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Downloaded from by IP Address 192.168.160.10 on 08/13 Siddharth Rajeev, B.Tech, MBA, CFA August 9, 2018 Ultra Lithium Inc. (TSXV: ULI / FSE: QFB) - Initiating Coverage: Diversified Portfolio of Lithium Assets Sector/Industry: Junior Resource www. ultralithium.com Market Data (as of August 9, 2018) Investment Highlights Current Price C$0.18 Ultra Lithium Inc. (“ULI”, “company”) holds a diversified portfolio of lithium Fair Value C$0.49 projects. Its current portfolio includes five Brine lithium properties covering over 25,000 hectares in Catamarca province, Argentina, one hard rock lithium Rating* BUY property in Ontario Canada, and one Brine lithium property in Nevada, U.S. Risk* 5 The projects in Argentina are located close to the relatively underexplored Salar 52 Week Range C$ 0.15 - C$ 0.80 de Antofalla. In 2016, AlBermarle (NYSE: ALB), the world’s largest lithium Shares O/S 70,598,582 producer, entered into an agreement to explore Salar de Antofalla, which we Market Cap C$ 12.71 mm Believe reflects the region’s prospects. Current Yield N/A A sampling program conducted By ULI in 2017, on one of its five projects, returned lithium values Between 14 ppm and 1,270 ppm lithium, with low P/E (forward) N/A magnesium / lithium ratios. P/B 3.7 x The company is conducting geophysical surveys on three of its five projects, and YoY Return 5.9 % expects to commence a drill program in Q4-2018. YoY TSXV -8. 5% The 100% owned Georgia Lake project holds a spodumene type hard rock *see Back of report for rating and risk definitions. lithium deposit. Exploratory short drill holes in 2017 intersected 1.42% lithium * All figures in C$ unless otherwise specified. oxide over 5 meters in one hole. A unique aspect of ULI is its relationship with a technology partner in China, which claims to have a proven economically viaBle, and environmentally friendly process, to manufacture Battery-grade lithium carBonate. Management, the Board, and key investors, own approximately 56% of the total outstanding shares – aligning their interest with investors. We are initiating coverage on ULI with a BUY rating and a fair value estimate of $0.49 per share. Risks The value of the company is highly dependent on lithium prices. The company’s projects in Argentina are in early stages. Exploration and development risks. The company’s projects in Argentina do not have a NI 43-101 compliant resource estimate. Exchange rate risks. 2018 Fundamental Research Corp. “15+ Years of Bringing Undiscovered Investment Opportunities to the Forefront” www.researchfrc.com PLEASE READ THE IMPORTANT DISCLOSURES AT THE BACK OF THIS REPORT Downloaded from www.hvst.com by IP address 192.168.160.10 on 09/29/2021 Page 2 Background The company was incorporated in Vancouver, BC, in NovemBer 2004, as a numBered company. Its name was changed a few times - to Argentor Resources Ltd. in July 2005, to Jantar Resources Ltd. in January 2006, and to the current name of Ultra Lithium Inc. in August 2009. The team is currently headed By CEO, Dr. Weiguo Lang, B.Eng., D.Eng., and Vice President, Exploration, Afzaal Pirzada, M.Sc. (Geology), P.Geo. Both of them joined the company in 2016. Dr. Lang is the single largest individual shareholder with 10.09 million shares, or 14.3% of the total outstanding shares. Since 2016, the company has significantly expanded its portfolio and currently holds a geographically diversified portfolio of lithium exploration and development assets. The current portfolio includes five Brine lithium properties covering over 25,000 hectares in Catamarca Province, Argentina, one hard rock lithium project in Ontario Canada, and one Brine property in Nevada, U.S. In addition to the project portfolio, the company has a Memorandum of Understanding (MOU) with a Beijing, China Based technology firm that uses selective separation methods, through crystallization processes, to produce Battery grade lithium carBonate. Lithium samples from ULI’s projects will Be tested for trial production of lithium carBonate. If the tests are successful, we Believe ULI has the potential to transform into a vertically integrated lithium company, and significantly differentiate itself within the junior lithium resource sector. Overview of Lithium is primarily extracted from two sources: hard-rock (spodumene) deposits and Brine- Lithium Based deposits. Lithium hard rock deposits are commonly found in spodumene Bearing Deposits pegmatite mineral deposits. The chart Below outlines notaBle hard rock lithium deposits in the world: Source: Golden Dragon Capital Lithium Brines are accumulations of saline groundwater that contain dissolved lithium. Although Brine deposits are typically of lower grade, Brine mining is a significantly cheaper alternative to hard rock mining. The chart Below outlines notaBle lithium Brine deposits. 2018 Fundamental Research Corp. “15+ Years of Bringing Undiscovered Investment Opportunities to the Forefront” www.researchfrc.com PLEASE READ THE IMPORTANT DISCLOSURES AT THE BACK OF THIS REPORT Downloaded from www.hvst.com by IP address 192.168.160.10 on 09/29/2021 Page 3 Source: Golden Dragon Capital The chart Below demonstrates how lithium hard rock and Brine deposits are processed into end-products: How Lithium Hard Rock and Lithium Brine are Processed Source: Golden Dragon Capital The chart Below shows the cost of relatively low cost of Brines versus hard rock deposits around the world. Brine versus mineral concentrate operations 2018 Fundamental Research Corp. “15+ Years of Bringing Undiscovered Investment Opportunities to the Forefront” www.researchfrc.com PLEASE READ THE IMPORTANT DISCLOSURES AT THE BACK OF THIS REPORT Downloaded from www.hvst.com by IP address 192.168.160.10 on 09/29/2021 Page 4 Potential for Argentinian Brines are located in the “lithium triangle”, defined By high-altitude and salt flats Lithium in that lies Between Chile, Bolivia and Argentina. The lithium triangle is estimated to hold over Argentina 50% of the world’s lithium resources. Lithium Triangle Source: Economist According to the U.S. Geological Survey (USGS), Argentina ranks fifth in terms of gloBal lithium reserves, or 12.5% of the total. Chile currently Boasts the world’s largest reserves of lithium. In 2017, Chile was estimated to have 46.9% of the worlds lithium reserves, over douBle that of China, which is estimated to have the second largest lithium reserves. Source: U.S. Geological Survey, FRC In response to increasing demand, gloBal lithium production has trended higher, with supply spiking upwards Between 2009 and 2012, and again Between 2015 and 2017. Lithium production has historically Been dominated By Chile or Australia, with Australia claiming the title of largest lithium producer in 2017. Argentina is the third largest producer accounting for 2018 Fundamental Research Corp. “15+ Years of Bringing Undiscovered Investment Opportunities to the Forefront” www.researchfrc.com PLEASE READ THE IMPORTANT DISCLOSURES AT THE BACK OF THIS REPORT Downloaded from www.hvst.com by IP address 192.168.160.10 on 09/29/2021 Page 5 12.7% of gloBal production, Behind Australia (43.4%) and Chile (32.8%), in 2017. Argentina’s production grew at a rate of 6.2% p.a. from 2007 to 2017. Source: U.S. Geological Survey, FRC Lithium production in Argentina experienced a significant increase in 2016 (as shown in the chart aBove) primarily due to a change in government , which introduced several initiatives to increase foreign investment. According to BMI Research, Argentina’s production is expected to overtake Chile’s production driven By a strong project pipeline and a supportive government. Argentina’s two major producers are the Salar de HomBre Muerto (dominated By FMC Corporation / NYSE: FMC) and Salar de Olaroz (dominated By OrocoBre / ASX: ORE). The taBle Below shows typical grades: 2018 Fundamental Research Corp. “15+ Years of Bringing Undiscovered Investment Opportunities to the Forefront” www.researchfrc.com PLEASE READ THE IMPORTANT DISCLOSURES AT THE BACK OF THIS REPORT Downloaded from www.hvst.com by IP address 192.168.160.10 on 09/29/2021 Page 6 Source: Lithium Today ULI’s ULI has option agreements to acquire a 100% interest in five Brine lithium properties Argentine covering over 25,000 hectares in Catamarca province, Argentina. Projects Data Source: Company Project Location Source: www.mapcarta.com 2018 Fundamental Research Corp. “15+ Years of Bringing Undiscovered Investment Opportunities to the Forefront” www.researchfrc.com PLEASE READ THE IMPORTANT DISCLOSURES AT THE BACK OF THIS REPORT Downloaded from www.hvst.com by IP address 192.168.160.10 on 09/29/2021 Page 7 All five properties are located within the main lithium-Bearing region of South America, in the Altiplano Puna plateau (Puna), which is approximately 2,000 km long By 300 km wide area with an average elevation of 3,500 m. The projects are located approximately 40 km west of Salar de HomBre Muerto, and within, or very close to, the Salar de Antofalla, which is approximately 150 km long and 6 km wide, at elevations of 3,900 m. Location of Antofalla relative to the Salar de Hombre Muerto Source: www.mapcarta.com Salar de Antofalla is relatively less explored, But its geological characteristics are similar to other well-known salars in the region where lithium and potash are found. In 2016, Albermarle (NYSE: ALB), the world’s largest lithium producer, entered into an agreement with Bolland Minera S.A. for rights to a lithium project in Antofalla. Sources indicate that Bolland had drilled 56 Boreholes over 265 square km and defined a resource of 83Mt of potash (KCl) grading 6,400mg/l, and 2.22Mt of lithium (11.8Mt LCE) grading 350mg/l. AlBermarle Believes its project has the potential to Be the largest lithium resource in Argentina. ULI’s Amelia property occupies the northern part of Salar de Antofalla. The following image shows ULI’s projects relative to AlBermale and FMC’s projects.
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