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2012

Pinetree Capital Ltd. Announces Unaudited Financial Results For The Three And Six Months Ended June 30, 2012

TORONTO, Ontario (August 10, 2012) – Pinetree Capital Ltd. (“Pinetree”) (TSX: PNP) today announces its unaudited financial results for the three and six months ended June 30, 2012.

During the second quarter of fiscal 2012, Pinetree had a net loss of $116 million, as compared to $145 million for the same quarter last year.   Net loss generated was primarily the result of net investment losses of $115 million in the quarter, comprised of $105 million in unrealized losses on investments and realized losses on dispositions of investments of $10 million.  Loss per share was $0.85, as compared to $1.06 per share in the three months ended June 30, 2011.   

For the six months ended June 30, 2012, Pinetree had a net loss of $121 million, as compared to $156 million for the same period last year.   Net loss generated was primarily the result of net investment losses of $116 million in the current period, comprised of $111 million in unrealized losses on investments and realized losses on dispositions of investments of $5 million.  Loss per share was $0.88, as compared to $1.14 per share in the six months ended June 30, 2011.  

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: 

 Sector
June 30, 2012
December 31, 2011
($’000)
% of Total
($’000)
% of Total
Resources:        
        Precious metals
154,653
53.3
233,771
54.7
        Base metals
37,645
13.0
61,050
14.3
        Oil and gas
30,571
10.5
43,125
10.1
        Potash, lithium and rare earths
27,825
9.6
38,840
9.1
        Uranium
24,170
8.3
28,272
6.6
        Coal
5,643
1.9
5,320
1.2
Total resources
280,507
96.6
410,378
96.0
Technology and other
9,496
3.4
17,291
4.0
Total investments
290,003
100.0
427,669
100.0

           
As at June 30, 2012, total investments at fair value was $290 million, as compared to $428 million as at December 31, 2011, a decrease of 32%.  

Net asset value per share decreased 33% to $1.74 as at June 30, 2012, from $2.61 as at December 31, 2011.

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-GAAP Measures
NAV (net asset value per share) is a non- GAAP (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 GAAP and therefore may not be comparable to similar measures presented by other companies.  There is no comparable GAAP measure presented in Pinetree’s consolidated financial statements and thus no applicable quantitative reconciliation for such non-GAAP 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, CA. Richard Patricio, LL.B.
Chairman & CEO Vice President, Legal and Corporate Affairs
Pinetree Capital Ltd. Pinetree Capital Ltd.
  130 King Street West, Suite 250
Gerry Feldman, CA. Toronto, Ontario, Canada, M5X 1A9
CFO & Vice President, Corporate Development Phone: 416-941-9600
Pinetree Capital Ltd. Email: ir@pinetreecapital.com
  Website: www.pinetreecapital.com
©Copyright 2012 Pinetree Capital Ltd.