**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

**FORM      20-F**

**ANNUAL      REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF      1934**
**FOR      THE FISCAL YEAR ENDED December 31, 2005**

**000-51389**
** **

**RODINIA      MINERALS, INC.**

**Province      of British Columbia**

**Suite      600, 580 Hornby Street, Vancouver, British Columbia, V6C      3B6**
** **

| Title                of each Class |   | Name                of each exchange on which registered |
|------------------------------------|--------|----------------------------------------------------------|
|  Common                       |   | Toronto                Stock Exchange - Venture     |

**Common      shares without par value**

**None**

** **

** **
**xx**

**Item      17   **
**xx**
**        Item      18 ______**

----

**TABLE      OF CONTENTS**

|                                                                         |                                                                        |   |
|------------------------------------------------------------------------------|-----------------------------------------------------------------------------|--------|
| Forward-Looking                Statements                                    | 4                                                                           |
| Glossary                of Mining Terms                                      | 5                                                                           |
| Item                1. Identity of Directors, Senior Management and Advisers | 9                                                                           |
| Item                2. Offer Statistics and Expected Timetable               | 10                                                                          |
| Item                3. Key Information                                       | 11                                                                          |
|                                                                         | A.                  Selected Financial Data                                 | 11     |
|                                                                         | Exchange                  Rates                                             | 12     |
|                                                                         | Rate                  of Currency Exchange                                  | 13     |
|                                                                         | LOANS                  PAYABLE                                              | 13     |
|                                                                         | Convertible                  Debt                                           | 13     |
|                                                                         | Financings                                                                  | 14     |
|                                                                         | C.                  Reasons for the Offer and Use of Proceeds.              | 16     |
|                                                                         | D.                  Risk factors                                            | 16     |
| Item                4. Information on the Company                            | 22                                                                          |
|                                                                         | A.                  Corporate Information                                   | 22     |
|                                                                         | B.                  Business Overview                                       | 22     |
| Item                5. Operating and Financial Review and Prospects          | 33                                                                          |
|                                                                         | A.                  Operating Results                                       | 33     |
|                                                                         | U.S.                  and Canadian GAAP Differences                         | 34     |
|                                                                         | B.                  Liquidity and Capital Resources                         | 38     |
|                                                                         | C.                  Research and Development, Patents and Licenses, etc.    | 40     |
|                                                                         | D.                  Trend Information                                       | 40     |
|                                                                         | E.                  Off-balance Sheet Arrangements.                         | 41     |
|                                                                         | F.                  Tabular Disclosure of Contractual Obligations           | 41     |
|                                                                         | G.                  Safe Harbor                                             | 41     |
| Item                6. Directors, Senior Management and Employees            | 41                                                                          |
|                                                                         | A.                  Directors and Senior Management                         | 41     |
|                                                                         | C.                  Board Practices                                         | 48     |
|                                                                         | D.                  Employees                                               | 50     |
|                                                                         | E.                  Share Ownership                                         | 50     |
|                                                                         | Item                  7. Major Shareholders and Related Party Transactions  | 50     |
|                                                                         | A.                  Major Shareholders                                      | 50     |
|                                                                         | B.                  Related Party Transactions.                             | 51     |
|                                                                         | C.                  Interests of Experts and Counsel                        | 52     |
| Item                8. Financial Information                                 | 52                                                                          |
|                                                                         | A.                  Consolidated Statements and Other Financial Information | 52     |
|                                                                         | B.                  Significant Changes                                     | 52     |
| Item                9. The Offer and Listing                                 | 52                                                                          |
|                                                                         | A.                  Offer and Listing Details                               | 52     |
|                                                                         | B.                  Plan of Distribution                                    | 53     |
|                                                                         | C.                  Markets                                                 | 53     |
|                                                                         | D.                  Selling Shareholders                                    | 53     |
|                                                                         | E.                  Dilution                                                | 53     |
|                                                                         | F.                  Expenses of the Issue                                   | 53     |

----

| Item                10. Additional Information                                     | 54                                                                                                        |
|------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------|
|                                                                               | A.                  Share Capital                                                                         | 54 |
|                                                                               | B.                  Memorandum and Articles of Association                                                | 60 |
|                                                                               | C.                  Material Contracts                                                                    | 64 |
|                                                                               | D.                  Exchange Controls                                                                     | 66 |
|                                                                               | E.                  Taxation                                                                              | 69 |
|                                                                               | F.                  Dividends and Paying Agents                                                           | 77 |
|                                                                               | G.                  Statement by Experts                                                                  | 77 |
|                                                                               | H.                  Documents on Display                                                                  | 77 |
|                                                                               | I.                  Subsidiary Information                                                                | 77 |
| Item                11. Quantitative and Qualitative Disclosures About Market Risk | 78                                                                                                        |
| Item                12. Description of Securities Other than Equity Securities     | 78                                                                                                        |
|                                                                               | A.                  Debt Securities                                                                       | 78 |
|                                                                               | B.                  Warrants and Rights                                                                   | 78 |
|                                                                               | C.                  Other Securities                                                                      | 81 |
|                                                                               | D.                  American Depositary Shares                                                            | 81 |
| Item                17 and 18 Financial Statements                                 | 81                                                                                                        |
| CONSOLIDATED                FINANCIAL STATEMENTS                                   | 81                                                                                                        |
|                                                                               | AUDITORS’                  REPORT                                                                   | 81 |
|                                                                               | COMMENTS                  BY AUDITORS FOR U.S. READERS ON CANADA-U.S. REPORTING                  CONFLICT | 82 |
| SIGNATURES                                                                         | 120                                                                                                       |
| Item                19. Exhibits                                                   | 121                                                                                                       |

----

**Forward-Looking      Statements**

**Cautionary      Note to U.S. Investors Concerning Estimates of Measured and Indicated Mineral      Resources**

**Glossary      of Mining Terms**

| **Archean**      | Of                or belonging to the earlier of the two divisions of Precambrian time,                from                approximately 3.8 to 2.5 billion years ago, marked by an atmosphere                with                little free oxygen, the formation of the first rocks and oceans,                and the                development of unicellular life. Of or relating to the oldest known                rocks,                those of the Precambrian Eon, that are predominantly igneous in                composition.                                                                                                                                      |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| **Assaying**     | Laboratory                examination that determines the content or proportion of a specific                metal                (ie: gold) contained within a sample.  Technique usually involves                firing/smelting.                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| **Conglomerate** | A                coarse-grained clastic sedimentary rock, composed of rounded to subangular                fragments larger than 2 mm in diameter (granules, pebbles, cobbles,                boulders) set in a fine-grained matrix of sand or silt, and commonly                cemented by calcium carbonate, iron oxide, silica, or hardened clay;                the                consolidated equivalent of gravel. The rock or mineral fragments                may be of                varied composition and range widely in size, and are usually rounded                and                smoothed from transportation by water or from wave                action. |

----

|                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Cratons**                          | Parts                of the Earth's crust that have attained stability, and have been                little                deformed for a prolonged period.                                                                                                                                                                                                                                                                                                                                |
|                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Development                Stage** | A                “development stage” project is one which is undergoing preparation of an                established commercially mineable deposit for its extraction but                which is                not yet in production. This stage occurs after completion of a feasibility                study.                                                                                                                                                              |
|                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Dolomite                Beds**     | Dolomite                beds are associated and interbedded with limestone, commonly representing                postdepositional replacement of limestone.                                                                                                                                                                                                                                                                                                                                |
|                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Doré**                        | unrefined                gold bullion bars containing various impurities such as silver, copper                and                mercury, which will be further refined to near pure                gold.                                                                                                                                                                                                                                                                                 |
|                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Dyke                or Dike**      | A                tabular igneous intrusion that cuts across the bedding or foliation                of the                country rock.                                                                                                                                                                                                                                                                                                                                                    |
|                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Exploration                Stage** | An                “exploration stage” prospect is one which is not in either the development                or production stage.                                                                                                                                                                                                                                                                                                                                               |
|                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Fault**                            | A                break in the continuity of a body of rock. It is accompanied by a                movement                on one side of the break or the other so that what were once parts                of one                continuous rock stratum or vein are now separated. The amount of                displacement of the parts may range from a few inches to thousands                of                feet.                                                                |
|                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Feldspathic**                      | Said                of a rock or other mineral aggregate containing                feldspar.                                                                                                                                                                                                                                                                                                                                                                                               |
|                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Fold**                             | a                curve or bend of a planar structure such as rock strata, bedding                planes,                foliation, or cleavage                                                                                                                                                                                                                                                                                                                                             |
|                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Foliation**                        | A                general term for a planar arrangement of textural or structural features                in any type of rock; esp., the planar structure that results from                flattening of the constituent grains of a metamorphic                rock.                                                                                                                                                                                                                       |
|                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Formation**                        | a                distinct layer of sedimentary rock of similar                composition.                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Gabbro**                           | A                group of dark-colored, basic intrusive igneous rocks composed principally                of basic plagioclase (commonly labradorite or bytownite) and clinopyroxene                (augite), with or without olivine and orthopyroxene; also, any member                of                that group. It is the approximate intrusive equivalent of basalt.                Apatite                and magnetite or ilmenite are common accessory                minerals. |
|                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Geochemistry**                     | the                study of the distribution and amounts of the chemical elements in                minerals, ores, rocks, solids, water, and the                atmosphere.                                                                                                                                                                                                                                                                                                               |
|                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Geophysicist**                     | one                who studies the earth; in particular the physics of the solid earth,                the                atmosphere and the earth’s magnetosphere.                                                                                                                                                                                                                                                                                                                  |
|                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Geotechnical**                     | the                study of ground stability.                                                                                                                                                                                                                                                                                                                                                                                                                                              |

----

|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Gneiss**                              | A                foliated rock formed by regional metamorphism, in which bands or                lens-shaped strata or bodies of rock of granular minerals alternate                with                bands or lens-shaped strata or bodies or rock in which minerals having                flaky or elongate prismatic habits predominate.                                                                                          |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| **Granitic**                            | Pertaining                to or composed of granite.                                                                                                                                                                                                                                                                                                                                                                                   |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| **Heap                Leach**           | a                mineral processing method involving the crushing and stacking of                an ore on                an impermeable liner upon which solutions are sprayed that dissolve                metals                such as gold and copper; the solutions containing the metals are                then                collected and treated to recover the metals.                                                    |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| **Intrusions**                          | Masses                of igneous rock that, while molten, were forced into or between other                rocks.                                                                                                                                                                                                                                                                                                                      |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| **Kimberlite**                          | A                blue/gray igneous rock that contains olivine, serpentine, calcite                and                silica and is the principal original environment of                diamonds.                                                                                                                                                                                                                                      |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| **Lamproite**                           | Dark-colored                igneous rocks rich in potassium and magnesium.                                                                                                                                                                                                                                                                                                                                                             |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| **Lithospere**                          | The                solid outer portion of the Earth.                                                                                                                                                                                                                                                                                                                                                                                   |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| **Mantle**                              | The                zone of the Earth below the crust and above the core.                                                                                                                                                                                                                                                                                                                                                               |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| **Mapped                or Geological** | the                recording of geologic information such as the distribution and nature                of                rock                                                                                                                                                                                                                                                                                                         |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| **Mapping**                             | units                and the occurrence of structural features, mineral deposits, and                fossil                localities.                                                                                                                                                                                                                                                                                                 |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| **Metavolcanic**                        | Said                of partly metamorphosed volcanic rock.                                                                                                                                                                                                                                                                                                                                                                             |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| **Migmatite**                           | A                composite rock composed of igneous or igneous-appearing and/or metamorphic                materials that are generally distinguishable                megascopically.                                                                                                                                                                                                                                                 |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| **Mineral**                             | a                naturally formed chemical element or compound having a definite chemical                composition and, usually, a characteristic crystal                form.                                                                                                                                                                                                                                                       |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| **Mineralization**                      | a                natural occurrence in rocks or soil of one or more metal yielding                minerals.                                                                                                                                                                                                                                                                                                                            |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| **Mineralized                Material** | The                term “mineralized material” refers to material that is not included in the                reserve as it does not meet all of the criteria for adequate demonstration                for economic or legal extraction.                                                                                                                                                                                   |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| **Mining**                              | Mining                is the process of extraction and beneficiation of mineral reserves                to                produce a marketable metal or mineral product. Exploration continues                during the mining process and, in many cases, mineral reserves are                expanded during the life of the mine operations as the exploration                potential of the deposit is                realized. |

----

|                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|-------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Outcrop**                         | that                part of a geologic formation or structure that appears at the surface                of                the earth.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **Pipes**                           | Vertical                conduits.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **Plagioclase**                     | Any                of a group of feldspars containing a mixture of sodium and calcium                feldspars, distinguished by their extinction angles.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **Probable                Reserve** | The                term “probable reserve” refers to reserves for which quantity and grade                and/or quality are computed from information similar to that used                for                proven (measured) reserves, but the sites for inspection, sampling,                and measurement are farther apart or are otherwise less adequately                spaced.                The degree of assurance, although lower than that for proven reserves,                is                high enough to assume continuity between points of                observation.                                                                                                                                                                                                                                                                     |
|                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **Production                Stage** | A                “production stage” project is actively engaged in the process of                extraction and beneficiation of mineral reserves to produce a marketable                metal or mineral product.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **Proterozoic**                     | Of                or relating to the later of the two divisions of Precambrian time,                from                approximately 2.5 billion to 570 million years ago, marked by the                buildup                of oxygen and the appearance of the first multicellular eukaryotic                life                forms.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **Reserve**                         | The                term “reserve” refers to that part of a mineral deposit which could be                economically and legally extracted or produced at the time of the                reserve                determination. Reserves must be supported by a feasibility study                done to                bankable standards that demonstrates the economic extraction. (“Bankable                standards” implies that the confidence attached to the costs and                achievements developed in the study is sufficient for the project                to be                eligible for external debt financing.) A reserve includes adjustments                to                the in-situ tonnes and grade to include diluting materials and allowances                for losses that might occur when the material is mined. |
|                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **Sedimentary**                     | Formed                by the deposition of sediment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **Shear**                           | a                form of strain resulting from stresses that cause or tend to cause                contiguous parts of a body of rock to slide relatively to each other                in a                direction parallel to their plane of contact.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **Sill**                            | A                concordant sheet of igneous rock lying nearly horizontal. A sill                may                become a dike or vice versa.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **Strike**                          | the                direction or trend that a structural surface, e.g. a bedding or fault                plane, takes as it intersects the horizontal.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **Strip**                           | to                remove overburden in order to expose                ore.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

----

|                         |                                                                                                                                                                                                                                                                                                          |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Till**                     | Generally                unconsolidated matter, deposited directly by and underneath a glacier                without subsequent reworking by meltwater, and consisting of a mixture                of                clay, silt, sand, gravel, and boulders ranging widely in size and                shape. |
|                         |                                                                                                                                                                                                                                                                                                          |
| **Unconformably**            | Not                succeeding the underlying rocks in immediate order of age or not                fitting                together with them as parts of a continuous whole.                                                                                                                                  |
|                         |                                                                                                                                                                                                                                                                                                          |
| **Vein**                     | a                thin, sheet like crosscutting body of hydrothermal mineralization,                principally quartz.                                                                                                                                                                                        |
|                         |                                                                                                                                                                                                                                                                                                          |
| **Wall                Rock** | the                rock adjacent to a vein.                                                                                                                                                                                                                                                                   |

**PART      I**

**Item      1. Identity of Directors, Senior Management and Advisers**

**A.      Directors and Senior Management.**
*** ***

|                                                                                                    |                              |                                                                                  |
|---------------------------------------------------------------------------------------------------------|-----------------------------------|---------------------------------------------------------------------------------------|
|  Donald                MorrisonPresident                and Director                               |  56                years old | 4036                W. 12th                AvenueVancouver,                BC. V6R2P3 |
|                                                                                                    |                              |                                                                                  |
|  Donald                Mosher, Vice                President Corporate Communications and Director |  49                years old | 1785                Ross RoadNorth                Vancouver, BC. V7J 1V8              |
|                                                                                                    |                              |                                                                                  |
|  Ken                Thorsen,Vice                President Exploration, Director                    |  59                years old | 1936                Eureka AvenuePort                Coquitlam, BC. V3C 5P5           |
|                                                                                                    |                              |                                                                                  |
|  Robert                Pirooz, Director                                                            |  42                years old | 150                Tolmie AvenueVancouver,                B.C. V6R 4B5                |

**B.**
*** ***
**Advisers.**

**C.      Auditors.**
*** ***

----

**Item      2. Offer Statistics and Expected Timetable**

----

**Item      3. Key Information**

**A.      Selected Financial Data**
** **

|                                  |   | 2005   |       | 2004   |   | 2003       |   | 2002   |       | 2001   |   |
|---------------------------------------|--------|--------|------------|--------|--------|------------|--------|--------|------------|--------|--------|
| Interest                  Revenue     |   |   |       |   |   |            |   |   |            |   |   |  |   |   |  |   |
| Canadian                  GAAP        |   | $      | 55,613     |   | $      | 1,035      |   | $      | 12         |   | $      | 14 |   | $ | 79 |   |
| United                  States GAAP   |   | $      | 55,613     |   | $      | 1,035      |   | $      | 12         |   | $      | 14 |   | $ | 79 |   |
|                                  |   |   |       |   |   |       |   |   |       |   |   |   |   |   |   |   |
| Total                  Assets         |   |   |       |   |   |       |   |   |       |   |   |   |   |   |   |   |
| Canadian                  GAAP        |   | $      | 5,764,231  |   | $      | 456,618    |   | $      | 652        |   | $      | 2,315 |   | $ | 985,898 |   |
| United                  States GAAP   |   | $      | 4,634,788  |   | $      | 82,337     |   | $      | 652        |   | $      | 2,315 |   | $ | 2,399 |   |
|                                  |   |   |       |   |   |       |   |   |       |   |   |   |   |   |   |   |
| Net                  (Loss)           |   |   |       |   |   |       |   |   |       |   |   |   |   |   |   |   |
| Canadian                  GAAP        |   | $      | (830,112   | )      | $      | (362,534   | )      | $      | (154,427   | )      | $      | (1,015,682 | ) | $ | (657,964 | ) |
| United                  States GAAP   |   | $      | (1,565,385 | )      | $      | (736,815   | )      | $      | (154,427   | )      | $      | (32,183 | ) | $ | (47,886 | ) |
|                                  |   |   |       |   |   |       |   |   |       |   |   |   |   |   |   |   |
| Shareholders'                  Equity |   |   |       |   |   |       |   |   |       |   |   |   |   |   |   |   |
| Canadian                  GAAP        |   | $      | 5,681,115  |   | $      | 181,863    |   | $      | (41,638    | )      | $      | (141,068 | ) | $ | 874,614 |   |
| United                  States GAAP   |   | $      | (3,959,672 | )      | $      | (192,418   | )      | $      | (41,638    | )      | $      | (141,068 | ) | $ | (108,885 | ) |
|                                  |   |   |       |   |   |       |   |   |       |   |   |   |   |   |   |   |
| Share                  Capital        |   |   |       |   |   |       |   |   |       |   |   |   |   |   |   |   |
| Canadian                  GAAP        |   | $      | 17,743,495 |   | $      | 13,179,357 |   | $      | 12,793,357 |   | $      | 12,613,357 |   | $ | 12,613,357 |   |
| United                  States GAAP   |   | $      | 17,743,495 |   | $      | 13,179,357 |   | $      | 12,793,357 |   | $      | 12,613,357 |   | $ | 12,613,357 |   |

----

|                                          |   |   |       |   |   |     |   |   |    |   |   |    |   |   |     |   |
|-----------------------------------------------|--------|--------|------------|--------|--------|----------|--------|--------|---------|--------|--------|---------|--------|--------|----------|--------|
| Net                  (Loss) Per Share         |   |   |       |   |   |     |   |   |    |   |   |    |   |   |     |   |
| Canadian                  GAAP                |   |   | ($0.08     | )      |   | ($0.08   | )      |   | ($0.02  | )      |   | ($0.08  | )      |   | ($0.06   | )      |
| United                  States GAAP           |   |   | ($0.15     | )      |   | ($0.16   | )      |   | ($0.05  | )      | $      | 0.00    |   | $      | 0.00     |   |
|                                          |   |   |       |   |   |          |   |   |         |   |   |         |   |   |          |   |
| Cash                  Provided                |   |   |       |   |   |     |   |   |    |   |   |    |   |   |     |   |
| Canadian                  GAAP                |   | $      | (461,144   | )      | $      | (93,697  | )      | $      | (80,680 | )      |   | (93,067 | )      |   | (94,527  | )      |
| United                  States GAAP           |   | $      | (1,234,898 | )      | $      | (467,978 | )      | $      | (80,680 | )      |   | (26,585 | )      |   | (32,973  | )      |
|                                          |   |   |       |   |   |     |   |   |    |   |   |    |   |   |     |   |
| Investing                  Activity           |   |   |       |   |   |     |   |   |    |   |   |    |   |   |     |   |
| Canadian                  GAAP                |   | $      | (773,754   | )      | $      | (374,281 | )      |   | -       |   | $      | (66,482 | )      | $      | (127,500 | )      |
| United                  States GAAP           |   | $      | (773,754   | )      |   | -        |   |   | -       |   |   | -       |   |   | -        |   |
|                                          |   |   |       |   |   |     |   |   |    |   |   |    |   |   |     |   |
| Dividends                  Declared Per Share |   |   |       |   |   |     |   |   |    |   |   |    |   |   |     |   |
| Canadian                  GAAP                |   |   | NIL        |   |   | NIL      |   |   | NIL     |   |   | NIL     |   |   | NIL      |   |
| United                  States GAAP           |   |   | NIL        |   |   | NIL      |   |   | NIL     |   |   | NIL     |   |   | NIL      |   |

**Exchange      Rates**

| Year                Ended December 31, |
|----------------------------------------|
| Year                                   | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 |
| Average                for Period      | 1.1615 | 1.2034 | 1.2923 | 1.5800 | 1.5925 | 1.4995 |

|                           |                Month                Ended |
|--------------------------------|------------------------------------------------|
|  Month                    | June                                           | May | April | March | February | January |
|  Year                     | 2006                                           | 2006 | 2006 | 2006 | 2006 | 2006 |
| High                for Period | 1.1241                                         | 1.1232 | 1.1718 | 1.1722 | 1.1577 | 1.1726 |
| Low                for Period  | 1.0991                                         | 1.0989 | 1.1203 | 1.1320 | 1.1401 | 1.1436 |

----

|  Month                    | December | November | October | September | August | July   |
|--------------------------------|----------|----------|---------|-----------|--------|--------|
|  Year                     | 2005     | 2005     | 2005    | 2005      | 2005   | 2004   |
| High                for Period | 1.1736   | 1.1960   | 1.1887  | 1.1880    | 1.2185 | 1.2437 |
| Low                for Period  | 1.1507   | 1.1656   | 1.1657  | 1.1607    | 1.1888 | 1.2048 |

**Rate      of Currency Exchange**

**B.      Capitalization and Indebtedness**

|                                                            |   |    | **2005**  |   |   | **2004**  |   |
|-----------------------------------------------------------------|--------|---------|----------------|--------|--------|----------------|--------|
| Unsecured                  loans payable, non-interest bearing, |   | $       | -              |   | $      | -              |   |
| no                  specified terms of repayment                |   |    |           |   |   | 135,535        |   |
|                                                            |   | $  |  NIL      |   | $      | 135,535        |   |

**Convertible      Debt**

|                                                            |   |   | **2004**  |   |   | **2003**  |   |
|-----------------------------------------------------------------|--------|--------|----------------|--------|--------|----------------|--------|
| Unsecured                  bridge loan payable, due on demand   |   | $      | -              |   | $      | -              |   |
| Unsecured                  loans payable, non-interest bearing, |   |   |           |   |   |           |   |
| no                  specified terms of repayment                |   |   | 135,535        |   |   | 675            |   |
|                                                            |   | $      | 135,535        |   | $      | 675            |   |

----

**Financings**
** **

**1.      Private Placement of 2,000,000 Units **
**March      9, 2005**

**2.      Private Placement of 4,108,785 Units October 31, 2005 **

----

**3.      Private Placement of 800,000 Units December 01, 2005**

**Subsequent      Events**

**Private      Placement of 1,000,000 Units Announced May 10, 2006**

----

* *

**C.      Reasons for the Offer and Use of Proceeds.**

**D.      Risk factors**

**Overview:      General Considerations**

----

* *

** **
** **

**Additional      Risks**

----

----

----

----

* *

*Regulation*
*SEC*

*Securities      Exchange Act of 1934*
*Regulation*

*Regulation*

----

**Item      4. Information on the Company**

**A.      Corporate Information**

*Company*
*Western      Premium Resource Corp.*

*Zodiac      Exploration Corp.*

*Donnybrook      Resources, Inc.*

**B.      Business Overview**

*****

----

*4,960,000      *

| **Tier                1 Minimum Listing Requirements Mining Issuers****(as                at September 28, 2005)** |
|--------------------------------------------------------------------------------------------------------------------|
| **Net                Tangible Assets**                                                                             | $2,000,000 |
| **Property                or Reserves**                                                                            | Material                Interest in a Tier 1 Property |
| **Prior                Expenditures**                                                                              | No                requirement |
| **Recommended                Work Program**                                                                        | $500,000                on the Tier 1 Property (as recommended by Geological Report) |
| **Working                Capital and Financial Resources**                                                         | Adequate                for: Work program + 18 mos. G&A(1)                +                18 mos. property payments to keep Tier 1 Property and Exploration                “Principal Properties” in good standing +$100,000                unallocated |
| **Earnings                or Revenue**                                                                             | No                requirement |
| **Distribution,                Market Capitalization and Float**                                                   | $1,000,000                held by Public Shareholders 1,000,000                free trading public shares 200                Public Shareholders with a Board Lot and no Resale Restrictions                10%                Public Float 20%                of issued and outstanding shares in the hands of Public Shareholders |
| **Other                Criteria**                                                                                  | Geological                Report recommending completion of work program or positive feasibility                study or production levels exhibiting a likelihood of positive cash                flow                Sponsor                Report may be required |

----

|   | · | www.tsx.com/en/aboutUs/CADx/ |
|--------|--------|------------------------------|

|   | · | www.tsx.com/en/pdf/TSXandTSXVenture_MiningListingRequirements.pdf |
|--------|--------|-------------------------------------------------------------------|

**Past      Projects and Operations **

| **Exploration                expenditures**     |   | **2002** |        |
|-------------------------------------------------|--------|----------|-------------|
|                                            |   |     |        |
| North                Rock Property              |   |     |        |   |
| Acquisition                costs                |   |     | 875,000.00  |   |
| Geological                                      |   |     | 23,390.00   |   |
| Field                work                       |   |     | 4,770.00    |   |
| Travel                & others              |   |     | 1,848.00    |   |
| Staking                                         |   |     | 18,400.00   |   |
| Recovery                of costs                |   |     | (6,391.00   | ) |
| Write                down of resource property  |   |     | (917,017.00 | ) |
|                                            |   |     |        |   |
| Wyoming                Property                 |   |     |        |   |
| Acquisition                costs                |   |     | 625,000.00  |   |
| Claims                registration and staking  |   |     | 60,660.00   |   |
| Geological                                      |   |     | 24,374.00   |   |
| Travel                                          |   |     | 4,620.00    |   |
| Equipment                rental & surveying |   |     | 2,550.00    |   |
| Miscellaneous                                   |   |     | 5,277.00    |   |
| Supplies                                        |   |     | 1,368.00    |   |
| Recovery                of acquisition costs    |   |     | (190,091.00 | ) |
| Write                down of resource property  |   |     | (533,758.00 | ) |

----

**Past      **
**Current      **
**Projects      and Operations**

**Overview:      Workman Creek Project & Mormon Lake Project**
**Overview:**
**Workman      Creek Project**

----

**The      Workman Creek Property**

**Exploration      History at**
**Workman      Creek**

----

**Property      Report on **
**Workman      Creek **

*“None      of the historical estimates of tonnage and grade of the Workman Creek uranium      deposit comply with NI #43-101 regulations, since they were made long before      the      implementation of the instrument. The estimates are relevant only for their      historical interest and as an indication of uranium mineralization of interest      in place. These calculations although believed to be reliable, are historical      and do not comply with NI #43-101 standards because they do not meet CIM      definitions or use CIM terminology. It is likely that the estimates would fall      into the category of indicated mineral resource as set out in NI      #43-101.”*

**Conclusions      and Recommendations from the Property Report**

----

**Exploration      Plan: Phase 1 and Phase 2 Exploration at Workman Creek as Recommended in Dr.      Montgomery’s Property Report**

**Exploration      Expenditures At Workman Creek up to December 31, 2005**

**(All      figures are in Canadian dollars):**

|                                                          |   |   | **31                  - Dec -                  2005 **   |   |   | **31                  - Dec -                  2004 **   |   |
|---------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------|--------|
| Cooper                  Property (Workman Creek Project $CAD) |   |   |                                                                    |   |   |                                                                    |   |
| Property                  acquisition                         |   | $      | 85,000                                                                  |   | $      | -                                                                       |   |
| Property                  deposit                             |   |   | 41,162                                                                  |   |   | 42,500                                                                  |   |
| Advanced                  Royalty                             |   |   | 30,283                  -                                               |   |   |                                                                    |   |
| Assays                                                        |   |   | 5,134                  -                                                |   |   |                                                                    |   |
| Claims                                                        |   |   | 68,978                                                                  |   |   | 39,334                                                                  |   |
| Consulting                                                    |   |   | 212,494                                                                 |   |   | 56,705                                                                  |   |
| Equipment                  rental                             |   |   | 77,048                                                                  |   |   | 34,398                                                                  |   |
| Field                  expenses                               |   |   | 60,712                                                                  |   |   | 1,263                                                                   |   |
| General                  and administration                   |   |   | 69,665                                                                  |   |   | 16,625                                                                  |   |
| Reports                  and maps                             |   |   | 12,712                                                                  |   |   | 12,712                                                                  |   |
| Site                  visits                                  |   |   | 15,824                                                                  |   |   | 6,088                                                                   |   |
| Staking                  program                              |   |   | 164,656                                                                 |   |   | 164,656                                                                 |   |
| Total                                                         |   |   | 534,945                                                                 |   |   | 374,281                                                                 |   |
|                                                          |   |   |                                                                    |   |   |                                                                    |   |
| Total                  Resource Properties                    |   | $      | 843,668                                                                 |   | $      | 374,281                                                                 |   |

----

**Overview:      Lucky Boy Mine - Uranium Project**

*Material      Contracts”*

----

**Overview:      The Patriot Option**

**Drilling      Commences on Mormon Lake Property **

**Exploration      Expenditures By Rodinia at Mormon Lake up to December 31,      2005**

| 2005                                                       |   | Mormon                  Lake Arizona |    |
|------------------------------------------------------------|--------|--------------------------------------|---------|
|                                                       |   |                                 |    |
| Mineral                  properties, beginning of the year |   | $                                    | -       |   |
|                                                       |   |                                 |    |   |
| Cost                  incurred during the year:            |   |                                 |    |   |
| Acquisition                  costs                         |   |                                 | -       |   |
| Advanced                  royalty                          |   |                                 | -       |   |
| Property                  deposit                          |   |                                 | -       |   |
| Property                  advances                         |   |                                 | 16,409  |   |
| Assaying                                                   |   |                                 | -       |   |
| Consulting                                                 |   |                                 | -       |   |
| Claims                  maintenance                        |   |                                 | 91,306  |   |
| Field                  equipment and supplies              |   |                                 | -       |   |
| Field                  work, labour and supplies           |   |                                 | -       |   |
| General                  and administration                |   |                                 | -       |   |
| Site                  visits                               |   |                                 | -       |   |
| Staking                  programs                          |   |                                 | 92,613  |   |
|                                                       |   |                                 |    |   |
| Mineral                  properties, end of the year       |   | $                                    | 200,328 |   |

----

**Overview      of the Uranium Industry **

----

----

**Item      5. Operating and Financial Review and Prospects**

**A.      Operating Results**

----

**U.S.      and Canadian GAAP Differences**

***Year      ended December 31, 2005***

|   | (i) | Stock-based                compensation (Note 8) of $240,720 from $183, 770 on December 31,                2004 to                $424,490 on December 31, 2005; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Accounting,                audit and legal fees of $57, 428 from $65,051 on December 31, 2004                to                $122,479 December 31, 2005; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | Management                and consulting fees (Note 11(a)) of $82,057 from $50,123 on December                31,                2004 to $132,180 on December 31,                2005; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | Travel                and shareholder information of $53,129 from $15,403 on December 31,                2004                to $68,532 on December 31, 2005; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | Office                and rent (Note 11(b)) of $13,173 from $12,317 on December 31, 2004                to                $25,490 on December 31, 2005; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | Transfer                agent fees of $51,397 from $22,880 on December 31, 2004 to $74,277                on                December 31, 2005; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | Amortization                of $5,079 to December 31, 2005. |
|--------|-------|-------------------------------------------------------------|

*Financings,      Principal Purposes and Milestones*

----

----

**Year      ended December 31, 2004**

|   | (i) | Stock                based compensation of $110,183, from $73,857 on December 31, 2003                to $183,                770 on December 31, 2004; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Accounting,                audit and legal fees of $52,788, from $12,263 on December 31, 2003                to                $65,051 on December 31, 2004; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | Management                fees of $7,236, from $28,264 on December 31, 2003 to $35,500 on December                31, 2004; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | Filing                fees and services of $343, from $19,718 on December 31, 2003 to $19,375                on                December 31, 2004; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | Travel                and shareholder information of $15,404 to December 31,                2004; |
|--------|-----|---------------------------------------------------------------------------------------------------|

|   | (vi) | Finder’s                fee of $14,025 to December 31,                2004; |
|--------|------|-----------------------------------------------------------------------------------|

|   | (vii) | Consulting                fees of $11,623 to December 31,                2004; |
|--------|-------|--------------------------------------------------------------------------------|

|   | (viii) | Office,                rent, sundry of $201, from $9,109 on December 31, 2003 to $9,310                on                December 31, 2004; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ix) | Transfer                agent fees of ($1,609), from $5,114 on December 31, 2003 to $3,505                on                December 31, 2004; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (x) | Directors’                Fees of $3000 to December 31, 2004; |
|--------|-----|---------------------------------------------------------------------|

|   | (xi) | Communications                of ($1,575), from $4,370 on December 31, 2003 to $2,319 on December                31,                2004; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xii) | Bank                charges and interest of ($1,057), from $1,744 on December 31, 2003                to $687                on December 31, 2004. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------|

*Financings,      Principal Purposes and Milestones*

| 1. | 800,000                units at $0.18 per unit for total proceeds of $144,000. Each unit                consisted of one common share and one share purchase warrant that                entitled                the holder to purchase an additional common share for $0.23 up to                and                including March 16, 2005. In connection with this private placement,                125,216 share purchase warrants were issued as finders’ fees. Each share                purchase warrant entitled the holder to purchase an additional common                share for $0.23 up to and including March 16, 2005. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | 824,000                units at $0.25 per unit for total proceeds of $206,000. Each unit                consisted of one common share and one share purchase warrant that                entitled                the holder to purchase an additional common share for $0.35 up to                and                including September 27, 2005. In connection with this private placement,                64,400 share purchase warrants were issued as finders’ fees. Each share                purchase warrant entitled the holder to purchase an additional common                share for $0.35 up to and including September 27,                2005. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

***Year      ended December 31, 2003***

*Financings,      Principal Purposes and Milestones*

----

**Year      ended December 31, 2002**

**B.      Liquidity and Capital Resources**

***Year      ended December 31, 2005***

----

***Year      ended December 31, 2004***

----

***Year      ended December 31, 2003***

***Year      ended December 31, 2002***

**C.      Research and Development, Patents and Licenses, etc.**

**D.      Trend Information**

----

**E.      Off-balance Sheet Arrangements**

**F.      Tabular Disclosure of Contractual Obligations**

**G.      Safe Harbor**

**Item      6. Directors, Senior Management and Employees**

**A.      Directors and Senior Management**

|  **Name                and Residence of Directors and Present Offices                Held**                                               |  **Principal                Occupation or employment and, if not a previously elected director,                occupation during the past 5 years**                                                                                                                             |  **Date                Elected or****Appointed                a Director** |
|------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|
|  **Donald                Morrison**(1)Vancouver,                BCDirector                and President                                   |  President                of the Company since August 2003. Director                of the Company since November 1995                                                                                                                                                     |  November                2, 1995 to the present                            |
|  **Donald                Mosher**(1)North                Vancouver, BCDirector                and Vice President Corporate Communications |  Vice                President Corporate Communications since December 8, 2003. Financial                consultant since 2003.Principal                of B&D Capital Partners. Mr. Mosher has been with B&D Capital                Partners for the past 5 years |  December                8, 2003 to the present                            |
|  **Ken                Thorsen**(1)Port                Coquitlam, B.C.Director                and Vice President Exploration          |  Vice                President Exploration since February 1, 2005. Geological Engineer.                President of Thorsen Consulting Ltd. from 2002 to the present. Retired                from                a 21 year career with Teck Cominco Ltd.                        |  November                1, 2004 to the present                            |
|  **Robert                Pirooz****(1)**Director                (appointed AGM June 10, 2005)                                        |  Mining                Company Senior Executive. Mr. Pirooz is a lawyer and was called to                the                British Columbia Bar in 1990.                                                                                                                       |  June                10, 2005 to the present                               |
|                                                                                                                                           |                                                                                                                                                                                                                                                                                 |                                                                            |

----

**Executive      Officers of the Company **

**Don      Morrison**

**Don      Mosher**

**Ken      Thorsen**

----

**Robert      Pirooz**

**B.**
**Compensation      Executive Officers of the Company **

**Summary      Compensation Table**

| Name                and Principal                Position                                         | Year(1)                      | Annual                Compensation                                                             | Long                Term Compensation                     | All                other Compensa-tion($)                      |
|---------------------------------------------------------------------------------------------------|------------------------------|------------------------------------------------------------------------------------------------|-----------------------------------------------------------|----------------------------------------------------------------|
| Awards                                                                                            | Payouts                      |
| Salary                ($)                                                                         | Bonus($)                     | Amounts                paid in lieu of salaries for consulting functions(2)                ($) | Securities                Under Option/ SAR's granted (#) | Restricted                Shares or Restricted Share Units ($) | LTIP                Payouts ($) |
| Donald                Morrison President & CEO                                                | 200520042003                 | Nil                                                                                            | Nil                                                       | $56,250                                                        |                    575,000(3)150,000 | Nil | Nil |                   $2,000(4)$1,000 |
|                                                                                              | 2002                         | Nil                                                                                            | Nil                                                  |                                                           | 175,000  | Nil  | Nil  | Nil  |
|                                                                                              |                         | Nil                                                                                            | Nil                                                  |                                                           | Nil  | Nil | Nil  | Nil  |
| Donald                MosherVice                President Corporate Communications and Acting CFO | 20052004                2003 | Nil                                                                                            | Nil                                                       | $43,000(5)$6,000                                               | 245,000113,000 | NilNil | NilNil |                    $2,000(6)$1,000 |
|                                                                                              |  2002              | N/A                                                                                       | N/A                                                  | N/A                                                       | N/A  | N/A  | N/A  | N/A  |
|                                                                                              |                         |                                                                                           |                                                      |                                                           |   |   |   |   |
| Ken                ThorsenDirector                and Vice President Exploration                  | 2005                         | NIL                                                                                            | NIL                                                       | NIL                                                            |  75,000                 25,000 | NIL | NIL | NIL |
|                                                                                              |                         |                                                                                           |                                                      |                                                           |   |   |   |   |
| Robert                PiroozDirector                                                              |                         | NIL                                                                                            | NIL                                                       | NIL                                                            | 100,000                 25,000 | NIL | NIL | NIL |

----

| (3)                  In fiscal 2005 Don Morrison was granted options:                                                                                 | 285,000                  @ $0.72 Expires 28-Nov-10 |   |   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------|--------|--------|--------|
|                                                                                                                                                  | 135,000                  @ $0.70 Expires31-Aug-10  |   |   |   |
|                                                                                                                                                  | 155,000                  @ 0.92 Expires 20-Mar-07  |   |   |   |
|                                                                                                                                                  | (Re-priced                  from $1.00)            |   |   |   |
|                         TOTAL | 575,000                  GRANTED                   |   |   |   |

| (5)                  In fiscal 2005 Donald Mosher was granted options:                                                                                | 50,000                  @ $0.72 Expires 28-Nov-10  |   |   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------|--------|--------|--------|
|                                                                                                                                                  | 135,000                  @ $0.70 Expires 31-Aug-10 |   |   |   |
|                                                                                                                                                  | 60,000                  @ $0.92 Expires 20-Mar-07  |   |   |   |
|                                                                                                                                                  | (Re-priced                  from $1.00)            |   |   |   |
|                         TOTAL | 245,000                  GRANTED                   |   |   |   |

**Long      Term Incentive Plan (LTIP) Awards **

**Option      and Stock Appreciation Rights (SARs) **

----

***Option/SAR      Grants During the Most Recently Completed Financial Year***

|                                               |  **2005**                                |   |  **2004**                                |
|----------------------------------------------------|-----------------------------------------------|--------|-----------------------------------------------|
| Assumptions:                                       |                                          |   |                                          |
| Expected                  life                     | 2                  -                  5 years |   | 2                  -                  5 years |
| Expected                  dividend yield           |  0%                                      |   |  0%                                      |
| Risk-free                  interest rate           | 3.2%                  - 3.8%                  |   | 2.0%                                          |
| Expected                  volatility               | 109%                  - 177%                  |   | 94%                  - 134%                   |
| Results:                                           |                                          |   |                                          |
| Fair                  value of each option granted | $0.55                  - $0.88                |   |  $0.29                  - $0.68          |

| Name                                                       | Securities                  Under Options/SAR's Granted(#)             | %                  of Total Options/SAR's Granted to in Fiscal Year | Exercise                  or Base Price(1)                  ($/Security)        | Market                  Value of Securities Underlying Options/SAR's on Date of Grant ($/Security) | Expiration                  Date                                                                                                                               |
|------------------------------------------------------------|------------------------------------------------------------------------|---------------------------------------------------------------------|---------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Donald                  Morrison 2004  2005 |   50,000                  100,000 285,000135,000155,000 |  12.89%                  25.77%  22.8%10.8%12.4%     |  $0.30                  $1.00  $0.72$                  0.70$0.92 |  $0.30$1.00  $0.72$0.69$1.25                                                        |  April                  13, 2009 Nov 26**,**2006  Nov                  28, 2010Aug                  31, 2010 March                  20, 2007    |
| Donald                  Mosher 2004 2005         | 70,000                  43,000 50,000135,00060,000                |   18.04%                  11.08% 4%10.8%4.8%         |  $0.30                  $0.60 $0.72$0.70$0.92                         |  $0.30                  $0.60 $0.72$0.69$1.25                                            |  April                  13, 2009 November 4, 2006 November                  28, 2010August                  31, 2010 March                  20, 2007 |
| Ken                  Thorsen2004   2005     | 25,00020,000 75,00025,000                                         | 6.44%5.15% 4.5%2%                                              | $0.60$0.92 $0.92$0.70                                                      | $0.68$0.68 $0.68$0.69                                                                         |  November                  4, 2006November                  24, 2006 March                  20, 2007August                  31, 2010                 |
| Rober                  Pirooz2005                          | 100,00025,000                                                          | 6%2%                                                                | $0.92$0.70                                                                      | $0.68$0.69                                                                                         | March                  20, 2007August                  31, 2010                                                                                                |
| Walter                  Brooks(2)2004                      |  25,000                                                           |  6.44%                                                         |  $0.30                                                                     |  $0.30                                                                                        |  April                  13, 2009                                                                                                                          |

|   | (1) | The                exercise price of stock options is determined by the Board of Directors                in                accordance with TSX Venture Exchange                policies. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | Mr.                Brooks is a former Director who was not reappointed to the board                at the                Company’s AGM on June 10, 2005 |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

***Aggregated      Option/SAR Exercises During the Most Recently Completed Financial Year and      Financial Year-End Option/SAR Values***

| Name                (a)                  | Securities                Acquired on Exercise (#) (1)                (b) | Aggregate                Value Realized ($) (c) | Unexercised                Options/SARs at financial year end (#) (2)                Exercisable/ Unexercisable (d) | Value                of Unexercised in the-Money Options/SARs at Financial Year End ($)                (2)(3)                Exercisable/ Unexercisable (e) |
|------------------------------------------|---------------------------------------------------------------------------|-------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Donald                Morrison 2004 |   100,000                                                       |   $25,000                             |   225,000                                                                                                 |   $240,750                                                                                                                                        |
| 2005                                     | NIL                                                                       | NIL                                             | NIL                                                                                                                 | NIL                                                                                                                                                         |

|   | (1)              Number of common shares of the Company acquired on the exercise of              stock              options.                                                                                                                                                                                                |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (2)                As freestanding SARs have not been granted, the number of shares                shown is                related solely to stock options as at December 31, 2004.                                                                                                                                         |
|   | (3)                Value of unexercised-in-the-money options calculated using the closing                price of common shares of the Company on the TSX on December 31,                2004 (the                Company’s financial year end) of $1.07 per share, less the exercise price                per share. |

***Option      and SAR Re-pricings***

----

| Weighted                average grant or repricing date fair value   | CA                $0.55-0.88 |
|----------------------------------------------------------------------|------------------------------|
| Risk-free                interest rate                               | 3.2-3.8%%                    |
| Expected                life of options                              | 2-5                years     |
| Expected                volatility in the market price of the shares | 109-177%                     |
| Expected                dividend yield                               | 0.0%                         |

**Defined      Benefit or Actuarial Plan **

**Termination      of Employment, Change in Responsibilities and Employment Contracts**

**Compensation      of Directors**

----

** **

**C.      Board Practices**

**Term      of Office**

**Management      Contracts**

**Audit      Committee **

*Mandate      *

*Composition      *

----

*Meetings      *

*Responsibilities      and Duties *

| (a) | Review                and update this Charter annually. |
|-----|---------------------------------------------------------|

| (b) | Review                the Company’s financial statements, MD&A and any annual and interim                earnings, press releases before the Company publicly discloses this                information and any reports or other financial information (including                quarterly financial statements), which are submitted to any governmental                body, or to the public, including any certification, report, opinion                or                review rendered by the external                auditors. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | In                consultation with the external auditors, review with management the                integrity of the Company’s financial reporting process, both internal and                external. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Consider                the external auditor’s judgments about the quality and appropriateness of                the Company’s accounting principles as applied in its financial reporting. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Consider                and approve, if appropriate, changes to the Company’s auditing and                accounting principles and practices as suggested by the external                auditors                and management. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | Review                significant judgments made by management in the preparation of the                financial statements and the view of the external auditors as to                appropriateness of such judgments. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | Following                completion of the annual audit, review separately with management                and the                external auditors any significant difficulties encountered during                the                course of the audit, including any restrictions on the scope of work                or                access to required information. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | Review                any significant disagreement among management and the external auditors                in                connection with the preparation of the financial statements. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | Review                with the external auditors and management the extent to which changes                and                improvements in financial or accounting practices have been implemented. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h) | Review                any complaints or concerns about any questionable accounting, internal                accounting controls or auditing matters. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) | Review                certification process. |
|-----|----------------------------------------------|

| (j) | Establish                a procedure for the confidential, anonymous submission by employees                of the                Company of concerns regarding questionable accounting or auditing                matters. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Composition      of the Audit Committee **

| Donald                Morrison     | Not                independent* | Financially                literate* |
|------------------------------------|---------------------------------|--------------------------------------|
| Donald                Mosher  | Not                Independent* | Financially                literate* |
| Ken                Thorsen         | Independent*                    | Financially                literate* |
| Robert                Pirooz       | Independent*                    | Financially                literate* |

|   | · | As                defined by Multilateral Instrument 52-110, *Audit                Committees*                (“MI 52-110”). |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------|

----

**Audit      Committee Oversight **

**Reliance      on Certain Exemptions **

*De      Minimis Non-audit Services*

**D.      Employees**

**Directors:      **

**E.      Share Ownership**

**Item      7. Major Shareholders and Related Party Transactions**

----

**A.      Major Shareholders**

**B.      Related Party Transactions**

**For      the year ended December 31, 2005**

**For      the year ended December 31, 2004**

**For      the Year Ended December 31, 2003**

**For      the Year Ended December 31, 2002**

----

**C.      Interests of Experts and Counsel**

**Item      8. Financial Information**

**A.      Consolidated Statements and Other Financial Information**

*See*

**B.      Significant Changes**

**Item      9. The Offer and Listing**

**A.      Offer and Listing Details**

| **Year** | **Annual                High** | **Annual                Low** |
|----------|--------------------------------|-------------------------------|
| 2005     | $1.85                     | $0.46                         |
| 2004     | $1.49                          | $0.21                         |
| 2003     | $0.50                          | $0.01                         |
| 2002     | $0.07                          | $0.01                         |
| 2001     | $0.18                          | $0.02                         |
| 2000     | $0.37                          | $0.08                         |

| **Quarter                Ended**   | **High** | **Low** |
|------------------------------------|----------|---------|
| March                31, 2006      | $1.75    | $0.88   |
| December                31, 2005   | $1.44    | $0.77   |
| September                30, 2005  | $1.33    | $0.46   |
| June                31, 2005       | $0.85    | $0.61   |
| March                2005          | $1.85    | $1.87   |
| December                31,, 2004  | $1.49    | $0.50   |
| September                30, 2004  | $0.60    | $0.28   |
| June                31, 2004       | $0.38    | $0.28   |
| March                31, 2004      | $0.40    | $0.21   |
| December                31, 2003   | $0.50    | $0.25   |
| September                30 , 2003 | $0.27    | $0.01   |
| June                31, 2003       | $0.09    | $0.01   |
| March                31, 2003      | $0.07    | $0.02   |

----

| **Month**                     | **High** | **Low** |
|-------------------------------|----------|---------|
| June                2006      | $1.08    | $0.85   |
| May                2006       | $1.12    | $0.68   |
| April                2006     | $1.04    | $0.65   |
| March                2006     | $1.30    | $0.88   |
| February                2006  | $1.55    | $1.08   |
| January                2006   | $1.75    | $1.35   |
| December                2005  | $1.44    | $0.77   |
| November                2005  | $1.01    | $0.68   |
| October                2005   | $1.20    | $0.80   |
| September                2005 | $1.33    | $0.60   |
| August                2005    | $0.72    | $0.46   |
| July                2005      | $0.77    | $0.50   |
| June                2005      | $0.85    | $0.78   |
| May                2005       | $0.93    | $0.61   |
| April                2005     | $1.20    | $0.90   |
| March                2005     | $1.70    | $1.05   |
| February                2005  | $1.85    | $0.87   |
| January                2005   | $1.20    | $1.01   |
| December                2004  | $1.49    | $0.95   |
| November                2004  | $1.20    | $0.54   |

**B.      Plan of Distribution**

**C.      Markets**

*TSX-V*

**D.      Selling Shareholders**

**E.      Dilution**

----

**F.      Expenses of the Issue**

**Item      10. Additional Information**

**A.      **
**Share      Capital**

|                                                              |   | Number                      of  Shares |      | Amount |   |
|-------------------------------------------------------------------|--------|---------------------------------------------|-----------|--------|--------|
| Balance,                      December 31, 2003                   |   |                                        | 3,683,595 |   | $      | 12,793,357 |   |
|                                                              |   |                                        |      |   |   |   |   |
|                                                              |   |                                        |      |   |   |   |   |
| Issued                      during the year:                      |   |                                        |      |   |   |   |   |
| For                      cash:                                    |   |                                        |      |   |   |   |   |
| Private                      placements, net of share issue costs |   |                                        | 1,624,000 |   |   | 350,000 |   |
| Exercise                      of stock options                    |   |                                        | 120,000   |   |   | 30,000 |   |
| Exercise                      of warrants                         |   |                                        | 50,000    |   |   | 6,000 |   |
|                                                              |   |                                        |      |   |   |   |   |
| For                      services - finder’s fees           |   |                                        | 64,400    |   |   | - |   |
|                                                              |   |                                        |      |   |   |   |   |
| Balance,                      December 31, 2004                   |   |                                        | 5,541,995 |   | $      | 13,179,357 |   |

----

|                                                                                  |   |   |  Number                  of Shares  |   |   | Amount  |   |
|---------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------|--------|--------|--------------|--------|
| Balance,                  December 31, 2004                                           |   |   | 5,541,995                                     |   | $      | 13,179,357   |   |
| Issued                  during the year:                                              |   |   |                                          |   |   |         |   |
|                                                                                  |   |   |                                          |   |   |         |   |
| For                  cash:                                                            |   |   |                                          |   |   |         |   |
|     Private                  placements, net of share issue costs |   |   | 6,108,785                                     |   |   | 3,485,813    |   |
|     Exercise                  of                  stock options   |   |   | 43,360                                        |   |   | 12,090       |   |
|     Exercise                  of                  warrants        |   |   | 3,328,866                                     |   |   | 842,065      |   |
|     Exercise                  of                  agent options   |   |   | 32,184                                        |   |   | 20,920       |   |
|     Exercise                  of                  agent warrants  |   |   | 5,250                                         |   |   | 4,200        |   |
|                                                                                  |   |   |                                          |   |   |         |   |
| Transfers                  from contributed surplus:                                  |   |   |                                          |   |   |         |   |
|     Exercise                  of                  stock options   |   |   | -                                             |   |   | 12,257       |   |
|     Exercise                  of                  agent options   |   |   | -                                             |   |   | 42,396       |   |
|     Exercise                  of                  agent warrants  |   |   | -                                             |   |   | 6,717        |   |
|                                                                                  |   |   |                                          |   |   |         |   |
| For                  services - finder’s fees                                   |   |   | 498,277                                       |   |   | 14,025       |   |
|                                                                                  |   |   |                                          |   |   |         |   |
| For                  interest                                                         |   |   | 17,857                                        |   |   | 18,750       |   |
|                                                                                  |   |   |                                          |   |   |         |   |
| For                  conversion of debt                                               |   |   | 506,000                                       |   |   | 158,083      |   |
|                                                                                  |   |   |                                          |   |   |         |   |
| Balance,                  December 31, 2005                                           |   |   | 16,082,574                                    |   | $      | 17,743,495   |   |

**Private      Placements**

----

----

**Stock      Options**

**Revised      Stock Option Plan **

**June      10, 2005**

|                                            |   |                       Number of                          Shares     |      |  Weighted                  Average  Exercise                  Price |   |
|-------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|-----------|------------------------------------------------------------------------------------|--------|
| Outstanding,                  December 31, 2003 |   |                                                                                                                                                | 273,360   |                                                                               | $      | 0.25 |   |
| Granted                                         |   |                                                                                                                                                | 388,000   |                                                                               |   | 0.59 |   |
| Exercised                                       |   |                                                                                                                                                | (120,000  | )                                                                                  |   | 0.25 |   |
| Outstanding,                  December 31, 2004 |   |                                                                                                                                                | 541,360   |                                                                               |   | 0.49 |   |
| Granted                                         |   |                                                                                                                                                | 1,250,000 |                                                                               |   | 0.78 |   |
| Exercised                                       |   |                                                                                                                                                | (43,360   | )                                                                                  |   | 0.28 |   |
|                                            |   |                                                                                                                                                |      |                                                                               |   |   |   |
| Outstanding,                  December 31, 2005 |   |                                                                                                                                                | 1,748,000 |                                                                               |   | 0.70 |   |
|                                            |   |                                                                                                                                                |      |                                                                               |   |   |   |

|                               |  Number                  of  Shares |
|------------------------------------|-----------------------------------------------|
| December                  31, 2003 | 273,360                                       |
| December                  31, 2004 | 541,360                                       |
| December                  31, 2005 | 918,000                                       |

| Assumptions:                                                     |  **2005**                                |   |  **2004**                                      |
|------------------------------------------------------------------|-----------------------------------------------|--------|-----------------------------------------------------|
| Expected                  life                                   | 2                  -                  5 years |   |  2                  -                  5 years |
|     Expected                  dividend yield |  0%                                      |   | 0%                                                  |
|     Risk-free                  interest rate | 3.2%                  - 3.8%                  |   | 2.0%                                                |
|     Expected                  volatility     | 109%                  - 177%                  |   | 94%                  - 134%                         |
| Results:                                                         |                                          |   |                                                |
| Fair                  value of each option granted               | $0.55                  - $0.88                |   | $0.29                  - $0.68                      |

----

| Options                  Outstanding     |   |                                |   |  Options                  Exercisable                             |
|--------------------------------------------------------------|--------|-------------------------------------|--------|------------------------------------------------------------------------|
| Exercise                    Price                            |   | Number                    of Shares |   | WeightedAverage                    Remaining Contractual Life in Years |   | Weighted                  Average                    ExercisePrice |   | Number                  Exercisable                    |   | Weighted                  Average                    ExercisePrice |
| $0.25                                                        |   | 135,000                             |   | 2.7                                                                    |   | $0.20 |   | 135,000 |   | $0.20 |
| 0.30                                                         |   | 150,000                             |   | 3.3                                                                    |   | 0.30 |   | 150,000 |   | 0.30 |
| 0.60                                                         |   | 93,000                              |   | 0.8                                                                    |   | 0.60 |   | 93,000 |   | 0.60 |
| 0.70                                                         |   | 400,000                             |   | 4.9                                                                    |   | 0.70 |   | - |   | 0.70 |
| 0.72                                                         |   | 400,000                             |   | 4.7                                                                    |   | 0.72 |   | - |   | 0.72 |
| 0.80                                                         |   | 30,000                              |   | 4.8                                                               |   | 0.80 |   | - |   | 0.80 |
| 0.92                                                         |   | 540,000                             |   | 1.1                                                                    |   | 0.92 |   | 540,000 |   | 0.92 |

**Agent      options**

| Number                of                                           Exercise                Price |   |   | Units  |   |   | per                  Unit  |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|---------------------------------|--------|
| Outstanding,                  December 31, 2003 and 2004                                                                                                                                                                                                                                                                |   |   | -           |   |   | -                               |   |
| Granted                                                                                                                                                                                                                                                                                                                 |   |   | 508,159     |   | $      | 0.65                  - 0.74    |   |
| Exercised                                                                                                                                                                                                                                                                                                               |   |   | (32,184     | )      |   | 0.65                            |   |
|                                                                                                                                                                                                                                                                                                                    |   |   |        |   |   |                            |   |
| Outstanding,                  December 31, 2005                                                                                                                                                                                                                                                                         |   |   | 475,975     |   |   | 0.65                  - 0.74    |   |

|                                                   |   |   | **2004**                             |   |   | ** 2003**                                            |   |
|--------------------------------------------------------|--------|--------|-------------------------------------------|--------|--------|----------------------------------------------------------------|--------|
|                                                   |   |   | **Number****of  Options**  |   |   | **Weighted                Average                Price**  |   |   | **Number       ****of  Options  **  |   |   | **Weighted                Average                Price**  |   |
| Balance                - beginning of year   |   |   | 273,360                                   |   | $      | 0.25                                                           |   |   | 180,800 |   | $ | 0.75 |   |
| Granted                                                |   |   | 175,000                                   |   | $      | 0.30                                                           |   |   | 273,360 |   | $ | 0.25 |   |
|                                                   |   |   | 93,000                                    |   | $      | 0.60                                                           |   |   |   |   |   |   |   |
|                                                   |   |   | 120,000                                   |   | $      | 1.00                                                           |   |   |   |   |   |   |   |
| Exercised/expired                       |   |   | (120,000                                  | )      | $      | $0.25                                                          |   |   | (180,800) | ) | $ | 0.75 |   |
|                                                   |   |   | 541,360                                   |   | $      | $0.49                                                          |   |   | 273,360 |   | $ | 0.25 |   |

----

| Number  of                Options   |   |    |  Exercise                Price |   |  Grant                Date        |   |    |  Value                per share   |   |          |  Total                Value |   |  Volatility                Assumption |    |
|---------------------------------------------------------|--------|---------|-------------------------------------|--------|----------------------------------------|--------|---------|--------------------------------------------------|--------|---------------|----------------------------------|--------|--------------------------------------------|---------|
|  175,000                                           |   | $  |  0.30                          |   |  April                13, 2004    |   |  $ |  0.29                                       |   | $        |  50,750                     |   |  134                                  | %  |
|  96,000                                            |   | $  |  0.60                          |   | November                5, 2004        |   |  $ |  0.68                                       |   |          | 63,420                           |   |  94                                   | %  |
|  120,000                                           |   | $  |  1.00                          |   |  November                29, 2004 |   |  $ |  0.58                                       |   |          |  69,600                     |   |  100                                  | %  |
|                                                    |   |    |                                |   |                                   |   |    |                                             |   | $   |  183,770                    |   |                                       |    |

**Share      Purchase Warrants **

|                                        |   | Number                     |       | Purchase                  Price |   |
|---------------------------------------------|--------|----------------------------|------------|---------------------------------|--------|
|                                        |   | of                  Shares |       | per                  Share      |   |
| Balance,                  December 31, 2003 |   |                       | 1,000,000  |                            | $      | 0.15 |   |
| Issued                                      |   |                       | 1,813,616  |                            |   | 0.23                  - 0.35 |   |
| Exercised                                   |   |                       | (50,000    | )                               |   | 0.15 |   |
|                                        |   |                       |       |                            |   |   |   |
| Balance,                  December 31, 2004 |   |                       | 2,763,616  |                            |   | 0.15                  - 0.35 |   |
|                                        |   |                       |       |                            |   |   |   |
| Issued                                      |   |                       | 5,661,533  |                            |   | 0.30                  - 1.10 |   |
| Exercised                                   |   |                       | (3,328,866 | )                               |   | 0.15                  - 0.80 |   |
|                                        |   |                       |       |                            |   |   |   |
| Balance,                  December 31, 2005 |   |                       | 5,096,283  |                            |   | 0.80                  - 1.10 |   |

----

**Agent      warrants**

|                                                          |   |   | Number                  ofShares                    |   |   | Purchase                  Price                    perShare |   |
|----------------------------------------------------------|--------|--------|----------------------------------------------------------|--------|--------|-------------------------------------------------------------|--------|
|                                                     |   |   |                                                     |   |   |                                                        |   |
| Outstanding,                  December 31, 2003 and 2004 |   |   | -                                                        |   |   | -                                                           |   |
| Granted                                                  |   |   | 615,605                                                  |   | $      | 0.80                  - 1.10                                |   |
| Exercised                                                |   |   | (5,250                                                   | )      |   | 0.80                                                        |   |
|                                                     |   |   |                                                     |   |   |                                                        |   |
| Outstanding,                  December 31, 2005          |   |   | 610,355                                                  |   |   | 0.80                  - 1.10                                |   |

**Contributed      Surplus**

|                                                                       |   | **2005** |      | **2004** |   |
|----------------------------------------------------------------------------|--------|----------|-----------|----------|--------|
|                                                                       |   |     |      |     |   |
| Balance,                  beginning of year                                |   | $        | 257,627   |     | $      | 73,857 |   |
| Stock-based                  compensation (Note 8)                         |   |     | 424,490   |     |   | 183,770 |   |
| Fair                  value of agent options and warrants (Note 6)         |   |     | 826,371   |     |   | - |   |
| Transfer                  to share capital upon exercise of stock options  |   |     | (12,257   | )        |   | - |   |
| Transfer                  to share capital upon exercise of agent options  |   |     | (42,396   | )        |   | - |   |
| Transfer                  to share capital upon exercise of agent warrants |   |     | (6,717    | )        |   | - |   |
|                                                                       |   |     |      |     |   |   |   |
| Balance,                  end of year                                      |   | $        | 1,447,118 |     | $      | 257,627 |   |

----

**B.      Memorandum and Articles of Association**

**17.2      Restrictions on Voting by Reason of Interest**

**13.5      Remuneration of Directors **

**8.      BORROWING POWERS**

|  | (1) | borrow                money in the manner and amount, on the security, from the sources                on the                terms and condition that they consider                appropriate; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | issue                bonds, debentures and other debt obligations either outright or as                security for any liability or obligation of the Company or any other                person and at such discounts or premiums and on such other terms                as they                consider appropriate; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (3) | guarantee                the repayment of money by any other person or the performance of                any                obligation of any other person; and |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (4) | mortgage,                charge, whether by the way of specific or floating charge, grant                a                security interest in, or give other security on, the whole or any                part of                the present and future assets and undertaking of the                Company. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**13.4      Qualifications of Directors**

*Business      Corporations Act*

**Disclosure      of Interest of Directors**

*Business      Corporations Act *
*Act*

| **17.2** | **Restrictions                on Voting by Reason of                Interest** |
|----------|--------------------------------------------------------------------------------|

| **17.3** | **Interested                Director Counted in Quorum** |
|----------|----------------------------------------------------------|

----

**Rights,      Preferences and Restrictions attaching to each class of      shares**

**Changing      the Rights of Holders of the Company’s Stock**

**Annual      General Meetings and Extraordinary General Meetings**

***Annual      General Meeting***

***Notice***

| **10.3** | **Calling                of Meetings****of Shareholders** |
|----------|-----------------------------------------------------------|

| **10.4** | **Notice                for Meetings****of Shareholders** |
|----------|-----------------------------------------------------------|

| 10.4.1 | if                and for so long as the Company is a public company, 21                days; |
|--------|-----------------------------------------------------------------------------------------------|

----

| 10.4.2 | otherwise,                10 days. |
|--------|------------------------------------|

| **10.5** | **Record                Date for Notice** |
|----------|-------------------------------------------|

*Business      Corporations Act*

| 10.5.1 | if                and for so long as the Company is a public company, 21                days; |
|--------|-----------------------------------------------------------------------------------------------|

| 10.5.2 | otherwise,                10 days. |
|--------|------------------------------------|

| **10.6** | **Record                Date for Voting** |
|----------|-------------------------------------------|

*Business      Corporations Act*

| **10.7** | **Failure                to Give Notice and Waiver of                Notice** |
|----------|-------------------------------------------------------------------------------|

| **10.8** | **Notice                of Special Business at Meeting****s                of Shareholders** |
|----------|----------------------------------------------------------------------------------------------|

| 10.8.1 | state                the general nature of the special business;                and |
|--------|-------------------------------------------------------------------------------------|

| 10.8.2 | if                the special business includes considering, approving, ratifying,                adopting                or authorizing any document or the signing of or giving of effect                to any                document, have attached to it a copy of the document or state that                a copy                of the document will be available for inspection by                shareholders: |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.8.2.1 | at                the Company’s records office, or at such other reasonably accessible                location in British Columbia as is specified in the notice;                and |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.8.2.2 | during                statutory business hours on any one or more specified days before                the day                set for the holding of the meeting. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

***Quorum***

| **11.3** | **Quorum** |
|----------|------------|

| **11.4** | **One                Shareholder May Constitute                Quorum** |
|----------|-------------------------------------------------------------------------|

**Limitations      on the right to own securities**

**C.      Material Contracts**

**Lucky      Boy Uranium Project agreement with Golden Patriot, Corp.**

**October      26, 2004 Letter of Intent with Cooper Minerals Inc**
**.**

| 1. | On                execution of the Letter of Intent (LoI), $42,500 to Cooper (paid); |
|----|--------------------------------------------------------------------------------------|

----

| 2. | On                the earlier of (1) 60 days after the date of the LoI and (2) 5 business                days after the acceptance by the TSXV of the Claims as a “Tier 1                Property”, $42,500 to Cooper, as reimbursement of the balance of expenses                (paid after year end); |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | On                the “Closing Date”, $50,000 to Cooper; |
|----|----------------------------------------------------------------------|

| 4. | The                funds necessary to initiate the preparatory work to carry out the                first                phase of the exploration program recommended in Dr. Montgomery’s report                must be advanced to Cooper upon receipt by the Company of an acceptable                budget with respect to such preparatory work, and the balance of                funds                necessary to carry out the first phase of such exploration program                (currently estimated to be $200,000) must be advanced to Cooper within                5                business days of receipt by the Company of copies of all permits                required                to permit the balance of such first phase to be carried out; |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | An                aggregate US$2,000,000 in expenditures in connection with maintaining,                exploring, developing or equipping any one or more of the Claims                (or any                additional properties covered by section 6 of the QD&RRI (“Additional                Properties”)) for commercial production must be incurred as follows: |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | i. | on                or before the first anniversary of the date of this LoI, not less                than an                aggregate US$350,000; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii. | on                or before the second anniversary of the date of this LoI, not less                than an                aggregate US$850,000; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iii. | on                or before the third anniversary of the date of this LoI, not less                than an                aggregate US$1,400,000; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iv. | on                or before the fourth anniversary of the date of this LoI, not less                than an                aggregate US$2,000,000; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | On                the Closing Date, 2,500,000 of the Company’s Common Shares must be issued                to the direction of Cooper; |
|----|----------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | On                the Closing Date, the Company must accept the subscription (at a                subscription price of $10), by way of private placement subscription                agreement in standard form executed by the “Vendors”, for, and issue to                the “Vendors”, non-transferable share purchase warrants (the “Warrants”)                entitling the purchase by each of the two “Vendors” of 750,000 Common                Shares of the Company at a price per share equal to the greater of                (1)                $0.01 in excess of the closing price of the Company’s shares on the TSXV                on the day prior to the announcement of a “Transaction” (as that term is                defined in the Underlying Agreement), and (2) the price of any financing                completed by the Company concurrently with the Transaction, exercisable                for a period of 5 years from the Closing Date; and |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | On                the Closing Date, all of Cooper’s obligation under the Underlying                Agreement, including, without limitation, the obligation to make                Advance                Royalty Payments under the QD&RRI, must be assumed. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | i. | Receipt                of TSX Venture Exchange (”TSX-V”) acceptance for filing of the Company’s                graduation to Tier 1 on the TSX-V; |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | ii. | Receipt                of discretionary order of the BC Securities Commission permitting                the                issuance of the Company’s shares to the directors of Cooper in                circumstances where the claims are being acquired by DPRI; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | iii. | Receipt                of TSX-V acceptance for filing of the claims as a “Tier 1 property”. |
|--|------|---------------------------------------------------------------------------------------------------------|

----

**D.      Exchange Controls**

| (a) | an                individual, other than a Canadian, who is a national of a WTO member                (such                as, for example, the United States), or who has the right of permanent                residence in relation to that WTO                member; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | governments                of WTO members; and |
|-----|------------------------------------------------|

| (c) | entities                that are not Canadian controlled, but which are WTO investor controlled,                as determined by rules specified in the                ICA. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (a) | the                effect of the investment on the level and nature of economic activity                in                Canada, including the effect on employment, on resource processing,                and on                the utilization of parts, components and services produced in                Canada; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | the                effect of the investment on exports from                Canada; |
|-----|------------------------------------------------------------------------------------|

| (c) | the                degree and significance of participation by Canadians in the Canadian                business and in any industry in Canada of which it forms a                part; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | the                effect of the investment on productivity, industrial efficiency,                technological development, product innovation and product variety                in                Canada; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (e) | the                effect of the investment on competition within any industry or industries                in Canada; |
|-----|------------------------------------------------------------------------------------------------------------------------|

| (f) | the                compatibility of the investment with national industrial, economic                and                cultural policies; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | the                compatibility of the investment with national industrial, economic                and                cultural policies taking into consideration industrial, economic                and                cultural objectives enunciated by the government or legislature of                any                province likely to be significantly affected by the investment;                and |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h) | the                contribution of the investment to Canada’s ability to compete in world                markets. |
|-----|-------------------------------------------------------------------------------------------------------------------------|

**E.      Taxation**

----

***U.S.      Holders***

***Distribution      on Common Shares of the Company***

----

***Foreign      Tax Credit***

----

***Disposition      of Common Shares of the Company***

***Other      Considerations***

**Foreign      Personal Holding Company**

**Foreign      Investment Company**

----

**Passive      Foreign Investment Company**

----

----

----

**Controlled      Foreign Company**

***Canadian      Federal Income Tax Consequences***

**Dividends**

----

**Disposition      of Common Shares**

**F.      Dividends and Paying Agents**

**G.      Statement by Experts**
** **

----

**H.      Documents on Display**

**I.      Subsidiary Information**

**Item      11. Quantitative and Qualitative Disclosures About Market      Risk**

**Item      12. Description of Securities Other than Equity Securities**

**A.      Debt Securities**

**B.      Warrants and Rights**

***Year      ended December 31, 2005***

----

----

**Share      Purchase Warrants **

|                                        |   | Number                     |       | Purchase                  Price |   |
|---------------------------------------------|--------|----------------------------|------------|---------------------------------|--------|
|                                        |   | of                  Shares |       | per                  Share      |   |
|                                        |   |                       |       |                            |   |
| Balance,                  December 31, 2003 |   |                       | 1,000,000  |                            | $      | 0.15 |   |
|                                        |   |                       |       |                            |   |   |   |
| Issued                                      |   |                       | 1,813,616  |                            |   | 0.23                  - 0.35 |   |
| Exercised                                   |   |                       | (50,000    | )                               |   | 0.15 |   |
|                                        |   |                       |       |                            |   |   |   |
| Balance,                  December 31, 2004 |   |                       | 2,763,616  |                            |   | 0.15                  - 0.35 |   |
|                                        |   |                       |       |                            |   |   |   |
| Issued                                      |   |                       | 5,661,533  |                            |   | 0.30                  - 1.10 |   |
| Exercised                                   |   |                       | (3,328,866 | )                               |   | 0.15                  - 0.80 |   |
|                                        |   |                       |       |                            |   |   |   |
| Balance,                  December 31, 2005 |   |                       | 5,096,283  |                            |   | 0.80                  - 1.10 |   |

**Agent      warrants**

|                                                     |   |                         |    | Purchase                   |   |
|----------------------------------------------------------|--------|------------------------------|---------|----------------------------|--------|
|                                                     |   | Number                    of |    | Price                  per |   |
|                                                     |   | Shares                       |    | Share                      |   |
| Outstanding,                  December 31, 2003 and 2004 |   |                         | -       |                       |   | - |   |
| Granted                                                  |   |                         | 615,605 |                       | $      | 0.80                  - 1.10 |   |
| Exercised                                                |   |                         | (5,250  | )                          |   | 0.80 |   |
|                                                     |   |                         |    |                       |   |   |   |
| Outstanding,                  December 31, 2005          |   |                         | 610,355 |                       |   | 0.80                  - 1.10 |   |

***Year      ended December 31, 2004***

----

|                                             |   |   | **2004**                                          |   |   | ** 2003**                                            |   |
|--------------------------------------------------|--------|--------|--------------------------------------------------------|--------|--------|----------------------------------------------------------------|--------|
|                                             |   |   | **Number of                Warrants **  |   |   | **Weighted                Average                Price**  |   |   | **Number                of Warrants**  |   |   |   | **Weighted                Average                Price**  |   |
| Balance                - beginning of year  |   |   | 1,000,000                                              |   | $      | 0.15                                                           |   |   | 150,000 |   |   | $ | 3.33 |   |
|     Granted             |   |   | 925,216                                                |   | $      | 0.23                                                           |   |   | 100,000,000 |   |   | $ | 0.15 |   |
|                                             |   |   | 888,400                                                |   | $      | 0.35                                                           |   |   |  |   |   | $ |  |   |
| Exercised/expired                      |   |   | (50,000                                                | )      | $      | 0.15                                                           |   |   | (150,000 | ) |   | $ | 3.33 |   |
|                                             |   |   | 2,763,616                                              |   | $      | 0.49                                                           |   |   | 273,360 |   |   | $ | 0.25 |   |

**C.      Other Securities**

**D.      American Depositary Shares**

**PART      II**

**PART      III**

----

**Item        17 and 18 Financial Statements**

**CONSOLIDATED        FINANCIAL STATEMENTS**

----

**AUDITORS’        REPORT**
** **

|                                               |  *Manning                  Elliott LLP * |
|----------------------------------------------------|----------------------------------------------------|
|                                               | *(signed)*                                    |
| Vancouver,                  British Columbia  |                                               |
| April                  11, 2006               | CHARTERED                  ACCOUNTANTS        |
|                                               |                                               |

----

**COMMENTS        BY AUDITORS FOR U.S. READERS ON CANADA-U.S. REPORTING        CONFLICT**

|                                               |  *Manning                  Elliott LLP*   |
|----------------------------------------------------|------------------------------------------------|
|                                               | * (signed) *                         |
| Vancouver,                  British Columbia  |                                           |
| April                  11, 2006               | CHARTERED                    ACCOUNTANTS  |
|                                               |                                           |

----

**RODINIA        MINERALS INC. **

**(FORMERLY        DONNYBROOK RESOURCES INC.) **

**CONSOLIDATED        FINANCIAL STATEMENTS **

**December        31, 2004 and 2003**

----

**AUDITORS’        REPORT **

**To        the Shareholders of **

**Rodinia        Minerals Inc. **

**(formerly        Donnybrook Resources Inc.) **

|                                                              |  *N.I.                  Cameron Inc. (signed)*  |
|-------------------------------------------------------------------|-----------------------------------------------------------|
|                                                              |                                                      |
| Vancouver,                  British Columbia                 | CHARTERED                  ACCOUNTANTS               |
| March                  4, 2005                               |                                                      |
| (Except                  for Note 13 which is June 1, 2005)  |                                                      |

----

**Comments        by Auditor for US Readers on Canada-US Reporting        Difference**

*(b)*

|                                               |  *N.I.                  Cameron Inc. (signed)*  |
|----------------------------------------------------|-----------------------------------------------------------|
|                                               |                                                      |
| Vancouver,                  British Columbia  | CHARTERED                  ACCOUNTANTS               |
| March                  4, 2005                |                                                      |

----

**RODINIA        MINERALS INC. **

**(An        Exploration Stage Company)**

**CONSOLIDATED        BALANCE SHEETS**

**AS        AT DECEMBER 31, 2005 AND 2004**

**(Expressed        in Canadian Dollars)**

|                                                      |   |           |        |           |   |
|-----------------------------------------------------------|--------|----------------|-------------|----------------|--------|
|                                                      |   | **2005 ** |        | **2004 ** |   |
| **ASSETS**                                                |   |           |        |           |   |
|                                                      |   |           |        |           |   |
| CURRENT                  ASSETS                           |   |           |        |           |   |
| Cash                  and cash equivalents                |   | $              | 4,575,966   |           | $      | 69,493 |   |
| Receivables                                               |   |           | 42,969      |           |   | 2,844 |   |
| Prepaid                  expenses                         |   |           | 2,340       |           |   | 10,000 |   |
|                                                      |   |           |        |           |   |   |   |
|                                                      |   |           | 4,621,275   |           |   | 82,337 |   |
|                                                      |   |           |        |           |   |   |   |
| PROPERTY                  AND EQUIPMENT (Note 3)          |   |           | 13,513      |           |   | - |   |
| MINERAL                  PROPERTIES (Note 4)              |   |           | 1,109,554   |           |   | 374,281 |   |
| RECLAMATION                  DEPOSIT                      |   |           | 19,889      |           |   | - |   |
|                                                      |   |           |        |           |   |   |   |
|                                                      |   | $              | 5,764,231   |           | $      | 456,618 |   |
|                                                      |   |           |        |           |   |   |   |
|                                                      |   |           |        |           |   |   |   |
| **LIABILITIES**                                           |   |           |        |           |   |   |   |
|                                                      |   |           |        |           |   |   |   |
| CURRENT                  LIABILITIES                      |   |           |        |           |   |   |   |
| Accounts                  payable and accrued liabilities |   | $              | 72,026      |           | $      | 139,220 |   |
| Convertible                  debt (Note 5)                |   |           | -           |           |   | 135,535 |   |
| Due                  to related parties (Note 11(c))      |   |           | 11,090      |           |   | - |   |
|                                                      |   |           |        |           |   |   |   |
|                                                      |   |           | 83,116      |           |   | 274,755 |   |
|                                                      |   |           |        |           |   |   |   |
| **SHAREHOLDERS'                  EQUITY**                 |   |           |        |           |   |   |   |
|                                                      |   |           |        |           |   |   |   |
| CONVERTIBLE                  DEBT (Note 5)                |   |           | -           |           |   | 16,265 |   |
| SHARE                  SUBSCRIPTIONS (Note 14(a))         |   |           | 592,000     |           |   | - |   |
| SHARE                  CAPITAL (Note 6)                   |   |           | 17,743,495  |           |   | 13,179,357 |   |
| CONTRIBUTED                  SURPLUS (Note 7)             |   |           | 1,447,118   |           |   | 257,627 |   |
| DEFICIT                                                   |   |           | (14,101,498 | )              |   | (13,271,386 | ) |
|                                                      |   |           |        |           |   |   |   |
|                                                      |   |           | 5,681,115   |           |   | 181,863 |   |
|                                                      |   |           |        |           |   |   |   |
|                                                      |   | $              | 5,764,231   |           | $      | 456,618 |   |
|                                                      |   |           |        |           |   |   |   |

| Approved                  on Behalf of the Board of Directors: |
|----------------------------------------------------------------|
|                                                           |   |   |
| *“Donald                  Morrison”*               |   | *“Donald                  Mosher”* |
| Donald                  Morrison, Director                     |   | Donald                  Mosher, Director |

----

**RODINIA        MINERALS INC.**

**(An        Exploration Stage Company)**

**CONSOLIDATED        STATEMENTS OF OPERATIONS AND DEFICIT**

**FOR        THE YEARS ENDED DECEMBER 31, 2005, 2004 AND 2003**

**(Expressed        in Canadian Dollars)**

|                                                         |   | **2005** |        | **2004** |   | **2003**    |   |
|--------------------------------------------------------------|--------|----------|-------------|----------|--------|-------------|--------|
|                                                         |   |     |        |     |   |        |   |
|                                                         |   |     |        |     |   |        |   |
| REVENUES                                                     |   | $        | -           |     | $      | -           |   | $ | - |   |
|                                                         |   |     |        |     |   |        |   |   |   |   |
| EXPENSES                                                     |   |     |        |     |   |        |   |   |   |   |
| Accounting                  and legal                        |   |     | 122,479     |     |   | 65,051      |   |   | 12,263 |   |
| Amortization                                                 |   |     | 5,079       |     |   | -           |   |   | - |   |
| Finder’s                  fee                          |   |     | -           |     |   | 14,025      |   |   | - |   |
| Management                  and consulting fees (Note 11(a)) |   |     | 132,180     |     |   | 50,123      |   |   | 28,264 |   |
| Office                  and rent (Note 11(b))                |   |     | 25,490      |     |   | 12,317      |   |   | 15,223 |   |
| Stock-based                  compensation (Note 8)           |   |     | 424,490     |     |   | 183,770     |   |   | 73,857 |   |
| Transfer                  agent and regulatory fees          |   |     | 74,277      |     |   | 22,880      |   |   | 24,832 |   |
| Travel                  and promotion                        |   |     | 68,532      |     |   | 15,403      |   |   | - |   |
|                                                         |   |     |        |     |   |        |   |   |   |   |
|                                                         |   |     | 852,527     |     |   | 363,569     |   |   | 154,439 |   |
|                                                         |   |     |        |     |   |        |   |   |   |   |
| LOSS                  FOR THE YEAR BEFORE OTHER ITEMS        |   |     | (852,527    | )        |   | (363,569    | )      |   | (154,439 | ) |
|                                                         |   |     |        |     |   |        |   |   |   |   |
| OTHER                  ITEMS                                 |   |     |        |     |   |        |   |   |   |   |
| Interest                  income                             |   |     | 55,613      |     |   | 1,035       |   |   | 12 |   |
| Interest                  expense                            |   |     | (25,978     | )        |   | -           |   |   | - |   |
| Foreign                  exchange loss                       |   |     | (7,219      | )        |   | -           |   |   | - |   |
|                                                         |   |     |        |     |   |        |   |   |   |   |
|                                                         |   |     | 22,415      |     |   | 1,035       |   |   | 12 |   |
|                                                         |   |     |        |     |   |        |   |   |   |   |
| NET                  LOSS FOR THE YEAR                       |   |     | (830,112    | )        |   | (362,534    | )      |   | (154,427 | ) |
|                                                         |   |     |        |     |   |        |   |   |   |   |
| DEFICIT,                  BEGINNING OF YEAR                  |   |     | (13,271,386 | )        |   | (12,908,852 | )      |   | (12,754,425 | ) |
|                                                         |   |     |        |     |   |        |   |   |   |   |
| DEFICIT,                  END OF YEAR                        |   | $        | (14,101,498 | )        | $      | (13,271,386 | )      | $ | (12,908,852 | ) |
|                                                         |   |     |        |     |   |        |   |   |   |   |
|                                                         |   |     |        |     |   |        |   |   |   |   |
| LOSS                  PER SHARE (Note 10)                    |   |     |        |     |   |        |   |   |   |   |
| Basic                  and diluted                           |   | $        | (0.08       | )        | $      | (0.08       | )      | $ | (0.05 | ) |
|                                                         |   |     |        |     |   |        |   |   |   |   |

----

**RODINIA        MINERALS INC.**

**(An        Exploration Stage Company)**

**CONSOLIDATED        STATEMENTS OF CASH FLOWS**

**FOR        THE YEARS ENDED DECEMBER 31, 2005, 2004 AND 2003**

**(Expressed        in Canadian Dollars)**

----

|                                                                              |   | **2005** |      | **2004** |   | **2003** |   |
|-----------------------------------------------------------------------------------|--------|----------|-----------|----------|--------|----------|--------|
|                                                                              |   |     |      |     |   |     |   |
| CASH                  FROM (USED IN):                                             |   |     |      |     |   |     |   |
|                                                                              |   |     |      |     |   |     |   |
| OPERATING                  ACTIVITIES                                             |   |     |      |     |   |     |   |
| Net                  loss for the year                                            |   | $        | (830,112  | )        | $      | (362,534 | )      | $ | (154,427 | ) |
| Items                  not involving cash and cash equivalents:                   |   |     |      |     |   |     |   |   |   |   |
| Amortization                                                                      |   |     | 5,079     |     |   | -        |   |   | - |   |
| Shares                  issued for interest and services                          |   |     | 39,058    |     |   | -        |   |   | - |   |
| Stock-based                  compensation expense                                 |   |     | 424,490   |     |   | 183,770  |   |   | 73,857 |   |
|                                                                              |   |     |      |     |   |     |   |   |   |   |
|                                                                              |   |     | (361,485  | )        |   | (178,764 | )      |   | (80,570 | ) |
| Changes                  in operating assets and liabilities:                     |   |     |      |     |   |     |   |   |   |   |
| Receivables                                                                  |   |     | (40,125   | )        |   | (2,538   | )      |   | 1,058 |   |
| Prepaid                  expenses                                                 |   |     | 7,660     |     |   | (10,000  | )      |   | - |   |
| Accounts                  payable and accrued liabilities                         |   |     | (67,194   | )        |   | 97,605   |   |   | (1,168 | ) |
|                                                                              |   |     |      |     |   |     |   |   |   |   |
|                                                                              |   |     | (461,144  | )        |   | (93,697  | )      |   | (80,680 | ) |
|                                                                              |   |     |      |     |   |     |   |   |   |   |
| FINANCING                  ACTIVITIES                                             |   |     |      |     |   |     |   |   |   |   |
| Proceeds                  from common shares issued, net of share issue costs     |   |     | 5,138,281 |     |   | 386,000  |   |   | 120,000 |   |
| Proceeds                  from issuance of convertible debt                       |   |     | -         |     |   | 151,800  |   |   | - |   |
| Repayment                  of debt                                                |   |     | -         |     |   | (675     | )      |   | (39,925 | ) |
| Increase                  in due to related parties                               |   |     | 11,090    |     |   | -        |   |   | - |   |
| Proceeds                  from share subscriptions                                |   |     | 592,000   |     |   | -        |   |   | - |   |
|                                                                              |   |     |      |     |   |     |   |   |   |   |
|                                                                              |   |     | 5,741,371 |     |   | 537,125  |   |   | 80,075 |   |
|                                                                              |   |     |      |     |   |     |   |   |   |   |
| INVESTING                  ACTIVITIES                                             |   |     |      |     |   |     |   |   |   |   |
| Purchase                  of property and equipment                               |   |     | (18,592   | )        |   | -        |   |   | - |   |
| Increase                  in reclamation deposit                                  |   |     | (19,889   | )        |   | -        |   |   | - |   |
| Mineral                  property expenditures capitalized during the year        |   |     | (735,273  | )        |   | (374,281 | )      |   | - |   |
|                                                                              |   |     |      |     |   |     |   |   |   |   |
|                                                                              |   |     | (773,754  | )        |   | (374,281 | )      |   | - |   |
|                                                                              |   |     |      |     |   |     |   |   |   |   |
| INCREASE                  (DECREASE) IN CASH AND CASH EQUIVALENTS DURING THE YEAR |   |     | 4,506,473 |     |   | 69,147   |   |   | (605 | ) |
|                                                                              |   |     |      |     |   |     |   |   |   |   |
| CASH                  AND CASH EQUIVALENTS, BEGINNING OF YEAR                     |   |     | 69,493    |     |   | 346      |   |   | 951 |   |
|                                                                              |   |     |      |     |   |     |   |   |   |   |
| CASH                  AND CASH EQUIVALENTS, END OF YEAR                           |   | $        | 4,575,966 |     | $      | 69,493   |   | $ | 346 |   |
|                                                                              |   |     |      |     |   |     |   |   |   |   |
|                                                                              |   |     |      |     |   |     |   |   |   |   |
| SUPPLEMENTARY                  CASH FLOW INFORMATION                              |   |     |      |     |   |     |   |   |   |   |
|                                                                              |   |     |      |     |   |     |   |   |   |   |
| Cash                  received:                                                   |   |     |      |     |   |     |   |   |   |   |
| Interest                                                                          |   | $        | 18,869    |     | $      | -        |   | $ | - |   |
| Income                  taxes                                                     |   |     | -         |     |   | -        |   |   | - |   |
|                                                                              |   |     |      |     |   |     |   |   |   |   |
| Cash                  paid for:                                                   |   |     |      |     |   |     |   |   |   |   |
| Interest                                                                          |   |     | 945       |     |   | 1,035    |   |   | - |   |
| Income                  taxes                                                     |   |     | -         |     |   | -        |   |   | - |   |
|                                                                              |   |     |      |     |   |     |   |   |   |   |
| Non-cash                  investing and financing activities:                     |   |     |      |     |   |     |   |   |   |   |
| Shares                  issued to settle debt                                     |   |     | -         |     |   | -        |   |   | 30,000 |   |
| Shares                  issued to settle convertible debt (Note 5)                |   | $        | 158,083   |     | $      | -        |   | $ | - |   |
|                                                                              |   |     |      |     |   |     |   |   |   |   |

----

**RODINIA        MINERALS INC.**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**FOR        THE YEARS ENDED DECEMBER 31, 2005 AND 2004**

----

**RODINIA        MINERALS INC.**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**FOR        THE YEARS ENDED DECEMBER 31, 2005 AND 2004**

**2.        SIGNIFICANT ACCOUNTING POLICIES (continued)**

|  Furniture and                fixtures   |  30% |
|---------------------------------------------------------|-----------|
|  Office equipment                   |  20% |

----

**RODINIA        MINERALS INC.**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**FOR        THE YEARS ENDED DECEMBER 31, 2005 AND 2004**

|                                       |   |   |   |         |   | **2005**                      |   | **2004**                    |   |
|--------------------------------------------|--------|--------|--------|--------------|--------|-------------------------------|--------|-----------------------------|--------|
|                                       |   |   |   | Accumulated  |   | Net                      Book |   | Net                    Book |   |
|                                       |   | Cost   |   | Amortization |   | Value                         |   | Value                       |   |
|                                       |   |   |   |         |   |                          |   |                        |   |
| Furniture                    and equipment |   | $      | 13,607 |         |   |                          |   | $                           | 4,082  |   |   |   |   | $ | 9,525 |   |   |   |   | $ | - |   |
| Office                    equipment        |   |   | 4,985  |         |   |                          |   |                        | 997    |   |   |   |   |   | 3,988 |   |   |   |   |   | - |   |
|                                       |   |   |   |         |   |                          |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                       |   | $      | 18,592 |         |   |                          |   | $                           | 5,079  |   |   |   |   | $ | 13,513 |   |   |   |   | $ | - |   |

----

**Workman        Creek and Mormon Lake**

|                                                         |   | **Workman                    Creek** |    | **Mormon                    Lake** |   |      |   |   |
|--------------------------------------------------------------|--------|--------------------------------------|---------|------------------------------------|--------|-----------|--------|--------|
| **2005**                                                     |   | **Arizona**                          |    | **Arizona**                        |   | **Total** |   |   |
|                                                         |   |                                 |    |                               |   |      |   |   |
| Mineral                    properties, beginning of the year |   | $                                    | 374,281 |                               | $      | -         |   | $      | 374,281 |   |   |
|                                                         |   |                                 |    |                               |   |      |   |   |   |   |   |
| Cost                    incurred during the year:            |   |                                 |    |                               |   |      |   |   |   |   |   |
| Acquisition                    costs                         |   |                                 | 85,000  |                               |   | -         |   |   | 85,000 |   |   |
| Advanced                    royalty                          |   |                                 | 30,282  |                               |   | -         |   |   | 30,282 |   |   |
| Property                    deposit                          |   |                                 | 29,467  |                               |   | -         |   |   | 29,467 |   |   |
| Property                    advances                         |   |                                 | -       |                               |   | 16,409    |   |   | 16,409 |   |   |
| Assaying                                                     |   |                                 | 8,447   |                               |   | -         |   |   | 8,447 |   |   |
| Consulting                                                   |   |                                 | 168,607 |                               |   | -         |   |   | 168,607 |   |   |
| Claims                    maintenance                        |   |                                 | 29,644  |                               |   | 91,306    |   |   | 120,950 |   |   |
| Field                    equipment and supplies              |   |                                 | 44,727  |                               |   | -         |   |   | 44,727 |   |   |
| Field                    work, labour and supplies           |   |                                 | 67,437  |                               |   | -         |   |   | 67,437 |   |   |
| General                    and administration                |   |                                 | 60,761  |                               |   | -         |   |   | 60,761 |   |   |
| Site                    visits                               |   |                                 | 10,573  |                               |   | -         |   |   | 10,573 |   |   |
| Staking                    programs                          |   |                                 | -       |                               |   | 92,613    |   |   | 92,613 |   |   |
|                                                         |   |                                 |    |                               |   |      |   |   |   |   |   |
|                                                         |   |                                 | 534,945 |                               |   | 200,328   |   |   | 735,273 |   |   |
|                                                         |   |                                 |    |                               |   |      |   |   |   |   |   |
| Mineral                    properties, end of the year       |   | $                                    | 909,226 |                               | $      | 200,328   |   | $      | 1,109,554 |   |   |

**RODINIA        MINERALS INC.**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**FOR        THE YEARS ENDED DECEMBER 31, 2005 AND 2004**

|                                                         |   | **Workman                      Creek** |    | **Mormon                    Lake** |   |            |   |
|--------------------------------------------------------------|--------|----------------------------------------|---------|------------------------------------|--------|-----------------|--------|
| **2004**                                                     |   | **Arizona**                            |    | **Arizona**                        |   | **Total**  |   |
|                                                         |   |                                   |    |                               |   |            |   |
| Mineral                    properties, beginning of the year |   | $                                      | -       |                               | $      | -               |   | $ | - |   |
|                                                         |   |                                   |    |                               |   |            |   |   |   |   |
| Cost                    incurred during the year:            |   |                                   |    |                               |   |            |   |   |   |   |
| Property                    deposit                          |   |                                   | 42,500  |                               |   | -               |   |   | 42,500 |   |
| Claims                                                       |   |                                   | 39,334  |                               |   | -               |   |   | 39,334 |   |
| Consulting                                                   |   |                                   | 56,705  |                               |   | -               |   |   | 56,705 |   |
| Field                    equipment and supplies              |   |                                   | 34,398  |                               |   | -               |   |   | 34,398 |   |
| Field                    work, labour and supplies           |   |                                   | 1,263   |                               |   | -               |   |   | 1,263 |   |
| General                    and administration                |   |                                   | 16,625  |                               |   | -               |   |   | 16,625 |   |
| Reports                    and Maps                          |   |                                   | 12,712  |                               |   | -               |   |   | 12,712 |   |
| Site                    visits                               |   |                                   | 6,088   |                               |   | -               |   |   | 6,088 |   |
| Staking                    programs                          |   |                                   | 164,656 |                               |   | -               |   |   | 164,656 |   |
|                                                         |   |                                   |    |                               |   |            |   |   |   |   |
|                                                         |   |                                   | 374,281 |                               |   | -               |   |   | 374,281 |   |
|                                                         |   |                                   |    |                               |   |            |   |   |   |   |
| Mineral                    properties, end of the year       |   | $                                      | 374,281 |                               | $      | -               |   | $ | 374,281 |   |

----

----

**RODINIA        MINERALS INC.**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**FOR        THE YEARS ENDED DECEMBER 31, 2005 AND 2004**

----

**RODINIA        MINERALS INC.**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**FOR        THE YEARS ENDED DECEMBER 31, 2005 AND 2004**

----

**RODINIA        MINERALS INC.**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**FOR        THE YEARS ENDED DECEMBER 31, 2005 AND 2004**

|                                                            |        | Number                    of |      |   |   |
|-----------------------------------------------------------------|--------|------------------------------|-----------|--------|--------|
|                                                            |   | Shares                       |      | Amount |   |
| Balance,                    December 31, 2003                   |   |                         | 3,683,595 |   | $      | 12,793,357 |   |
|                                                            |   |                         |      |   |   |   |   |
| Issued                    during the year:                      |   |                         |      |   |   |   |   |
| For                    cash:                                    |   |                         |      |   |   |   |   |
| Private                    placements, net of share issue costs |   |                         | 1,624,000 |   |   | 350,000 |   |
| Exercise                    of stock options                    |   |                         | 120,000   |   |   | 30,000 |   |
| Exercise                    of warrants                         |   |                         | 50,000    |   |   | 6,000 |   |
|                                                            |   |                         |      |   |   |   |   |
| For                    services - finder’s fees           |   |                         | 64,400    |   |   | - |   |
|                                                            |   |                         |      |   |   |   |   |
| Balance,                    December 31, 2004                   |   |                         | 5,541,995 |   | $      | 13,179,357 |   |

**6.**
**(b)        Issued and outstanding (continued)**

|                                                            |   | Number                    of |       |   |   |
|-----------------------------------------------------------------|--------|------------------------------|------------|--------|--------|
|                                                            |   | Shares                       |       | Amount |   |
|                                                            |   |                         |       |   |   |
| Balance,                    December 31, 2004                   |   |                         | 5,541,995  |   | $      | 13,179,357 |   |
| Issued                    during the year:                      |   |                         |       |   |   |   |   |
|                                                            |   |                         |       |   |   |   |   |
| For                    cash:                                    |   |                         |       |   |   |   |   |
| Private                    placements, net of share issue costs |   |                         | 6,108,785  |   |   | 3,485,813 |   |
| Exercise                    of stock options                    |   |                         | 43,360     |   |   | 12,090 |   |
| Exercise                    of warrants                         |   |                         | 3,328,866  |   |   | 842,065 |   |
| Exercise                    of agent options                    |   |                         | 32,184     |   |   | 20,920 |   |
| Exercise                    of agent warrants                   |   |                         | 5,250      |   |   | 4,200 |   |
|                                                            |   |                         |       |   |   |   |   |
| Transfers                    from contributed surplus:          |   |                         |       |   |   |   |   |
| Exercise                    of stock options                    |   |                         | -          |   |   | 12,257 |   |
| Exercise                    of agent options                    |   |                         | -          |   |   | 42,396 |   |
| Exercise                    of agent warrants                   |   |                         | -          |   |   | 6,717 |   |
|                                                            |   |                         |       |   |   |   |   |
| For                    services - finder’s fees           |   |                         | 498,277    |   |   | 14,025 |   |
|                                                            |   |                         |       |   |   |   |   |
| For                    interest                                 |   |                         | 17,857     |   |   | 18,750 |   |
|                                                            |   |                         |       |   |   |   |   |
| For                    conversion of debt                       |   |                         | 506,000    |   |   | 158,083 |   |
|                                                            |   |                         |       |   |   |   |   |
| Balance,                    December 31, 2005                   |   |                         | 16,082,574 |   | $      | 17,743,495 |   |

----

----

**RODINIA        MINERALS INC.**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**FOR        THE YEARS ENDED DECEMBER 31, 2005 AND 2004**

**6.        SHARE CAPITAL (continued)**

**(b)        Issued and outstanding (continued)**

**(c)        Stock options**

**Stock        option activity since December 31, 2003 is presented        below:**

|                                              |   |                           |      | Weighted |   |
|---------------------------------------------------|--------|--------------------------------|-----------|----------|--------|
|                                              |   |                           |      | Average  |   |
|                                              |   | Number                      of |      | Exercise |   |
|                                              |   | Shares                         |      | Price    |   |
|                                              |   |                           |      |     |   |
| Outstanding,                    December 31, 2003 |   |                           | 273,360   |     | $      | 0.25 |   |
| Granted                                           |   |                           | 388,000   |     |   | 0.59 |   |
| Exercised                                         |   |                           | (120,000  | )        |   | 0.25 |   |
| Outstanding,                    December 31, 2004 |   |                           | 541,360   |     |   | 0.49 |   |
| Granted                                           |   |                           | 1,250,000 |     |   | 0.78 |   |
| Exercised                                         |   |                           | (43,360   | )        |   | 0.28 |   |
|                                              |   |                           |      |     |   |   |   |
| Outstanding,                    December 31, 2005 |   |                           | 1,748,000 |     |   | 0.70 |   |

|                                 | Number                    of |
|--------------------------------------|------------------------------|
|                                 | Shares                       |
|                                 |                         |
| December                    31, 2003 | 273,360                      |
| December                    31, 2004 | 541,360                      |
| December                    31, 2005 | 918,000                      |

----

**RODINIA        MINERALS INC.**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**FOR        THE YEARS ENDED DECEMBER 31, 2005 AND 2004**

**6.        SHARE CAPITAL (continued)**

**(c)        Stock options (continued)**

**The        following table summarizes the stock options outstanding at December 31,        2005:**

|     |                         |                                 |   |     |   |        |     |
|----------|------------------------------|--------------------------------------|--------|----------|--------|-------------|----------|
|     |                         | Weighted                             |   | Weighted |   |        | Weighted |
|     |                         | Average                    Remaining |   | Average  |   |        | Average  |
| Exercise | Number                    of | Contractual                    Life  |   | Exercise |   | Number      | Exercise |
| Price    | Shares                       | in                    Years          |   | Price    |   | Exercisable | Price    |
|     |                         |                                 |   |     |   |        |     |
| $0.25    | 135,000                      | 2.7                                  |   | $0.20    |   | 135,000     | $0.20    |
| 0.30     | 150,000                      | 3.3                                  |   | 0.30     |   | 150,000     | 0.30     |
| 0.60     | 93,000                       | 0.8                                  |   | 0.60     |   | 93,000      | 0.60     |
| 0.70     | 400,000                      | 4.9                                  |   | 0.70     |   | -           | 0.70     |
| 0.72     | 400,000                      | 4.7                                  |   | 0.72     |   | -           | 0.72     |
| 0.80     | 30,000                       | 4.8                                  |   | 0.80     |   | -           | 0.80     |
| 0.92     | 540,000                      | 1.1                                  |   | 0.92     |   | 540,000     | 0.92     |

**(d))        Warrants**

**Warrant        activity since December 31, 2003 is presented below:**

|                                          |   |                           |       |                              |   |
|-----------------------------------------------|--------|--------------------------------|------------|-----------------------------------|--------|
|                                          |   | Number                         |       | Purchase                    Price |   |
|                                          |   | of                      Shares |       | per                    Share      |   |
| Balance,                    December 31, 2003 |   |                           | 1,000,000  |                              | $      | 0.15 |   |
| Issued                                        |   |                           | 1,813,616  |                              |   | 0.23                      - 0.35 |   |
| Exercised                                     |   |                           | (50,000    | )                                 |   | 0.15 |   |
|                                          |   |                           |       |                              |   |   |   |
| Balance,                    December 31, 2004 |   |                           | 2,763,616  |                              |   | 0.15                    - 0.35 |   |
|                                          |   |                           |       |                              |   |  |   |
| Issued                                        |   |                           | 5,661,533  |                              |   | 0.30                      - 1.10 |   |
| Exercised                                     |   |                           | (3,328,866 | )                                 |   | 0.15                    - 0.80 |   |
|                                          |   |                           |       |                              |   |   |   |
| Balance,                    December 31, 2005 |   |                           | 5,096,283  |                              |   | 0.80                    - 1.10 |   |

**(e)        Agent options**

**During        the year ended December 31, 2005, the Company issued 508,159 agent options        to        purchase 508,159 units in connection with the financings described in notes        6(b)(iii) and (iv). Agent option activity since December 31, 2003 is presented        below:**

|                                                       |   | Number                      of |    | Exercise                    Price |   |
|------------------------------------------------------------|--------|--------------------------------|---------|-----------------------------------|--------|
|                                                       |   | Units                          |    | per                    Unit       |   |
|                                                       |   |                           |    |                              |   |
|                                                       |   |                           |    |                              |   |
| Outstanding,                    December 31, 2003 and 2004 |   |                           | -       |                              |   | - |   |
| Granted                                                    |   |                           | 508,159 |                              | $      | 0.65                    - 0.74 |   |
| Exercised                                                  |   |                           | (32,184 | )                                 |   | 0.65 |   |
|                                                       |   |                           |    |                              |   |   |   |
| Outstanding,                    December 31, 2005          |   |                           | 475,975 |                              |   | 0.65                    - 0.74 |   |

----

**RODINIA        MINERALS INC.**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**FOR        THE YEARS ENDED DECEMBER 31, 2005 AND 2004**

**6.        SHARE CAPITAL (continued)**

**During        the year ended December 31, 2005, the Company issued 615,605 agent warrants        that        may be exercised to purchase 615,605 common shares in connection with the        financings described in notes 6(b)(iii) and (iv). Agent warrant activity        since        December 31, 2003 is presented**

**below:**

|                                                       |   |                           |    | Purchase                     |   |
|------------------------------------------------------------|--------|--------------------------------|---------|------------------------------|--------|
|                                                       |   | Number                      of |    | Price                    per |   |
|                                                       |   | Shares                         |    | Share                        |   |
|                                                       |   |                           |    |                         |   |
| Outstanding,                    December 31, 2003 and 2004 |   |                           | -       |                         |   | - |   |
| Granted                                                    |   |                           | 615,605 |                         | $      | 0.80                    - 1.10 |   |
| Exercised                                                  |   |                           | (5,250  | )                            |   | 0.80 |   |
|                                                       |   |                           |    |                         |   |   |   |
| Outstanding,                    December 31, 2005          |   |                           | 610,355 |                         |   | 0.80                    - 1.10 |   |

|                                                                         |   | **2005** |            |  **2004** |    |
|------------------------------------------------------------------------------|--------|----------|-----------------|----------------|---------|
|                                                                         |   |     |            |           |    |
| Balance,                    beginning of year                                |   | $        | 257,627         |           | $       | 73,857 |   |
| Stock-based                    compensation (Note 8)                         |   |     | 424,490         |           |    | 183,770 |   |
| Fair                    value of agent options and warrants (Note 6)         |   |     | 826,371         |           |    | - |   |
| Transfer                    to share capital upon exercise of stock options  |   |     | (12,257         | )              |    | - |   |
| Transfer                    to share capital upon exercise of agent options  |   |     | (42,396         | )              |    |  - |   |
| Transfer                    to share capital upon exercise of agent warrants |   |     | (6,717          | )              |    | - |   |
|                                                                         |   | $   |  1,447,118 |           | $  |  257,627 |   |

|                                                 | **2005**                                          | **2004**                                          |
|------------------------------------------------------|---------------------------------------------------|---------------------------------------------------|
| Assumptions:                                         |                                              |                                              |
|                                                 |                                              |                                              |
| Expected                    life                     | 2                    -                    5 years | 2                    -                    5 years |
| Expected                    dividend yield           | 0%                                                | 0%                                                |
| Risk-free                    interest rate           | 3.2%                    - 3.8%                    | 2.0%                                              |
| Expected                    volatility               | 109%                    - 177%                    | 94%                    - 134%                     |
| Results:                                             |                                              |                                              |
| Fair                    value of each option granted | $0.55                    - $0.88                  | $0.29                    - $0.68                  |

----

**RODINIA        MINERALS INC.**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**FOR        THE YEARS ENDED DECEMBER 31, 2005 AND 2004**

|                                                      |   | **2005** |       | **2004** |   |
|-----------------------------------------------------------|--------|----------|------------|----------|--------|
| Future                    income tax assets:              |   |     |       |     |   |
| Non-capital                    tax losses carried forward |   | $        | 418,500    |     | $      | 373,500 |   |
| Capital                    losses carried forward         |   |     | 189,000    |     |   | 197,000 |   |
| Share                    issue costs                      |   |     | 25,000     |     |   | 4,000 |   |
| Property                    and equipment                 |   |     | 1,000      |     |   | - |   |
| Canadian                    exploration expenses          |   |     | 377,500    |     |   | 394,000 |   |
| Canadian                    development expenses          |   |     | 426,000    |     |   | 445,000 |   |
| Total                    gross future income tax assets   |   |     | 1,437,000  |     |   | 1,413,500 |   |
| Valuation                    allowance                    |   |     | (1,437,000 | )        |   | (1,413,500 | ) |
|                                                      |   |     |       |     |   |   |   |
| Net                    future income tax assets           |   | $        | -          |     | $      | - |   |

| 2006 |   | $      | 205,500 |   |
|------|--------|--------|---------|--------|
| 2007 |   |   | 248,500 |   |
| 2008 |   |   | 106,500 |   |
| 2009 |   |   | 96,000  |   |
| 2010 |   |   | 80,500  |   |
| 2014 |   |   | 134,000 |   |
| 2015 |   |   | 356,000 |   |

----

**RODINIA        MINERALS INC.**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**FOR        THE YEARS ENDED DECEMBER 31, 2005 AND 2004**

**13.        COMMITMENTS**

| 2006       |   | $      | 60,000 |
|------------|--------|--------|--------|
| 2007       |   |   | 60,000 |
| 2008       |   |   | 60,000 |
| 2009       |   |   | 20,000 |
| 2010  |   |   | -      |

----

| (a)   | Net                Loss |
|-----------------|-------------------------|

|                                                                                                                                                          |   | **2005** |       | **2004** |   | **2003** |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|------------|----------|--------|----------|--------|
|                                                                                                                                                          |   |     |       |     |   |     |   |
| Net                  loss under Canadian GAAP                                                                                                                 |   | $        | (830,112   | )        | $      | (362,534 | )      | $ | (154,427 | ) |
| Add                  (deduct):                                                                                                                                |   |     |       |     |   |     |   |   |   |   |
| Unproven                  property interests and deferred  expenditures                   incurred                  during the year and capitalized |   |     | (735,273   | )        |   | (374,281 | )      |   | - |   |
|                                                                                                                                                          |   |     |       |     |   |     |   |   |   |   |
| Loss                  and comprehensive loss under US GAAP                                                                                                    |   | $        | (1,565,385 | )        | $      | (736,815 | )      | $ | (154,427 | ) |
|                                                                                                                                                          |   |     |       |     |   |     |   |   |   |   |
| Loss                  per share under US GAAP - basic and diluted                                                                                             |   | $        | (0.15      | )        | $      | (0.16    | )      | $ | (0.05)                  (0.09 | ) |
|                                                                                                                                                          |   |     |       |     |   |     |   |   |   |   |

|                                                                                                                                                                       |   | **2005** |       | **2004** |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|------------|----------|--------|
|                                                                                                                                                                       |   |     |       |     |   |
| Mineral                  properties under Canadian GAAP                                                                                                                    |   | $        | (1,109,554 | )        | $      | 374,281 |   |
| Add                  (deduct):                                                                                                                                             |   |     |       |     |   |   |   |
| Unproven                  property interests and deferred  expenditures                   incurred                  during the year and capitalized (Note 15(a)) |   |     | (1,109,554 | )        |   | (374,281 | ) |
|                                                                                                                                                                       |   |     |       |     |   |   |   |
| Mineral                  properties under US GAAP                                                                                                                          |   | $        | -          |     | $      | - |   |
|                                                                                                                                                                       |   |     |       |     |   |   |   |

|                                                                                                                                                                       |   | **2005** |        | **2004** |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|-------------|----------|--------|
|                                                                                                                                                                       |   |     |        |     |   |
| Deficit                  under Canadian GAAP                                                                                                                               |   | $        | (14,101,498 | )        | $      | (13,271,386 | ) |
| Add                  (deduct):                                                                                                                                             |   |     |        |     |   |   |   |
| Unproven                  property interests and deferred  expenditures                   incurred                  during the year and capitalized (Note 15(a)) |   |     | (1,109,554  | )        |   | (374,281 | ) |
|                                                                                                                                                                       |   |     |        |     |   |   |   |
| Deficit                  under US GAAP                                                                                                                                     |   | $        | (15,211,052 | )        | $      | (13,645,667 | ) |
|                                                                                                                                                                       |   |     |        |     |   |   |   |

----

**RODINIA        MINERALS INC. **

**(FORMERLY        DONNYBROOK RESOURCES INC.) **

**CONSOLIDATED        FINANCIAL STATEMENTS **

**December        31, 2004 and 2003 **

----

----

**RODINIA        MINERALS INC.**

**(formerly        Donnybrook Resources Inc.)**

**CONSOLIDATED        BALANCE SHEETS **

**December        31, 2004 and 2003 **

| **ASSETS**                                                                                                                                                       |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                  |   | **2004**  |   |                    2003 |   |
| **CURRENT**                                                                                                                                                      |   |   |   |                    |   |
|                           Cash                                                                                                          |   | $ | **69,493** |   | $ | 346 |   |
|                           Accounts receivable                                                                                           |   |   | **2,844** |   |   | 306 |   |
|                           Prepaid expense                                                                                               |   |   | **10,000** |   |   | - |   |
|                                                                                                                                                                  |   |   | **82,337** |   |   | 652 |   |
| **RESOURCE                  PROPERTIES**(Note                  5)                                                                                                |   |   | **374,281** |   |   | - |   |
|                                                                                                                                                                  |   | $ | 456,618 |   | $ | 652 |   |
|                                                                                                                                                                  |   |   |  |   |   |  |   |
| **LIABILITIES**                                                                                                                                                  |
|                                                                                                                                                                  |   |   |  |   |   |  |   |
| **CURRENT**                                                                                                                                                      |   |   |   |   |   |   |   |
|                           Accounts payable (Note 9)                                                                                     |   | $ | **139,220** |   | $ | 41,615 |   |
|                           Loans payable (Note 6)                                                                                        |   |   | **135,535** |   |   | 675 |   |
|                                                                                                                                                                  |   |   | **274,755** |   |   | 42,290 |   |
|                                                                                                                                                                  |   |   |  |   |   |  |   |
| **SHAREHOLDERS’                  EQUITY (DEFICIT)**                                                                                                        |
|                                                                                                                                                                  |   |   |  |   |   |  |   |
| **CAPITAL                  STOCK**(Notes                  5, 7 and 12)                                                                                           |   |   |   |   |   |   |   |
|                           Authorized:                                                                                                   |   |   |   |   |   |   |   |
|                                     100,000,000                  common shares, without par value              |   |   |   |   |   |   |   |
|                           Issued and fully paid:                                                                                        |   |   |   |   |   |   |   |
|                                                          5,541,995 common shares (2003 - 3,683,595)  |   |   | **13,179,357** |   |   | 12,793,357 |   |
|                                                                                                                                                                  |   |   |  |   |   |  |   |
| **CONTRIBUTED                  SURPLUS**(Note                  8)                                                                                                |   |   | **273,892** |   |   | 73,857 |   |
|                                                                                                                                                                  |   |   |  |   |   |  |   |
| **DEFICIT**                                                                                                                                                      |   |   | **(13,271,386** | ) |   | (12,908,852 | ) |
|                                                                                                                                                                  |   |   | **181,863** |   |   | (41,638 | ) |
|                                                                                                                                                                  |   | $ | **456,618** |   | $ | 652 |   |
|                                                                                                                                                                  |   |   |  |   |   |  |   |
| **SUBSEQUENT                  EVENT**(Note                  12)                                                                                                  |   |   |   |   |   |   |   |

**APPROVED        ON BEHALF OF THE BOARD:**

| */s/                  Donald Morrison * | Director  |
|----------------------------------------------|----------------|
|                                         |           |
| */s/                  Donald Mosher*    | Director  |

----

**RODINIA        MINERALS INC.**

**(formerly        Donnybrook Resources Inc.)**

**CONSOLIDATED        STATEMENTS OF INCOME AND DEFICIT**

**For        the Years Ended December 31, 2004 and 2003**

|                                                                                                                    |   | **2004**  |            |                    2003 |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|----------------|-----------------|------------------------------|--------|
|                                                                                                                    |   |           |            |                         |   |
| **REVENUE**                                                                                                        |   |           |            |                    |   |
|                           Interest income                                                 |   | $              | **1,035**       |                         | $      | 12 |   |
|                                                                                                                    |   |           |                 |                         |   |  |   |
|                                                                                                                    |   |           |                 |                         |   |  |   |
| **EXPENSES**                                                                                                       |   |           |            |                         |   |   |   |
|                           Stock-based compensation (Note 7)                               |   | $              | **183,770**     |                         | $      | 73,857 |   |
|                           Accounting and legal                                            |   |           | **65,051**      |                         |   | 12,263 |   |
|                           Management fees (Note 9)                                        |   |           | **35,500**      |                         |   | 28,264 |   |
|                           Filing fees and services                                        |   |           | **19,375**      |                         |   | 19,718 |   |
|                           Travel, promotion and shareholder                  information  |   |           | **15,404**      |                         |   | - |   |
|                           Finder’s fee                                              |   |           | **14,025**      |                         |   | - |   |
|                           Consulting fees (Note 9)                                        |   |           | **11,623**      |                         |   | - |   |
|                           Office, rent and sundry                                         |   |           | **9,310**       |                         |   | 9,109 |   |
|                           Transfer agent fees                                             |   |           | **3,505**       |                         |   | 5,114 |   |
|                           Directors fees (Note 9)                                         |   |           | **3,000**       |                         |   | - |   |
|                           Communications                                                  |   |           | **2,319**       |                         |   | 4,370 |   |
|                           Bank charges and interest                                       |   |           | **687**         |                         |   | 1,744 |   |
|                                                                                                                    |   |           | **363,569**     |                         |   | 154,439 |   |
|                                                                                                                    |   |           |                 |                         |   |  |   |
| **NET                  LOSS FOR THE YEAR**                                                                         |   |           | **(362,534**    | )                            |   | (154,427 | ) |
|                                                                                                                    |   |           |                 |                         |   |  |   |
| **DEFICIT                  AT BEGINNING OF YEAR**                                                                  |   |           | **(12,908,852** | )                            |   | (12,754,425 | ) |
|                                                                                                                    |   |           |                 |                         |   |  |   |
| **DEFICIT                  AT END OF YEAR**                                                                        |   | $              | **(13,271,386** | **)**                        | $      | (12,908,852 | ) |
|                                                                                                                    |   |           |                 |                         |   |  |   |
|                                                                                                                    |   |           |                 |                         |   |  |   |
| **Loss                  per share**                                                                                |   | $              | **(0.08**       | **)**                        | $      | (0.02 | ) |

----

**RODINIA        MINERALS INC.**

**(formerly        Donnybrook Resources Inc.)**

**CONSOLIDATED        STATEMENTS OF CASH FLOWS**

**For        the Years Ended December 31, 2004 and 2003 **

|                                                                                                                                                    |   | **2004**  |         |                    2003 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------------|------------------------------|--------|
| **OPERATING                  ACTIVITIES**                                                                                                          |   |           |         |                    |   |
|                           Net loss for the year                                                                           |   | $              | **(362,534** | **)**                        | $      | (154,427 | ) |
|                           Add (deduct): items not involving cash                                                          |   |           |         |                         |   |   |   |
|                                     Stock-based                  compensation                    |   |           | **183,770**  |                         |   | 73,857 |   |
|                                                                                                                                                    |   |           | **(178,764** | )                            |   | (80,570 | ) |
|                           Changes in non-cash working capital                                                             |   |           |         |                         |   |   |   |
|                                     (Increase)                  decrease in accounts receivable  |   |           | **(2,538**   | )                            |   | 1,058 |   |
|                                     (Increase)                  decrease in prepaid expense      |   |           | **(10,000**  | )                            |   |   |   |
|                                     Increase                  (decrease) in accounts payable     |   |           | **97,605**   |                         |   | (1,168 | ) |
|                                                                                                                                                    |   |           |              |                         |   |  |   |
|                           Cash applied to operating activities                                                            |   |           | **(93,697**  | )                            |   | (80,680 | ) |
|                                                                                                                                                    |   |           |              |                         |   |  |   |
| **INVESTING                  ACTIVITIES**                                                                                                          |   |           |         |                         |   |   |   |
|                           Resource property recoveries                  (expenditures)                                    |   |           | **(374,281** | )                            |   | - |   |
|                                                                                                                                                    |   |           |              |                         |   |  |   |
|                           Cash provided by investing activities                                                           |   |           | **(374,281** | )                            |   | - |   |
|                                                                                                                                                    |   |           |              |                         |   |  |   |
| **FINANCING                  ACTIVITIES**                                                                                                          |   |           |         |                         |   |   |   |
|                           Capital stock issued for cash                                                                   |   |           | **386,000**  |                         |   | 120,000 |   |
|                           Increase (decrease) in loans payable                                                            |   |           | **151,125**  |                         |   | (39,925 | ) |
|                                                                                                                                                    |   |           |              |                         |   |  |   |
|                           Cash provided by (applied to) financing                  activities                             |   |           | **537,125**  |                         |   | 80,075 |   |
|                                                                                                                                                    |   |           |              |                         |   |  |   |
| **NET                  INCREASE (DECREASE) IN CASH**                                                                                               |   |           | **69,147**   |                         |   | (605 | ) |
|                           **DURING                  THE YEAR**                                                            |   |           |         |                         |   |   |   |
|                                                                                                                                                    |   |           |              |                         |   |  |   |
| **CASH                  AT BEGINNING OF YEAR**                                                                                                     |   |           | **346**      |                         |   | 951 |   |
|                                                                                                                                                    |   |           |              |                         |   |  |   |
| **CASH                  AT END OF YEAR**                                                                                                           |   | $              | **69,493**   |                         | $      | 346 |   |

----

**RODINIA        MINERALS INC.**

**(formerly        Donnybrook Resources Inc.)**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For        the Years Ended December 31, 2004 and 2003 **

| **1.**                       | **CONSOLIDATION**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        |
|                                        | These                  financial statements include the accounts of the Company and its                  wholly-owned subsidiary. Donnybrook Platinum Resources Inc. The                  subsidiary                  was incorporated in the State of Wyoming, U.S.A. on December 15,                  1999.                                                                                                                                                                                                          |
|                                        |
| **2.**                       | **CHANGE                  OF NAME**                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                        |
|                                        | Effective                  August 13, 2003, the Company has changed its name from Donnybrook                  Resources Inc. to Rodinia Minerals Inc.                                                                                                                                                                                                                                                                                                                                                                  |
|                                        |
| **3.**                       | **NATURE                  OF OPERATIONS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                        |
|                                        | The                  Company is in the business of exploring and acquiring its resource                  properties. As at December 31, 2004, the Company had signed a Letter                  of                  Intent for an option agreement to acquire a mineral property in                  Arizona.                                                                                                                                                                                                           |
|                                        |
|                                        | The                  recoverability of amounts shown for resource properties and related                  deferred costs is dependent upon the discovery of economically                  recoverable                  reserves, the ability of the Company to obtain necessary financing                  to                  complete the development and future profitable production from                  the                  properties or proceeds from disposition.                                           |
|                                        |
| **4.**                       | **SIGNIFICANT                  ACCOUNTING POLICIES**                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                        |
|                                        | The                  financial statements of the Company have been prepared in accordance                  with                  Canadian generally accepted accounting principles. Because a precise                  determination of many assets and liabilities is dependent upon                  future                  events, the preparation of financial statements for a period necessarily                  involves the use of estimates, which have been made using careful                  judgement. |
|                                        |
|                                        | The                  financial statements have, in management’s opinion, been properly prepared                  within reasonable limits of materiality and within the framework                  of the                  significant accounting policies summarized below:                                                                                                                                                                                                                                     |
|                                        |
|                                        | ***(a)***                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | ***Resource                  properties***  |
|                                        |
|                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Acquisition                  costs of resource properties together with direct exploration and                  development expenditures thereon are deferred in the accounts.                  When and if                  production is attained, these costs will be amortized. When deferred                  expenditures on individual producing properties exceed the estimated                  net                  realizable value, the properties are written down to the estimated                  value.                  Costs relating to properties abandoned are written off when the                  decision                  to abandon is made. |

----

**RODINIA        MINERALS INC.**

**(formerly        Donnybrook Resources Inc.)**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For        the Years Ended December 31, 2004 and 2003 **

| **4.**                       | **SIGNIFICANT                  ACCOUNTING POLICIES (Cont’d)**  |
|---------------------------------------------|---------------------------------------------------------------------------|
|                                        |
|                                        | ***(b)***                                                  | ***Going                  concern***  |
|                                        |
|                                        |                                                                      | The                  accompanying financial statements have been presented assuming                  the Company                  will continue as a going concern. At December 31, 2004, the Company                  had                  accumulated $13,271,386 in losses and had no revenue-producing                  operations.                  At the date of this report, the Company has almost no liquidity                  and its                  ability to continue as a going concern is dependent upon its ability                  to                  raise additional capital or merge with a revenue producing venture                  partner. These matters raise substantial doubt about the Company’s ability                  to continue as a going concern. No adjustments have been made in                  the                  accompanying financial statements to provide for this uncertainty. |
|                                        |
|                                        | ***(c)***                                                  | ***Stock-based                  compensation***  |
|                                        |
|                                        |                                                                      | The                  Company grants options in accordance with the policies of the TSX                  Venture                  Exchange. Effective January 1, 2002, the Company adopted the new                  CICA                  Handbook Section 3870 “Stock-Based Compensation and Other Stock-Based                  Payments”, of accounting for options and other stock-based compensation                  payments. This section requires the adoption of the fair value                  method                  effective January 1, 2004 and encourages earlier adoption of this                  requirement. Accordingly, the Company has adopted, on a prospective                  basis,                  the fair value method of accounting for all options, warrants and                  other                  stock-based compensation payments issued during fiscal 2003. |
|                                        |
| **5.**                       | **RESOURCE                  PROPERTIES**                             |
|                                        |
|                                        | Resource                  properties consist of:                          |

|                                                                                |   |   |   | **2004**  |   |                    **2003**  |   |
|-------------------------------------------------------------------------------------|--------|--------|--------|----------------|--------|----------------------------------------|--------|
| Arizona                  Property                                                   |   |   |   |           |   |                              |   |
|                           Property deposit            |   |   |   |           | $      | **42,500**                             |   | **$** | **-** |   |
|                           Claims                      |   |   |   |           |   | **39,334**                             |   |   | **-** |   |
|                           Consulting                  |   |   |   |           |   | **56,705**                             |   |   | **-** |   |
|                           Site visits                 |   |   |   |           |   | **6,088**                              |   |   | **-** |   |
|                           Reports and maps            |   |   |   |           |   | **12,712**                             |   |   | **-** |   |
|                           Staking program             |   |   |   |           |   | **164,656**                            |   |   | **-** |   |
|                           Equipment rental            |   |   |   |           |   | **34,398**                             |   |   | **-** |   |
|                           General and administration  |   |   |   |           |   | **16,625**                             |   |   | **-** |   |
|                           Field expenses              |   |   |   |           |   | **1,263**                              |   |   | **-** |   |
| Total                  Resource Properties                                     |   |   |   |           | $      | **374,281**                            |   | $ | **-** |   |

----

**RODINIA        MINERALS INC.**

**(formerly        Donnybrook Resources Inc.)**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For        the Years Ended December 31, 2004 and 2003 **

| **5.**                       | **RESOURCE                  PROPERTIES (Cont’d)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        |
|                                        | Arizona                  Property                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                        |
|                                        | On                  October 26, 2004 the Company entered into a Letter of Intent with                  Cooper                  Minerals, Inc. (“Cooper”) with the intention to enter into a formal option                  agreement which will provide for the acquisition by the Company,                  through                  its wholly owned subsidiary, Donnybrook Platinum Resources Inc,                  a Wyoming                  corporation (“DPRI), of a 100% interest in the Workman Creek Uranium                  Deposit Project. The Company has been granted the sole and exclusive                  irrevocable right and option to acquire, through DPRI, a 100% interest                  in                  and to the claims, subject only to a 3% NSR, and in and to the                  data all on                  the terms and subject to the conditions set forth. To exercise                  the Option,                  the following cash payments must be made at the times specified: |
|                                        |
|                                        | 1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | On                  execution of the Letter of Intent (LoI), $42,500 to Cooper (paid); |
|                                        | 2.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | On                  the earlier of (1) 60 days after the date of the LoI and (2) 5                  business                  days after the acceptance by the TSXV of the Claims as a “Tier 1                  Property”, $42,500 to Cooper, as reimbursement of the balance of expenses                  (paid after year end); |
|                                        | 3.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | On                  the “Closing Date”, $50,000 to Cooper; |
|                                        | 4.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | The                  funds necessary to initiate the preparatory work to carry out the                  first                  phase of the exploration program recommended in the Report must                  be                  advanced to Cooper upon receipt by the Company of an acceptable                  budget                  with respect to such preparatory work, and the balance of funds                  necessary                  to carry out the first phase of such exploration program (currently                  estimated to be $200,000) must be advanced to Cooper within 5 business                  days of receipt by the Company of copies of all permits required                  to permit                  the balance of such first phase to be carried out; |
|                                        | 5.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | An                  aggregate US$2,000,000 in expenditures in connection with maintaining,                  exploring, developing or equipping any one or more of the Claims                  (or any                  additional properties covered by section 6 of the QD&RRI (“Additional                  Properties”)) for commercial production must be incurred as follows: |
|                                        |
|                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | i.                       | on                  or before the first anniversary of the date of this LoI, not less                  than an                  aggregate US$350,000; |
|                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | ii.                       | on                  or before the second anniversary of the date of this LoI, not less                  than an                  aggregate US$850,000; |
|                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | iii.                       | on                  or before the third anniversary of the date of this LoI, not less                  than an                  aggregate US$1,400,000; |
|                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | iv.                       | on                  or before the fourth anniversary of the date of this LoI, not less                  than an                  aggregate US$2,000,000; |
|                                        |
|                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | provided,                  that, until the earlier of (1) a minimum aggregate US$1 million                  of such                  expenditures has been incurred in respect of the Claims and (2)                  a bankable                  feasibility study has been received in respect of the Claims, such                  expenditures will only be incurred in respect of the Claims; |
|                                        | 6.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | On                  the Closing Date, 2,500,000 of the Company’s Common Shares must be issued                  to the direction of Cooper; |

----

**RODINIA        MINERALS INC.**

**(formerly        Donnybrook Resources Inc.)**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For        the Years Ended December 31, 2004 and 2003 **

| **5.**                       | **RESOURCE                  PROPERTIES (Cont’d)**                                                                            |
|---------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|
|                                        |
|                                        | Arizona                  Property (cont’d)                                                                                        |
|                                        |
|                                        |  7.                                                                                                                 | On                  the Closing Date, the Company must accept the subscription (at                  a                  subscription price of $10), by way of private placement subscription                  agreement in standard form executed by the “Vendors”, for, and issue to                  the “Vendors”, non-transferable share purchase warrants (the “Warrants”)                  entitling the purchase by each of the two “Vendors” of 750,000 Common                  Shares of the Company at a price per share equal to the greater                  of (1)                  $0.01 in excess of the closing price of the Company’s shares on the TSXV                  on the day prior to the announcement of a “Transaction” (as that term is                  defined in the Underlying Agreement), and (2) the price of any                  financing                  completed by the Company concurrently with the Transaction, exercisable                  for a period of 5 years from the Closing Date; and |
|                                        |
|                                        | 8.                                                                                                                                      | On                  the Closing Date, all of Cooper’s obligation under the Underlying                  Agreement, including, without limitation, the obligation to make                  Advance                  Royalty Payments under the QD&RRI, must be assumed. |
|                                        |
|                                        | The                  closing date will occur 5 business days after the last of the 3                  following                  dates: |
|                                        |
|                                        |                                                                                                                                    | i. | Receipt                  of TSX Venture Exchange (”TSVX”) acceptance for filing of the Company’s                  graduation to Tier 1 on the TSVX; |
|                                        |                                                                                                                                    | ii. | Receipt                  of discretionary order of the BC Securities Commission permitting                  the                  issuance of the Company’s shares to the directors of Cooper in                  circumstances where the claims are being acquired by DPRI; |
|                                        |                                                                                                                                    | iii. | Receipt                  of TSVX acceptance for filing of the claims as a “Tier 1 property”. |
|                                        |                                                                                                                                    |   |   |
|                                        |                                                                                                                                    | The                  Company has also agreed to a finder’s fee of up to 227,917 common shares                  in respect to this transaction if it closes. |
|                                        |
|                                        |                                                                                                                                    | During                  the year, the Company staked an additional 161 mineral claims in                  the same                  area. |
|                                        |
| **6.**                       | **LOANS                  PAYABLE**                                                                                                 |

|                                                                  |   | **2004**  |        |                    2003  |   |
|-----------------------------------------------------------------------|--------|----------------|-------------|------------------------------------|--------|
| Unsecured                  bridge loan payable, due on demand    |   | $              | **-**       |                               | $      | - |   |
| Unsecured                  loans payable, non-interest bearing,  |   |           |             |                               |   |  |   |
| no                  specified terms of repayment                 |   |           | **135,535** |                               |   | 675 |   |
|                                                                  |   | $              | **135,535** |                               | $      | 675 |   |

|   |  The                  loans ($151,800 - accepted by the TSX on October 19, 2004) are                  for a one                  year term, unsecured and non-interest bearing. The lenders have                  the right                  to convert their loans into units at a deemed value of $0.30 per                  unit on                  the earlier of March 17, 2005 or the Company graduating to Tier-2                  of the                  TSX Venture Exchange. Each unit consists of one common share of                  the                  Company and one non-transferable share purchase warrant entitling                  the                  holder to purchase an additional share of the Company at an exercise                  price                  of $0.30 per share for a period of one year from the date of the                  loan. A                  finder’s fee of 46,750 shares valued at $14,025 is payable with respect                  to                  this transaction.   As                  of December 31, 2004, $16,265 of the loan was classified as contributed                  surplus to recognize the value of the conversion feature of the                  loans  |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**RODINIA        MINERALS INC. **

**(formerly        Donnybrook Resources Inc.)**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For        the Years Ended December 31, 2004 and 2003 **

| **7.**                     | **CAPITAL                  STOCK**  |
|--------------------------------------|------------------------------------------|
|                                 |                                     |   |
|                                 | (a)                                      | Changes                  in capital stock during the years ended December 31 were as follows: |

|                                                  |   | **2004**                        |          | 2003              |   |
|-------------------------------------------------------|--------|--------------------------------------|---------------|------------------------|--------|
|                                                  |   | **Number                  of**  |          |              |   | Number                  of |   |    |   |
|                                                  |   | **Shares**                      |          |  **Amount**  |   | Shares |   |  Amount  |   |
|                                                  |   |                                 |          |                   |   |   |   |   |   |
| **Balance,                  beginning of year**  |   |                                 | **3,683,595** |                   | **$**  | **12,793,357** |   |   | 13,017,975 |   | $ | 12,613,357 |   |
|                                                  |   |                                 |               |                   |   |  |   |   |  |   |   |  |   |
| **Issued                  during the year:**     |   |                                 |               |                   |   |  |   |   |   |   |   |  |   |
| -                  debt settlement               |   |                                 |               |                   |   |  |   |   | 400,000 |   |   | 60,000 |   |
|                                                  |   |                                 |               |                   |   |  |   |   | 13,417,975 |   |   | 12,673,357 |   |
| -                  1:5 share rollback            |   |                                 |               |                   |   |  |   |   | (10,734,380 | ) |   | - |   |
| For                  cash                        |   |                                 |               |                   |   |  |   |   |   |   |   |  |   |
| -                  Private Placement @ $0.18     |   |                                 | **800,000**   |                   |   | **144,000** |   |   | 1,000,000 |   |   | 120,000 |   |
| -                  Private Placement @ $0.25     |   |                                 | **824,000**   |                   |   | **206,000** |   |   |   |   |   |  |   |
| -                  Finders’ fee            |   |                                 | **64,400**    |                   |   |  |   |   |   |   |   |  |   |
| -                  Options exercised @ $0.25     |   |                                 | **120,000**   |                   |   | **30,000** |   |   |   |   |   |  |   |
| -                  Warrants exercised @ $0.12    |   |                                 | **50,000**    |                   |   | **6,000** |   |   |   |   |   |  |   |
|                                                  |   |                                 |               |                   |   |  |   |   |  |   |   |  |   |
| **Balance                  at end of year**      |   |                                 | **5,541,995** |                   | **$**  | **13,179,357** |   |   | 3,683,595 |   | $ | 12,793,357 |   |

|   | (b)                       | During                  the year, the Company issued 800,000 units at a price of $0.18                  per unit.                  Each unit consists of one common share and one common share purchase                  warrant entitling the holder to purchase an additional common share                  at a                  price of $0.23 per share for a period of one year. Subsequent to                  the year                  end, 200,000 of these warrants were exercised.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--------|------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |
|   | (c)                       | During                  the year, the Company issued 824,000 units at a price of $0.25                  per unit.                  Each unit consists of one common share and one common share purchase                  warrant entitling the holder to purchase an additional common share                  at a                  price of $0.35 per share for a period of one year.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |
|   | (d)                       | During                  the year, the Company engaged Haywood Securities Inc. (“Haywood”) to                  conduct a brokered private placement of 2,000,000 units at a price                  of                  $0.65 per unit. Each unit (a “Unit”) will consist of one common share of                  the Company and one-half share purchase warrant. Each full warrant                  will                  entitle the holder to purchase one additional common share of the                  Company                  at a price per common share of $0.80 in the first year and $0.90                  in the                  second year. Haywood will receive a commission equal to 7.5% of                  the                  proceeds of the offering, payable in cash or Units. Haywood will                  also                  receive warrants (the “Agent’s Warrants”) equal to 10% of the number of                  Units sold under the offering, each Agent’s Warrant being convertible into                  one Unit at a price of $0.65, and a corporate finance fee of 30,000                  Units                  for services rendered in connection with the offering. |

----

**RODINIA        MINERALS INC.**

**(formerly        Donnybrook Resources Inc.)**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For        the Years Ended December 31, 2004 and 2003 **

| **7.**                       | **CAPITAL                  STOCK (Cont’d)**  |
|---------------------------------------------|---------------------------------------------------------|
|                                        |
|                                        | (e)                                      | During                  the prior year, the Company completed a private placement of 1                  million                  shares and 1 million share purchase warrants. Each share purchase                  warrant                  entitles the holder to purchase an additional common share for                  $0.12 if                  exercised on or before September 8, 2004 and $0.15 per share thereafter                  up                  to and including September 8, 2005. During the year, 50,000 of                  those                  warrants were exercised for proceeds of $6,000. Subsequent to the                  year                  end, an additional 200,000 warrants were exercised for proceeds                  of                  $30,000. |
|                                        |
|                                        | (f)                                      | Stock                  Option Plan |
|                                        |
|                                        |                                                    | The                  shareholders have approved a Stock Option Plan (the “Plan”) that provides                  for the issuance of up to 10% of the Company’s issued and outstanding                  shares to eligible employees, directors and services providers                  of the                  Company and its subsidiaries. The Plan authorizes the granting                  of options                  to purchase shares of the Company’s common stock at an option price equal                  to or greater than the closing price of the shares on the day preceding                  the award date. The options generally partially vest with the recipient                  at                  the time of granting, and have a maximum term of 5 years. As at                  December                  31, 2004, all options were fully vested. |
|                                        |
|                                        | (g)                                      | Stock                  Options |
|                                        |
|                                        |                                                    | During                  the years ended December 31, 2004 and 2003, stock options were                  granted,                  exercised and expired/cancelled as follows: |

|                                                                                                                           |   | **2004**                        |         | 2003               |   |
|--------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|--------------|--------------------|--------|
|                                                                                                                           |   | **Number                  of**  |         | **Weighted**  |   | Number                  of |   | Weighted  |   |
|                                                                                                                           |   | **Options**                     |         | **Average**   |   | Options |   | Average  |   |
|                                                                                                                           |   |                                 |         | **Price**     |   |   |   | Price  |   |
|                                                                                                                           |   |                                 |         |               |   |   |   |   |   |
| Balance                  - beginning of year                                                                              |   |                                 | **273,360**  |               | **$**  | **0.25** |   |   | 180,800 |   | $ | 0.75 |   |
|                                                      Granted            |   |                                 | **175,000**  |               | **$**  | **0.30** |   |   | 273,360 |   | $ | 0.25 |   |
|                                                                                                                           |   |                                 | **93,000**   |               | **$**  | **0.60** |   |   |   |   |   |  |   |
|                                                                                                                           |   |                                 | **120,000**  |               | **$**  | **1.00** |   |   |   |   |   |  |   |
|                                                      Exercised/expired  |   |                                 | **(120,000** | )                  | **$**  | **0.25** |   |   | (180,800 | ) | $ | 0.75 |   |
|                                                                                                                           |   |                                 |              |               |   |  |   |   |  |   |   |  |   |
|                                                                                                                           |   |                                 | **541,360**  |               | **$**  | **0.49** |   |   | 273,360 |   | $ | 0.25 |   |

|   |   | The                  number of options and the weighted average exercise price of options                  issued prior to 2003 have been adjusted to reflect the 1:5 rollback                  of                  shares. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**RODINIA        MINERALS INC.**

**(formerly        Donnybrook Resources Inc.)**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For        the Years Ended December 31, 2004 and 2003 **

| **7.**                       | **CAPITAL                  STOCK (Cont’d)**  |
|---------------------------------------------|---------------------------------------------------------|
|                                        |
|                                        | (g)                                      | Stock                  Options (cont’d) |
|                                        |
|                                        |                                                    | During                  the year ended December 31, 2004, the Company granted 388,000 stock                  options to directors and consultants. The fair value of these options                  have                  been estimated using the Black- Scholes option pricing model using                  a                  risk-free interest rate of 2.0%, an expected life of 2-5 years,                  an imputed                  dividend yield of 0%, and a volatility assumption as indicated                  below: |

|   |   | Number                       |   | Exercise  |   | Grant                               |   | Value                       |   |   | Total   |   | Volatility |
|--------|--------|-----------------------------------|--------|----------------|--------|------------------------------------------|--------|----------------------------------|--------|--------|--------------|--------|------------|
|   |   | of                  Options  |   | Price     |   | Date                                |   | per                  share  |   |   | Value   |   | Assumption |
|   |   |                              |   |           |   |                                     |   |                             |   |   |         |   |       |
|   |   | 175,000                      |   | $0.30     |   | April                  13, 2004     |   | $0.29                       |   | $      | 50,750  |   | 134%       |
|   |   | 96,000                       |   | $0.60     |   | November                  5, 2004   |   | $0.68                       |   |   | 63,420  |   | 94%        |
|   |   | 120,000                      |   | $1.00     |   | November                  29, 2004  |   | $0.58                       |   |   | 69,600       |   | 100%       |
|   |   |                              |   |           |   |                                     |   |                             |   | $      | 183,770      |   |       |

|   | **(h)** | Share                  Purchase Warrants |
|--------|---------|------------------------------------------|

|   |   |                                                                                                                           | **2004**                        |        | 2003               |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|-------------|--------------------|
|   |   |                                                                                                                           | **Number                  of**  |        | **Weighted**  |   | Number                  of |   | Weighted  |
|   |   |                                                                                                                           | **Warrants**                    |        | **Average**   |   | Warrants |   | Average  |
|   |   |                                                                                                                           |                                 |        | **Price**     |   |   |   | Price  |
|   |   |                                                                                                                           |                                 |        |               |   |   |   |   |
|   |   | Balance                  - beginning of year                                                                              | **1,000,000**                   |        | **$0.15**     |   | 150,000 |   | $3.33  |
|   |   |                                                      Granted            | **925,216**                     |        | **$0.23**     |   | 1,000,000 |   | $0.15  |
|   |   |                                                                                                                           | **888,400**                     |        | **$0.35**     |   |   |   |   |
|   |   |                                                      Exercised/expired  | **(50,000**                     | **)**  | **$0.15**     |   | (150,000 | )  | $3.33  |
|   |   |                                                                                                                           |                                 |        |               |   |   |   |   |
|   |   |                                                                                                                           | **2,763,616**                   |        | **$0.24**     |   | 1,000,000 |   | $0.15  |

| **8.** | **CONTRIBUTED                  SURPLUS** |
|--------|------------------------------------------|

|                                                       |   | **2004**  |    |                    2003  |   |
|------------------------------------------------------------|--------|----------------|---------|------------------------------------|--------|
|                                                       |   |           |    |                               |   |
| Opening                  balance                      |   | $              | 73,857  |                               | $      | - |   |
| Loan                  conversion (Note 6)             |   |           | 16,265  |                               |   | - |   |
| Employee                  and director stock options  |   |           | 183,770 |                               |   | 73,857 |   |
|                                                       |   |           |         |                               |   |  |   |
| Closing                  balance                      |   | $              | 273,892 |                               | $      | 73,857 |   |

| **9.**                       | **RELATED                  PARTY TRANSACTIONS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|---------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        |
|                                        | During                  the year, the Company was charged $35,500 (2003 - $27,500) by a                  director                  of the Company for management fees; $6,000 (2003 - Nil) by a director                  for                  consulting fees; $3,000 (2003 - Nil) by 3 directors for directors’ fees.                  In addition, the director charged the Company $10,000 (2003 - $                  9,600) for                  rent and telephone expenses. The transactions were recorded at                  the                  exchange amount. |
|                                        |
|                                        | Included                  in accounts payable is $Nil (2003 - $18,200) payable to a director.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

----

**RODINIA        MINERALS INC.**

**(formerly        Donnybrook Resources Inc.)**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For        the Years Ended December 31, 2004 and 2003 **

| **10.**       | **FINANCIAL                  INSTRUMENTS AND CONCENTRATIONS OF CREDIT RISK**                                                                                                                                                                                                                                                                                                                                                                                       |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|          |
|          | The                  Company’s financial instruments consist of cash, accounts receivable,                  accounts payable and loans payable. It is management’s opinion that the                  Company is not exposed to significant interest, currency or credit                  risks                  arising from these financial instruments. The fair values of these                  financial instruments approximate their carrying value. |
|          |
| **11.**  | **INCOME                  TAXES**                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|          |
|          | The                  Company has non-capital loss carry forwards available to reduce                  future                  taxable income as follows:                                                                                                                                                                                                                                                                                                                |

| Year                  of Expiry                          |   | Amount  |      |
|---------------------------------------------------------------|--------|--------------|-----------|
|                                                          |   |         |      |
|                           2005  |   |         | 177,512   |   |
|                           2006  |   |         | 205,710   |   |
|                           2007  |   |         | 248,352   |   |
|                           2008  |   |         | 106,347   |   |
|                           2009  |   |         | 96,312    |   |
|                           2010  |   |         | 80,593    |   |
|                           2014  |   |         | 178,785   |   |
|                                                          |   | $            | 1,093,611 |   |

|                                         | The                  possible tax benefit of these losses is not reflected in these                  financial                  statements.                                                                                                                                                                                                                                                                                                                 |
|----------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                         |
|                                         | The                  Company has filed tax returns showing Canadian Exploration Expenditures                  totaling $1,105,663 and Canadian Development Expenditures totaling                  $1,248,697, which are available to reduce future income taxes.                                                                                                                                                                                            |
|                                         |
| **12.**                       | **SUBSEQUENT                  EVENTS**                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                         |
|                                         | Subsequent                  to the year-end, the Company arranged a $75,000 loan. The loan                  is for a                  period of 30 days and bears an interest rate of 10% per annum.                                                                                                                                                                                                                                                        |
|                                         |
|                                         | This                  is an arm’s length transaction. A finder's fee of $7,500 will apply in                  accordance with TSX Venture Exchange (the “Exchange”) policies. In                  addition, for providing this facility to the Company, the lender                  will                  receive a bonus of 17,857 common shares, in the maximum number                  allowed by                  Exchange policies.  |
|                                         |
|                                         | The                  funds will be used for working capital purposes and it is anticipated                  that                  the loan will be repaid out of the proceeds of the Company’s private                  placement announced November 24, 2004. The private placement forms                  part of                  the Company’s reactivation application which is currently being reviewed                  by the Exchange. |
|                                         |
|                                         | On                  March 2, 2005, the $75,000 loan was paid off.                                                                                                                                                                                                                                                                                                                                                                                           |
|                                         |
|                                         | Also                  subsequent to the period, the Company closed on the private placement                  of 2                  million shares for gross proceeds of $1,300,000 (See Note 7d).                                                                                                                                                                                                                                                           |

----

**RODINIA        MINERALS INC.**

**(formerly        Donnybrook Resources Inc.)**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For        the Years Ended December 31, 2004 and 2003 **

| **13.**                       | **RECONCILIATION                  OF CANADIAN AND UNITED STATES GAAP**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|----------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                         | These                  financial statements are prepared in accordance with Canadian generally                  accepted accounting principles (Canadian GAAP). Differences as                  at December                  31, 2004 between Canadian GAAP and United States generally accepted                  accounting principles (U.S. GAAP) are described below, with the                  financial                  statement disclosure restated from Canadian GAAP with adjustments                  shown to                  conform to U.S. GAAP. |

| **RODINIA                  MINERALS INC.**                             |                                                 |
|-----------------------------------------------------------------------------|------------------------------------------------------|
| **BALANCE                  SHEET**                                     |                                                 |
| **December                  31, 2004**                                 |                                                 |
| **(An                  Exploration Stage Enterprise)**                 |                                                 |
|                                                                        |                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                                                                        |                                                 |   | **2004**  |   |   |   |   |   | **2003**  |   |   |   |
|                                                                        | **Canadian**                                    |   | **Adjustments**  |   | **U.S.                  GAAP**  |   | **Canadian**  |   | **Adjustments**  |   | **U.S.                  GAAP**  |   |
|                                                                        | **GAAP**                                        |   | **to                  arrive at**  |   |   |   | **GAAP**  |   | **to                  arrive at**  |   |   |   |
|                                                                        |                                                 |   | **U.S.                  GAAP**  |   |   |   |   |   | **U.S.                  GAAP**  |   |   |   |
|                                                                        |                                                 |   |   |   |   |   |   |   |   |   |   |   |
| **ASSETS**                                                             |                                                 |
|                                                                        |                           $ |   | $ |   |                           $ |   |                           $ |   | $ |   |                           $ |   |
| **CURRENT**                                                            |                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                         Cash                       | 69,493                                               |   | - |   | 69,493 |   | 346 |   | - |   | 346 |   |
|                         Accounts receivable        | 2,844                                                |   | - |   | 2,844 |   | 306 |   | - |   | 306 |   |
|                         Prepaid expense            | 10,000                                               |   | - |   | 10,000 |   | - |   | - |   | - |   |
|                                                                        | 82,337                                               |   |   |   | 82,337 |   | 652 |   |   |   | 652 |   |
|                                                                        |                                                 |   |   |   |   |   |   |   |   |   |   |   |
| **RESOURCE                  PROPERTIES**                               | 374,281                                              |   | (374,281 | )  | - |   | - |   | - |   | - |   |
|                                                                        |                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                                                                        | 456,618                                              |   | (374,281 | )  | 82,337 |   | 652 |   | - |   | 652 |   |
|                                                                        |                                                 |   |   |   |   |   |   |   |   |   |   |   |
| **LIABILITIES**                                                        |                                                 |
| **CURRENT**                                                            |                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                         Accounts payable           | 139,220                                              |   | - |   | 139,220 |   | 41,615 |   | - |   | 41,615 |   |
|                         Loan payable               | 135,535                                              |   | - |   | 135,535 |   | 675 |   | - |   | 675 |   |
|                                                                        | 274,755                                              |   | - |   | 274,755 |   | 42,290 |   | - |   | 42,290 |   |
|                                                                        |                                                 |   |   |   |   |   |   |   |   |   |   |   |
| **SHAREHOLDERS’                  EQUITY (DEFICIT)**              |                                                 |
| **CAPITAL                  STOCK**                                     |                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                         Authorized: 100,000,000    |                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                         common shares without      |                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                         par value                  | 13,179,357                                           |   | - |   | 13,179,357 |   | 12,793,357 |   | - |   | 12,793,357 |   |
|                         Issued: 5,541,995 shares   |                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                         (2003 - 3,683,595 shares)  |                                                 |   |   |   |   |   |   |   |   |   |   |   |
| **Contributed                  surplus**                               | 273,892                                              |   | 239,830 |   | 513,722 |   | 73,857 |   | 239,830 |   | 313,687 |   |
| **DEFICIT                  accumulated**                               |                                                 |   |   |   |   |   |   |   |   |   |   |   |
| **during                  the exploration stage**                      | (13,271,386                                          | )  | (614,111 | )  | (13,885,497 | )  | (12,908,852 | )  | (239,830 | )  | (13,148,682 | )  |
|                                                                        | 181,863                                              |   | (374,281 | )  | (192,418 | )  | (41,638 | )  | - |   | (41,638 | )  |
|                                                                        |                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                                                                        | 456,618                                              |   | (374,281 | )  | 82,337 |   | 652 |   | - |   | 652 |   |

----

**RODINIA        MINERALS INC.**

**(formerly        Donnybrook Resources Inc.)**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For        the Years Ended December 31, 2004 and 2003 **

| **13.** | **RECONCILIATION                  OF CANADIAN AND UNITED STATES GAAP** |
|---------|------------------------------------------------------------------------|

**RODINIA        MINERALS INC. **

**STATEMENT        OF INCOME AND DEFICIT **

**For        the Years Ended December 31, 2004 and 2003**

**(An        Exploration Stage Enterprise) **

|                                                                              |               |    | **2004**                           |    |                                 |    |               |    | **2003**                           |    |                                 |    |
|-----------------------------------------------------------------------------------|--------------------|---------|-----------------------------------------|---------|--------------------------------------|---------|--------------------|---------|-----------------------------------------|---------|--------------------------------------|---------|
|                                                                              | **Canadian**  |    | **Adjustments**                    |    | **U.S.                  GAAP**  |    | **Canadian**  |    | **Adjustments**                    |    | **U.S.                  GAAP**  |    |
|                                                                              | **GAAP**      |    | **to                  arrive at**  |    |                                 |    | **GAAP**      |    | **to                  arrive at**  |    |                                 |    |
|                                                                              |               |    | **U.S.                  GAAP**     |    |                                 |    |               |    | **U.S.                  GAAP**     |    |                                 |    |
|                                                                              |               |    |                                    |    |                                 |    |               |    |                                    |    |                                 |    |
|                                                                              | $                  |    | $                                       |    | $                                    |    | $                  |    | $                                       |    | $                                    |    |
| **REVENUE**                                                                  |               |    |                                    |    |                                 |    |               |    |                                    |    |                                 |    |
|                         Interest                         | 1,035              |    | -                                       |    | 1,035                                |    | 12                 |    | -                                       |    | 12                                   |    |
|                                                                              |               |    |                                    |    |                                 |    |               |    |                                    |    |                                 |    |
| **EXPENSES**                                                                 |               |    |                                    |    |                                 |    |               |    |                                    |    |                                 |    |
|                         Accounting and audit             | 65,051             |    | -                                       |    | 65,051                               |    | 12,263             |    | -                                       |    | 12,263                               |    |
|                         Bank charges and interest        | 687                |    | -                                       |    | 687                                  |    | 1,744              |    | -                                       |    | 1,744                                |    |
|                         Communications                   | 2,319              |    |                                    |    | 2,319                                |    | 4,370              |    |                                    |    | 4,370                                |    |
|                         Consulting fees                  | 11,623             |    | -                                       |    | 11,623                               |    | -                  |    | -                                       |    | -                                    |    |
|                         Directors’ fees            | 3,000              |    | -                                       |    | 3,000                                |    | -                  |    | -                                       |    | -                                    |    |
|                         Filing fees                      | 19,375             |    | -                                       |    | 19,375                               |    | 19,718             |    | -                                       |    | 19,718                               |    |
|                         Finder’s fees              | 14,025             |    | -                                       |    | 14,025                               |    | -                  |    | -                                       |    | -                                    |    |
|                         Management fees                  | 35,500             |    | -                                       |    | 35,500                               |    | 28,264             |    | -                                       |    | 28,264                               |    |
|                         Office and printing              | 9,310              |    | -                                       |    | 9,310                                |    | 9,109              |    | -                                       |    | 9,109                                |    |
|                         Transfer agent fees              | 3,505              |    | -                                       |    | 3,505                                |    | 5,114              |    | -                                       |    | 5,114                                |    |
|                         Travel, promotion &          |               |    |                                    |    |                                 |    |               |    |                                    |    |                                 |    |
|                         shareholders’ information  | 15,404             |    | -                                       |    | 15,404                               |    | -                  |    | -                                       |    | -                                    |    |
|                         Exploration                      |               |    |                                    |    |                                 |    |               |    |                                    |    |                                 |    |
|                         expense/recoveries               |               |    | 374,281                                 |    | 374,281                              |    | -                  |    | -                                       |    | -                                    |    |
|                         Stock-based compensation         | 183,770            |    |                                    |    | 183,770                              |    | 73,857             |    | -                                       |    | 73,857                               |    |
|                                                                              | 363,569            |    | 374,281                                 |    | 737,850                              |    | 154,439            |    | -                                       |    | 154,439                              |    |
|                                                                              |               |    |                                    |    |                                 |    |               |    |                                    |    |                                 |    |
| **LOSS                  for the year**                                       | (362,534           | )  | (374,281                                | )  | (736,815                             | )  | (154,427           | )  | -                                       |    | (154,427                             | )  |
|                                                                              |               |    |                                    |    |                                 |    |               |    |                                    |    |                                 |    |
| **DEFICIT,                  Beginning of the**                               |               |    |                                    |    |                                 |    |               |    |                                    |    |                                 |    |
| **year**                                                                     | (12,908,852        | )  | (239,830                                | )  | (13,148,682                          | )  | (12,754,425        | )  | (239,830                                | )  | (12,994,255                          | )  |
|                                                                              |               |    |                                    |    |                                 |    |               |    |                                    |    |                                 |    |
| **DEFICIT,                  End of the year**                                | (13,271,386        | )  | (614,111                                | )  | (13,885,497                          | )  | (12,908,852        | )  | (239,830                                | )  | (13,148,682                          | )  |
|                                                                              |               |    |                                    |    |                                 |    |               |    |                                    |    |                                 |    |
| **LOSS                  PER SHARE**                                          | (0.08              | )  | -                                       |    | (0.16                                | )  | (0.02              | )  | -                                       |    | (0.02                                | )  |

----

**RODINIA        MINERALS INC.**

**(formerly        Donnybrook Resources Inc.)**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For        the Years Ended December 31, 2004 and 2003 **

| **13.** | **RECONCILIATION                  OF CANADIAN AND UNITED STATES GAAP** |
|---------|------------------------------------------------------------------------|

**RODINIA        MINERALS INC. **

**STATEMENT        OF STOCKHOLDERS’ EQUITY **

**For        the Years Ended December 31, 2004 and 2003**

**(An        Exploration Stage Enterprise)**

**(U.S.        GAAP Only)**

|                                                      |   | **Number                    of****Common**                      **Shares** |          | **Total                    Capital****Stock** |   |                       **Retained**                      **Earnings** |   | **Shares****Subscribed****Not                    Issued** |            | **Contributed****Surplus**  |   | **Total****Shareholders'****Equity** |   |
|-----------------------------------------------------------|--------|--------------------------------------------------------------------------------------|---------------|-----------------------------------------------|--------|------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------|-----------------|----------------------------------|--------|--------------------------------------|--------|
| **Balance.                    End of the Year**      |   |                                                                                 |          |                                          |   |                                                                           |   |                                                      |            |                             |   |                                 |   |
| **December                    31, 2002**             |   |                                                                                 | 2,603,495     |                                          | $      | 12,613,357                                                                               |   | $                                                         | (12,994,255     | )                                | $      | -                                    |   | $ | 239,830 |   | $ | (141,068 | ) |
| **Transactions                    during the year**  |   |                                                                                 |               |                                          |   |                                                                                          |   |                                                      |                 |                             |   |                                      |   |   |  |   |   |   |   |
|  -                    Debt settlement           |   |                                                                                 | 80,000        |                                          | $      | 60,000                                                                                   |   |                                                      |                 |                             |   |                                      |   |   |  |   | $ | 60,000 |   |
|  -                    Private Placement         |   |                                                                                 | 1,000,000     |                                          | $      | 120,000                                                                                  |   |                                                      |                 |                             |   |                                      |   |   |  |   | **$** | 120,000 |   |
|  -                    Contributed surplus       |   |                                                                                 |               |                                          |   |                                                                                          |   |                                                      |                 |                             |   |                                      |   | $ | 73,857 |   | $ | 73,857 |   |
|  -Net                    income for the year    |   |                                                                                 |               |                                          |   |                                                                                          |   | $                                                         | (154,427        | )                                |   |                                      |   |   |  |   | $ | (154,427 | ) |
| **Balance.                    End of the Year**      |   |                                                                                 |               |                                          |   |                                                                                          |   |                                                      |                 |                             |   |                                      |   |   |  |   |   |   |   |
| **December                    31, 2003**             |   |                                                                                 | 3,683,495     |                                          | $      | 12,793,357                                                                               |   | $                                                         | (13,148,682     | )                                | $      | -                                    |   | $ | 313,687 |   | $ | (41,638 | ) |
| **Transactions                    during the year**  |   |                                                                                 |               |                                          |   |                                                                                          |   |                                                      |                 |                             |   |                                      |   |   |  |   |   |   |   |
|  -                    Private Placement         |   |                                                                                 | 1,624,000     |                                          | $      | 350,000                                                                                  |   |                                                      |                 |                             |   |                                      |   |   |  |   | **$** | 350,000 |   |
|  -                    Finder’s fees       |   |                                                                                 | 64,400        |                                          | **$**  | -                                                                                        |   |                                                      |                 |                             |   |                                      |   |   |  |   | $ | - |   |
|  -                    Exercise of options       |   |                                                                                 | 120,000       |                                          | $      | 30,000                                                                                   |   |                                                      |                 |                             |   |                                      |   |   |  |   | $ | 30,000 |   |
|  -                    Exercise of warrants      |   |                                                                                 | 50,000        |                                          | $      | 6,000                                                                                    |   |                                                      |                 |                             |   |                                      |   |   |  |   | $ | 6,000 |   |
|  -                    Contributed surplus       |   |                                                                                 |               |                                          |   |                                                                                          |   |                                                      |                 |                             |   |                                      |   | $ | 200,035 |   | $ | 200,035 |   |
|  -Net                    income for the year    |   |                                                                                 |               |                                          |   |                                                                                          |   | $                                                         | (736,815        | )                                | $      | -                                    |   |   |  |   | $ | (736,815 | ) |
| **Balance.                    End of the Year**      |   |                                                                                 |               |                                          |   |                                                                                          |   |                                                      |                 |                             |   |                                      |   |   |  |   |   |   |   |
| **December                    31, 2004**             |   |                                                                                 | **5,541,895** |                                          | **$**  | **13,179,357**                                                                           |   | **$**                                                     | **(13,885,497** | **)**                            | $      | -                                    |   | **$** | **513,722** |   | **$** | **(192,418** | **)** |

----

**RODINIA        MINERALS INC.**

**(formerly        Donnybrook Resources Inc.)**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For        the Years Ended December 31, 2004 and 2003 **

| **13.** | **RECONCILIATION                  OF CANADIAN AND UNITED STATES GAAP** |
|---------|------------------------------------------------------------------------|

**RODINIA        MINERALS INC. **

**STATEMENT        OF CASH FLOWS **

**For        the Years Ended December 31, 2004 and 2003**

**(An        Exploration Stage Enterprise) **

|                                                                                                        |               |    | **2004**                           |    |                                 |    |               |    | **2003**                           |   |                                 |    |
|-------------------------------------------------------------------------------------------------------------|--------------------|---------|-----------------------------------------|---------|--------------------------------------|---------|--------------------|---------|-----------------------------------------|--------|--------------------------------------|---------|
|                                                                                                        | **Canadian**  |    | **Adjustments**                    |    | **U.S.                  GAAP**  |    | **Canadian**  |    | **Adjustments**                    |   | **U.S.                  GAAP**  |    |
|                                                                                                        | **GAAP**      |    | **to                  arrive at**  |    |                                 |    | **GAAP**      |    | **to                  arrive at**  |   |                                 |    |
|                                                                                                        |               |    | **U.S.                  GAAP**     |    |                                 |    |               |    | **U.S.                  GAAP**     |   |                                 |    |
|                                                                                                        |               |    |                                    |    |                                 |    |               |    |                                    |   |                                 |    |
|                                                                                                        | $                  |    | $                                       |    | $                                    |    | $                  |    | $                                       |   | $                                    |    |
| **CASH                  PROVIDED (USED) BY:**                                                          |               |    |                                    |    |                                 |    |               |    |                                    |   |                                 |    |
|                                                                                                        |               |    |                                    |    |                                 |    |               |    |                                    |   |                                 |    |
| **OPERATING                  ACTIVITIES**                                                              |               |    |                                    |    |                                 |    |               |    |                                    |   |                                 |    |
| Operations                                                                                             |               |    |                                    |    |                                 |    |               |    |                                    |   |                                 |    |
|      Net                  loss for the period                                 | (362,534           | )  | (374,281                                | )  | (736,815                             | )  | (154,427           | )  | -                                  |   | (154,427                             | )  |
|      Items                  not involving cash                                |               |    |                                    |    |                                 |    |               |    |                                    |   |                                 |    |
|           Stock-based                  compensation  | 183,770            |    | -                                       |    | 183,770                              |    | 73,857             |    | -                                  |   | 73,857                               |    |
|                                                                                                        | (178,764           | )  | (374,281                                | )  | (553,045                             | )  | (80,570            | )  | -                                  |   | (80,570                              | )  |
|                                                                                                        |               |    |                                    |    |                                 |    |               |    |                                    |   |                                 |    |
| Changes                  in non-cash working capital                                                   | 85,067             |    | -                                       |    | 85,067                               |    | (110               | )  | -                                  |   | (110                                 | )  |
|                                                                                                        | (93,697            | )  | (374,281                                | )  | (467,978                             | )  | (80,680            | )  | -                                  |   | (80,680                              | )  |
|                                                                                                        |               |    |                                    |    |                                 |    |               |    |                                    |   |                                 |    |
| **FINANCING                  ACTIVITIES**                                                              |               |    |                                    |    |                                 |    |               |    |                                    |   |                                 |    |
|      Increase                  in loans payable                               | 151,125            |    | -                                       |    | 151,125                              |    | (39,925            | )  | -                                  |   | (39,925                              | )  |
|      Shares                  issued for cash                                  | 286,000            |    | -                                       |    | 286,000                              |    | 120,000            |    | -                                  |   | 120,000                              |    |
|                                                                                                        | 537,125            |    | -                                       |    | 537,125                              |    | 80,075             |    | -                                  |   | 80,075                               |    |
|                                                                                                        |               |    |                                    |    |                                 |    |               |    |                                    |   |                                 |    |
| **INVESTING                  ACTIVITIES**                                                              |               |    |                                    |    |                                 |    |               |    |                                    |   |                                 |    |
|      Resources                  property                                      |               |    |                                    |    |                                 |    |               |    |                                    |   |                                 |    |
|      expenditures                                                             | (374,281           | )  | 374,281                                 |    | -                                    |    | -                  |    | -                                  |   | -                                    |    |
|                                                                                                        | (374,281           | )  | 374,281                                 |    | -                                    |    | -                  |    | -                                  |   | -                                    |    |
|                                                                                                        |               |    |                                    |    |                                 |    |               |    |                                    |   |                                 |    |
| **(DECREASE)                  INCREASE IN** **CASH**                                              | 69,147             |    | -                                       |    | 69,147                               |    | (605               | )  | -                                  |   | (605                                 | )  |
| **CASH                  (DEFICIENCY)** **BEGINNING                  OF YEAR**                     | 346                |    | -                                       |    | 346                                  |    | 951                |    | -                                  |   | 951                                  |    |
| **CASH                  (DEFICIENCY) END** **OF                  YEAR**                           | 69,493             |    | -                                       |    | 69,493                               |    | 346                |    | -                                  |   | 346                                  |    |

----

**RODINIA        MINERALS INC.**

**(formerly        Donnybrook Resources Inc.)**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For        the Years Ended December 31, 2004 and 2003 **

| **13.**                       | **RECONCILIATION                  OF CANADIAN AND UNITED STATES GAAP**                                                                       |
|----------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|
|                                         |
|                                         | Detailed                  adjustments from Canadian GAAP to U.S. GAAP, referenced to disclosure                  restated, above, are as follows: |
|                                         |
|                                         | a)                                                                                                                                 | Accounting                  for start-up costs - Mining Properties-Deferred Exploration Costs |
|                                         |
|                                         |                                                                                                                                              | Acquisition                  Costs |
|                                         |                                                                                                                                              | Mineral                  property acquisition costs are capitalized in accordance with FAS-141                  subject, however to impairment pursuant to FAS-144. Exploration                  costs and                  mine development costs to be incurred, including those to be incurred                  in                  advance of commercial production and those incurred to expand capacity                  of                  proposed mines, are expensed as incurred while the Company is in                  the                  exploration stage. There are no discounted present cash flows available                  from the properties. |
|                                         |
|                                         |                                                                                                                                              | Deferred                  Exploration Costs |
|                                         |                                                                                                                                              | Under                  Canadian accounting principles, these costs and recoveries may                  be deferred                  prior to the commencement of commercial operations. Accounting                  principles                  in the United States require expenditures and revenue during the                  start-up                  of operations to be charged to earnings. |
|                                         |
|                                         |                                                                                                                                              | During                  the year ended December 31, 2004, acquisition costs and deferred                  exploration costs were $374,281 (2003 - $Nil). Accordingly, these                  amounts                  were expensed in the statement of income under United States GAAP. |
|                                         |
|                                         | b)                                                                                                                                 | Loss                  carry forward |
|                                         |
|                                         |                                                                                                                                              | The                  accounting for income taxes under Canadian GAAP and United States                  GAAP is                  essentially the same, except that: |
|                                         |                                                                                                                                              | -                       | income                  tax rates of enacted or substantively enacted tax law must be used                  to                  calculate future income tax assets and liabilities under Canadian                  GAAP; |
|                                         |                                                                                                                                              | -                       | Only                  income tax rates of enacted tax law can be used under United States                  GAAP. |
|                                         |
|                                         |                                                                                                                                              | For                  both Canadian GAAP and U.S. GAAP, no Future Income Tax (Canadian                  GAAP) or                  Deferred Tax (U.S. GAAP) are either recorded as assets or as liabilities,                  as they are offset by valuation reserves due to uncertainty of                  utilization                  of tax losses. |
|                                         |
|                                         | c)                                                                                                                                 | Earnings                  (Loss) per Common Share |
|                                         |
|                                         |                                                                                                                                              | Loss                  per common share for Canadian GAAP for the years ended December                  31, 2004                  and 2003 have changed due to fact that the losses have been revised                  under                  U.S. GAAP. |

|   |   |                                                                                                                                                                 |   | Net                  Loss  |    |   | Loss                  Per Share  |    |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|---------|--------|---------------------------------------|---------|
|   |   | Year                  Ended                                                                                                                                     |   | Canadian                  GAAP  |    |   | U.S.                  GAAP            |    |   | Canadian                  GAAP |   |   | U.S.                  GAAP |   |
|   |   | 2003                                                                                                                                                            | $      | (154,427                        | )  | $      | (154,427                              | )  | $ | (0.02 | )  | $ | (0.02 | )  |
|   |   | 2004                                                                                                                                                            | $      | (362,534                        | )  | $      | (736,815                              | )  | $ | (0.08 | )  | $ | (0.16 | )  |
|   |   |                                                                                                                                                                 |
|   |   | The                  diluted loss per common share does not increase the basic loss                  per common                  share, due to antidilutive factors. |

----

**RODINIA        MINERALS INC.**

**(formerly        Donnybrook Resources Inc.)**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For        the Years Ended December 31, 2004 and 2003 **

| **13.**                       | **RECONCILIATION                  OF CANADIAN AND UNITED STATES GAAP**  |
|----------------------------------------------|------------------------------------------------------------------------------|
|                                         |
|                                         | d)                                                            | Accounting                  for asset retirement obligations |
|                                         |
|                                         |                                                                         | In                  August of 2001, U.S. FASB issued Statement of Financial Accounting                  Standards No. 143, “Accounting for Asset Retirement Obligations” (“SFAS                  143”). SFAS 143 addresses financial accounting and reporting for                  obligations associated with the retirement of tangible long-lived                  assets                  and the associated asset retirement costs. SFAS 143 applies to                  all                  entities. It applies to legal obligations associated with the retirement                  of long-lived assets that result from the acquisition, construction,                  development and / or the normal operation of a long-lived asset,                  except                  for certain obligations of lessees. SFAS 143 requires that the                  fair value                  of a liability for an asset retirement obligation be recognized                  in the                  period in which it is incurred if a reasonable estimate of fair                  value can                  be made. The associated asset retirement costs are capitalized                  as part of                  the carrying amount of the long-lived asset. SFAS 143 is effective                  for                  financial statements issued for fiscal years beginning after June                  15,                  2002. The Company adopted SFAS 143 for the fiscal year beginning                  on                  January 1, 2003. The Company believes that SFAS 143 will not have                  a                  material effect on the Company’s results of operations, financial position                  or liquidity. |
|                                         |
|                                         | e)                                                            | Accounting                  for costs associated with exit or disposal activities |
|                                         |
|                                         |                                                                         | The                  U.S. FASB recently issued new Standard No. 146 relating to accounting                  for                  costs associated with exit or disposal activities. Effective January                  1,                  2003, the new standard requires the recognition of costs associated                  with                  exit or disposal activities when they are incurred rather than                  at the date                  of a commitment to an exit or disposal plan. |
|                                         |
|                                         | f)                                                            | Investment                  securities |
|                                         |
|                                         |                                                                         | United                  States GAAP requires that investment securities be classified as                  either                  “available for sale” or “held to maturity”, and requires available for                  sale securities to be reported on the balance sheet at their estimated                  fair values. Unrealized gains and losses arising from changes in                  fair                  values of available for sale securities are reported net of income                  taxes                  in other comprehensive income. For United States GAAP, the Company                  accounts for substantially all investment securities as available                  for                  sale. Under Canadian GAAP, investment securities are carried at                  cost or                  amortized cost, with other than temporary declines in value recognized                  based upon expected net realizable values. |
|                                         |
|                                         | g)                                                            | Stock-based                  Compensation |
|                                         |
|                                         |                                                                         | Accounting                  for Stock-based Compensation for both United States and Canadian                  GAAP uses                  the fair value-based method to measure compensation expense. |
|                                         |
|                                         | h)                                                            | Exploration                  Stage Enterprise |
|                                         |
|                                         |                                                                         | Under                  the Canadian accounting principles, the Company is considered to                  be a                  Development Stage Enterprise. In accordance with U.S. accounting                  principles this reference is revised to Exploration Stage Enterprise. |

----

**RODINIA        MINERALS INC.**

**(formerly        Donnybrook Resources Inc.)**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For        the Years Ended December 31, 2004 and 2003 **

| **13.**                       | **RECONCILIATION                  OF CANADIAN AND UNITED STATES GAAP**  |
|----------------------------------------------|------------------------------------------------------------------------------|
|                                         |
|                                         | h)                                                            | Exploration                  Stage Enterprise (continued) |
|                                         |
|                                         |                                                                         | Additional                  disclosure of the following items is required under U.S. accounting                  principles for exploration stage enterprises: (1) separate caption                  in the                  shareholders’ equity section of the balance sheet reporting cumulative net                  losses during the exploration stage, and this is disclosed in the                  above                  mentioned balance sheet reconciled to United States GAAP., (2)                  cumulative                  amounts of revenues and expenses since inception, (3) cumulative                  statement                  of cash flows since inception, and (4) details of each issuance                  of capital                  stock since inception. The Company has been an exploration stage                  since                  April 14, 1986 and the accumulated figures, for Items 2, 3 and                  4, are not                  available and therefore are not disclosed. |
|                                         |
|                                         | i)                                                            | Statement                  of Stockholders’ Equity |
|                                         |
|                                         |                                                                         | A                  separate Statement of Stockholders’ Equity is not required for Canadian                  GAAP; it is, however, required in accordance with U.S. GAAP and,                  accordingly, is disclosed as a separate statement in the abovementioned                  for U.S. GAAP. |
|                                         |
|                                         | j)                                                            | Recent                  Accounting Pronouncements |
|                                         |
|                                         |                                                                         | In                  December 2003, the United States Securities and Exchange Commission                  issued                  Staff Accounting Bulletin No. 104, “Revenue Recognition” (“SAB 104”),                  which supersedes SAB 101, “Revenue Recognition in Financial Statements”.                  The primary purpose of SAB 104 is to rescind accounting guidance                  contained                  in SAB 101 related to multiple element revenue arrangements, which                  was                  superseded as a result of the issuance of EITF 00-21, “Accounting for                  Revenue Arrangements with Multiple Deliverables”. While the wording of SAB                  104 has changed to reflect the issuance of EITF 00-21, the revenue                  recognition principles of SAB 101 remain largely unchanged by the                  issuance                  of SAB 104. The adoption of SAB 104 did not have a material impact                  on the                  Company’s financial statements. |
|                                         |
|                                         |                                                                         | In                  May 2003, the FASB issued SFAS No. 150, “Accounting for Certain Financial                  Instruments with Characteristics of both Liabilities and Equity”. SFAS No.                  150 establishes standards for how an issuer classifies and measures                  certain financial instruments with characteristics of both liabilities                  and                  equity. It requires that an issuer classify a financial instrument                  that is                  within its scope as a liability (or an asset in some circumstances).                  The                  requirements of SFAS No. 150 apply to issuers’ classification and                  measurement of freestanding financial instruments, including those                  that                  comprise more than one option or forward contract. SFAS No. 150                  does not                  apply to features that are embedded in a financial instrument that                  is not                  a derivative in its entirety. SFAS No. 150 is effective for financial                  instruments entered into or modified after May 31, 2003, and otherwise                  is                  effective at the beginning of the first interim period beginning                  after                  June 15, 2003, except for mandatory redeemable financial instruments                  of                  non-public entities. It is to be implemented by reporting the cumulative                  effect of a change in an accounting principle for financial instruments                  created before the issuance date of SFAS No. 150 and still existing                  at the                  beginning of the interim period of adoption. Restatement is not                  permitted.                  The adoption of this standard did not have a material effect on                  the                  Company’s results of operations or financial position. |

----

**RODINIA        MINERALS INC.**

**(formerly        Donnybrook Resources Inc.)**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For        the Years Ended December 31, 2004 and 2003 **

| **13.**                       | **RECONCILIATION                  OF CANADIAN AND UNITED STATES GAAP**  |
|----------------------------------------------|------------------------------------------------------------------------------|
|                                         |
|                                         | j)                                                            | Recent                  Accounting Pronouncements (continued) |
|                                         |
|                                         |                                                                         | In                  April 2003, FASB issued SFAS No. 149, “Amendment of Statement 133 on                  Derivative Instruments and Hedging Activities”. As the Company does not                  have any derivative instruments or hedging activities, the provisions                  of                  this pronouncement have no effect on the Company. |

----

**SIGNATURES**

|         |                                                       |                                       |
|--------------|------------------------------------------------------------|--------------------------------------------|
|         | Rodinia                Minerals, Inc.__________            |
|    |                                                  |  (Registrant)                    |
|         | By:                                              | /s/  Don                Morrison |
|         |                                                            |
|         | Title: Don                Morrison. President and CEO |

**Item        19. Exhibits**

| Exhibit                    1.    | 3.0/3.1                    Articles of Incorporation*                                                           |
|----------------------------------|-----------------------------------------------------------------------------------------------------------------|
| Exhibit                    2.    | Property                    Report*                                                                             |
| Exhibit                    3.    | Stock                    Option Plan*                                                                           |
| Exhibit                    4.    | Cooper                    Minerals Agreement*                                                                   |
| Exhibit                    5.    | Lucky                    Boy Agreement*                                                                         |
| Exhibit                    6.    | Letter                    of Intent between Rodinia Minerals Inc. and Cooper Minerals,                    Inc.* |
| Exhibit                    7.    | Consolidated                    Financial Statements U.S. GAAP December 31, 2005 and                    2004    |
| Exhibit                    8.    | 23.1                    Consent of Manning Elliott LLP Chartered                    Accountants                 |
| Exhibit                  9  | 23.2                  Consent of N.I Cameron Inc. Chartered                  Accountants              |