NEOMETALS LTD — Investor Presentation 2007

May 7, 2007

RIU Sydney Resources Roundup

ACACUTATION CONTROL

Chris Reed Managing Director

OZDATCATS

Corporate Information Gold

• Underground Operations Kingsrose Production JV
• Open Pit Study
• Steel Minerals
• Vanadium
• Portman Iron Ore JV

Base Metals

• Western Areas Nickel Sulphide JV
• Nickel Laterite + Heron JV
• Greenfields Exploration

CZO NOŻCZ CZ INIORAZU CZ

$97m$

$8m$

\$46_m

$$6.7m$

Issued Shares (post SPP) Options (unlisted) Market Cap @ 48c Cash (post SPP)

Board David Reed - Chairman Chris Reed - MD/Co.Sec Dr Peter Collins - NonExec lan Junk - NonExec

Reed Resources Ltd

Substantial Shareholders (post SPP) $24%$ David Reed $>5.6\%$ RAB Special Situations

Business Units

GOLD Comet Vale

STEEL

Portman Iron Ore JV, Mt. Finnerty Vanadium, Barrambie

BASE METAL

Western Areas NiS JV, Mt Finnerty Heron Ni Laterite JV, Comet Vale Bell Rock Range, Musgraves

Profect Flightights

$\triangleright$ High-grade narrow-vein underground operation in low-risk Production JV with experienced underground mining contractors ≻First gold - June 06 >Full production - Sep Q 07 ▶ Extended and upgraded resources from 65,000 to 136,000 oz @ 12 g/t in last year $\sim$ cost A\$7/oz $\triangleright$ Regional exploration discovers new Princess Grace lodes ~ new Sand George?

Katingang pagang

Kingsrose Development & Production Costs

• to earn 50% gold down to 243m - to earn 60% gold below 243m

Reed

Transport & Treatment Cost Budgeted \$50/tonne (<A\$300/oz)

Retains open-pit gold resource

Stage 1 – 65,000 oz over next 3 yrs to net RDR $\sim$ \$5m p.a Doubled Resources to 136,00 oz and open at depth, along strike Gold endowment >1,100 oz vertical metre and growing Reed Resources Ltd

Voen Pit Study.

COIC

Infill drilling & resource estimation this quarter

Gold

OJSOD HISTORY

Currently undertaking column leach testwork

Note: Vat Leach shown here is for purposes only, not assets of the company

COO

EXCloretton

+20km of untested gold anomalous structures

Manadium

• 100% Owned
• Granted Mining Lease
• Alongside Meekatharra-Sandstone Road
• Gas pipeline within 100 km

Wanadium

DGIACIOSUOON

• Main Driver is Steel Production
• CRU predicts growth at 6%
• Current price US\$8.25/lb

Profees bility Study Results (2006)

Completed PFS on production of 20M lbs $V_2O_5 \sim$ Current Price US\$8.25/lb

Capex

Plant Direct (Processing plant & Infrastructure)	A\$ 174.8 m
Plant Indirect (EPCM and Contingency allowance) A\$ 61.7 m
Natural gas turn key package	A\$ 19.5 m
Total	A\$ 256.0 m

Robust Flowsheet

Concentrate	Concentrate	Process
Recovery	Grade	Recovery
$%$ mass	% $V_2O_6$	₩
36	1 37

Low Operating Cost

Mining Costs A\$/lb $V_2O_5$	Plant. Infrastructure & Admin Costs A\$/lb $V_2O_5$
0.17	2.50

Economically Viable

NPV. 12%	A\$379m
IRR	40%
Payback	4yrs

gaayaa ta'u ah

Stage 1 - Resource Definition drilling

• Completed 152 holes over 10 km strike Exceptional Continuity and Consistent thickness Central Zone

2-12m bands, av > 0.9% $V_2O_5$ , using 0.6% cutoff Eastern Zone

+20m thick band av >0.8% $V_2O_5$ + 27% TiO₂ Stage 2 - Infill drilling underway

ZAUSTRATIETA VETROUDER PASSOUROSS

Melikeline Reke Kes Agiele is na

• One of world's leading commodity traders, dominant in vanadium market
• Guarantee to sell first 10 years production, subject to $\bullet$ 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 ◈
• Removes Marketing Risk ◈

2 Stage Breundaway

• Experienced Project Manager
• Ken Hellsten, led Cawse & Ravensthorpe Study Teams
• Strong in-house geological team ◈
• Resources and reserves estimate by Snowden Group ₿
• Process engineering advice through METS ◈
• Engineering, infrastructure and controls through Sinclair Knight Merz
• Environmental and water studies managed by Aquaterra
• Specialty advisors for energy and reagents ◈

IEGGS ISTIS/ASTUGY/LAGO IGIB

• Stage 1 Resource Definition Drilling
• Calweld/Diamond Drilling ◈ - Metallurgy, Density and Confirmation
• Stage 2 Resource Infill Drilling
• Confirmation Testwork
• Resource Estimate Snowdens
• Pilot Plant Testwork ◈
• Reserve Estimate Snowdens
• Stage 2 Engineering Design and PEP $\bullet$ - Sinclair Knight Merz
• Water and Environmental Studies COMPLETION
• Order long lead items 2^nd half 2008
• Commissioning from late 2010

$Ja₁-M_ar -2007$ Eeb-April 2007

May - June 2007 May - July 2007 June - Aug 2007 Sep - Dec 2007 Jan - Feb 2008 Sep - Mar 2008

Mar 07 - Feb 2008 June 2008

EQSECTED

ITORIOTE

Iron Ore

EZOIOR MOIO

Nickel

Westen Areas JV

WSA Earning 65% of Nickel rights by spending \$3m -\$1.5m for 51% within 3yrs -\$1.5m for 14% within 2yrs

Multiple high MgO ultramafics over 45km strike

Exploration has commenced on three clearly defined nickel sulphide target areas:

• shallow RAB anomalies (up to 1% nickel and 400ppm copper)
• 4km soil Ni anomaly and a coincident 2km copper anomaly (>170ppm)
• intact basal contacts with interpreted channels not tested by previous drilling

NICKEL

Te le district

• Adjoins Heron/INCO Kalgoorlie Ni Project • Drilling over 4km confirms shallow laterite enrichment Target 30-40Mt

• Heron earning 70% in eastern portion

Reed Resources Ltd

Note: Heron Tonnages not up to date, For location purposes only

Nickel

EZOIOIREN DE

• 35km strike of Bell Rock Range mafic/ultramafic intrusion
• Rio/Delta considered "highly prospective for massive Ni-Cu sulphides + PGM's"
• Surrendered by Rio after failure to secure ground access
• Access agreement nearing completion, grant in August 2007 Proposed Exploration $\rightarrow$ Airborne Geophysics

SSUDDER

Modest Production, Sound Margin

Expand and diversify our production base through development and exploration

DISOICING (

This document or presentation may include forward-looking statements. Forward looking statements include, but are not limited to, statements concerning Reed Resources Ltd's planned exploration programs, production levels, commencement of production of iron ore/vanadium and other statements that are not historical facts. When used in this document. the words such as "could," "target," "plan," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward-looking statements. Although Reed Resources Ltd believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. None of the material has been verified but is derived from published sources in the main, together with personal research. Resources and Reserves disclosed as part of this release are to read in conjunction with the Resource Statement lodged with the ASX.

JORC - Geological Data, Interpretation and Resource Estimation

The information in this report that relates to exploration & resource results is based on information compiled by Dr Peter Collins who is a member of the Australian Institute of Geoscientists. Dr Collins is a employee of Reed Resources Ltd and has sufficient experience which is 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 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Dr Collins consent to the inclusion