NEOMETALS LTD — AGM Information 2004

Nov 25, 2004

Reed Resources Ltd

AGM Presentation November 2004

OUTLINE

• Corporate information
• Business Strategy $\bullet$
• Exploration projects
• . Comet Vale
• · Mt Finnerty
• · Barrambie
• Strategic Alliance with CSM
• Opportunities

CORPORATE INFORMATION

• Established December 2001
• Floated July 2002 (raised \$6M)
• Directors

David Reed OAM - Executive Chairman FCPA

Chris Reed - Executive Director/ Secretary BCom, GradCertMinEcon (WASM) ASA

Peter Collins - Non-Executive Director BSc(Hons) PhD MAIG

Ian Junk - Non-Executive Director B.Eng (Hons) MAusIMM

CORPORATE INFORMATION

• Capital Structure
• Vendor shares
• Seed capital
• Shares issued
• · Barrambie acquisition
• Consolidated Minerals
• · Total issue

Market Cap (@28c) Cash (23 November 04)

15M @ 20c 4M @ 10c $30M$ $@$ $20c$ $0.75M$ @ 20c 12.3M @ 25c 62 M shares \$16 M \$1.3 M

BUSINESS STRATEGY

• Develop high-grade gold deposits
• Explore for other metals in existing tenements
• Selective acquisition of new ventures to broaden resource base

EXPLORATION PROJECTS

Barrambie Murchison province Titanium Comet Vale Eastern Goldfields province Gold Nickel Mt Finnerty Southern Cross province Gold Iron Ore Nickel

COMET VALE PROJECT

Near-mine gold exploration

PROJECT STRATEGY:

• Cashflow from initial development of Sand George Deposit
• Extend and upgrade resources below 200m Test nickel sulphide potential

COMETVALE Geology

Baada San San Si

MNERAL RESOURCES

• CATEGORY VEIN SG1 Indicated SG2 Indicated Sub-Total
• SG₁ Inferred
• SG2 Inferred Sub-Total
• TOTAL
• Sand Prince West Lode
• 77,000 tonnes @ 3.9 g/t Au (Unclassified, 1 g/t Au lower cut)

David Rossings

TONNES 136,000 131,000 267,000 41,000 59,000 101,000

368,000

GRADE 9.6 6.5 $8.1$ $6.8$

7.1

$7.0$

7.8

OUNCES 42,00 27,00 70,00 9,00 13,00 22,00 92,00

COMET VALE - Depth Potential

COMET VALE - Nickel

• Target komatiite-hosted massive nickel sulphides
• Tenements host extensive sequence of ultramafic lithologies over 5km strike.
• Siberia Komatiite
• Walter Williams Form
• Potential high-grade Ni Laterite resource in welldeveloped lateritic profile
• Limited previous exploration
• $-8m$ @ 1.48 % Ni (RC drill hole ELC5)
• inc. 5m @ 2.2 % Ni

MT FINNERTY PROJECT

• Brown-fields exploration $\bullet$ project
• 45 km of Watt Hills G/B
• Known high-grade gold and BIF-hosted Fe ore (hematite)
• 20 km of prospective Nisulphide hosting Ultramafic
• Exploration Targets:
• Archaean lode gold $\bullet$
• BIF-hosted iron ore $\bullet$
• Ni Sulphides

MT FINNERTY - Exploration

Airborne geophysical survey

• 8,248 line km at 100 m line spacing, 30 m sensor height

Preliminary results:

• Extensive ultramafic sequence, along strike from nickel sulphide occurrences.
• Several gold targets (shear zones, jogs, dislocations)

Rock Chip Sampling (Dec 03) 0.53% Ni, 11 ppm Cu, 0.31% Cr 0.61% Ni, 11 ppm Cu, 0.37% Cr 0.41% Ni, 5 ppm, 0.26% Cr 0.19% Ni, 71 ppm Cu, 0.41% Cr 0.26% Ni, 181 ppm Cu, 0.5% Cr 0.21% Ni 119 ppm Cu 0.45% Cr

BARRAMBIE PROJECT

• Advanced exploration project acquired April 2003
• Magmatic Ti-Fe±V oxide deposit in anorthosite-gabbro
• Previous evaluation bias toward vanadium
• Titanium potential not fully tested and evaluated
• PGMs, gold & nickel potential • 11 km strike length within mining lease M57/173
• LOW COST ENTRY INTO ۵ HUGE TITANIUM MARKET

BARRAMBIE - Geology (Block diagram)

Eastern Band Mineral Resource

Indicated Inferred IOIAL

7,160,000 t @ 22.9% Ti02 16,600,000 t @ 22.3% Ti02 23,760,000 t @ 22.4% Ti02

BARRAMBIE - Metallurgy

False Colour AutoGeoSEM Image

1. Liberated Ilmenite 2. Liberated Titanomagnetite

$\mathbf{R}{\alpha\alpha}$ d $\mathbf{R}{\alpha\alpha\alpha}$

BARRAMBIE BENEFICIATION PLANT FLOWSHEET

TAILS COMBINEI

STRATEGIC ALLIANCE

MOU with Consolidated Minerals Limited Option to form JV over:

• Mt.Finnerty (Iron Ore)
• Barrambie (Titanium)

Consideration

• 2 million shares $@$ 25 $c$
• 5.45 million shares $\omega$ 25 c
• Underwrite \$4 million dollar Convertible Note Issue

Evaluation

• Mount Finnerty exploration programme commenced
• Advanced Metallurgical Testwork/Flowsheet nearing completion

SUMMARY

Mt Finnerty (nickel, gold, iron ore)

• Follow-up RAB drilling of ultramafic units Dec/Jan $\Box$
• CSM to drill New Iron Ore Discovery November 04 $\Box$ Barrambie (titanium, iron)
• Major hard rock titanium resource (23mt @ 22%Ti02) $\Box$
• Initial Metallurgical Testwork produces high-quality feedstock (55% TiO2)
• Cost & Capital Estimation in progress
• Comet Vale (nickel)
• Untested Ni-laterite and Ni-sulphide potential at Comet Vale

SUMMARY

Comet Vale (gold)

Indicated Mineral Resource (at 2 g/t Au cut off)

• Sand George prospect: 267,000 tonnes @ 8.1 g/t Au (70,000 ounces gold)
• Sand Queen South: 6,500 tonnes $@$ 19.7 g/t Au $(4,100$ ounces $gold)$

Exploration Potential

• Upgrading Inferred Resource of 101,000 tonnes @ 7.0 g/t Au $(22,000 \text{ oz})$
• Sand George deep lodes (SG 3, 4 & 5 Lodes)
• Extension of Sand Queen lode at depth
• Sand Prince West Lode (77,600 tonnes at 3.9 g/t Au)
• Repetition of Comet Vale Lodes along strike

OPPORTUNITIES

• Cashflow from development of Sand George deposit
• Exploration success
• Diversified commodity base
• . Alliances with key partner with experience in mining and development of world-class bulk mineral operations