Pinetree Capital Ltd. ("Pinetree") (TSX:PNP) today announces its unaudited
interim consolidated financial results for the three months ended March 31,
2014.


For the three months ended March 31, 2014, Pinetree had a net profit of $30
million, as compared to a net loss of $47 million for the same quarter last
year. Net profit for the three months ended March 31, 2014 was primarily the
result of net investment gains of $35 million, comprised of $306 million in
unrealized gains on investments offset by realized losses on dispositions of
investments of $271 million. Basic earnings per share was $0.20 for the three
months ended March 31, 2014, as compared to basic loss per share of $0.33 for
the three months ended March 31, 2013. 


As at March 31, 2014, the fair value of the Company's total investments was $163
million, as compared to $134 million as at December 31, 2013, and increase of
22%. The composition of Pinetree's investment portfolio by sector as at March
31, 2014 and December 31, 2013 is outlined in the following table: 




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                                            March 31, 2014 December 31, 2013
                                        ------------------------------------
                                                      % of              % of
Sector                                    ($'000)    Total  ($'000)    Total
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Resources:                                                                  
  Precious metals                          46,814     28.7   52,802     39.5
  Uranium                                  15,617      9.6   11,909      8.9
  Oil and gas                              13,920      8.5   16,647     12.4
  Base metals                              12,997      8.0   14,103     10.5
  Potash, lithium and rare earths           8,913      5.5   12,299      9.2
  Coal                                        188      0.1      595      0.4
                                        ------------------------------------
Total resources                            98,449     60.4  108,355     80.9
                                        ------------------------------------
Technology and other                       64,657     39.6   25,610     19.1
                                        ------------------------------------
Total investments                         163,106    100.0  133,965    100.0
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Net asset value per share ("NAV") was $0.85 as at March 31, 2014, a 31% increase
from the December 31, 2013 NAV of $0.65. (See "Use of Non-GAAP Measures" below.)


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 following sectors: Precious Metals, Uranium and
Technology. 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.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Pinetree Capital Ltd.
Sheldon Inwentash, CPA, CA.
Chairman & CEO
416-941-9600


Pinetree Capital Ltd.
Gerry Feldman, CPA, CA.
CFO & Vice President, Corporate Development
416-941-9600


Pinetree Capital Ltd.
130 King Street West, Suite 250
Toronto, Ontario, Canada, M5X 2A2
www.pinetreecapital.com


Investor Relations:
Pinetree Capital Ltd.
Richard Patricio, LL.B.
Vice President, Legal and Corporate Affairs
416-941-9600
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