NEOMETALS LTD — AGM Information 2007

Nov 26, 2007

CHAIRMAN’S SCRIPT FOR ANNUAL GENERAL MEETING

Held at

The Cottesloe Hotel, 104 Marine Parade, Cottesloe, Western Australia on Monday 26 November 2007 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 present are our Kalgoorlie based staff, our Chief Geologist David Potter, geologist Claudio Sheriff, financial controller Jason Carone and investor relations Simon Hicks. Today we have appointed a New Project Manager for the Barrambie Vanadium Project, Bill Crossley and our consultant geologist for Barrambie Dr Bryan Smith. Also attending today, is Mark Gover, partner of Deloitte Touche Tohmatsu, the company’s auditors and Darren Murphy and associates from the Company’s solicitors, Allens Arthur Robinson. Also this year saw the passing of our book-keeper and friend Mr Ross Adams, may he rest in peace.

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 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 2007

As shareholder of the Company you will have received a copy of the 2007 Annual Report.

I now table the Annual Report of the Company for the period ended 30 June 2007 which includes the Financial Report of the Company, the Directors’ Report, the Remuneration Report and the Report of the Auditor, Deloitte. During the consideration of these items Shareholders are invited to ask questions or make comments on:

• the Financial Report of the Company for the period ended 30 June 2007;

• the Directors’ Report in relation to that period; and

• the Report of the Auditor on the Financial Report.

A representative of the Company's Auditor is anticipated to be in attendance to respond to any questions raised of the Auditor or on the Auditor's Report in the terms of section 250T of the Corporations Act.

Are there any questions?

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

2. Re-election of David Reed as a Director

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

Resolution 1

"THAT David Reed 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."

I David Reed declare an interest and will abstain from voting.

Of the proxies received with respect to this resolution, 13,677,627 shares were for this resolution, 0 shares were against, 19,827,815 shares abstained and 3,583,170 shares were open for the Chairman or proxies to vote.

MOVED SECONDED

Those in favour.

Those against.

I declare the motion CARRIED/DEFEATED

3. Ratification of previous issues of securities

3.1 March 2007 placement to RAB Special Situations (Master) Fund Limited

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

Resolution 2

"THAT, for the purpose of ASX Listing Rule 7.4, and for all other purposes, this meeting approves and ratifies the issue and allotment by the Company of 4,761,905 fully paid ordinary shares in the Company to RAB Special Situations (Master) Fund Limited at $0.42 each, as issued

and allotted on 26 March 2007 and announced to the ASX on the same date."

Of the proxies received with respect to this resolution, 28,099,692 shares were for this resolution, 0 shares were against, 5,405,750 shares abstained and 3,583,170 shares were open for the Chairman or proxies to vote.

MOVED SECONDED

Those in favour.

Those against.

I declare the motion CARRIED/DEFEATED

3.2 Issue of shortfall shares (under Share Purchase Plan) to Transocean Securities Pty Ltd (ACN: 009 230 120)

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

Resolution 3

"THAT, for the purpose of ASX Listing Rule 7.4, and for all other purposes, this meeting approves and ratifies the issue and allotment by the Company of 4,639,362 fully paid ordinary shares in the Company to Transocean Securities Pty Ltd (ACN: 009 230 120) at $0.42 each, as issued and allotted on 28 May 2007 and announced to the ASX on the same date."

Of the proxies received with respect to this resolution, 28,099,692 shares were for this resolution, 0 shares were against, 5,405,750 shares abstained and 3,583,170 shares were open for the Chairman or proxies to vote.

MOVED SECONDED

Those in favour. Those against. I declare the motion CARRIED/DEFEATED

3.3 Issue of options (as underwriting fee for Share Purchase Plan) to Transocean Securities Pty Ltd (ACN: 009 230 120)

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

Resolution 4

"THAT, for the purpose of ASX Listing Rule 7.4, and for all other purposes, this meeting approves and ratifies the issue and allotment by the Company of 2,000,000 options to acquire fully paid ordinary shares of the Company to Transocean Securities Pty Ltd (ACN: 009 230 120), to be exercised at any time on or before 31 May 2009 at an exercise price of $0.60 each pursuant to the terms of the Underwriting Agreement between the Company and Transocean Securities Pty Ltd on or about 10 April 2007 as issued and allotted on 28 May 2007 and announced to the ASX on the same date."

Of the proxies received with respect to this resolution, 28,099,692 shares were for this resolution, 0 shares were against, 5,405,750 shares abstained and 3,583,170 shares were open for the Chairman or proxies to vote.

MOVED SECONDED

Those in favour.

Those against.

I declare the motion CARRIED/DEFEATED

3.4 Issue of options to two employees and two consultants of the Company

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

Resolution 5

"THAT, for the purpose of ASX Listing Rule 7.4, and for all other purposes, this meeting approves and ratifies the issue and allotment by the Company of an aggregate 1,000,000 options to acquire fully paid ordinary shares of the Company to two employees and two consultants of the Company (or their nominees), to be exercised at any time on or before 31 December 2012 at an exercise price of $0.85 each and issued on the terms and conditions particularised in Appendices 1 and 2 respectively of the Explanatory Statement forming part of this Notice of Meeting, as issued and allotted on 14 September 2007 and announced to the ASX on the same date."

Of the proxies received with respect to this resolution, 33,425,442 shares were for this resolution, 60,000 shares were against, 20,000 shares abstained and 3 , 583,170 shares were open for the Chairman or proxies to vote.

MOVED SECONDED

Those in favour.

Those against. I declare the motion CARRIED/DEFEATED

4. Approval of proposed issue of options to Christopher John Reed

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

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, this meeting approves and authorises the Company 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 31 December 2012 at an exercise price of $0.85 each, and to be issued on the terms and conditions particularised in Appendix 3 of the Explanatory Statement forming part of this Notice of Meeting."

Chris Reed declares an interest and will abstain from voting.

Of the proxies received with respect to this resolution, 33,408,174 shares were for this resolution, 20,000 shares were against, 77,268 shares abstained and 3,583,170 shares were open for the Chairman or proxies to vote.

MOVED SECONDED

Those in favour.

Those against.

I declare the motion CARRIED/DEFEATED

5. Approval of future capital raising

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

Resolution 7A

"THAT for the purpose of ASX Listing Rule 7.1, and for all other purposes, this meeting approves and authorises the Company to issue up to 25,000,000 new fully paid ordinary shares of the Company at a price of $0.65 each to clients of Transocean Securities Pty Ltd (ACN: 009 230 120) (in every case, provided such client is a sophisticated or professional investor for the purposes of s708 of the Corporations Act 2001(Cth)) to raise gross funds of approximately $16,250,000, pursuant to the terms of the Corporate Finance Agreement dated 18 July 2007 between the Company and Transocean Securities Pty Ltd (ACN: 009 230 120)."

Of the proxies received with respect to this resolution, 28,049,692 shares were for this resolution, 50,000 shares were against, 5,405,750 shares abstained and 3,583,170 shares were open for the Chairman or proxies to vote.

MOVED SECONDED

Those in favour.

Those against.

I declare the motion CARRIED/DEFEATED

Resolution 7B

"THAT for the purpose of ASX Listing Rule 7.1, and for all other purposes, this meeting approves and authorises the Company to issue up to 2,500,000 options to acquire fully paid ordinary shares of the Company to Transocean Securities Pty Ltd (ACN: 009 230 120), to be exercised any time on or before 31 December 2009 at an exercise price of $0.78 each, by way of a success fee pursuant to the terms of the Corporate Finance Agreement dated 18 July 2007 between the Company and Transocean Securities Pty Ltd (ACN: 009 230 120)."

Of the proxies received with respect to this resolution, 28,049,692 shares were for this resolution, 50,000 shares were against, 5,405,750 shares abstained and 3,583,170 shares were open for the Chairman or proxies to vote.

.

MOVED SECONDED

Those in favour.

Those against.

I declare the motion CARRIED/DEFEATED

6. Approval of future issues of securities under the Reed Resources Employee Share Option Plan

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

Resolution 8

"THAT for the purpose of ASX Listing Rule 7.2 Exception 9, and for all other purposes, the Reed Resources Employee Share Option Plan, pursuant to which options to acquire fully paid ordinary shares of the Company may be issued and allotted to eligible participants as an exception to ASX Listing Rule 7.1, be approved and the issue and allotment of options pursuant to that plan be approved."

All directors are declare an interest and will abstain from voting.

Of the proxies received with respect to this resolution, 13,575,359 shares were for this resolution, 0 shares were against, 19,930,083 shares abstained and 3,583,170 shares were open for the Chairman or proxies to vote.

MOVED SECONDED

Those in favour.

Those against.

I declare the motion CARRIED/DEFEATED

7. Adoption of Remuneration Report

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

Resolution 9

"THAT for the purposes of section 250R (2) for the Corporations Act 2001 (Cth) the Remuneration Report for the year ended 30 June 2007 be adopted."

The Remuneration Report is set out on pages 20 and 21 of the 2007 Annual Report. Please note that in accordance with section 250R (3) of the

Corporations Act 2001 (Cth) 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, 33,495,442 shares were for this resolution, 10,000 shares were against, 0 shares abstained and 3,583,170 shares were open for the Chairman or proxies to vote.

MOVED

SECONDED

Those in favour.

Those against.

I declare the motion CARRIED/DEFEATED

8. Other Business

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 26 Nov 2007

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Important Notice

Disclaimer

This document has been prepared by Reed Resources Ltd (“Reed” or “the Company”) in conjunction with its corporate and financial adviser Transocean Securities Pty Ltd new (“Transocean”) to provide an update of the Company to investors and potential shareholders.

Any statements, opinions, projections, forecasts or other material contained in this document do not constitute any commitments, representations or warranties by Reed or Transocean and associated entities or its directors, agents and employees. Except as required by law, and only to the extent so required, directors, agents and employees of Reed or Transocean shall in no way be liable to any person or body for any loss, claim, demand, damages, costs or expenses of whatsoever nature arising in any way out of, or in connection with, the information contained in the document.

This document includes certain statements, opinions, projections, forecasts and other material, which reflect various assumptions. The assumptions may or may not prove to be correct. Recipients of the document must make their own independent investigations, consideration and evaluation of the opportunity to invest in the Company. By accepting this document the recipient agrees that if it proceeds further with its investigations, consideration

Management

David Reed - Executive Chairman and Founder

• Over 40 years mining and capital markets experience

• Founded Mt Martin Gold Mines NL which co-developed the +4Moz New Celebration Gold Project

• Fellow of Certified Practicing Accountants Australia

• Order of Australia Medal recipient in 2002

Christopher Reed - Executive Director and Founder

• Over 17 years mining experience, VP of Association of Mining and Exploration Companies

• Previously held positions across in legal, stockbroking and investment banking industries

• Holds a Bachelor of Commerce in Accounting and graduate qualification in Mineral Economics

• Member of the Australian Institute of Mining and Metallurgy

Peter Collins - Non-Executive Director

• Over 25 years mining experience as a geologist

• Responsible for the Sand George Deposit discovery at Comet Vale

• Holds a Doctorate in Geology and lectures economic geology at university

• Member of the Australian Institute of Geoscientists

Ian Junk - Non-Executive Director

• Highly respected mining engineer specialising in underground mining and project development

• Instrumental in the purchase of the Miitel and Wannaway nickel mines from WMC for Clough

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Corporate Information

Capital Structure

Substantial Shareholders

30 122m Shares on Issue (post AGM) % Management Share Price ( 26-Nov-07 ) $1.00 RAB Capital PLC ( Special Situations Fund ) 6%

Market Capitalisation (post AGM) $+100m Cash ( post AGM ) $+17m Debt $0m

Relative Performance: Reed vs. Gold Price

Relative Performance: Reed vs. S&P/ASX Metals & Mining

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Project Locations

Reed has established an exciting portfolio of projects in highly prospective mining areas with excellent infrastructure and easy access to roads, rail and ports

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VANADIUM

• Barrambie

GOLD

• Comet Vale

IRON ORE

• Mt Finnerty

NICKEL SULPHIDE

• Mt Finnerty

• Bell Rock

NICKEL LATERITE

Barrambie Vanadium Project

Project Highlights

• 100% owned

• Completed PFS in 2006

• �Low operating costs

• �NPV of A$379 million on production of

  • 20Mlbs V2O5 p.a. over 12yr minelife, using prices much lower than spot

• FS due for completion by June 2008

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Perth
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Slides

• Market Attractiveness

• Sales & Marketing Agmt

• Highest Grade Resource

Vanadium Market

Why Vanadium?

• Vanadium is highly valued as a hardening agent for steel

• Leading price indicator is steel demand

• �Current Price US$7.90/lb Average last 4yrs ~ US$8/lb

• Increasing intensity of use by China/CIS

• Russians (EVRAZ) purchased

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Vanadium Market

The future?

• Increasing levels of steel production

• Increasing intensity of use by China/CIS

• � Demand growth predicted at 6% p.a.

• No stockpiles

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Marketing and Sales Agreement

Highlights

� One of world’s leading commodity traders, dominant in vanadium market

• Guarantee to sell first 10 years production, subject to completion of FS by June 2008

• � RDR retains right to sell to third party if higher price if available

• Counterparty will guarantee payment if required

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Resources

Project Highlights

• Granted Mining Lease

• Initial resource estimate by Snowdens confirms huge resources 80Mt @ 0.5% V O 2 5 over 4.6km of 11km strike.

• Selective mining – visual grade control delivers 24Mt @ 0.82 % V2O5 (0.5% cut), mainly in Bay and Cove (2.5km).

• +10,000 m RC/Diamond Program commenced September.

• Extend and Upgrade resource

• Geotech/Variability Samples from additonal 14 PQTT holes

• Final resource/reserve estimate by

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Resources

Geology

• Discarded historical drill database, poor drilling and assay methods.

• Stage 1 Resource Definition Drilling Completed 272 RC/ 8 Diamond holes, over 10km strike

• Exceptional continuity and consistent thickness

• Visually distinguish ore

CENTRAL ZONE

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• 2-12m bands av > 0.9% V O 2 5

• using 0.6% cutoff

EASTERN ZONE

• +20m thick band av > 0.8% V O 2 5

• • 27% TiO 2

Metallurgical Testwork Results

Concentrate Grade drives operating costs

PFS PFS Mining Costs Plant, Infrastructure & A$/lb V2O5 Admin Costs A$/lb V2O5 0.17 2.50

Robust Flowsheet Grind 150um Single Pass RED at 6,000 gauss

Test	Recovery mass %	V2O5 mass %
PFS (East)	36.1	1.37
Eastern Band	45.7	1.30

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HIGHER CONCENTRATE GRADE

� LESS TONNES ROASTED

• SMALLER KILN (& COSTS)

Vanadium

	Definitive Feasibility	Study Program
	Action	Status	Expected Completion Date
	Stage 1 Resource Definition Drilling	COMPLETED	Jan - Mar 2007
	Calweld / Diamond Drilling - Metallurgy, Density and Confirmation	COMPLETED	Feb - Apr 2007
	Stage 2 Resource Infill Drilling	COMPLETED	May - Jun 2007
	Confirmation Testwork	IN PROGRESS	August 2007
	Resource Estimate - Snowdens	COMPLETED	August 2007
	Pilot Plant Testwork	IN PROGRESS	Oct - Jan 2008
	Reserve Estimate - Snowdens	Pending	Jan - Feb 2008
	Stage 2 Engineering Design and PEP - Sinclair Knight Merz	IN PROGRESS	Sep 07 - Mar 2008
	Water and Environmental Studies	IN PROGRESS	Mar 07 - Feb 08
	Bankable Feasibility Study Completed		June 2008
	Order Long Lead Items Commissioning	Pending Pending	2nd Half 2008 End 2010/2011

Gold

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Project Highlights

• High-grade underground operation with low risk production

• First gold in June ‘06

• Full production by Sept Qtr ‘07

• Target cash costs (sub A$300/oz)

• Expansion committed 1 Nov 07

• Regional exploration underway

Production JV

• Kingrose to earn 50% down to 243m depth by paying for development and production costs

• Reed pays for transport and

Gold

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Key Information

• Stage 1 – 65,000oz over next 3 years to net Reed 10,000oz p.a.

• net cashflow to Reed ~ $5m p.a. from 2007/08

• Recently doubled resource base to 136,000oz and is open at depth, along strike

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Gold
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Iron Ore

Project Highlights

• JV with Australia’s third largest iron ore exporter

• Portman 80%/RDR 20%

• +35km of enriched BIF

• Original target 5-10Mt of DSO within trucking distance of Portman’s Koolyanobbing Mine

• Exploration indicates potential for multiples of original target

• Utilising Portman’s existing plant, rail and port infrastructure

• JV has allowed

Exploration

• +400m long, up to 25m wide, targeting 3-4Mt

• Maiden RC results

• 21m @ 60% Fe

• 12m @ 60% Fe

• 10m @ 60% Fe

• Average P < 0.08%, suitable for blending

Iron Ore

Portman Exploration Results

� Additional surface enriched iron formation targets, FIN10 and FIN11. Portman’s rock chip samples from FIN11 ranged between 56-61% Fe.

• �Significant new styles of targets

• Widespread palaeochannels may contain detrital iron ore mineralisation , potential for large Channel Iron Deposits.

• Concealed enriched iron

• formation (Structural) targets from airborne magnetic survey.

Forward Work Program 251 RAB, 19 RC and 70km ground

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Nickel

Nickel Sulphide

• WSA earning 65% by spending $3m

• $1.5m for 51% within 3 years

• $1.5m for additional 14% within 2 years

• Multiple high MgO ultramafics over 45km

• WSA Exploration identifies 4 high order soil geochemical anomalies coincident with basal ultramafic/basalt contact, over 10km of strike

• High impact exploration planned for this quarter.

• EM/IP surveys on 4 targets to

• refine angled RC holes

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Summary

Reed is a WA-based emerging multi-commodity mining house developing projects in gold, vanadium, nickel and iron ore and offers strong exposure to the rapidly expanding Asian steel industry

• Producing gold from its high grade Comet Vale mine

• JV with experienced underground mining contractors

• 20,000oz p.a. (RDR 50%) over 3.5 years, expansion announced yesterday

• Current resource base of 136,000oz @ 12 g/t Au, unhedged

• Targeting +500,000 oz within 5 years

• Developing a world class vanadium deposit

• 100% owned Barrambie Project

• Initial resource calculation by Snowdens confirms highest grade in Aust.

• PFS – technically feasible and economically viable to develop a long-life low-cost operation producing 20M/lbs p.a. of Vanadium Pentoxide

• BFS due for completion by June 2008

• Pursuing further growth opportunities with experienced JV partners