633 common shares
10,453 1,170 10.3
Mega Uranium Ltd.
16,500,000 common shares
1,500,000 warrants expire Oct 26, 2014
14,982 3,390 30
NexGen Energy ltd.
8,500,000 common shares
250,000 warrants expire Feb 28, 2015
250,000 warrants expire Mar 12, 2015
500,000 warrants expire Apr 19, 2015
250,000 warrants expire Mar 26, 2016
3,165 3,600 31.8
U3O8 Corp.
27,085,028 common shares
5,000,000 warrants expire Jan 11, 2015
250,000 warrants expire Apr 15, 2015
576,924 warrants expire Feb 24, 2016
333,333 warrants expire Jan 23, 2019
1,000,000 warrants expire Dec 20, 2018
11,835 2,031 18
©Copyright 2012 Pinetree Capital Ltd.