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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 |
Uranium
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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 June 30, 2011.
Energy Fuels Inc. (EFR:TSX)
7,000,000 common shares
500,000 warrants expire Mar 31, 2015
Mega Uranium Ltd. (MGA:TSX)
12,000,000 common shares
165,000 warrants expire Feb 22, 2012
764,712 warrants expire Jun 6, 2012
1,500,000 warrants expire Oct 26, 2014
Pele Mountain Resources Inc. (GEM:TSXV)
13,750,000 common shares
Rockgate Capital Corp. (RLL:TSXV)
4,000,000 common shares
Southern Andes Energy Inc. (SUR:TSXV)
11,607,667 common shares
2,000,000 warrants expire Dec 17, 2011
1,458,333 warrants expire Sep 12, 2012
Tigris Uranium Corp. (TU:TSXV)
6,180,000 common shares
750,000 warrants expire Jun 30, 2012
250,000 warrants expire Aug 22, 2012
Tournigan Energy Ltd. (TVC:TSXV)
20,750,000 common shares
500,000 warrants expire Jul 14, 2012
1,250,000 warrants expire Dec 30, 2012
U308 Corp. (UWE:TSXV)
10,085,771 common shares
750,000 warrants expire Oct 14, 2012
441,250 warrants expire Feb 15, 2013
Uranium North Resouces Corp. (UNR:TSXV)
7,750,000 common shares
750,000 warrants expire Aug 8, 2012
Virginia Energy Resources Inc. (VAE:TSXV)
10,500,000 common shares
750,000 warrants expire Apr 21, 2012
100,000 warrants expire Jul 21, 2014
