NEOMETALS LTD — Investor Presentation 2008

May 6, 2008

Reed Resources Ltd

RIU Sydney Resources Roundup - May 2008

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Important Notice

Disclaimer

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

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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

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Capital Structure Substantial Shareholders
Shares on Issue 122m Management 20%
Share Price ( April ) $0.90
8%
RAB Capital PLC
Market Capitalisation ~$110m
(Special Situations Fund )
Cash (31 March ) $12m
Debt $0m
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

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Vanadium Market

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Why Vanadium?

• Vanadium is highly valued as a hardening agent for steel

• Leading price indicator is steel demand

• �Current Price US$14/lb Average last 4yrs ~ US$8/lb

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• Increasing intensity of use by China/CIS

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

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

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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

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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. Drillout of Northern half of deposit commences this month

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

• Increase project economics

• Ferrovandium trades at premium over vanadium pentoxide

• Concurrent Optimisation Study demonstrates increased recoveries and decreased throughput rates achievable

• Baseload Gas/Transmission secured

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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
		Optimisation Study	IN PROGRESS	Jan-Sept 2008
		Reserve Estimate - Snowdens	IN PROGRESS	May 2008
		Stage 2 Engineering Design and PEP - Sinclair Knight Merz	IN PROGRESS	May 2008
		Stage 3 Resource Definition Drilling	Pending	May-July 08
		DFS Vanadium Pentoxide		June 2008
		DFS Ferrovanadium	Pending	<15 August 2008
		Stage 3 Resource/Reserve Estimate/ Financial Model	Pending	30 Sept 2008
		Order Long Lead Items	Pending	2nd Half 2008
		Commissioning	Pending	1st Half 2011
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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)

• Jan 08 C1 Cash Costs A$311/oz

• Expansion to 35,000 oz pa in 2008/09

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 of diamond drilling aimed at doubling resource

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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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Perth

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Esperance

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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

• Exploration planned for this quarter.

• IP surveys on end of line anomalies to refine angled RC holes

• Additional RAB and soil sampling

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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
Initial Exploration →Airborne Geophysics →30km basal ultramafic contact
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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

• January 2008 C1 Cash costs A$311/oz

• Developing a world class vanadium deposit

• Growing demand from steel producers

• Latest resource calculation by Snowdens confirms highest grade in Aust.

• Addition of Ferrovanadium circuit to increase margins

• DFS due for completion by 15 August 2008, Optimisation Study underway

• 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

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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

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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)	V2O5 (%)	TiO2 (%)	Fe2O3 (%)
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

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