Playing with numbers....I put all of Pinetree's listed holdings that are in their last financial report and on their website into a spreadsheet.
- I used yesterday's closing prices
- I combined Rolling Rock Resources with Mega Precious Metals due to their recent merger (1 RR share = 0.4 MPM shares)
- I did not include any value for the warrants.
- I multiplied yesterday's share price by the amount of common shares shown in the quarterly report to find 'Fair Value' on Jan 5.
- Some notable warrants are listed. I've dug through financial reports of nearly all the listed companies to find the prices and expiry dates (is there a better way??). I'll try to find an equation to model the warrant values similar to how PNP does. If anyone can point me in the right direction to find how to do this, please do (I assume implementing the Black-Scholes model for warrants).
- I did not include any of the share purchases since the last financial report.
- Note that NAV is calculated by the fair value minus total liabilities and that total liabilities are not included.
| Company | Warrant Price | Amount | Expiry | Jan 5 Close Price |
| African Gold Group Inc. (AGG:TSXV) | 0.15 | 3,000,000 | 23/01/11 | 0.95 |
| Continental Gold Ltd. (formerly Cronus Resources Ltd.) (CNL:TSX) | 2.25 | 338,751 | 30/03/11 | 9.4 |
| Gold Canyon Resources Inc. (GCU:TSXV) | 0.417 | 2,881,000 | various | 2.28 |
| Cline Mining Corporation (CMK:TSX) | 0.4 | 1,500,000 | 11/02/12 | 4.59 |
| Fair Value Listed in Quarterly Financial Sep 30/2010 (shares + warrants) | Fair Value Jan 5/2011(common shares only) | Assuming equal % growth as Named Holdings (common shares only) |
| Unnamed Holdings | 127,917,000 | ? | 195,322,993 |
| Named Holdings | 339,450,000 | 518,323,521 | 518,323,521 |
| Total | 467,367,000 | 518,323,521 | 713,646,514 |