Investments

Disclosure Criteria

Valuation Policy

Investees By Sector

Precious Metals

Potash, Lithium and Rare Earths

Technology and Other

Investees by Name

Click here to read Pinetree's Disclosure Criteria

Pinetree began investing in precious metals stocks in 2002 when gold was trading at $300/oz. Gold broke new records in 2011, rallying to a record high of $1622.49 an ounce in July 2011. With the fundamentals for gold remaining strong, we expect to see gold prices at record highs going forward. Government spending and inflationary pressures in the US coupled with interest rate cuts resulting from the sub-prime market are putting downward pressure on the US dollar. People are investing in gold as a hedge and safe haven.

Likewise, Pinetree believes that silver is highly leveraged to the depreciating US dollar and we remain very positive about junior silver exploration companies. The price of silver grew by 46% in 2006 and this growth continued in 2007 and is widely expected to continue, driven largely by investment and industrial demand. As is the case with gold downward pressure on the US dollar is driving investors to silver as a hedge. There is also strong demand for silver from industrial applications including: electronic and electrical applications, semi-conductors and new applications taking advantage of silver's anti-microbial properties.

Looking forward, we believe the supply side fundamentals for both silver and gold support elevated prices as new mines are taking longer to come into production due to permitting delays, environmental activism and political risk. We believe superior returns will come from investments in junior exploration and development (pre-feasibility or feasibility studies under way) companies, given their potential for discovery and their high level of leverage to elevated gold and silver prices.

24 Hour Spot Gold

24 Hour Spot Silver

Precious Metals Investments as at September 30, 2011

African Gold Group Inc. (AGG:TSXV)
14,323,500 common shares
650,000 warrants expire Dec 17, 2012

African Queen Mines Ltd. (AQ:TSXV)
5,000,000 common shares
250,000 warrants expire Dec 23, 2011
250,000 warrants expire Nov 1, 2012
1,000,000 warrants expire Aug 8, 2013

AM Gold Inc. (formerly Acero-Martin Exploration Inc.) (AMG:TSX)
6,000,000 common shares
250,000 warrants expire Apr 30, 2012
250,000 warrants expire Dec 30, 2012

Apogee Silver Ltd. (formerly Apogee Minerals Ltd.) (APE:TSXV)
16,925,000 common shares
500,000 warrants expire Dec 18, 2011
625,000 warrants expire May 12, 2012
2,500,000 warrants expire Dec 3, 2012

Auryx Gold Corp. (formerly 0824239 B.C. Ltd.) (AYX:TSX)
11,000,000 common shares

Azimuth Resources Limited (AZH:ASX)
10,005,000 common shares
10,000,000 warrants expire Dec 31, 2012

Bear Gold Lake Ltd. (formerly NFX Gold Inc.) (BLG: TSXV)
14,750,000 common shares
1,000,000 warrants expire Oct 23, 2011
2,000,000 warrants expire Aug 23, 2013

Caledonia Mining Corporation (CAL:TSX)
47,000,000 common shares

Castillian Resources Corp. (CT:TSXV)
15,941,265 common shares
1,666,667 warrants expire Jul 16, 2012
1,500,000 warrants expire Dec 30, 2012

Cream Minerals Ltd. (CMA:TSXV)
20,500,000 common shares
5,000,000 warrants expire Dec 21, 2012

Currie Rose Resources Inc. (CUI:TSXV)
8,750,000 common shares
1,250,000 warrants expire Mar 10, 2012

Dios Exploration Inc. (DOS:TSXV)
6,242,500 common shares

Erin Ventures Inc. (EV:TSXV)
9,200,000 common shares
1,000,000 warrants expire Dec 2, 2011
1,000,000 warrants expire Jan 7, 2012
1,875,000 warrants expire Apr 30, 2012

Gold Canyon Resources Inc. (GCU:TSXV)
12,943,748 common shares
1,000,000 warrants expire Feb 8, 2012
531,252 warrants expire Jun 17, 2012
475,000 warrants expire Sep 23, 2012
300,000 warrants expire Oct 29, 2012

Golden Tag Resources Ltd. (GOG:TSXV)
5,500,000 common shares
2,000,000 warrants expire Nov 30, 2011
909,091 warrants expire Apr 20, 2013

Kilo Goldmines Ltd. (KGL:TSXV)
5,000,000 common shares
1,000,000 warrants expire May 12, 2013

Lago Dourado Minerals Ltd. (LDM:TSXV)
3,200,000 common shares
250,000 warrants expire Jan 18, 2013

Latin American Minerals Inc. (LAT:TSXV)
16,000,000 common shares
1,000,000 warrants expire Oct 5, 2011
1,000,000 warrants expire Sep 10, 2012

Mawson Resources Limited (MAW:TSX)
5,175,000 common shares
375,000 warrants expire Oct 25, 2012

Mega Precious Metals Inc. (formerly Mega Silver Inc.) (MGP:TSXV)
10,050,600 common shares
600,000 warrants expire Feb 25, 2012

Nortec Minerals Corp. (NVT:TSXV)
18,250,000 common shares

Northern Lion Gold Corp. (NL:TSX)
5,500,000 common shares
500,000 warrants expire Apr 29, 2012
500,000 warrants expire May 24, 2012

Nuinsco Resources Ltd. (NWI:TSX)
13,852,000 common shares
5,000,000 warrants expire Oct 1, 2012

Oroco Resource Corp. (OCO:TSXV)
5,500,000 common shares
500,000 warrants expire Apr 14, 2012
500,000 warrants expire Oct 26, 2012

Pacific North West Capital Corp. (PFN:TSX)
7,430,000 common shares
250,000 warrants expire Dec 30, 2011
500,000 warrants expire Mar 15, 2012

Probe Mines Ltd. (PRB:TSXV)
4,500,000 common shares
500,000 warrants expire Feb 2, 2012
750,000 warrants expire Apr 21, 2013

Prosperity Goldfields Corp. (PPG:TSXV)
2,000,000 common shares
750,000 warrants expire Apr 6, 2013
500,000 warrants expire Aug 15, 2013

Queenston Mining Inc. (QMI:TSX)
5,418,300 common shares
50,000 warrants expire Nov 26, 2011

Redstar Gold Corp. (RGC:TSXV)
10,250,000 common shares
1,000,000 warrants expire Jul 14, 2013

RJK Explorations Ltd. (RJX.A:TSX)
9,000,000 common shares
5,000,000 warrants expire Dec 15, 2012

Roxgold Inc. (ROG:TSXV)
3,550,000 common shares
700,000 warrants expire Oct 27, 2012
750,000 warrants expire May 10, 2013

Sanatana Resources Inc. (STA:TSXV)
6,000,000 common shares
500,000 warrants expire Jan 14, 2012

Soltoro Ltd. (SOL:TSXV)
4,500,000 common shares
500,000 warrants expire Dec 21, 2011

Temex Resources Corp. (TME:TSXV)
10,662,900 common shares
625,000 warrants expire Nov 19, 2012

Tinka Resources Limited (TK:TSXV)
4,860,000 common shares
760,000 warrants expire Jul 8, 2012

Unigold Inc. (UGD:TSXV)
10,821,500 common shares
1,500,000 warrants expire Dec 1, 2011

Valgold Resources Ltd. (VAL:TSXV)
7,000,000 common shares
1,000,000 warrants expire Nov 23, 2012
1,000,000 warrants expire Mar 3, 2015