NEOMETALS LTD — Investor Presentation 2008

Feb 12, 2008

Welcome to RIU Explorers Presentation

Initial results indicate very low phosphorus (0.009%)

Significant potential for continuous mining and beneficiation

Beneficiation test work underway

Vanadium is highly valued as a hardening agent for steel

Leading price indicator is steel demand

Increasing intensity of use by China/CIS COMPOUNDED by increasing steel consumption

Inelastic Demand, insignificant cost for steelmakers

Five year average price US\$8/lb

Current price US\$12-14/lb

Vanadium

PFS valuation (NPV A\$379) based on long term price of US\$6/lb, OPEX US\$2/lb

Aim to produce 20m pounds of V2O5 p.a.

Definitive Feasibility Study to be completed by July

Highest grade resource in Australia (23Mt @ 0.83% V2O5)

Metallurgical test work producing substantial increases in concentrate grade and recovery relative to the PFS.

10 year offtake agreement in place

Gold

Sand Queen Gold Mine JV – Reed 50%, Kingsrose Mining 50%

Reed COSTS LIMITED to transport and treatment.

Production INCREASING to 35,000oz p.a. on 2008/09

Cash costs expected to be LESS THAN \$300/oz

Current costs from latest parcel A\$311/oz

Corporate Information

Capital Structure

S h I a r e s o n s s e u	1 2 2 m
S h P i ( F b ) 1 0 8 a r e r c e e - -	\$ 0 8 0
M k C i l i i t t t a r e a p a s a o n	\$ 1 0 0 m ~
C h a s	\$ 1 3 m
D b t e	\$ 0 m

Substantial Shareholders

M t a n a g e m e n	2 % 5
C C R A B i l P L t a p a
S S ( i l i i F d ) t t p e c a a o n s n u u	6 %

Disclaime r

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.

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