Here are some excerpts from the 20 pg report:
Ubika Research –Initiation Report (March 7, 2011)
[Chappy skipped over the more general andreadily available RM info in the report]
Major InvestmentHighlights
What sets Rodiniaapart?
_ Cheap cost ofproduction through Brine based resource. Brine processing cost is abouthalf the cost of hard-rock based processing. Over 80% of the world’s lithiumbrine reserves contained in the Puna Plateau of Argentina, Chile and Bolivia.Approximately 50% of current world lithium production comes from the Puna Plateau.Rodinia’s flagship Salar de Diablillos project is based in the Puna Plateau.
_ Significantresource established with 4.9 million tonnes of LCE (Inferred). Bycontrast, FMC’s Hombre Muerto is estimated to have 4.5 million tonnes of LCEand Lithium America (T-LAC) has 8.0 million tonnes of LCE in its Cauchari-Olarozproperties.
_ Excellent brinechemistry of the resource in Rodinia’s Salar de Diablillos compares well(and in some instances better) to Comibol’s Uyuni (Bolivia), SQM’s Atacama(Chile) FMC’s Hombre Muerto (Argentina), Chemtall’s Silver Peak (USA), andLithium America’s Cauchari – Olaroz (Argentina).
_ Upside optionthrough its Nevada property is available to the investors. Rodinia has alarge claim package that surrounds Chemetall’s Silver Peak operations thatproduced up to 5,000 tonnes of LCE per year and is in operations since the last40 years.
_ Strategicalliance and investment by Shanshan, which is China’s largest consumer ofLithium Carbonate, brings a significant value to Rodinia. Shanshan, whichis also world’s third largest lithium-ion battery supplier, holds 7% of theshares of Rodinia and could further consolidate this relationship through afuture off-take contract.
_ Rodinia is wellfunded with approximately $18 million in proceeds raised in two financinglately. It also has no debt. The cash raise should give Rodinia enough room toproceed with its aggressive development program in 2011.
Short-TermCatalysts: Expect significant news flow in 2011
• As this report wasgoing to print, Rodinia announced its first NI 43-101 compliant resourceestimate of 4.96 million tonnes of LCE in the Inferred category. The companybelieves this is the second largest NI 43-101 compliant Lithium resource baseever prepared.
• Beyond thisannouncement, we believe that in 2011, the company will embark upon a scopingstudy and continue additional drilling to further explore at depth at itsDiablillos property.
• The company hassecured the involvement of China’s largest lithium carbonate consumer. Therelationship is poised for growth, possibly involving further investmentstowards capex and off-take agreements. This relationship also involves QuinghaiInstitute of Salt Lakes, an academic institution focused on the research anddevelopment of lithium brines in existence since the late 1960s.
• We also believe theClayton valley property will continue be in the news with an expectation ofdrilling permits being received shortly, leading to the recommencement ofdrilling and subsequently results or even an NI 43-101 resource estimate beingannounced before year-end 2011.
• With the excellentinitial NI 43-101 announcement from Rodinia, there could be further positivedevelopment that may arise from this over the course of this year and next.Similar to many other Lithium companies (producers and explorers, some of whichdo not even have a resource estimate), Rodinia may sign a long-term off-takecontract that further partially de-risks its eventual transformation into aproducing company. Other potential catalysts of its 2011 announcement couldplace Rodinia as an attractive takeover candidate.
High-PotentialProjects: Exposure to low-risk, high-quality
deposits
Currently, Rodinia hasLithium projects in both North and South America that are in
relative politicalrisk-free areas. Below, we list Rodinia’s collection of properties:
Rodinia LithiumPropertis
Country-Project (StateProvince) – Size (Hectares)– Ore Type – Notes
Argentina – Salar deDiabillos (Salta)- ~6,000 – Li Brine – 1.5% NSR on 2700 ha.
Argentina – Salar deSalinas Grandes (Jujuy)- 4,500 – Li Brine – N/A
Argentina – Salar deCentenario (Salta) – 682 – Li Brine – 1% NSR
Argentina – Salar deRatones (Salta) – 600 – Li Brine – N/A
USA – Clayton Valley(Nevada) - >70,000 (acres) – Li Brine – 3% Li2C03 royalty.
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Analysis andConclusion
Rodinia Lithium offersan excellent play on the Lithium story, which will continue to gain momentum inlight of the Green Automobile Initiative of the U.S. Administration andcontinued turbulence surrounding oil prices and related political risks.Rodinia, through its high potential properties in politically stable, miningfriendly jurisdictions, is a good candidate for significant growth in thecoming years.
Its brine-basedLithium properties have the potential to offer a lower production cost, peggingit at the lower end of the cost curve that may shield it from any significant fluctuationsin the Lithium price movements.
Recent drill resultsgave a strong indication that the Diablillos property has a rich lithiumdeposit, which is open along strike and depth. The 2011 development programwill continue to add value to the project by demonstrating that the very largeresource is amenable to conventional processing and a low cost producer. All thisdevelopment, along with the company’s efforts to conclude a scoping study within2011, may, we believe, result in a potential re-rating of the stock that will significantlybenefit investors of Rodinia Lithium.