NEOMETALS LTD — AGM Information 2005

Nov 9, 2005

Reed Resources Ltd

AGM Presentation November 2005

OUTLINE

• Corporate Information $\bullet$
• Business Strategy
• Project Overview
• · Comet Vale
• . Mt Finnerty
• · Barrambie
• Opportunities $\bullet$

Reed Resources Ltd

Drill core from Sand George Lode

CORPORATE INFORMATION

• Established December 2001 ۰
• Floated July 2002 (raised \$6M) ۱
• Directors Ø

David Reed OAM - Executive Chairman FCPA

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

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

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

CORPORATE INFORMATION

70 M shares

1 M @ 50c

\$15M

\$1.3 M

2.45 M @ 35c

• Capital Structure \$
• Issued Shares $\bullet$
• Options $\bullet$

Market Cap (@22c)

Cash (Sept 05)

Reed Resources Ltd

BUSINESS STRATEGY

• Develop high-grade gold deposits at Comet Vale
• Explore for other metals (Fe, Ti, V, Ni) in existing tenements
• Selective acquisition of new ventures to broaden resource base

Reed Resources Ltd

EXPLORATION PROJECTS

Reed Resources Ltd

Barrambie

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

COMETYALE PROJECT

PROJECT STRATEGY:

• $\triangleright$ Low risk cashflow from Production JV with Kingsrose over of Sand George Deposit.
• $\triangleright$ Extend and upgrade resources along strike

• Define resources on known quartz reefs.

• Develop nickel laterite resource
• $\triangleright$ Test base metal and PGE potential

COMET VALE Production Joint Venture

Kingsrose

• Development & Production Costs

• to earn 50% gold down to 243m - to earn 60% gold below 243m - 50% Equity in leases after 25,000 oz - Min. Expend \$2,000,000

Reed

• -Transport & Treatment Costs
• -Budgeted \$33/tonne (sub\$200/oz)
• -Retains open-pit gold resource
  • -\$4m p.a net cash flow for 3.5 years

COMET VALE - Sand Queen Main Shait

COMET VALE = Depth Potential

COMET VALE - Regional Cold Contours

+20km of untested gold anomalous structures

COMET VALE - Nickel

TARGET

• 1. High-grade Ni Laterite resource in welldeveloped lateritic profile
• 1. Komatiite-hosted massive nickel sulphides
• Tenements host extensive sequence of ultramafic lithologies over 4.8km strike.
• .Walter Williams Form
• · Siberia Komatiite

Reed Resources Ltd

COMET VALE - Regional Mckel Contours

MTFNNERTY PROJECT

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

Reed Resources Ltd

Archaean lode gold

.
240 OK me 240 000 mg LEGEND Ŵ Gold workings Proster WWS SW. Dramace spozinachic high 6620 000 ml Tenement boligiten -13345 64292 Bailwa Filnder CAUSES ⁵ Tasman (*) Ht Watt fro ² Aigus an any Mt Finnerty .660900.ml fra Rock Octave
Fra Rock Octave VS Colle 45016 E15744 Breakaway (K) 120477440 Forres Lastre Pordie From Giles of ranks 130 anoma 310km Dry's Find in Kaboorie Janied Mariasians (King Ryana Find (agrow) adamax 7 (none) Little Hipper German Bouchers¹ 6580.000 ml F 15/62 $T$ ake $B$ 10 km 120°10'l 120°00'E 120 ICE

MT FINNERTY-Iron Ore JV

• Portman earning 80% Fe rights $\bullet$ by spending
• $-$ \$300,000 over three years
• $-$ \$100,000 in first year
• Reed can: $\bullet$ .
• $-$ Contribute to 20%
• Revert to 10% free-carried to DTM
• At DTM contribute or revert to royalty

65 km east of Koolyanobbing Trans-Australian Railway Access

WEENNERTY-NIGKE

· 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.

Exploration Results 2005

Soil Sampling - up to 0.5% Ni and
125ppm Cu - 4 anomalies from 3 areas tested

RAB Drilling - up to 1.0% Ni and 400ppm Cu - confirms soil anomalies

Ground EM $-$ 9 areas tested $-$ 9 conductors - confirms anomalies RC Drilling - November 2005

BARRAMBIE PROJECT

Advanced exploration project acquired April 2003 Magmatic Ti-Fe±V oxide deposit in anorthosite-gabbro RDR Testwork produces high quality Titanium feedstock Now focusing on recovery of Vanadium (Price US\$13/lb) PGMs, gold & nickel potential 11 km strike length within mining lease M57/173 LOW COST ENTRY INTO WORLD-CLASS DEPOSIT

Reed Resources Ltd

BARRAMBIE – Resources

Indicated 22 Mt @ 0.48% $V_2O_5$ Inferred 26 Mt @ 0.51% $V_2O_5$

• True width > 20m
• Open-pit to 80m (drilled +200m)
• Covers < 25% strike

Bay-Cove Central (BFP 2000) Indicated 23 Mt @ 0.43% $V_2O_5$ Inferred 17 Mt @ 0.35% $V₂O₅$ Gulf Central (Snowden 1999) Inferred 60 Mt $@$ 0.30% V₂O₅

BARRAMBIE - Concentrate Testwork

Deposit	Ore Type (% of Feed)	Concentrate Grade % $V_2O_5$	Concentrate Recovery $%$ mass	Process Recovery H $\frac{0}{0}$
Barrambie	Oxide (100%)	1.37	36	$90+$
Windimurrall	Oxide (100%)	1.22	20	78
Balla Balla	Oxide (10%)	1.05	55	79
	Primary $(90\%)$	1.1	58	79
Reed Resources Ltd

BARRAMBIE - Plant Design

SUMMARY

Mt Finnerty (iron ore, nickel, gold)

• JV with local producer Portman. RC Drilling Jan Q 06
• Nickel Exploration RC Drilling EM Targets November 05 Ë Barrambie (vanadium, titanium)
• Pre-Feasibility Study on production of vanadium pentoxide flake $\Box$ from major vanadium-titanium resource due Dec 05
• Testwork produced vanadium pentoxide flake (+95% recovery) from salt roast-leach of gravity/magnetic concentrate.
• Current Testwork to recover vanadium using same flowsheet as Windimurra (prod.cost US\$1.60/lb) nearing completion.

Comet Vale (nickel)

Resource Definition Drilling Ni-laterite and testing Ni-sulphide potential at Comet Vale at present

SUMMARY

Comet Vale (gold)

Exploration Potential

• Extension of SG 18 2 lodes at depth, along strike
• Sand George deep lodes (SG 3, 4 & 5 Lodes)
• Extension of Sand Queen lode at depth $\Box$
• Extension of Sand Prince West Deposit
• Repetition of Comet Vale Lodes along strike
• 20km untested Au soil anomalies

OPPORTUNITIES

• Low Risk Cashflow from Production Joint Venture for development of Sand George deposit (est. Annualised CF of A\$4m)
• JV with local iron ore producer Portman
• PFS Study on world-class vanadium deposit
• Exploration success from highly mineralised projects
• Diversified commodity base