It's hard to impossible to find out exactly what Pinetree holds at any one time. Certainly it looks like they are heavily invested into Noront and even more so in the companies owning stakes in property around Noront's find.

I'm guessing that perhaps as much as 20 to 25% of their investments are in the above and I bet it's at 1/2 of the current market valuation. Pinetree won't be reporting for some months but other brokers have likely a good idea of what they are sitting on.

Again just a seat of the pants GUESS but $6 or $7 a share for Pinetree at current market wouldn't be outrageous valuation. If the Noront DE and area plays do pay off PNP will double at the very least and probably triple.

 Noront share price was getting too rich for my conservative outlook and I switched some funds over to PNP as well as FNC and FWR all of which seems to me to be less risk, perhaps less potential but peace of mind is worth something.