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PINETREE CAPITAL LTD ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE PERIOD ENDED MARCH 31 , 2021 TORONTO , ONTARIO ( May 3 , 2021 ) - Pinetree Capital Ltd. ( TSX : PNP ) ( " Pinetree " or the " Company " ) today announced its financial results for the three months ended March 31 , 2021. All financial information provided in this press release is unaudited and all figures are in $ ' 000 except per share amounts and shares outstanding . Unaudited financial results for the period ended March 31 , 2021 The following information should be read in conjunction with our annual audited Consolidated Financial Statements , prepared in accordance with International Financial Reporting Standards ( " IFRS ” ) and our annual Management Discussion and Analysis for the year ended December 31 , 2020 , which can be found on SEDAR at www.sedar.com . Selected Financial Information Total assets Total liabilities Book Value Shares outstanding Book Value per share ( BVPS ) As at March 31 , 2021 22,247 As at December 31 , 2020 19,484 343 21,904 9,420,198 $ 2.33 383 19,101 9,045,198 $ 2.11 Shares Outstanding Book Value ( BV ) 1 OpEx¹ ( excluding F / X gain / loss ) ² Book Value per Quarterly OpEx as share - ( BVPS ) ¹ percentage BV1 $ ' 000s $ ' 000s $ % Mar - 31-21 9,420,198 21,904 165 2.33 0.7 Dec - 31-20 9,045,198 19,101 109 2.11 0.6 Sep - 30-20 9,045,198 16,493 106 1.82 0.6 Jun - 30-20 9,045,198 15,399 121 1.70 0.8 Mar - 31-20 9,045,198 15,540 117 1.72 0.8 Dec - 31-19 9,045,198 17,898 155 1.98 0.9 Sep - 30-19 9,045,198 17,295 80 1.91 0.5 Jun - 30-19 9,045,198 17,350 118 1.92 0.7 1 Refer to " Use of Non - IFRS Financial Measures " Shares Outstanding and Book Value amounts are as at the Quarter End date Operating Expenses amounts are for the Three months ending the Quarter End date 2 Operating Expenses do not include Foreign Exchange gain ( loss ) on financial assets other than investments As at March 31 , 2021 , Pinetree's BVPS was $ 2.33 as compared to $ 2.11 as at December 31 , 2020 , representing an increase of $ 0.22 or 10 % . The increase was primarily due to the increase in stock prices of investments held in Pinetree's portfolio . As at March 31 , 2021 , the Company held investments at fair value totaling $ 20,349 , which represented 93 % of book value . This compares to investments at fair value of $ 16,493 representing 86 % of book value as at December 31 , 2020 . During the period ended March 31 , 2021 , the Company continued to take a disciplined approach to capital allocation and OpEx control . OpEx for the twelve months ended March 31 , 2021 was $ 501 which corresponds to 2.3 % of book value as at March 31 , 2021. This compares to OpEx of $ 470 for the twelve months ended March 31 , 2020 which corresponds to 3.0 % of book value as at March 31 , 2020. Since expenses fluctuate from quarter to quarter , management monitors costs on a trailing twelve month basis .