NEOMETALS LTD — Investor Presentation 2009

May 21, 2009

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AMEC National Congress
22 May 2009
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Barrambie Vanadium Project
Project Highlights
Projected EBITDA AUD$105m per year
@ US$30/kg ferrovanadium price
Long life, low cost
100% owned by Reed Resources Ltd
Perth
Slides
• Market Attractiveness
• Highest Grade Resource
• Highest Grade Concentrate
• Highly leveraged to
economic recovery
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Annual steel production rate
$26.00
relative to V2O5 price
V2O5 price CHINA
480Mt
$17.50
JAPAN
$4.00 USA
~100Mt
$1.20
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Vanadium used per tonne of steel produced in 2006

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77Mlb per year Difference and GROWING C H I N A

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Vanadium Supply 2006 - 2008
(South Africa)
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Vanadium Supply 2006 - 2008
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Vanadium Supply 2006 - 2008
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High Grade

Mineral Resource: 65Mt @ 0.82% V2O5 Ore Reserve: 39.7Mt @ 0.82% V2O5 Concentrate: 1.4% V O 2 5

Key financial data

EBITDA p/a: AUD$105m

Based on long term price of USD$30/kg of vanadium & AUD/USD rate of 60 cents

OPEX: less than USD$20/kg of vanadium

Capex: $628.9m

Mine life: +12 years

Highly leveraged to world economic recovery

At 10yr average US30/kg ~ A$105M EBITDA At 5 yr average US50/kg ~ A$310M EBITDA

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Gold

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Project Highlights

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• Low risk Production JV with Kingsrose Mining Limited

• High-grade -182,000oz @ 8.6 g/t Au

� Increasing production – Low Cost DecH08 – 2,424oz (RDR Share) MarQ09 – 777oz (C1 costs = $675) YTD C1 Costs = A$558/oz

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Nimbus Processing Plant

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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.

Nimbus option details

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A$50K option fee Option exercisable by Reed on or before 31 August 2009 A$2.25M cash payable by Reed on exercise of option.

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Open Pit Study
Meas + Ind = 192kt @ 2.6 g/t Au for +16koz
Optimisations + Reserve Calc underway
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Iron Ore

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).

• 60+ RC holes program to start this week.

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Surface enriched iron formation
Outcropping BIF
FIN 9 7 new drill targets
Interpreted BIF
33km FIN 11 N
FIN 11 S
BLUE ROSE
FIN 7 W
FIN 10 N
FIN 10
RED TULIP
FIN 10 S
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Nickel

Project Highlights

• Western Areas NL farming in to earn 65% by spending $3m

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• Multiple high MgO ultramafics over 45km confirmed by reconnaisance RAB results incl. 25m @ 0.91%Ni + Pt/Pd

• Shallow RC drilling updip of IP

• anomaly intersects sulphides with 5,000ppm Cu + PGE’s (Niton) – assays awaited

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Bell Rock - 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
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Project Locations
VANADIUM
GOLD
IRON
ORE
LATERITIC
NICKEL
NICKEL
SULPHIDE
NICKEL
SULPHIDE
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Corporate Information

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Capital Structure Substantial Shareholders
Shares on issue 137m Management 20%
Share Price ( Curr/High) $0.26/$1.20
Market Capitalisation ~$36m
Cash (Mar09) ~$10m
David Reed Steven Cole
Executive Chairman Non-Executive Director
and Founder Deputy Chairman
Dr Peter Collins Ian Junk Jason Carone Bill Crossley
Non-Executive Director Non-Executive Director Company Secretary Project Manager
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Disclaimer

Important Notice

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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.
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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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Competent Persons
Geological aspects of this report have been 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 additional mineral
resources and reserves, and it is uncertain if further exploration will result in the determination of a Mineral Resources and/or Reserves .
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:
gregor y, mrhayata, decafinata, openDemocracy, mahalie, Andrew Turner, Thomas Roche, EverySpoon, apdk, Internet Dairy
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