NEOMETALS LTD — Investor Presentation 2008

Jun 11, 2008

Reed Resources Ltd

Gold Coast Resources Showcase - June 2008

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Important Notice

Disclaimer

This document has been prepared by Reed Resources Ltd (“Reed” or “the Company”) to provide an update of the Company to investors and potential new shareholders.

Any statements, opinions, projections, forecasts or other material contained in this document do not constitute any commitments, representations or warranties by Reed and associated entities or its directors, agents and employees. 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 the document.

This document includes certain statements, opinions, projections, forecasts and other material, which reflect various assumptions. The assumptions may or may not prove to be correct. Recipients of the document must make their own independent investigations, consideration and evaluation of the opportunity to invest in the Company. By accepting this document the recipient agrees that if it proceeds further with its investigations, consideration or evaluation of the opportunity to invest in the Company it shall make and rely solely upon its own investigations and inquiries and will not in any way rely upon the document.

Management

David Reed - Executive Chairman and Founder

• Over 40 years mining and capital markets experience

• Founded Mt Martin Gold Mines NL which co-developed the +4Moz New Celebration Gold Project

• Fellow of Certified Practicing Accountants Australia

• Order of Australia Medal recipient in 2002

Christopher Reed - Managing Director and Founder

• Over 17 years mining experience, VP of Association of Mining and Exploration Companies

• Previously held positions across in legal, stockbroking and investment banking industries

• Holds a Bachelor of Commerce in Accounting and graduate qualification in Mineral Economics

• Member of the Australian Institute of Mining and Metallurgy

Peter Collins - Non-Executive Director

• Over 25 years mining experience as a geologist

• Responsible for the Sand George Deposit discovery at Comet Vale

• Holds a Doctorate in Geology and lectures economic geology at university

• Member of the Australian Institute of Geoscientists

Ian Junk - Non-Executive Director

• Highly respected mining engineer specialising in underground mining and project development

• Instrumental in the purchase of the Miitel and Wannaway nickel mines from WMC for Clough Mining and Mincor Resources

• National finalist in the 2003 Ernst & Young - Young Entrepreneur of the Year Award

• Member of the Australian Institute of Mining and Metallurgy

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Corporate Information

Capital Structure

Substantial Shareholders

Management 20% Shares on Issue (post issue) 135m Share Price ( 10 June ) $1.05 8% RAB Capital PLC Market Capitalisation (post) ~$140m (Special Situations Fund ) Cash (post) $20m Debt $0m

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Relative Performance: Reed vs. Gold Price Relative Performance: Reed vs. S&P/ASX Metals & Mining
500 500
400 400
300 300
200 200
100 100
0 0
Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08
Reed Gold Reed S&P/ASX Metals & Mining
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Project Locations

Reed has established an exciting portfolio of projects in highly prospective mining areas with excellent infrastructure and easy access to roads, rail and ports

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VANADIUM

• Barrambie

GOLD

• Comet Vale

IRON ORE

• Mt Finnerty

NICKEL SULPHIDE

• Mt Finnerty

• Bell Rock

NICKEL LATERITE

• Comet Vale

Vanadium Market

Why Vanadium?

• Vanadium is highly valued as a hardening agent for steel

• Leading price indicator is steel demand

• �Current Price FeV US$80/kg Current Price V2 O5 US$18/lb

• Increasing intensity of use by China/CIS

• Russians (EVRAZ) purchased has 1[st] and 5[th] biggest vanadium producers �First movers

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Vanadium Market

The future?

• Increasing levels of steel production

• Increasing intensity of use by China/CIS

• Demand growth predicted at 7.8% p.a.

• No stockpiles

• Industry consolidation

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Source: Stratcor Presentation March 2007 (IISI, Macquarie Research, MB, Roskill, MBR, CRU)

THERE ARE NO SUBSTITUTES OF EQUAL QUALITY FOR VANADIUM

Marketing and Sales Agreement

Highlights

• One of world’s leading commodity traders, dominant in vanadium market

• Guarantee to sell first 10 years production, subject to completion of DFS by 15 Aug 08

• RDR retains right to sell to third party if higher price if available

• Counterparty will guarantee payment if required

• Removes Marketing Risk

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Project Highlights

• 100% owned

• Granted Mining Lease – No Native Title

• PFS indicated NPV 12 of A$379 million on 12

• year minelife.

• Highest grade vanadium deposit is Australia 36Mt @ 0.82 % V2O5 (0.5% cut).

• Deposit is open at depth, along strike. Currently drilling Northern half of deposit

• Expansion of DFS to produce Ferrovanadium, due 15 August 2008.

• Increase project economics

• Concurrent Optimisation Study demonstrates significantly increased recoveries and reduced throughput rates achievable

• Baseload Gas/Transmission secured

• Recent placement to strategic investors lead by Nicholas Curtis (Lynas Corp, Sino Gold), assist in development of project

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Vanadium

	Definitive Feasibility Study Program
	Action		Status	Expected Completion Date
	Stage 1 & 2 Resource Definition Drilling		COMPLETED	Jan - Sep 2007
	Calweld / Diamond Drilling - Metallurgy, Density and Confirmation		COMPLETED	Feb - Apr 2007
	Stage 2 Resource Estimate - Snowdens		COMPLETED	April 08
	Reserve Estimate - Snowdens		IN PROGRESS	June 2008
	Stage 2 Engineering Design and PEP - Sinclair Knight Merz		IN PROGRESS	June 2008
	Stage 3 Resource Definition Drilling		IN PROGRESS	May-July 08
	DFS Ferrovanadium		Pending	<15 August 2008
	Stage 3 Resource/Reserve Estimate/ Financial Model		Pending	December Q 2008
	Optimisation Study		IN PROGRESS	Jan-Sept 2008
	Order Long Lead Items		Pending	December Q 2008
	Decision to Mine		Pending	March Q 2009
	Commissioning		Pending	1stHalf 2011

Gold

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Project Highlights

• High-grade underground operation with low risk production

• Resources 136,000oz @ 12g/t Au

• Target cash costs (sub A$300/oz)

• Av 2008 C1 Cash Costs A$358/oz

• Targeting 20,000 oz in CY08 rising to 35,000 oz pa in CY09

Production JV

• Kingrose to earn 50% down to 243m depth by paying for development and production costs

• Reed pays for transport and treatment (~A$50/t)

• Reed to retain open-pit resources

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Gold

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Forward Work

• Expand production rates following arrival of 10 Philipino miners

• Completion of Structural Review by SRK

• Commence +5,000m ‘near mine’ diamond drilling program to increase

• resources along strike, down dip and parallel to existing operation

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Iron Ore

Project Highlights

• JV with Australia’s third largest iron ore exporter

• Portman 80%/RDR 20%

• Original target 5-10Mt of DSO within trucking distance of Portman’s Koolyanobbing Mine

• Results- 21,12 & 10m @ 60% Fe (FIN9) and 12 @ 63%, 11 @ 61% and 10 @ 60% Fe (FIN10)

• Utilising Portman’s existing plant, rail and port infrastructure

• JV has allowed

• Reduction in lead time

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• Reduction in critical size for

development

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Esperance

Perth

Initial results indicate very low phosphorus (0.009%)

Significant potential for continuous mining and beneficiation

Beneficiation test work underway in US and Aust

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Nickel

Nickel Sulphide

• WSA earning 65% by spending $3m

• $1.5m for 51% within 3 years

• $1.5m for additional 14% within 2

  • years

• Multiple high MgO ultramafics over 45km

• WSA Exploration identifies soil geochemical anomalies coincident with basal ultramafic/basalt contact, over 10km of strike

• Latest results incl 25m @ 0.91%Ni +Pt/Pd

• Exploration planned for next quarter.

• Angled RC holes on IP/Gravity anomalies

• EM survey and ~300 RAB holes over western ultramafic contact

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Nickel
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•
30km 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
•
Tenement granted. Access agreement nearing completion
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Initial Exploration →Airborne Geophysics →30km basal ultramafic contact

Summary

Reed is a WA-based emerging multi-commodity mining house developing projects in gold, vanadium, nickel and iron ore and offers strong exposure to the rapidly expanding Asian steel industry

• Producing gold from its high grade Comet Vale mine

• JV with experienced underground miners, Kingsrose Mining Limited.

• Ramping up to 35,000oz p.a. (RDR 50%) in 2008/09

• Current resource base of 136,000oz @ 12 g/t Au, unhedged

• Target C1 Cash costs A$300/oz

• Developing a world class vanadium deposit

• Growing demand from steel producers

• Snowdens resource calculation confirms highest grade in Aust.

• DFS due 15 August 2008, Optimisation Study underway

• Placement to Curtis syndicate of international institutions to assist in development and funding

• Pursuing further growth opportunities with experienced JV partners

• Iron Ore � Portman JV targeting DSO at Mt Finnerty +900 holes this year

• Nickel Sulphide � Western Areas JV at Mt Finnerty – IP and RC this year

JORC

Geological data, Interpretation and Resource Estimate - Barrambie

Information in this report that relates to Mineral Resources is based on information compiled by Ms Stephanie Gotley and Mr Paul Blackney both Members of the Australasian Institute of Mining and Metallurgy (AusIMM), and Dr Bryan Smith a Member of the Australian Institute of Geoscientists (AIG).

Ms Stephanie Gotley, Consultant Resource Geologist, and Mr Paul Blackney, Divisional Manager Resource Evaluation, are employed as consultants at Snowden and produced the resource estimate based on assay data and geological interpretations provided by Reed Resources Ltd. Ms Gotley and Mr Blackney have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results Mineral Resources and Ore Reserves”. Ms Gotley and Mr Blackney consent to the inclusion in this report of the matters based on their information in the form and context in which it appears.

Dr Bryan Smith (Bryan Smith Geosciences), employed as a consultant geologist by Reed Resources Ltd, has compiled and provided drilling results and geological interpretations for Mineral Resource estimates. Dr Smith 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 2004 Edition of the “Australasian Code for Reporting of Exploration Results Mineral Resources and Ore Reserves”. Dr Smith consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Pursuing further growth opportunities with experienced JV partners

JORC

Mineral Resource estimates for the Barrambie V-Ti deposit, as at March 2008, for lower block cut-off grades of 0.50 % V2O5.

Category	Ore type		Tonnes (Mt)	V2 O5 (%)	TiO2 (%)	Fe2 O3 (%)
Indicated	‘Oxide’		16.0	0.83	17.4	46.0
	‘Transitional’		7.3	0.85	17.7	50.9
	‘Fresh’		0.8	0.73	19.2	56.7
	Sub-total		24.1	0.83	17.6	47.9
Inferred	‘Oxide’		1.2	0.83	16.9	48.9
	‘Transitional’		3.4	0.82	18.2	51.6
	‘Fresh’		7.6	0.81	18.2	52.6
	Sub-total		12.2	0.81	18.1	52.0
Total	‘Oxide’		17.2	0.83	17.4	46.2
	‘Transitional’		10.7	0.84	17.8	51.1
	‘Fresh’		8.4	0.80	18.3	53.0
	Total		36.3	0.82	17.7	49.2