Update on Metanor MTO.V institutional ownership ........

Based on Reuters and Sedar input.

i provide the reuters institutional ownership link below. you can plug in any stock and see the percentage of institutional
ownership and how it changes over time.

http://www.reuters.com/finance/stocks/institutionalHolders?symbol=MTO.V

In this case Reuters does show a decline of two institutional holders in Metanor. They do not make the time frame clear. But ten institutional holders still control 48 percent of the stock, meaning that the retail float is much lower than we might have thought.

This is a good thing, especially going into a season in which we expect continued healthy drill results on barry and nelligan sites controlled by MTO.

Metanor Resources Inc. (MTO.V) (TSX Venture Exchange)

As of 25 Sep 2009
0.64CAD
Price Change
+0.01
Percent Change
+1.59%

% Shares Owned: 48.49% # New Positions: 0
# of Holders: 10 # Closed Positions: 1
Total Shares Held: 51,068,187# Increased Positions: 0
3 Mo. Net Change: -4,515,000 # Reduced Positions: 2
# Net Buyers: -2

Moving on to the Sedar filings:

Sprott and Goodman together own 30.12 percent of MTO stock. this is on a fully diluted basis, including stock and
warrants. This is as of their most recent Sedar filings, called "Alternative Monthly Reports."

As of its last MTO "Alternative monthly report" filing of May 8 2009, Sprott Asset Management controls 19.5 percent of the
issued and outstanding stock in Metanor MTO. This was unchanged from Sprott's previous report, the company stated. I did not look up the previous report.

Sprott's ownership of MTO consists of 20 mm common shares
and 800,000 warrants.

Goodman and Co., as of a more recent Aug. 11 Alternative Monthly report, had decreased its ownership but still owns a
chunk.

G&C now owns 10.62 percent (fully diluted basis, meaning including warrants) of Metanor, consisting of 9,850,000 common
shares and 1,555,000 warrants.

In its previous report dated April 9, Goodman owned 14.35 mm common shares and 1.555 million warrants, which worked out to
15.16 percent fully diluted. So Goodman dumped 4.5 mm shares between April 9 and July 31.

I would expect that the institutional position will be climb this fall due to highly positive results from Barry and Nelligan deposits, expectations that the company might get into the black from higher gold prices on milled product, etc.

In my view, outfits like Sprott are not buying a junior like this for a 10-cent move. They are buying in advance of an expected re-evaluation of the whole company. This fits in with what underwriter Northern Securities is saying.