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2011

Pinetree Capital Ltd. Announces Unaudited Financial Results For The Three And Nine Months Ended September 30, 2011

TORONTO, Ontario (November 10, 2011) – Pinetree Capital Ltd. (“Pinetree”) (TSX: PNP) today announces its unaudited financial results for the three and nine months ended September 30, 2011.

All comparative information contained in the September 30, 2011 interim consolidated financial statements has been restated to conform to the accounting policies under International Financial Reporting Standards. 

During the third quarter of fiscal 2011, Pinetree had a net loss of $136 million, as compared to net profit of $115 million for the same quarter last year.   Net loss generated was primarily the result of net investment losses of $154 million in the quarter, comprised of $177 million in unrealized losses on investments offset by realized gains on dispositions of investments of $23 million.  Loss per share for the period was $1.00, as compared to earnings per share of $0.84 for the three months ended September 30, 2010.   

For the nine months ended September 30, 2011, Pinetree had a net loss of $292 million, as compared to net profit of $66 million for the same period last year.   Net loss generated was primarily the result of net investment losses of $329 million in the current period, comprised of $441 million in unrealized losses on investments offset by realized gains on dispositions of investments of $112 million.  Loss per share for the period was $2.14 for the nine months ended September 30, 2011, as compared to earnings per share of $0.49 for the nine months ended September 30, 2010.  

The composition of Pinetree’s investment portfolio by sector at the end of the quarter as compared to the end of last year is outlined in the following table: 

 
September 30, 2011
December 31, 2010
Sector
($’000)
% of Total
($’000)
% of Total
Resources:        
        Precious Metals
221,780
53.5
316,667
39.6
        Base Metals
67,896
16.4
153,221
19.2
        Oil and Gas
42,937
10.4
72,263
9.0
        Uranium
33,368
8.1
109,720
13.7
        Potash, Lithium and Rare Earths
27,308
6.6
66,524
8.3
Coal
4,690
1.1
61,392
7.7
Total Resources
397,979
96.1
779,787
97.5
Technology and Other
16,341
3.9
19,235
2.5

As at September 30, 2011, total investments at fair value was $414 million, as compared to $799 million as at December 31, 2010.  

Net asset value per share decreased 44.3% to $2.64 as at September 30, 2011, from $4.74 as at December 31, 2010.  

About Pinetree

Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the Province of Ontario and its shares are publicly-traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP”.  Pinetree is a diversified investment and merchant banking firm focused on the small cap market.  Pinetree’s investments are primarily in the resources sector: Precious Metals, Base Metals, Oil and Gas, Potash, Lithium and Rare Earths, Uranium and Coal.  Pinetree’s investment approach is to develop a macro view of a sector, build a position consistent with the view by identifying micro-cap opportunities within that sector, and devise an exit strategy designed to maximize our relative return in light of changing fundamentals and opportunities.  Pinetree is recognized as a value added partner in the resource industry.

Pinetree discloses an unaudited monthly net asset value per share within 15 days after each month-end.  For the latest month-end net asset value per share and for more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com.

Use of Non-IFRS Measures
NAV (net asset value per share) is a non- IFRS (international financial reporting standards) measure calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date.  The term NAV does not have any standardized meaning according to IFRS and therefore may not be comparable to similar measures presented by other companies.  There is no comparable IFRS measure presented in Pinetree’s consolidated financial statements and thus no applicable quantitative reconciliation for such non-IFRS financial measure.  The Company has calculated NAV consistently for many years and believes that NAV can provide information useful to its shareholders in understanding its performance, and may assist in the evaluation of its business relative to that of its peers.

  Investor Relations:
Sheldon Inwentash Richard Patricio
Chairman & CEO Vice President, Legal and Corporate Affairs
Pinetree Capital Ltd. Pinetree Capital Ltd.
130 King Street West, Suite 2500 130 King Street West, Suite 2500
Toronto, Ontario, Canada,  M5X 1A9 Toronto, Ontario, Canada, M5X 1A9
Website: www.pinetreecapital.com Phone: 416-941-9600
  Email: ir@pinetreecapital.com
©Copyright 2012 Pinetree Capital Ltd.