NEOMETALS LTD — AGM Information 2012

Nov 28, 2012

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ASX: RDR

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Meekatharra Gold Project – AGM November 2012

www.reedresources.com

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Disclaimer

Summary information: This document has been prepared by Reed Resources Ltd (“Reed” or “the Company”) to provide summary information about the Company and its associated entities and their activities current as at the date of this document. The information contained in this document is of general background and does not purport to be complete. It should be read in conjunction with Reed’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au.

Not a prospectus: This document is not a prospectus or a product disclosure statement under the Corporations Act 2001 (Cth) (“Corporations Act”) and has not been lodged with the Australian Securities and Investment Commission. This document does not constitute an offer, invitation or recommendation to subscribe for or purchase any security and neither this document nor anything contained in it shall form the basis of any contract or commitment.

The distribution of this document in jurisdictions outside Australia may be restricted by law and any such restrictions should be observed. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. In particular, this document may not be released or distributed in the United States. This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. Any securities described in this document have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, registration under the US Securities Act and applicable US state securities law.

Not financial product advice: This document is for information purposes only and is not financial product or investment advice, nor a recommendation to acquire securities in Reed. It has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to their jurisdiction. Cooling off rights do not apply to an investment in securities in Reed.

Investment risk: An investment in securities in Reed is subject to investment and other known and unknown risks, some of which are beyond the control of Reed. The Company does not guarantee any particular rate of return or the performance of Reed. Investors should have regard to the risk factors outlined in this document.

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Forward-looking information: This document includes certain statements, opinions, projections, forecasts and other forward-looking information which, while considered reasonable by Reed, are inherently subject to significant uncertainties and contingencies. Many known and unknown factors could cause actual events or results to differ materially from estimated or anticipated events or results included in this document. Recipients of this document are cautioned that forward-looking statements are not guarantees of future performance – they must make their own independent investigations, consideration and evaluation of the opportunity to invest in the Company. By accepting this document, recipients agree that if they proceed further with their investigations, consideration or evaluation of the opportunity to invest in the Company, they will make and rely solely upon their own investigations and enquiries and will not in any way rely upon this document.

Any statements, opinions, projections, forecasts and other forward-looking information contained in this document do not constitute any commitments, representations or warranties by Reed and its associated entities, directors, agents and employees, including any undertaking to update any such information. 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 this document.

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

Competent person’s statement

Unless otherwise indicated, mineral exploration, resource and reserve estimates contained in this document have been prepared in accordance with the 2004 edition of the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves (“JORC Code”).

The information in this document that relates to Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Mr Craig Fawcett (MAIMM), a full time employee of Reed. Mr Fawcett has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code. Mr Fawcett consents to the inclusion in this document of the matters based on his information in the form and context in which they appear.

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	ASX CODE: RDR	ASX CODE: RDR
	Last close_(28/11/12)_	$	0.185
	Shares on issue	M	519.66
	Cash (September 30, 2012)	$m	26.9
	Incl Restricted Term Deposit	$m	(14.8)
	Market capitalisation	$m	96

		DIRECTORS
	David Reed	Non Executive Chairman
	Luke Tonkin	Managing Director & CEO
	Chris Reed	Executive Director
	Steven Cole	Non Executive Deputy Chairman
	Dr Vanessa Guthrie	Non Executive Director
	Dr Peter Collins	Non Executive Director

Corporate Overview

6 MONTH SHARE PRICE

	MAJOR SHAREHOLDERS	MAJOR SHAREHOLDERS
	M&G / Vanguard	14.9%
	JP Morgan Asset Management	5.5%
	David Reed	5.2%
	MetalsX	5.2%
	SG Hiscock	5%
	Top 20(4 October 12)	54.8%

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1
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Key Statistics Debt Funding Milestones Capital Works

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Mine Production

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Sustained Production

Meekatharra Gold Project

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Key Statistics - Stage 1

OPERATING INPUTS

Ore Milled Feed Head Grade

Ore Milled 2.4 Mt Feed Head Grade 1.88 g/t Recovery 94% OPERATING OUTPUTS Recovered ounces 134,000 Revenue @ A$1626/oz (110,000oz) & $1,590 /oz (remaining Stage 1 oz’s) $217 million Cashflow available for distribution $53 million

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A$19M Syndicated Debt Facility

• Provider – Credit Suisse

• Use – Meekatharra Gold Project working capital

• Term – 12 months with an option to extend to 18 months at Reed’s election

• Security - full security over Reed group

• Covenants – typical of those normally associated with facilities of this type

• Hedging - mandatory

• 70,000oz forwards

• 40,000oz puts

• Creates a A$1,626/oz price floor for 110,000oz

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1,750
1,725
1,700
1,675
1,650
1,625
1,600
1,575
1,550
1,500 1,550 1,600 1,650 1,700 1,750 1,800
Average Gold Price over hedge (A$/oz)
Unhedged Hedge Executed
Price Realised (A$/oz)
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MGP Milestones

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CY 2011 CY 2012
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Data Evaluation & Initial Studies 
Development Plan & Economic Assessment 
Resource-Reserve Conversion (drilling) 
Resource Remodel & Reserve Recalculation 
Mining, Metallurgy & Processing Studies
Bankable Feasibility Study – February 2012
Decision to Mine – February/March 2012
Finance Window
Mill Refurbishment
Mining
Milling
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Stage 1 Capital Works Program

100% 95% completion Primary 90% Crusher Replacement 80% $2.5M 70% 60% Village Mill Upgrade & 50% Refurbishment Refurbishment $11.1M Capital $7.5M 40% Works 30% 20% $24M 10% 0% Capital Infrastructure Equipment $1M $1.6M

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Mining Schedule

• •Mining commenced

• •93,300oz @ 1.9g/t

• •1km from mill

• •June 2013

• •12,500oz @ 2.4g/t

• •6.5km from mill

• •December 2013

• •15,900oz @ 1.4/t

• •6km from mill

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•August 2013
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• •16,800oz @ 3.0g/t

• •1km from mill

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Sustaining Production

Deliver • Program completed capital mid-December works • Within budget program

• GNH, Cullculli, Jack Ryan, Callisto, Rand, TOTT, South Junction

• Lease applications

• Reserve extensions

• Approvals

• Permitting & Licencing

• Infrastructure upgrade – TSF, roads

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•
Dry & wet commissioning
Commission
December
Bluebird
•
Production ramp-up from
January 2013
•
Execute Stage 1 mine Expenditure discipline
•
plan Productivity focus
Identify, plan
and prepare
future mines
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Key Message

 Key milestones achieved

 Capital works program within budget



Commissioning on schedule

 Mining commenced  Sustaining production

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Meekatharra

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For further information on Reed Resources, please contact:

Luke Tonkin Reed Resources Ltd T: +61 89322 1182 E: enquiries@reedresources.com

www.reedresources.com

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Appendices

www.reedresources.com

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Appendix 1: Reserves & Resources

		Deposit	Resource Category		Tonnage (Mt)	Au (g/t)	Au (koz)			Deposit	Reserve Category	Tonnage (Mt)	Au (g/t)	Au (koz)
										Bluebird	Probable	1.4	1.9	86.0
		Meek. North	Indicated		1.2	1.8	65.7
										South Junct.	Probable	0.1	1.5	4.5
			Inferred		0.2	1.6	9.3			Prohibition	Probable	1.1	2.7	96.0
		Paddys Flat	Indicated		25.2	1.6	1,280.7			Surprise	Probable	0.1	3.0	13.0
			Inferred		13.4	1.6	670.0			Batavia	Probable	0.2	2.4	14.0
		Yaloginda	Indicated		10.0	1.7	563.6			Whangamata	Probable	0.3	1.4	11.9
			Inferred		6.3	1.7	346.9			GNH	Probable	0.9	1.3	35.6
		Nannine	Indicated		0.6	1.6	30.9			Jack Ryan	Probable	0.2	3.1	21.8
										Callisto	Probable	0.1	3.1	7.2
			Inferred		0.2	1.6	12.7
										Rand	Probable	0.1	2.4	7.6
		Reedys	Indicated		2.7	3.1	276.4			Mickey Doolan	Probable	3.3	1.1	121.7
			Inferred		4.0	2.7	337.9			Maid Marion	Probable	0.2	1.4	8.7
		Total			63.9	1.8	3,594.1			Aladdin	Probable	0.4	1.7	21.5
										South Emu	Probable	0.1	4.7	13.9
										TOTT	Probable	0.5	1.8	29.4
										Sub Total (O/Pit)	Probable	8.9	1.7	492.9
										Prohibition	Probable	1.3	2.4	104.1
										Vivian/Cons.	Probable	0.3	7.7	63.6
		1. Resources and reserves comply with the Australasian JORC Code reporting guidelines								Fatts/Mud.	Probable	0.4	4.7	57.2
										South Emu	Probable	0.2	4.3	34.2
		2. Resources	are inclusive of		Reserves
										Sub Total (U/G)	Probable	2.2	3.6	259.1
										Total	Probable	11.2	2.1	752.0
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Open Pit Mining Strategy

Stage 1 Extension Stage 2	Reserve Location1 Tonnage (kt) Grade (g/t) Contained Gold (oz) 2 Recovery (%) Strip Ratio Mining & Milling ($/oz)
	Bluebird 1,390 1.9 86,200 94 8:1 878
	Batavia 200 2.4 14,000 95 11:1 736
	Whangamata 259 1.4 11,900 90 7:1 1007
	Surprise 136 3.0 13,000 94 2:1 375
	GNH 880 1.3 35,600 94 2:1 974
	Sth Junction 97 1.5 4,500 93 7:1 938
	Prohibition 1,110 2.7 96,000 90 21:1 1084
	Mickey Doolan 3,312 1.1 121,700 88 3:1 1129
	Aladdin 384 1.7 21,500 94 5:1 850
	Maid Marion 192 1.4 8,700 94 5:1 996
	TOTT 505 1.8 29,400 96 7.5:1 910
	Jack Ryan 222.5 3.1 21,800 96 19:1 1086
	Callisto 72.5 3.1 7,200 96 14:1 811
	Rand 100 2.4 7,600 96 14:1 939
	South Emu 91.1 4.7 13,800 92 25:1 839
	Total 8,951 1.7 492,900 92 7.5:1 984

1 Reserves correct as of 31 January 2012

2 One Troy ounce equal to 31.10348 grams