NEOMETALS LTD — Investor Presentation 2012

Jul 11, 2012

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ASX: RDR

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EGM Presentation – 12 July 2012

www.reedresources.com

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Disclaimer

Summary information: This document has been prepared by Reed Resources Ltd (“Reed” or “the Company”) to provide summary information about the Company and its associated entities and their activities current as at the date of this document. The information contained in this document is of general background and does not purport to be complete. It should be read in conjunction with Reed’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au.

Not a prospectus: This document is not a prospectus or a product disclosure statement under the Corporations Act 2001 (Cth) (“Corporations Act”) and has not been lodged with the Australian Securities and Investment Commission. This document does not constitute an offer, invitation or recommendation to subscribe for or purchase any security and neither this document nor anything contained in it shall form the basis of any contract or commitment.

The distribution of this document in jurisdictions outside Australia may be restricted by law and any such restrictions should be observed. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. In particular, this document may not be released or distributed in the United States. This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. Any securities described in this document have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, registration under the US Securities Act and applicable US state securities law.

Not financial product advice: This document is for information purposes only and is not financial product or investment advice, nor a recommendation to acquire securities in Reed. It has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to their jurisdiction. Cooling off rights do not apply to an investment in securities in Reed.

Investment risk: An investment in securities in Reed is subject to investment and other known and unknown risks, some of which are beyond the control of Reed. The Company does not guarantee any particular rate of return or the performance of Reed. Investors should have regard to the risk factors outlined in this document.

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Forward-looking information: This document includes certain statements, opinions, projections, forecasts and other forward-looking information which, while considered reasonable by Reed, are inherently subject to significant uncertainties and contingencies. Many known and unknown factors could cause actual events or results to differ materially from estimated or anticipated events or results included in this document. Recipients of this document are cautioned that forward-looking statements are not guarantees of future performance – they must make their own independent investigations, consideration and evaluation of the opportunity to invest in the Company. By accepting this document, recipients agree that if they proceed further with their investigations, consideration or evaluation of the opportunity to invest in the Company, they will make and rely solely upon their own investigations and enquiries and will not in any way rely upon this document.

Any statements, opinions, projections, forecasts and other forward-looking information contained in this document do not constitute any commitments, representations or warranties by Reed and its associated entities, directors, agents and employees, including any undertaking to update any such information. 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 this document.

Financial data: All figures in this document are in Australian dollars (AUD) unless stated otherwise.

Competent person’s statement

Unless otherwise indicated, mineral exploration, resource and reserve estimates contained in this document have been prepared in accordance with the 2004 edition of the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves (“JORC Code”).

The information in this document that relates to Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Mr Craig Fawcett (MAIMM), a full time employee of Reed. Mr Fawcett 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 JORC Code. Mr Fawcett consents to the inclusion in this document of the matters based on his information in the form and context in which it appears.

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Agenda

1

2

3

4

Investment Highlights

Meekatharra Gold Project

Advanced Minerals

Conclusion

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Investment Highlights



Reed 100% focussed on bringing MGP into production



~3.6 Moz resources and 752 Koz reserves



Low technical risk, multiple open-pit only mine plan  Targeting production in DecQ 2012  Significant discount to peers  Retains strategic advanced minerals projects

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Agenda

1

2

3

4

Investment Highlights

Meekatharra Gold Project

Advanced Minerals

Conclusion

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Meekatharra Gold Project (100%)

 3.6Moz resource in historic green stone belt with past production of 4.5Moz → Project  Purchased at $11/oz resource including plant and facilities ( replacement +$100M )

• BFS Completion ~ Feb 2012

• Timing  Commence mining ~ Sep 2012  Commence commissioning ~ Nov 2012 STAGE 1: Low risk start-up  Steady state production ~ 100,000oz p.a.  Initial 2 year mine life from open pits only

• Strategy STAGE 2: Increase production profile  Target +150,000oz p.a.  Multiple open pit & underground options

• Completed A$40m rights issue

• Equity fund to commissioning ~$35m

• Funding  Debt facility commitment received from Barclays for $23 million subject to CP’s

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Project Strategy

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PRE-PRODUCTION
2011
New resource estimates &
Feasibility Study Recruit owners team
reserve calculations
STAGE 1
2012-2014
Low risk open-pit start-up ~100 koz per annum Sustainable production profile
STAGE 2
2012 →
Multiple open-pit and
Feasibility Study Underway +150 koz per annum
underground options
EXPLORATION
2012 →
Ongoing evaluation of legacy Near-mine and greenfields
LOM extension
database exploration
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Inventory (@$1,300/oz)

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Resource (Moz)
4.0
3.5
3.59
3.27
3.0
2.75
2.5
2.52
2.0
Mar-11 Sep-11 Nov-11 Mar-12
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Reserves (koz)
800
600
493
400
114 251 309
200
308
259
225 225
0
Mar-11 Sep-11 Nov-11 Jan-12
Underground Open Pit
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32% increase in resource base since project acquisition – now at 3.6 Moz



 Strong upside given limited exploration on majority of Reed’s 1000km[2] tenement area

 Minimum $4M p.a. exploration budget committed to further proving up MGP

 Total reserves (including underground) now at 752,000oz – majority in open pits

331% increase in open pit reserves since project acquisition





Includes two 1 million tonne open pits

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Production Timeline

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FEB MAR APRIL MAY JUNE JULY AUG SEPT OCT NOV DEC
DEBT FUNDING AVAILABLE FOR DRAWDOWN
VILLAGE REFURBISHMENT & UPGRADE
ALL MINING APPROVALS RECEIVED
COMMENCEMENT
OF MINING
PRIMARY CRUSHER INSTALLATION
POWER SUPPLY & INSTALLATION
MILL REFURBISHMENT PRACTICAL COMPLETION COMISSIONING
FIRST GOLD
POUR
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Construction Workpackages

Plant

Camp

Power

3Mtpa (Oxide) CIL Circuit

• On care and maintenance since Oct 2008

• New Metso ‘heavy duty’ jaw crusher on site

• Refurbishing existing milling/leach circuit in-house

• Crusher installation contract award imminent

184 man camp

• New dining facility to be built

• Refurbishment of existing accommodation

• 80 additional rooms to be installed

• Awarded to APB

Milling plant power supply

• Contract BOO model

• Diesel powered at estimated $0.30/kWh

• Contract award imminent

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BFS Results

		Inputs - Operations					Outputs - Operations
		Construction capex ($m)	24				Total gold recovered (koz)	134
		Timing – con / min / mill (months)	8 / 21 /19				Total revenue @ A$1,520 ($m)	205
		Total ore mined (Mt)	2.3				Total expenses ($m)	155
		Total ore milled (Mt)	2.4				→ C1 cash costs ($/oz)	1,076
		Recovery rate (%)	94.0				CFADS ($m)	66
		Recovered grade (g/t)	1.77				Principal ($m)	20.0
		Fixed opex ($m p.a.)	30.8				Interest ($m)	1.5
		Av. mining costs (inc. waste & prelims) ($/bcm) Variable milling costs ($/t)	9.33 11.69				Cashflow available for equity ($m)	45
		Royalty (%)	4.5
		Inputs - Financial					Funding
		Gold price (floor) ($/oz)	1,520				Capex	-24.1
		FX (AUDUSD) (average)	1:1				Owners Costs incl mining	-11.4
		Debt ($m)	20.0				Equity Contribution ($m)	35.4
		Cost of debt (base rate + margin) (% p.a.)	7.0				Working Capital	-8.0
		Equity ($m)	40.0				Revolving Credit Facility ($m)	20.0

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BFS: Key Sensitivities

 Low nugget ore bodies  Geologically understood Head  Estimated by Snowdens Grade  Historical reconciliations  Substantial mining database

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 Mining Historical production  and Traditional milling circuit Milling  BFS prices = mining tender  Contract – preferred status Costs

Ore  Mill centrally located  Mined Historical rate of 3Mtpa oxide and  Mill optimised for ore type Milled  Low technical risk

 Participating Forward preferred structure  Early hedge – 70k A$1560 Gold Price puts  +A$1,500/oz floor price achievable

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 1.39 Mt @ 1.9g/t  86,200 ounces Bluebird  8:1 SR  < 1km to the Bluebird processing plant  200 kt @ 2.4g/t  14,000 ounces Batavia  11:1 SR  6.5km to the Bluebird processing plant  259 kt @ 1.4g/t  11,900 ounces Whangamata  7:1 SR  6km to the Bluebird processing plant  136 kt @ 3.0g/t  13,000 ounces Surprise  2:1 SR  1km to the Bluebird processing plant

Stage 1: Ore Sources

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Open Pit Mining Strategy

Stage 1 Extension Stage 2	Reserve Location1 Tonnage (kt) Grade (g/t) Contained Gold (oz) 2 Recovery (%) Strip Ratio Mining & Milling ($/oz)
	Bluebird 1,390 1.9 86,200 94 8:1 878
	Batavia 200 2.4 14,000 95 11:1 736
	Whangamata 259 1.4 11,900 90 7:1 1007
	Surprise 136 3.0 13,000 94 2:1 375
	GNH 880 1.3 35,600 94 2:1 974
	Sth Junction 97 1.5 4,500 93 7:1 938
	Prohibition 1,110 2.7 96,000 90 21:1 1084
	Mickey Doolan 3,312 1.1 121,700 88 3:1 1129
	Aladdin 384 1.7 21,500 94 5:1 850
	Maid Marion 192 1.4 8,700 94 5:1 996
	TOTT 505 1.8 29,400 96 7.5:1 910
	Jack Ryan 222.5 3.1 21,800 96 19:1 1086
	Callisto 72.5 3.1 7,200 96 14:1 811
	Rand 100 2.4 7,600 96 14:1 939
	South Emu 91.1 4.7 13,800 92 25:1 839
	Total 8,951 1.7 492,900 92 7.5:1 984

1 Reserves correct as of 31 January 2012

2 One Troy ounce equal to 31.10348 grams

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Expansion Options: Stage 2

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Expansion Options: Stage 2

PROHIBITION PIT EXTENSION & CUTBACK Probable Reserve 1.1Mt @ 2.7g/t Au for 96,000oz

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Expansion Options: Stage 2

PADDYS FLAT UNDERGROUND

Probable Reserve 2Mt @ 3.6g/t Au for 225,000oz

(+1,250 oz/vm)

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Expansion Options: Stage 2

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Expansion Options: Stage 2

MEEKATHARRA SUPER PIT Resource 35.3Mt @ 1.6g/t Au for 1,763,000 oz

MICKEY DOOLAN CUTBACK Probable Reserve 3.3Mt @ 1.1g/t Au for 121,700oz

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Expansion Options: Stage 2

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Exploration Potential: Stage 3

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CONTINUITY

• Structure

• Geology

• Grade

• Depth

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Growth Strategy

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Immediate Opportunity

Brown field, near mill exploration to add shortterm ounces



Resource evaluation and modelling of historic prospects



Possible extensions of existing resources using limited along strike drilling





Initial $4M p.a. exploration budget

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Resources (Moz) Released Per Year in Meekatharra
Mount Magnet Greenstone Belt
8 40
6 30
4 20
2 10
0 0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Annual Additions (LHS) Cummulative (RHS)
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Longer-Term Potential

 Reed holds a 110km long continuous land package over highly prospective greenstone  Extensive exploration over rich historic mining centres, limited exploration elsewhere

Reed’s 1000km[2] tenement area largely unexplored



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Open & Underground Inventory

Life of Mine Annual Production

180,000 160,000 140,000 Focus exploration to convert 120,000 Meekatharra’s latent gold endowment to 100,000 Resources and Reserves 80,000 60,000 40,000 20,000 0

Open Cut Underground Endowment







Stage 1 - executing 134,000oz – Baseload Open pit - Yaloginda Stage 2 - planning 618,000oz – Baseload Open Pit + Underground – Paddy’s Flat + Reedys Stage 3 – grow 2.8 Moz inventory through disciplined exploration and evaluation

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Peer Comparisons

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$EV/Resource Oz
300
250
200
150
Peer Average $118
100
50
$11
0
RRL IGR EVN SAR SBM FML NGF RDR -
MGP
Source: Euroz Research 28 May 2012
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$EV/Reserve Oz
900
800
700
600
500 Peer Average $396
400
300
200 $66
100
0
IGR RRL EVN SAR FML SBM NGF RDR -
MGP
Source: Euroz Research 28 May 2012
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



WA producers av. trading multiple $118/oz

MGP acquisition price only $11/oz resource





WA producers av. trading multiple $396/oz

MGP acquisition price only $66/oz reserve

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Agenda

1

2

3

4

Investment Highlights

Meekatharra Gold Project

Advanced Minerals

Conclusion

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Mt Marion Lithium Project

Ownership & Operating Structure

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 70% RDR & Mineral Resources ( “MIN” ) earning 30%  No financial leakage with MIN funding sunk costs  No upfront capital expenditure with MIN operating from mine to port Work Streams & Catalysts Lithium Carbonate prices are firm whilst  spodumene prices are subdued Significant change in dynamics Demand/Supply  e.g. Talison expansion 400kt to 780kt  Stronger spodumene/mica price required Down - streaming into lithium battery feed stocks Partial sale or JV with lithium carbonate  producer/end user  IPO/RTO as integrated lithium developer

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Barrambie Titanium Project

Vanadium

100% RDR & Australia’s highest grade



vanadium Reserve



Ferro-vanadium DFS completed 2007-09

Short- medium term outlook subdued – significant Ferro-niobium substitution



Titanium



One of the worlds highest grade deposits

DFS metallurgical test work produced +40% TiO concentrate in 50% mass 2



 Testing has commenced adopting proprietary hydromet’ process

Targeting high grade Synthetic Rutile (+95% TiO2) with opex below mineral sands producers



 Establish the business case

Evaluate value equation and funding options



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Agenda

1

2

3

4

Investment Highlights

Meekatharra Gold Project

Advanced Minerals

Conclusion

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Investment Highlights



Reed 100% focussed on bringing MGP into production



~3.6 Moz resources and 752 Koz reserves



Low technical risk, multiple open-pit only mine plan  Targeting production in DecQ 2012  Significant discount to peers  Retains strategic advanced minerals projects

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For further information on Reed Resources, please contact:

Luke Tonkin Reed Resources Ltd T: +61 89322 1182 E: enquiries@reedresources.com

www.reedresources.com

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Appendices

www.reedresources.com

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		ASX	CODE: RDR	CODE: RDR
		Last close_(11-July-12)_	$	0.195
		Shares on issue	m	462.7
		Market capitalisation	$m	90

		DIRECTORS
	David Reed	Chairman
	Luke Tonkin	Managing Director & CEO
	Chris Reed	Executive Director
	Steven Cole	Deputy Chairman
	Dr Vanessa Guthrie	Non Executive Director
	Dr Peter Collins	Non Executive Director

Corporate Overview

12 MONTH SHARE PRICE

		MAJOR	SHAREHOLDERS
		M&G / Vanguard	14.5%
		David Reed	6%
		AMP	6%
		Top 20(10 July 12)	54.25%

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Appendix 1: Reserve & Resource

		Deposit	Resource Category	Tonnage (Mt)	Au (g/t)	Au (koz)			Deposit	Reserve Category	Tonnage (Mt)	Au (g/t)	Au (koz)
									Bluebird	Probable	1.4	1.9	86.0
		Meek. North	Indicated	1.2	1.8	65.7
									South Junct.	Probable	0.1	1.5	4.5
			Inferred	0.2	1.6	9.3			Prohibition	Probable	1.1	2.7	96.0
		Paddys Flat	Indicated	25.2	1.6	1,280.7			Surprise	Probable	0.1	3.0	13.0
			Inferred	13.4	1.6	670.0			Batavia	Probable	0.2	2.4	14.0
		Yaloginda	Indicated	10.0	1.7	563.6			Whangamata	Probable	0.3	1.4	11.9
			Inferred	6.3	1.7	346.9			GNH	Probable	0.9	1.3	35.6
		Nannine	Indicated	0.6	1.6	30.9			Jack Ryan	Probable	0.2	3.1	21.8
									Callisto	Probable	0.1	3.1	7.2
			Inferred	0.2	1.6	12.7
									Rand	Probable	0.1	2.4	7.6
		Reedys	Indicated	2.7	3.1	276.4			Mickey Doolan	Probable	3.3	1.1	121.7
			Inferred	4.0	2.7	337.9			Maid Marion	Probable	0.2	1.4	8.7
		Total		63.9	1.8	3,594.1			Aladdin	Probable	0.4	1.7	21.5
									South Emu	Probable	0.1	4.7	13.9
									TOTT	Probable	0.5	1.8	29.4
									Sub Total (O/Pit)	Probable	8.9	1.7	492.9
									Prohibition	Probable	1.3	2.4	104.1
									Vivian/Cons.	Probable	0.3	7.7	63.6
		1. Resources and reserves comply with the Australian reporting guidelines				JORC Code			Fatts/Mud.	Probable	0.4	4.7	57.2
									South Emu	Probable	0.2	4.3	34.2
		2. Resources are inclusive of reserves
									Sub Total (U/G)	Probable	2.2	3.6	259.1
									Total	Probable	11.2	2.1	752.0
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Appendix 1: Reserve & Resource

	Mt Marion	Category	Tonnes (Mt)	Li2O (%)	Li2O (kt)
	1, 2, 2W, 4,5,6	Measured	2.0	1.45	29.2
		Indicated	4.8	1.39	66.3
		Inferred	8.1	1.30	105.1
	Total		14.9	1.35	200.7
	Barrambie	Category	Tonnes (Mt)	V2O5 (%)	TiO2 (%)
	Barrambie	Indicated	49.2	0.82	17.3
		Inferred	16.0	0.81	17.2
	Total		65.2	0.82	17.3

Barrambie	Category	Tonnes (Mt)	V2O5 (%)	TiO2 (%)
Barrambie	Probable	39.7	0.82	15.7
Total		39.7	0.82	15.7

Comet Vale	Category	Tonnes (Mt)	Au (g/t)	Gold (koz)
Comet Vale	Indicated	0.2	10.8	82.5
	Inferred	0.3	10.9	103.5
Total		0.5	10.8	186.0

1. Resources and reserves comply with the Australian JORC Code reporting guidelines

2. Resources are inclusive of reserves

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