NEOMETALS LTD — AGM Information 2011

Nov 14, 2011

ASX: RDR

ANNUAL GENERAL MEETING

NOVEMBER 2011

www.reedresources.com

Page 1

Important Notice

Disclaimer

This document has been prepared by Reed Resources Ltd (“Reed” or “the Company”) to provide an update of the Company to investors and potential new shareholders.

Any statements, opinions, projections, forecasts or other material contained in this document do not constitute any commitments, representations or warranties by Reed 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 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 or evaluation of the opportunity to invest in the Company it shall make and rely solely upon its own investigations and inquiries and will not in any way rely upon the document.

All figures in this document are in Australian dollars (AUD) unless stated otherwise.

Competent Persons Statement

Geological aspects of this report have been compiled by Mr Craig Fawcett (MAIMM), a full time employee of Reed Resources Ltd. Mr Fawcett has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being reported on to qualify as a Competent Person as defined in the Code for Reporting of Mineral Resources and Ore Reserves (2004). Mr Fawcett consents to the inclusion in this report of the matters in the form and context in which it appears.

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Reed Corporate Snapshot

Background

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• Reed Resources Ltd ( ASX: RDR ) is a WA‐focused resource developer

• Proven strategy to acquire and develop undervalued assets across varying commodities

• 3 company making projects across gold, lithium and vanadium

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Market Capitalisation
Last price (30 Sept 11) $ 0.38
Shares on issue $ 264.7
Market capitalisation $m 100
Cash (30 Sep) $m 16.2
Debt $m 0
Enterprise value $m ~84m
12 Month Share Price
$0.80
$0.60
$0.40
$0.20
$0.00
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Substantial Shareholders David Reed 8% M & G/Vanguard 8%

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Page 3

Project Summary

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	100%	70%		100%	100%
	GOLD	LITHIUM		VANADIUM	Other Assets
Strategy	Production by Dec‐12	Stand‐alone SPV		Stand‐alone SPV	Incubate & Develop
Resource	2.84Moz (contained)	14.9Mt @ 1.3% Li2O		65.2Mt @ 0.82% V2O5	Iron ore (Reed 20%)
					JV with Cliffs Natural
Partners	n/a	Mineral Resources (ASX: MIN)		n/a	Resources for DSO at Mt Finnerty
Total Funding	$33 million (to DTM) $2m remaining	$40 million (inc. BOO) Fully Funded by MIN		TBA	Nickel (Reed option to acquire 100%) Mt Finnerty
					Prospective for nickel
					sulphides
					Other (Au)
Target Production	December Qtr, 2012	2012		TBA	• Comet Vale 186,000 oz @ 10.8 g/t

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Historical Shareprice

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Peer Comparison

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Gold Focus

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140
130
120
110
100
90
80
70
60
50
Reed Gold Price (AUD)
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Meekatharra Gold Project

Regional Location

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Meekatharra Gold Project Update (Reed 100%)

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Resource Inventory 49Mt @ 1.8 g/t 2.84Moz NOW 59Mt @ 1.7g/t 3.27Moz Reserve Inventory 5.3Mt @ 2.8 g/t 476Koz NOW 6.5Mt @ 2.5 g/t 533Koz

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 [3 Mtpa processing plant]  [180 man camp]  [Low Capex re‐start]

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Reed Project Strategy

Stage 1

Sustainable Open‐pit Production Profile 100 Kozpa Low risk start‐up

Stage 2

Optimal Production  Profile 160 – 180Kozpa Open Pit and Underground Expansion

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Reed Development Strategy

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	Results to Date	Results to Date
Results	Jan 2011	Nov 2011	Increase
Resource	2.5Moz	3.27Moz	↑31%
Reserve	420koz	534koz	↑27%
Reserve	114koz	309koz	↑270%
(Open Pits)

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Page 11

Meekatharra Fly Through

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Stage 1

Bluebird Pit Extension and Cutback

Probable Reserve 1.4 Mt @ 1.9 g/t Au for 87,000 ozs

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Stage 1

Bluebird Pit Extension and Cutback

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Stage 1

Prohibition Pit Extension and Cutback

Probable Reserve 1.1 Mt @ 2.7 g/t Au for 96,000 ozs

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Stage 1

Prohibition Pit Extension and Cutback

Probable Reserve 1.1 Mt @ 2.7 g/t Au for 96,000 ozs

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Stage 2 Option

Paddys Flat Underground

Probable Reserve 2 Mt @ 3.6 g/t Au for 225,000 ozs

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Stage 2 Option

Mickey Doolan Pit Extension and Cutback

Total Resource 19.5 Mt @ 1.0 g/t Au for 609,000 ozs

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Stage 2 Option

Meekatharra Super Pit

	Super Pit Tonnes (Mt) Grade (g/t) Gold (koz)
	Total Resources 35.3 1.6 1,763.8

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Stage 2 Option

Reedys Underground

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Stage 2 Option

Reedys Underground

Southern Group Long Section

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	Reedys	Tonnes	Grade	Gold
		(Mt)	(g/t)	(koz)
	Resource	6.4	2.7	565
	Reserve (o/p)	0.4	2.9	37

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Meekatharra Summary

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Reed is re‐establishing the integrity,
credibility and value of the
Meekatharra Gold Project
Careful planning and compliance

Detailed evaluation and feasibility studies

Reliable development schedules

Sustainable operations

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Value Proposition

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Resource (Moz)
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
SBM NGF RRL FML SAR RDR IGR AXM
Reserve (Moz)
3.0
2.5
2.0
1.5
1.0
0.5
0.0
SBM RRL NGF SAR FML RDR IGR AXM
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Size and Scope

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Source: IRESS, ASX, company reports
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Value Proposition

Time to Production

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Production vs. CAPEX vs. Time to Commissioning
$300m
AMX ‐ 200 kozpa
$250m
GRY ‐ 200 kozpa
$200m
PRU ‐ 280 kozpa
GGB/AZX ‐ 130 kozpa IDC ‐ 150 kozpa
$150m
KGD ‐ 120 kozpa
BDR ‐ 150 kozpa
$100m
CHN ‐ 100 kozpa
$50m
RDR ‐ 100 kozpa
NMG ‐ 160 kozpa
$0m
Feb‐11 Sep‐11 Apr‐12 Oct‐12 May‐13 Nov‐13 Jun‐14
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Value Proposition Comparative Upside

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$EV / Resource Oz
250
200
150
100 $ 90/oz
50
0 $ 11/oz
RRL IGR SAR SBM FML NGF AXM RDR ‐
MGP
$EV / Reserve Oz
900
800
700
600
500
400 $ 375/oz
300
200
100
0 $ 66/oz
IGR RRL SAR FML SBM AXM NGF RDR ‐
MGP
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Mt Marion Fly Through

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Mt Marion Lithium Project

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• Special Purpose Vehicle ‐ Reed Industrial Minerals P/L owned 70% RDR/30% MIN

• MIN fund evaluation and construction ‘sunk’ costs

• MIN construct and commission processing plant on BOO basis

• 1.2 Mtpa throughput to produce

• 200Ktpa Spodumene

• 60Ktpa Muscovite Mica

• 30tpa Tantalite

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Mt Marion Lithium Resources

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	Mt Marion	Tonnes	Li Grade	Fe Grade
	(100% basis)	(Mt)	(% Li2O)	(% Fe2O3)
	Measured	2.0	1.45	0.9
	Indicated	4.8	1.39	1.2
	Inferred	8.1	1.3	1.3
	Total	14.9	1.3	1.2

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Comparison – Australian Lithium Mineral Producers

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Deposit Comparisons
Talison ‐ Greenbushes Reed/MIN – Mt Marion Galaxy – Mt Cattlin
 Incline vein pegmatite  Flat lying vein pegmatite  Flat lying pegmatite
 Head grade 3% Li2O  Head grade 1.3% Li2O  Head grade 1% Li2O
 Glass, ceramic, chemical  Chemical grade  Chemical grade
grade  Strip ratio 3.3:1  Strip ratio 2.4:1
 Strip ratio 5.6:1
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	Australian Lithium	Market Cap	Net Cash	EV	(1) Prodn	(2) EV/Prod	Implied
	Mineral Producers	$m	$m	$m	kt pa LCE	$/t LCE	EV (1x2)
	Talison Lithium (TSX: TLH) Greenbushes	403	60	343	54.9	6,251	$186m
	Concentrate producer Reed Resources (ASX: RDR) Mt Marion LiC developer Galaxy Resources (ASX: GXY) Mt Cattlin Integrated LiC developer	312	‐62	? 374	29.7 20.3	18,399	$546m

Source: Reed Resources Ltd

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Barrambie Fly Through

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Vanadium Market – Strong Long Term Fundamentals

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$75
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Titanium‐Vanadium Alloys

• Increasing intensity of use in aerospace

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+ +
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Lithium Vanadium EV Batteries

• Highest voltage → POWER

• Highest energy density → RANGE

• Contains 4kg Li, 20kg of V

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= ?
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Vanadium Redox (Liquid) Batteries

• Renewable energy storage, peak shaving, load leveling, backup

• High efficiency, long life >20yrs

• Variable input/fixed output

• Power (cell) and capacity (concentration and volume) varied to suit application

• 1MWh storage = 9t of V2O5

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Vanadium Market – Short Term Fundamentals

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Titanium Market

The market for TiO 2 remains tight with supply deficits forecast in the near future.

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Rutile Price, min 95% TiO2 bagged (US$/t FOB Aus, Ilmenite Price, min 54% TiO2 (US$/t FOB Europe,
nominal) nominal)
1,600 250
Current spot price:
1,400
US$1,350/t Current spot price: US$195/t
200
1,200
1,000
150
800
100
600
400
50
200
Rutile Spot Price Ilmenite Spot Price
Consensus Economics Forecast Ilmenite Spot Price
0 0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
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Vanadium Peer Comparisons

EV / Resource Multiple ($/t V2O5)

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$800
$700
Potential valuation range of
$600 $100 ‐ 400/t V2O5
$500
$400
$300 Mean $251/t V2O5
$200
$100
$0
Largo American Atlantic Apella TNG Energizer Sino Yellow
Vanadium Vanadium Rock
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Based on EV/resource benchmarking of listed vanadium peers, Barrambie has an implied valuation of $53 ‐ $214m

Source: Bloomberg, ASX, company reports

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Board and Senior Management

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David Reed FCPA, OAM Executive Chairman

Steven Cole Llb(Hons), FAICD Non-Executive Director

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

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Chris Reed BCom, GradCertMinEcon, MAusIMM Managing Director and CEO

Dr Vanessa Guthrie BSc (Hons), PhD, GDBM Non-Executive Director

Ian Junk BEng(Hons), MAusIMM Non-Executive Director

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Jason Carone BCom, CA Financial Controller and Company Secretary

Darren Wates Legal Counsel and Company Secretary

Craig Fawcett BSc(Hons), GDipMining General Manager - Gold

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Reed Technical Staff

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Bill Crossley Project Manager – Lithium/Vanadium

James Lawrence Resource Geologist Underground

Dr Bryan Smith Consultant Geologist Lithium/Vanadium/Nickel

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Elizabeth Jones Snr Planning Engineer

Matt Schembri Resource Geologist Open Pit

Tony Simpson Consultant Vanadium

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Jeremy Watkins Project Manager – Gold

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David Hollingsworth Senior Exploration Geologist

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Dudley Kingsnorth Consultant Lithium

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Page 36

Summary

Advanced projects across 3 strategic  commodities with strong price outlook

 Well funded with experienced management team

Trades at a significant discount to  peers across all projects (current price $0.38)

Gold

Lithium

Vanadium

• Existing plant and camp

• • Large Resource Base

• Low risk Start‐up phase

• • Staged Expansion upside

• • Exploration upside

• Operated and funded by Mineral Resources Ltd

• • In construction phase

• High grade resource

• • Strong price fundamentals

• • In approvals phase

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APPENDIX 1

Resource and Reserve Inventory

	Mt Marion	Category	Tonnes (Mt)	Li2O (%)	Li2O (kt)		Meekatharra	Category	Tonnes (Mt)	Au (g/t)	Au (koz)
	1, 2, 2W, 4,5,6	Measured	2.0	1.45	29.2		Bluebird	Probable	1.4	1.9	87.0
		Indicated	4.8	1.39	66.3		South Junct.	Probable	0.1	1.5	4.5
		Inferred	8.1	1.30	105.1		Prohibition	Probable	1.1	2.7	96.0
	Total		14.9	1.35	200.7		Surprise	Probable	0.1	3.0	13.0
	Meekatharra	Category	Tonnes (Mt)	Au (g/t)	Au (koz)		Batavia	Probable	0.2	2.4	14.0
	Meek. North	Indicated	0.7	1.3	29.0		Whangamata	Probable	0.3	1.4	11.3
		Inferred	0.2	1.2	6.0		GNH	Probable	0.9	1.3	33.6
	Paddys Flat	Indicated	23.4	1.6	1,180		Jack Ryan	Probable	0.2	3.1	21.8
		Inferred	11.8	1.5	584		Callisto	Probable	0.1	3.1	7.2
	Yaloginda	Indicated	10.1	1.7	565		Rand	Probable	0.1	2.4	7.6
		Inferred	6.2	1.7	343		Sth Emu	Probable	0.1	4.7	12.8
	Reedys	Indicated	2.7	3.1	276		Total (o/p)	Probable	4.6	2.1	308.8
		Inferred	3.7	2.4	289		Prohibition	Probable	1.3	2.4	104.1
	Total		58.8	1.7	3,273		Vivian/Cons.	Probable	0.3	7.7	63.6
	Barrambie	Category	Tonnes (Mt)	V2O5 (%)	TiO2 (%)		Fatts/Mud.	Probable	0.4	4.7	57.2
	Barrambie	Indicated	49.2	0.82	17.3		Total (u/g)	Probable	2.0	3.6	224.9
		Inferred	16.0	0.81	17.2		Total	Probable	6.5	2.5	533.7
	Total		65.2	0.82	17.3		Barrambie	Category	Tonnes (Mt)	V2O5 (%)	TiO2 (%)
	Comet Vale	Category	Tonnes (Mt)	Au (g/t)	Gold (koz)		Barrambie	Probable	39.7	0.82	15.7
	Comet Vale	Indicated	0.2	10.8	82.5		Total		39.7	0.82	15.7
		Inferred	0.3	10.9	103.5		Notes:
	Total		0.5	10.8	186.0		1.Resources and	Reserves comply	with the Australian	JORC Code reporting	guidelines

1.Resources and Reserves comply with the Australian JORC Code reporting guidelines 2.Resources are inclusive of Reserves

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