I think some of the figures posted on Pinetree are NOT correct:

1. mynot

http://agoracom.com/ir/Noront/forums/discussion/topics/437186-parisotto-and-pinetree-babjak/messages/1429150#message

"They show a $28.4 Million investment"

To me it reads that PNP had invested $ 47.5M but we don´t know from their chart what they are holding, because the next line states "exit proceeds and current value" of $ 28.4M.

That only shows that they are at 0.6x their invested costs, but they may have sold shares already and plus the value of the remainder it adds up to $ 28.4M.

The total current holding of NOT shares amounts to only 3.6M (see link below), so just under 2% on a fully diluted basis !

2. Milsy

http://agoracom.com/ir/Noront/forums/discussion/topics/437383-pinetree/messages/1429784#message

Assumption: PNP is likely the largest institutional holder of NOT. They have disclosed a total investment of $47.5MM. (as of June 30)

Assumption: PNP owns just shy of the 10% disclosure threshold representing approximately 17.5MM shares.

Both not correct !

Their disclosed investment in total up to June 30 WAS $ 47.5M, but they have sold most of their shares now.

They are currently (June 30, 2010) holding 3.6M shares only:

http://www.pinetreecapital.com/investments/investees_name/

Noront Resources Ltd. (NOT:TSXV)
Base Metals
3,600,000 common shares

Fact: PNP is still under water to the tune of $19.1MM (as of June 30)

True, including their returns from selling NOT shares in the past and the value of the the remaining 3.6M shares, they are at 0.6x their investment costs.

Assumption: PNP has not averaged down their average cost and therefore it is $2.71 per share (47.5MM / 17.5MM)

Not correct. Because we don´t know at which prices they have sold and their remaining investment is only 3.6M shares.

FANTOMAS