NEOMETALS LTD — Capital/Financing Update 2013

May 15, 2013

ASX/MEDIA RELEASE 16 May 2013

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Crest Minerals withdraws from the MOU to acquire W.A.’s Comet Vale Gold Project acquisition

Highlights

• Crest withdraws from a conditional Memorandum of Understanding (MOU) to acquire Sand Queen Gold Mines Pty Ltd, holder of the Comet Vale Gold Project (CVGP) in WA’s prolific Eastern Goldfields, from ASX-listed Reed Resources Ltd for $6 million cash.

• Crest to focus on developing its recently expanded project area at its flagship Majestic North gold project in the same province.

• Aircore drilling results to infill and extend Crest’s recent discovery expected shortly.

Australian gold exploration company, Crest Minerals Limited (ASX: CTT) , today announced it had elected to terminate a Memorandum of Understanding ( MOU ) to acquire the Comet Vale Gold Project ( CVGP ) in Western Australia’s Eastern Goldfields from ASX-listed Reed Resources Ltd (ASX: RDR) for $6 million in cash.

The MOU also include the right , subject to a pre-emptive right not being exercised, to acquire a 1% net smelter royalty payment from the nearby Nimbus Silver-Zinc mine, subject to a preemptive right not being exercised (together, the Acquisition ).

The Acquisition also was subject to due diligence, capital raising, and receipt of necessary approvals.

Mr Middleton said while the Company was disappointed that it was unable to complete the Acquisition, Crest has been active at its flagship Majestic North Gold Project (Figure 1).

A 50 AC drill hole program had been completed in early May, with initial results and preliminary interpretation expected next week.

The follow-up angled and vertical AC drilling were across a high grade zone of Supergene to infill from spacing’s of 200m x 80m to 100m x 40m to better define and constrain the mineralisation.

The results of the drill program will be instrumental in targeting the source of primary mineralisation, with deeper Reverse Circulation (RC) drilling planned for later in the year.

A Level 1, 67 Greenhill Road, Wayville SA 5034 | T (08) 8338 4880| F (08) 8338 4881| E admin@crestminerals.com.au www.crestminerals.com.au

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Figure1. Majestic North tenement map including E25/494, which is under application.

For further information, please contact:

Angus Middleton Rohin Muller Sean Whittington Managing Director Adelaide Equity Partners Field Public Relations Crest Minerals Ltd 08 8232 8800 08 8234 9555 08 8338 4880 0435 867 819 0412 591 520 admin@crestminerals.com.au RMuller@adelaideequity.com.au sean@fieldpr.com.au

The information in this report that relates to Mineral Resources and Ore Reserves is based on information compiled by Stephen Jones FAusimm (CP), being the Chief Executive Officer of Crest Minerals Ltd, and who is a Fellow of the Australasian Institute of Mining and Metallurgy and is bound by and follows the Institute’s codes and recommended practices. Stephen Jones has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activities which he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves’. Stephen Jones consents to the inclusion in the above report of the matters based on his information in the form and context in which it appears.

A Level 1, 67, Greenhill Road, Wayville SA 5034 | T (08) 8338 4880| F (08) 8338 4881| E admin@crestminerals.com.au www.crestminerals.com.au