NEOMETALS LTD — Investor Presentation 2007

Feb 20, 2007

RIU Explorers 2007 Presentation

CORPORATE INFORMATION

Capital Structure

Issued Shares 80.3 M 4.25 M Options

David Reed OAM - Executive Chairman Chris Reed - Executive Director/ Secretary Dr Peter Collins - Non-Executive Director Ian Junk - Non-Executive Director

Market Cap (@50c) \$40 M Cash (31 Dec) SO.5 M

Chart: RDR vs ASX 300

MAIN PROJECTS

Reed Resources Ltd

Barrambie Murchison province Vanadium Titanium Comet Vale Eastern Goldfields province Gold Nickel Mt Finnerty Southern Cross province Iron Ore Nickel Gold

COMET VALE PROJECT

PROJECT HIGHLIGHTS:

• $\triangleright$ Low risk Production JV with Kingsrose Mining over Sand George Deposit.
• First gold in June 2006
• Extend and upgrade resources from 65,000 to 136,000 oz @ 12 g/t in last yr
• Regional Exploration in Dec/Jan discovers new Princess Grace lodes

COMETVALE Production Joint Venture

Reed Resources Ltd

Kingsrose

• Development & Production Costs
• to earn 50% gold down to 243m
• to earn 60% gold below 243m
• 50% Equity in leases after production of 25,000 oz
• Min. Expend \$2,000,000

Reed

• -Transport & Treatment Costs
• -Budgeted \$50/tonne (~\$230/oz)
• -Retains open-pit gold resources
• +\$5m p.a net cash flow at production level of 20,000 oz pa.

COMET VALE - Progress to date

Reed Resources Ltd

Long Section Looking West

COMET VALE A Regional Cold Contours

Reed Resources Ltd

+20km of untested gold anomalous structures

COMET VALE - Princess Grace

Manageme

COMET VALE - Nickel

TARGET

High-grade Ni Laterite resource in well-developed lateritic profile

Tenements host over 4.8km Strike of Walter Williams Form

DRILL RESULTS (unscreened)

• 35m at 0.61 % Ni from 4
• 60m at 0.60% Ni from 5
• 26m at 0.62% Ni from 15
• 12m at 0.83% N from 17
• 36m at 0.69% Ni from 33

Reed Resources Ltd

MTFINNERTY PROJECT

• Brown-fields exploration project
• 45 km of Watt Hills G/B
• Known high-grade gold and BIF-hosted Fe ore (hematite)
• 30 km of prospective Nisulphide hosting Ultramafic

Exploration Targets:

• BIF-hosted iron ore
• Ni Sulphides $\bullet$
• Archaean lode gold $\bullet_i$

Reed Resources Ltd

MF FINNERTY - Iron Ore

Exploration Results

• Enriched BIF over +30km $\bullet$
• Grades up to 68% Fe $\bullet$
• Widths up to 15m $\bullet$
• Attractive P Levels ideal $\bullet$ for blending

PORTMAN JV Portman earning 80% Fe rights

Utilise existing plant and infrastructure

• Reduces lead time
• Reduces critical size for development

MT FINNERTY - FIN9

220600 mH

MFRC024

10m @ 59.88% Fe

FIE

NW SECTION

MT FINNERTY-NICK9I

• 30km strike fertile ultramafics
• 2 interpreted channels at base of komatiitic flows
• Basal footwalls appear intact
• Dec Q Exploration
• Soil sampling to define drill targets

MUSGRAVE - Nickel/Copper

• 35km strike of Bell Rock Range mafic/ultramafic intrusion
• Rio/Delta considered "highly prospective for massive Ni-Cu $\bullet$ sulphides + PGM's
• Surrendered after failure to secure ground access

Reed Resources Ltd

Proposed Exploration → Airborne Geophysics

BARRAWBJE PROJECT

Reed Resources Ltd

• Advanced exploration project acquired April 2003
• Magmatic Ti-Fe±V oxide deposit $\bullet$ in anorthosite-gabbro
• PGMs, gold & nickel potential
• Completed PFS on production of 20M lbs $V_2O_5$
• Robust flowsheet
• Low operating cost
• Optimisation opportunities
• Two stage Bankable FS underway.

Geology - Barrambie

Reed Resources Ltd

BARRAMBIE - PFS

Feasibility Sindy Team Established

• Experienced Project Manager $\bullet$
• Strong in-house geological team $\bullet$
• Resources and reserves estimate by Snowden $\bullet$ Group
• Process engineering advice through METS
• Engineering, infrastructure and controls through $\bullet$ Sinclair Knight Merz
• Environmental and water studies managed by Aquaterra
• Specialty advisors for energy and reagents
• Marketing partner a leader in Vanadium $\bullet$

Feasibility Sindy Program

• Stage 1 Resource Definition Drilling
• RC whole 11km strike
• Diamond Drilling $\bullet$
• Metallurgy, Density and Confirmation
• Confirmation Testwork $\bullet$
• Resource Estimate
• Snowdens
• Pilot Plant Testwork $\bullet$
• Reserve Estimate $\bullet$
• Snowdens
• Stage 2 Engineering Design and PEP.
• Sinclair Knight Merz
• Water and Environmental Studies COMPLETION June 2008
• Order long lead items 2^nd half 2008 $\bullet$
• Commissioning from late 2009 or early 2010

Jan - Mar 2007

Feb – May 2007

April - July 2007 June - Aug 2007

Aug - Dec 2007 Jan - Feb 2008

Sep - Mar 2007

Mar 07 - Feb 08

en is e

BUSINESS STRATEGY

Reed Resources Ltd

GOLD PRODUCERS +ACTIVE EXPLORERS

SUMMARY

Mt Finnerty (iron ore, nickel, gold)

• Portman Iron Ore JV. Resource Definition Drilling June Q 07
• Exciting Nickel Sulphide targets

Barrambie (vanadium, titanium)

• PFS completed Long Life, Low Cost Vanadium project
• MOU Sales & Marketing Agreement with leading commodity trader
• Feasibility Study commenced Jan 07

Comet Vale (gold, nickel)

• High Margin, Low Risk Gold Production, at rate of 20koz pa by June 07, next crushing last week February.
• Resources Increased +136,000 oz @ 12 g/t

GOL

Exciting Regional Potential - Drilling discovers Princess Grace lodes analogous to Sand George lodes 200m to east.

PRODUCERS +ACTIVE EXPI

Reed Resources Ind