NEOMETALS LTD — Investor Presentation 2009

Aug 3, 2009

Diggers n Dealers 2009

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Project Locations
Barrambie Vanadium: Reed 100%; Mt Finnerty Iron: Cliffs 80% Reed 20%;
Mt Finnerty Nickel: Western Areas 50% Reed 50%; Comet Vale: Kingsrose 50% Reed 50%
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Opportunity

• Reed is a diversified mining company based in Western Australia.

• Profitable gold production from high-grade Sand Queen Mine at Comet Vale, plans to increase production through acquisition of Nimbus mill.

• Reed owns 100% of the . high-grade Barrambie Vanadium Project

• Completed DFS, in approvals process. Attractive economics, highly leveraged to recovering world economy.

• Strong Joint Venture partners at Mount Finnerty, with track records of discovery and development. Cliffs for iron and Western Areas for nickel .

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1. Opportunity

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Barrambie

• Barrambie project is located 125 km northeast of the Windimurra project in Murchison region of Western Australia

• Barrambie and Windimurra serviced by major regional roads.

• A$20m DFS to produce 6300t/V per annum, completed in April 2009

• Highest grade vanadium reserves in Australia on granted mining leases.

• 12+ Mine life from pits to 60m, open at depth

• Existing open-access gas pipeline for power generation, kiln and refinery

• Gas transmission contracts in place

• Safe water supply from Barrambie borefield and planned slurry pipeline

• Barrambie Native Title Agreement in place

• Strong support from local stakeholders

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Mt V2 O5 (%) TiO2 (%) Fe2 O3 (%)	Mt V2 O5 (%) TiO2 (%) Fe2 O3 (%)	Mt V2 O5 (%) TiO2 (%) Fe2 O3 (%)	Mt V2 O5 (%) TiO2 (%) Fe2 O3 (%)	Mt V2 O5 (%) TiO2 (%) Fe2 O3 (%)
RESOURCE
Indicated	49.2	0.82	17.3	48.9
Inferred	16.0	0.81	17.2	50.2
Total	65.2	0.82	17.3	49.2
RESERVE
Probable	39.7	0.82	15.69	48.77

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Project Economics

Base 5 Year FY07/08 Case Average US$77/kg US$30/kg US$50/kg US$:A$ Exchange 0.60 0.79 0.89 rate Capital Costs (AUD M) $630 $630 $630 EBITDA (AUD M) $105 $186 $327

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Vanadium Price History and Steel Production Levels

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$130.00
$91.00
$50 EBITDA A$200m
$31.00
$30 EBITDA A$105m
2001 2004 2007 2009
$6.30
Chinese steel production
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Vanadium used per tonne of steel produced in 2008

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30Kt of V per year Difference and GROWING

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C
H
I
N
A
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Vanadium Supply 2006 - 2008
(South Africa)
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Vanadium Supply 2006 - 2008

Vanadium Supply 2006 - 2008

Declining Western Production + New Applications

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Gold

Project Highlights

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• Low risk Production JV

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with

• High-grade -182,000oz @ 8.6 g/t Au

• Increasing production

LOM ~ 50,000t @ 9 g/t Au FY09 ~ 3,700 oz RDR Share FY09 Cash Costs ~ A$550/oz

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Gold

Gold – Nimbus Processing Plant

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• Option exercisable by Reed on or before 31 August 2009

• A$2.25M cash payable by Reed on exercise of option.

• Provides the ability to custom mill the course, high grade Comet Vale ore.

• Provides the potential to economically exploit the shallow, open-pittable resources.

• Base metal exploration potential with residual silver mineralisation.

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Iron

Project Highlights

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� 20:80 JV with Cliffs (was PMM) Australia’s fourth largest iron ore exporter:

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• Original target 5-10Mt of DSO confirmed by RC results: 21,12 & 10m @ 60% Fe (FIN9) 12 @ 63%, 11 @ 61% and 10 @ 60% Fe (FIN10).

• Resource Definition Drilling Underway –Resource Est in

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Nickel

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Project Highlights

• Western Areas NL can earn 65% Nickel by spending $3m

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• Multiple high MgO ultramafics over 45km strike confirmed by RAB drilling

• Geochem and Geophys targets

• � Acquired farm-in rights to adjoining ground, contains 5.1% Ni gossan from 1970’s.

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Ni Exploration

• Western ultramafic sequence key geological geochemical & geophysical (IP, EM) targets

• Rock chip (gossan)

• sample with 5.1% Ni (1970s exploration) • Sulphide

• intersections in historic and current drilling, including 15m @ 0.35% Ni

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Bell Rock – Ni-Cu-PGE

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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”

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Bell Rock – Reed’s Geophysical Targets along 30km strike

Geophysical targets along 30km strike

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Management and Corporate

Capital Structure

Shares on issue 138.5m Share Price ( Curr/High) $0.28/$1.20

~$39m ~$9.3m

Market Capitalisation Cash (June 09)

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Ian Junk

Substantial Shareholders ~~Management 20%~~

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Steven Cole Non-Executive Director Deputy Chairman

David Reed Executive Chairman and Founder

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Jason Carone Company Secretary

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Dr Peter Collins Non-Executive Director

Bill Crossley Project Manager

Non-Executive Director

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.

Artists Acknowledgement

Some elements of this presentation were used under the Creative Commons Attribution-Share Alike 2.0 Generic Licence and we would like to acknowledge the creators of some of the photos that were used and which were sourced from Flikr: gregory, mrhayata, decafinata, openDemocracy, mahalie, Andrew Turner, Thomas Roche, EverySpoon, apdk, Internet Dairy

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JORC Statement

Competent Persons/ Exploration Results in General

The information in this report that relates to exploration results is based on information compiled by Dr Peter Collins (MAIG), a Director of Reed Resources Ltd. Dr Collins has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being reported on to qualify as a Competent Person as defined in the Code for Reporting of Mineral Resources and Ore Reserves. Dr Collins consents to the inclusion in the report of the matters in the form and context in which it appears.

References to Exploration/Production targets and Potential

While the company remains optimistic it will report increases in resources and reserves in the future, any discussion in relation to exploration targets, resource potential, reserves or ‘ore’ is only conceptual in nature, there has been insufficient exploration to define a Mineral Reserves and resources and it is uncertain if further exploration will result in the determination of a Mineral reserves and resources.

The grade estimates for MFRC006 quoted in this release have been estimated using a Niton XLT 592 portable XRF analyser. These spot estimates are indicative only and have been provided to demonstrate that some highly anomalous copper and platinum-group-elements hare present. Niton XRF is not considered a substitute for conventional analytical methods.

Barrambie Vanadium Project – Mineral Resource Estimate

Reed reported on the 13 February 2009 a resource of 65.2 million tonnes at 0.82% V2 O5 . While the Company intends to do further exploration on the Barrambie Project tenements and remains optimistic it will report additional resources in the future, any discussion in relation to targets, resources, reserves or ‘ore’ over and above the resource of 65.2 million tonnes a 0.8% V2O5 is only conceptual in nature. There has been insufficient explorations to define a Mineral Resources over and above the resource of 65.2 million tonnes at 0.82% V2O5, and it is uncertain if further exploration will result in the determination of a Mineral Resource over and above the resource of 65.2 million tonnes at 0.82% V2O5.

Information in the report (released 13/02/2009) that relates to Mineral Resources is based on information compiled by Ms Stephanie Gotley and Mr Michael Andrew 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 Michael Andrew, 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 Andrew 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 Andrew 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.

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JORC Statement

Barrambie Vanadium Project – Reserve Estimate

Reed reported on the 5 May 2009 a probable reserve of 39.7 million tonnes at 0.82% V2O5. While the Company intends to do further exploration on the Barrambie Project tenements and remains optimistic it will report additional resserves in the future, any discussion in relation to targets, resources, reserves or ‘ore’ over and above the probable reserve of 39.7 million tonnes a 0.82% V2O5 is only conceptual in nature. There has been insufficient explorations to define a Mineral Resources over and above the resource of 65.2 million tonnes at 0.82% V2O5, and it is uncertain if further exploration will result in the determination of a Mineral Resource over and above the resource of 65.2 million tonnes at 0.82% V2O5 nor the development of a reserve over and above the probable reserve of 39.7 million at 0.82% V2O5.

Information in this report that relates to the Ore Reserve is based on information compiled by Mr Frank Blanchfield who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM), and Dr Bryan Smith who is a member of The AusIMM and a member of the Australian Institute of Geoscientists (AIG).

Mr Frank Blanchfield is Principal Consultant at Snowden and produced the Ore Reserve estimate based on data and geological interpretations provided by Reed Resources Ltd. and developed by Snowden. Mr Blanchfield has 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 Person for the Ore Reserve sign-off as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results Mineral Resources and Ore Reserves”. All modifying Factors have been considered in the preparation of the Probable Mineral Reserve. Mr Blanchfield consents to the inclusion in this report of the matters based on their information in the form and context in which it appears.

Comet Vale Gold Resources

Reed reported on the 2 December 2008 a resource of 661,000t @ 8.6 g/t Au for the Sand Queen Gold Mine, currently under joint venture with Kingsrose Mining Limited (ASX:KRM). While the Company intends to do further exploration on the Comet Vale Project tenements and remains optimistic it will report additional resources in the future, any discussion in relation to targets, resources, reserves or ‘ore’ over and above the resource of 661,000t at 8.6 g.t Au is only conceptual in nature. There has been insufficient explorations to define a Mineral Resources over and above the resource of 661,000t at 8.6 g/t Au, and it is uncertain if further exploration will result in the determination of a Mineral Resource over and above the resource of 661,000t at 8.6 g/t Au.

The information in this report that relates to Mineral Resources (at Comet Vale) is based on information compiled by Mark Zammit and Jillian Irvin of Cube Consulting Pty Ltd, who are Members of The Australian Institute of Geoscientists (AIG). Mark Zammit and Jill Irvin have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mark Zammit and Jill Irvin consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Mr David Potter, who was a full time employee of Reed Resources Ltd, provided drilling results and geological interpretations for the Mineral Resource estimates. Mr Potter 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”. Mr Potter consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

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