NEOMETALS LTD — Investor Presentation 2003

Mar 19, 2003

Exploration for and Development of High-Grade Gold Deposits

PROJECTS

Comet Vale EASTERN GOLDFIELDS

• Gold
• Nickel

Mt Finnerty SOUTHERN CROSS

• Gold
• Iron Ore
• Manganese

CAPITAL STRUCTURE

49.000.000 100%
@ 20c
30,000,000 61%
@ 10c
4,000,000 8%
@ 20c
31% 15,000,000

Corporate Adviser

Deloitte Corporate Finance

Solicitors Allens Arthur Robinson

Auditor Deloitte Touche Tohmatsu

Accountants

Sheppard West Dwyer

DIRECTORS

David Reed FCPA - Executive Chairman

Chris Reed B.Com ASA - Executive Director/Secretary

Peter Collins BSc(Hons) PhD - Non-Executive Director

COMET VALE

Tenements and Gold Prospects

• Sand George Deposit 242,848 t at 10.0 g/t Au for $78,117$ $\circ$ zs (C1, C2, Deeps Geol. Resource)
• Sand Queen- $\bullet$ Gladsome Mines Past Production 245,000 t for 181,000 oz
• Coonega (Oxide $\bullet$ Resource)
• Lake View & Long $\bullet$ Tunnel acquired from AurionGold

NB: Happy Jack is not asset of the company

COMET VALE GOLD EXPLORATION

Advanced Exploration Project Exploration Priorities

• Ongoing extension drilling of Sand George lodes below 6 L Recent drilling adding 40,000 oz
• Infill Drilling at Sand Queen, of ore zones 50m south of 2 Level.
• RC drilling of established target: 500 m strike length of structure south from Sand George [3m @ $12$ g/t
• Unexplored ground: further 2 km inferred strike length of Comet Vale structure & additional 1400 hectares acquired from Aurion.

COMET VALE

Sand George Deposit

• Position of Sand George $\bullet$ resource in relation to Sand Queen Gladsome workings
• $Lode$ C1 Indicated Resource 84,585@ 11.7 g/t 32,000 ozs
• Total Indicated & Inferred Resources for C1, C1 Deeps & C₂

151,360 @ 10.6 g/t

51,410 ozs

Lode C1 Deeps-Unclassified Resource 91,488 @ 9.08 g/t

26.707 ozs

Total Geological Resource 349,088 @ 9.22 g/t 103,532 ozs

COMET VALE - Sand George Long Section

Comet Vale - Exploration Results

Comet Vale - Development

Development Progress

• Dewatered Sand Queen Shaft to 4 Level.
• Refurbish Shaft to 4 Level for sampling and mapping of Sand Queen workings and any remnant ore
• . Pre-Feasibility Study commenced to extend 4 Level south to access Sand George deposit

彩

Comet Vale - Sand Queen Main Shaft

3 Level Plat - 107m below surface

COMET VALE -NICKEL EXPLORATION

Principal exploration target:

Walter Williams Formation - 5 km strike length [Grey]

Nickel enirched unit is an extension of Goongarrie [Heron] to south and Highway (Golden State) to north

Lateritic profile well-developed (but limited exploration)

Indications – RC drilling: ELC5~ 8m @ 1.48% Ni [including 5m @ 2.2% Ni, 0.11% Co] from 14 m

MOUNT FINNERTY

Exploration target:

• Central ridge of BIF 45 km strike length [dark blue]
• Zones of hematite enrichment (=Koolyanobbing)
• Ore grade hematite enrichment at Mt Walton 60.5% Fe (1km North)
• Manganese occurrence at

APPLICATION OF FUNDS

COMET VALE	$\exists$ Q	2 Q
Exploration & evaluation	312,000	371,000
Development	248,000	434,000
Administration	346,000	199,000

Planned Activities - Third Quarter

• Infill/Extension RC Drilling of Sand George Deeps Early April
• . Infill RC Drilling of Sand Queen South for reserve definition April

• Access 4 Level for underground mapping, sampling & rehabilitation

• Commence feasibility study of mining Sand George deposit April

• Commence field program at Mt Finnerty project-May

SUMMARY

• Ongoing Exploration Operations over last 4 years. $\bullet$
• Principals vended in at issue price + no cash outlay for projects + Seed $\bullet$ capital internally funded.
• Funds raised to speed exploitation of Sand George deposit and $\bullet$ increase gold resource inventory through an aggressive exploration
  program e.g. Sand Queen South Extension, Sand George Depth Extension
• Potential for depth and southerly strike extensions at Sand George as $\bullet$ well as for repetitions along strike(3m @ 12g/t on only line of drilling
  south of Sand George some 500m), further 2km's untested on recently granted mining lease
• Brownfields exploration over Mount Finnerty's 45km strike length of $\bullet$ highly-prospective geology for gold.
• Surface facilities at Sand Queen complete. Shaft dewatered and ۰ refurbished to 4 Level for potentially accessing Sand George Deposit
• Comet Vale prospective for lateritic nickel. $\bullet$
• Mt Finnerty prospective for iron ore. All exploration leases granted. $\bullet$ Additional 31,000 ha of tenements purchased from ANL.
• Native Title agreements in place. All mining leases granted. $\bullet$
• Small, "hands-on" board involved at all levels of operation, minimising ۰ overheads, maximising dollars spent in ground.