1. Exit Case: Pinetree Capital Ltd. 

Overview:

Pinetree Capital Ltd. (TSX: PNP) is an investment and merchant banking company. It is engaged in the small-cap market with early-stage investments in resource and technology components. The company has a single reportable geographic segment, Canada. Pinetree's investment portfolio consists of investments, cash, cash equivalents, and cash due from brokers.

PNP has been a part of the ‘Value Portfolio’ since 29 May 2025, however, considering a decline in the share price of the stock, an ‘Exit’ is recommended from the stock at the price of CAD 13.18, (as on 18^th September 2025).

1.1 Support and Resistance Summary as provided in our last published report dated 29 May 2025.

Pinetree Capital Ltd.

2. New Entry Case: K92 Mining Inc.

Overview:

K92 Mining Inc. (TSX: KNT) owns and operates the high-grade Kainantu Gold Mine in Papua New Guinea which is currently operating at a design annualized production rate of approximately 120,000 oz AuEq per annum and is expected to produce at a run-rate of +300,000 oz AuEq per annum following its Stage 3 Expansion.

Technical Analysis: On the daily chart, the stock has been in a long-term uptrend, moving within an ascending channel. Recently, it broke down from the upper half of the channel and is now retesting the lower support zone. Additionally, RSI is at 45.56, which is neutral territory this indicates room for further downside. The key support for stock is at CAD 13.35, while the critical resistance level is at CAD 17.40.

Considering the above mentioned factors, technical analysis, support & resistance levels, an ‘Entry’ is recommended in the ‘Value Portfolio’ at the closing market price of CAD 15.41, as on (as on 18^th September 2025).

K92 Mining Inc. (TSX: KNT) has been identified as the new entry to our Value Portfolio.

2.1 Support and Resistance Summary (as on 18^th September 2025)

2.2 K92 Mining Inc.

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency as of 18^th September 2025). The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings.

Disclaimer

This information should not be relied upon as personal financial advice by Kalkine on (i) the stocks or (ii) the use or suitability of the model portfolios. Only an investor knows about their circumstances to make an investment decision.

Model Portfolio has been prepared for illustrative purpose only and does not take into account the objectives, financial situation or needs of any particular investor. Accordingly, investors should, before acting on the information, consider its appropriateness, having regard to their objectives, financial situation and needs. Past performance is not necessarily indicative of future performance results. Actual investment returns will vary, and the value of investments can go up or down.