NEOMETALS LTD — AGM Information 2006

Nov 22, 2006

97 Outram Street West Perth WA 6005 Tel: + 61 8 9322 1182 Fax: + 61 8 9321 0556

23 November 2006

Company Announcements Office Australian Stock Exchange Limited Via Electronic Lodgement

Dear Sirs,

CHAIRMANS ADDRESS AND POWERPOINT PRESENTATION

Please find attached the Chairmans script and the Powerpoint presentation at todays AGM.

Yours faithfully,

GReed

Christopher Reed COMPANY SECRETARY

CHAIRMAN'S SCRIPT FOR ANNUAL GENERAL MEETING

Held at The Western Australia Club, 101 St Georges Terrace, Perth, Western Australia on Thursday 23 November 2006 at 3:00 pm

Introduction

Good Afternoon ladies and gentlemen. My name is David Reed and I am the Chairman of Reed Resources, on behalf of the board and staff I would like to welcome those shareholders who have made time to attend this meeting.

On my right are fellow directors, Chris Reed, Peter Collins and Ian Junk. Also attending today, is Tim Richards, partner of Deloitte Touche Tohmatsu, the company's auditors and Steven Cole and assocaites from the Company's solicitors, Allens Arthur Robinson.

Notice and quorum

The Chairman noted that all SHAREHOLDERS had been given notice of the meeting in accordance with Rule 13.2 of the Constitution of the Company, and that a quorum was present at the meeting comprising members entitled to vote on the proposed resolution, and that each director disclosed his or her interest, if any, in the subject matter of the proposed resolution including his or her directorship, if any, in every other company concerned in or by the subject matter of the proposed resolution.

In order to expedite proceedings, we will answer technical questions relating to the 2006 Annual Report and questions of a general nature after the business of the meeting has been completed. Any questions relating to the financial statements will be dealt with after the Annual Report has been tabled.

Chris Reed will give a presentation to give you an update on the Company's activities at the conclusion of the meeting.

BUSINESS

1. Annual Report for year ended 30 June 2006

As shareholder of the Company you will have received a copy of the 2006 Annual Report.

I now table the Annual Report of the Company for the period ended 30 June 2006 which includes the Financial Report of the Company, the Directors' Report, the Remuneration Report and the Report of the Auditor, Deloitte Touche Tohmatsu.

At this point I would invite Shareholders to ask questions or make comments on:

• the Financial Report of the Company for the period ended 30 June 2006;
• the Directors' Report in relation to that period; and
• the Report of the Auditor on the Financial Report.

Are there any questions?

I will now proceed to the second item on the agenda.

Re-election of Peter Lionel Fleury Collins as a Director $2.$

To consider and if thought fit to pass, with or without amendment, the following as an ordinary resolution:

Resolution 1

"THAT Peter Lionel Fleury Collins who will retire as a Director by rotation in accordance with Articles 11.3 and 11.5 of the Company's Constitution, and who is eligible for re-election as a Director in accordance with Article 11.4 of the Company's Constitution and who offers himself for re-election, be re-elected as a Director."

Of the proxies received with respect to this resolution, 26,030,278 shares were for this resolution, 2000 shares were against, 0 shares abstained and 1,139,811 shares were open for the Chairman or proxies to vote.

MOVED SECONDED

Those in favour.

Those against.

Ratification of Share Placements 3.

Under Resolutions 2 and 3, the Company seeks to consider and if thought fit to pass, respectively as separate and independent ordinary resolutions, with or without amendment, each of the following:

Resolution 2

"THAT, for the purpose of ASX Listing Rule 7.4, and for all other purposes, this meeting ratify the issue and allotment by the Company of 5,000,000 fully paid ordinary shares in the Company to Peter Bowman Nominees Pty Ltd (ACN 008 801 018) at \$0.20 each for the purposes of raising working capital, as issued and allotted on 21 December 2005 and announced to the ASX on the same date."

Of the proxies received with respect to this resolution, 25,630,278 shares were for this resolution, 402,000 shares were against. 0 shares abstained and 1,139,811 shares were open for the Chairman or proxies to vote.

MOVED SECONDED

Those in favour.

Those against.

I declare the motion CARRIED/DEFEATED

Resolution 3

"THAT, for the purpose of ASX Listing Rule 7.4, and for all other purposes, this meeting ratify the issue and allotment by the Company of 5,000,000 fully paid ordinary shares in the Company to the persons listed in Appendix 2 to the Explanatory Statement accompanying this notice of meeting at \$0.25 each for the purposes of raising working capital, as issued and allotted on 30 March 2006 and announced to the ASX on the same date."

Of the proxies received with respect to this resolution, 25,630,278 shares were for this resolution, 402,000 shares were against, 0 shares abstained and 1,139,811 shares were open for the Chairman or proxies to vote.

MOVED SECONDED

Those in favour.

Those against.

4. Issue of Options to Directors

To consider and if thought fit to pass, respectively as separate and independent ordinary resolutions, with or without amendment, each of the following:

Resolution 4

"THAT for the purpose of ASX Listing Rule 10.11 and section 208 of the Corporations Act 2001 (Cth), and for all other purposes, the meeting approves and authorises the Directors to grant 1,000,000 options to acquire fully paid ordinary shares of the Company to Christopher John Reed, a director of the Company, to be exercised at any time on or before 30 June 2011 at an exercise price of \$0.75 each, and to be issued on the terms and conditions particularised in the Explanatory Statement accompanying this notice of meeting."

Of the proxies received with respect to this resolution, 23,744,478 shares were for this resolution, 407,800 shares were against, 1,880,000 shares abstained and 1,139,811 shares were open for the Chairman or proxies to vote.

SECONDED MOVED
---------------------------------	--

Those in favour.

Those against.

I declare the motion CARRIED/DEFEATED

Resolution 5

"THAT for the purpose of ASX Listing Rule 10.11 and section 208 of the Corporations Act 2001 (Cth), and for all other purposes, the meeting approves and authorises the Directors to grant 500,000 options to acquire fully paid ordinary shares of the Company to Ian Courtney Junk, a director of the Company, to be exercised at any time on or before 30 June 2011 at an exercise price of \$0.75 each, and to be issued on the terms and conditions particularised in the Explanatory Statement accompanying this notice of meeting."

Of the proxies received with respect to this resolution, 25,624,478 shares were for this resolution, 407,800 shares were against. 0 shares abstained and 1,139,811 shares were open for the Chairman or proxies to vote.

MOVED SECONDED

Those in favour.

Those against.

Resolution 6

"THAT for the purpose of ASX Listing Rule 10.11 and section 208 of the Corporations Act 2001 (Cth), and for all other purposes, the meeting approves and authorises the Directors to grant 500,000 options to acquire fully paid ordinary shares of the Company to Peter Lionel Fleury Collins, a director of the Company, to be exercised at any time on or before 30 June 2011 at an exercise price of \$0.75 each, and to be issued on the terms and conditions particularised in the Explanatory Statement accompanying this notice of meeting."

Of the proxies received with respect to this resolution, 25,624,478 shares were for this resolution, 407,800 shares were against, 0 shares abstained and 1,139,811 shares were open for the Chairman or proxies to vote.

MOVED SECONDED

Those in favour.

Those against.

I declare the motion CARRIED/DEFEATED

Adoption of Remuneration Report 5.

I will now move on to the final item on the agrenca, which is to consider and, if thought fit, to pass the following as an ordinary resolution

Resolution 7

"THAT the Remuneration Report for the year ended 30 June 2006 be adopted."

Please note that the vote on this resolution is advisory only, and does not bind the Directors or the Company.

Of the proxies received with respect to this resolution, 26,016,278 shares were for this resolution, 16,000 shares were against, 0 shares abstained and 1,139,811 shares were open for the Chairman or proxies to vote.

MOVED SECONDED

Those in favour.

Those against.

Other Business 6.

In compliance with section 250S(1) of the Corporations Act 2001 (Cth) the members are invited to ask questions about or make comments on the management of the Company and to raise any other business which may lawfully be brought before the meeting.

Closure

There being no further business, the meeting then closed at xxxx PM

I will now ask Chris Reed to give you a short presentation to update you on current projects and the progress of the company.

Thanks Chris, I now invite members to ask questions of the directors.

I would like to thank you for your attendance today, and for your continued support of our Company.

Reed Resources Ltd

AGM Presentation November 2006

Capital Structure

Issued Shares 80.3 M 4.25 M Options

David Reed OAM - Executive Chairman Chris Reed - Executive Director/ Secretary Dr Peter Collins - Non-Executive Director Ian Junk - Non-Executive Director

Chart: RDR vs ASX 300

BUSINESS STRATEGY

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

Reed Resources Ltd

Reed Resources Ltd

Barrambie

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

Reed Resources Ltd

COMET VALE PROJECT

PROJECT HIGHLIGHTS:

• Low risk Production JV with Kingsrose Mining over Sand George Deposit.

• $\triangleright$ First gold in June 2006
• $\triangleright$ Extend and upgrade resources from 65,000 to 136,000 oz in last yr
• $\triangleright$ Regional Exploration confirms gold and base metal potential
• $\triangleright$ Drilling to commence this month

COMET VALE # Progress to date

COMET VALE - Regional Cold Contours

COMET VALE - Nickel

TARGET

High-grade Ni Laterite $\bullet$ resource in well-developed lateritic profile

Tenements host over 4.8km Strike of Walter Williams Form

DRILL RESULTS (unscreened)

• 12m at 0.83% N from 17 $\bullet$
• 60m at 0.60% Ni from 5 $\bullet$
• 36m at 0.69% Ni from 33 $\bullet$
• 35m at 0.61 % Ni from 4 $\bullet$
• 26m at 0.62% Ni from 15

Reed Resources Ltd

MTFINNERTY 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 $\bullet$

Reed Resources Ltd

Archaean lode gold

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{FINS} FINT PERMIT

Reed Resources Ltd

MT FINNERTY - Iron Ore

Portman earning 80% Fe rights

Utilise existing plant and infrastructure

• Reduces lead time
• Reduces critical size for development

Exploration Results

• Enriched BIF over +30km
• Grades up to 68% Fe
• Widths up to 15m $\bullet$
• Attractive P Levels ideal $\bullet$ for blending

MT FINNERTY - Portman Scout Drilling

MT FINNERTY - Niekel EZA) adim residin filosof ezeke Characters becam Expressities

• · 30km strike fertile ultramafics
• 2 interpreted channels at base of komatiitic flows
• Basal footwalls appear $\bullet$ intact
• Proposed Exploration
• Soil sampling to define drill \$ targets
• · RAB/RC

BARRAMBIE - Vanadium/Hianium Deposit

Resources (Central & Eastern)

Indicated 42 Mt @ 0.45% $V₂O₅$ Inferred 97 Mt @ 0.35% $V₂O₅$

PFS - Eastern Band Oxidised to 60m True Width >20m

Optimised Pits 25 Mt @ $0.53\%V₂O₅$ to 50m

Strip Ratio 0.6:1

BARRAMBIE - PFS
		Concentrate Grade % $V_2O_5$	Concentrate Recovery $%$ mass 36		Process Recover $\frac{0}{0}$
		1.37			$90+$
		Mining Costs A\$/lb $V_2O_5$			Plant, Infrastructure & Admin Costs A\$/lb $V_2O_5$
		0.17			2.50
NPV12 – A\$379m	Plant Direct (Processing plant & Infrastructure) Plant Indirect (EPCM and Contingency allowance) Natural gas turn key package				A\$ 174.8 m
$IRR - 40\%$ Payback - 4 yrs					$A\$ 61.7 m
				19.5 m A\$
Reed Resources Ltd	Total				A\$ 256.0 m

SUMMARY

Mt Finnerty (iron ore, nickel, gold)

• Portman Iron Ore JV. Resource Definition Drilling early '07
• Exciting Nickel Sulphide targets

Barrambie (vanadium, titanium)

• Pre-Feasibility Study results NPV₁₂ A\$379 million $\Box$
• MOU Sales & Marketing Agreement with leading commodity trader $\Box$
• Optimisation Study underway, results late Nov '06 $\Box$
• Feasibility Study decision Dec Q '06

Comet Vale (gold, nickel)

• High Margin, Low Risk Gold Production, at rate of 20koz pa by June Q 07
• Resources Increased +136,000 oz @ 12 g/t
• Exciting Regional Potential Drilling commences this quarter

GOLD PRODUCERS, ACTIVE EXPLORERS Reed Resources Ltd