NEOMETALS LTD — Investor Presentation 2014

Jun 30, 2014

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Advanced Mineral Developers

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Titanium

Lithium

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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.

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.

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 any 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.

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.

Competent Persons Statement:

The information in this document that relates to “Barrambie Scoping Study Results”, “Mt Marion test work results”, “Barrambie Mineral Resource Estimates”, “Mt Marion Mineral Resource Estimates” and Mt Marion – Successful Semi-Pilot Plant Results is extracted from ASX Releases set out below. The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX Releases set out below, and in the case of estimates of mineral resources, that all material assumptions and technical parameters underpinning the estimates in those ASX Releases continue to apply and have not materially changed.

13/11/2013	Barrambie - Scoping Study Results
2/12/2013	Mt Marion – Breakthrough test work results
6/12/2013	Barrambie – Amended JORC 2012 Mineral Resource Estimate
9/12/2013	Mt Marion – JORC 2012 Mineral Resource Estimate
30/6/2014	Mt Marion – Successful Semi-Pilot Plant

The Company confirms that all the material assumptions underpinning the production target and the forecast financial information derived from the production target in the Barrambie Scoping Study continue to apply and have not materially changed.

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Corporate

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Company Strategy

01 Focus on advanced mineral assets

02 Demonstrate low-cost competitive advantage

03 Co-venture with strong partners to reduce operating and financial risk

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Minerals for the 21[st] Century

Lithium Titanium

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Corporate Overview

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ASX Code: RDR OTC: RDRUY 2014 share price
Last close (30 June 2014) $ 0.018
Price and volume
Shares on issue M 523.4 5.0 0.07
4.0
0.05
Cash (est 30 June 2014) $m 13 3.0 0.04
2.0
0.03
Incl Restricted Term 1.0
$m 6.2
Deposit 0.0 0.02
Market capitalisation $m 9.4
Volume
Volume (m) Share price ($)
07-Jan-14 13-Jan-14 17-Jan-14 23-Jan-14 29-Jan-14 04-Feb-14 10-Feb-14 14-Feb-14 20-Feb-14 26-Feb-14 04-Mar-14 10-Mar-14 14-Mar-14 20-Mar-14 26-Mar-14
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Board David Reed OAM Chairman Steven Cole Independent Director Chris Reed Managing Director/CEO

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Major shareholders	Major shareholders
M&G	13.5%
Melaid Holding Inc	8.6%
David Reed (*)	5.4%
Top 20 (26 May 2014)	49.4%

(*) Excludes S2M convertible note at 3 cents

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Group structure chart

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Process Minerals Int’l
Reed Resources Ltd
Pty Ltd (Mineral
Resources Ltd)
30%
70%
Australian Reed
Barrambie Reed
Mount Finnerty Vanadium Industrial
Gas Exploration
Pty Ltd Corporation Minerals
Pty Ltd Pty Ltd
(Holdings) Pty Ltd Pty Ltd
DBNGP Barrambie Mount Marion
Nickel Mount Finnerty
Transmission Titanium Lithium
Exploration Iron
Contract Project Project
GMK Exploration
Sand Queen
Pty Ltd
Gold Mines
(Administrators
Pty Ltd
Appointed)
Meekatharra
Comet Vale
tenements
tenements
and assets
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Rebuilding the Balance Sheet

Cash at Bank A$8.7M 31 March 2014*

Comet Vale A$1.9M cash sale, completed 23 June.

Mt Finnerty Sale process for Iron Ore project underway

Meekatharra A$4.6M cash + cancellation of 24M shares**, settlement 30 June

*** Includes $6.2M of restricted access term deposits www.reedresources.com**

** Subject to shareholder approval of selective buyback

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Mount Marion Lithium Project

RDR 70%, MIN 30% (Fund and operate)

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Secure Lithium Mineral Supply

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Captive Resource Infrastructure Mine Ready

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Strong Partner for upstream

Mineral Resources Limited are an ASX100 Listed Company worth +A$2 Billion (ASX: MIN), are Australian largest contract processor of minerals

Fund ‘sunk’ costs to Final Investment Decision, then construct and operate project from mine-to-port, with no upfront capital cost

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Development strategy: de-risk with strong partners

RDR RDR X % 70% = + Produce Lithium Value add into Mineral Lithium Battery Concentrates with Materials (LiOH) partner MIN with Partners

Target 30-40% Low upfront capital

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Integrated lithium producer

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Leverage to a Megatrend - rechargeable Li batteries

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LiOH LI2CO3 Li2CO3
11,000 350,000
10,000 300,000
9,000 250,000
8,000 200,000
Current Price
US$7,500
7,000 150,000
6,000 100,000
5,000 50,000
0 0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
LiOH: Lithium hydroxide
Li2CO3: Lithium carbonate
LiOH Price US$ per tonne
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Demand & Price Forecast Source: signumBOX

Lithium is the only real alternative to gasoline

					Prac Theo	tical retical

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Sources: Roskill

Low Cost Strategy

Developing the Competitive Edge in Lithium Hydroxide

RIM and Partner

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Membrane Electrolysis

Ion RIM LiOH Production Process

High efficiency purification circuit delivers ultrapure electrolyte - the key to high current efficiency electrolysis for LiOH (and opens the door to Li metal)

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Remove trace
Lithium Hydroxide
Remove Remove impurities to Cell Efficiency
Monohydrate
Fe, Al, Si Ca, Mg <5ppm for Target +85%
99.99%
Na & K
Produce
Primary Secondary Lithium
Lithium Ion Membrane
Impurity impurity Hydroxide
Chloride Exchange Electrolysis
Removal Removal Solution
Solution
Lithium Carbonate
99.99%
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Proprietary adaption of a Mature Technology – Chlor Alkali

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Chlor Alkali Conventional process produces NaOH RIM Process Our new process produces LiOH
LiOH
Na OH
POWER Li20 POWER
H+ 2O H2 HCl + H2
LiCl
Na Cl Cl2
Cl2
Na Cl
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• Step 1: Proof of concept

• Top quality - 99.9% LiOH

• Very efficient - 90% recovery

• Semi-pilot scale testing in USA

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Why LiOH? Its Physical Properties

New second generation cathode chemistry wet production process favours LiOH - chelates with Fe or Mn salts to produce cathode without roasting

LITHIUM HYDROXIDE

LITHIUM CARBONATE

Cathode crystal structure – Spherical Flow of ions easier Higher energy density for given volume

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Cathode crystal structure – Flat, angular More fragile = shorter battery life Often lower energy density compounds

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Solubility 268g/l

VS

10g/l

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Source: Roskill and internal analysis

Chlor-alkali Cell

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Comparison Results

Battery grade specifications with leading lithium hydroxide monohydrate producer

Items	FMC	RIM Results
LiOH.H2O % Min	56.5	56.5
Feppm	≤5	0.1
Nappm	≤20	0.6
Kppm	≤10	1.3
Clppm	≤20	20
Cappm	≤15	0.6
Alppm	≤10	3
Nippm	≤10	0.2
Sippm	≤30	3.3

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Source: http://www.fmclithium.com/Portals/FMCLithium/content/docs/DataSheet/QS-PDS-1021%20r1.pdf

Operating cost advantage Flowsheet process

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Competitors
Input Price Input Price
US$5,000/t US$350/t
x 1 x 7.5
Final
Lithium Lithium Final
Product Chlorination
Lithium Carbonate Carbonate Product
LiOH Spodumene Purification
Brine Technical Battery LiOH
Battery Electrolysis
Grade Grade (BG)
Grade
Cost Cost
US$5,700/t US$3,900/t
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Sources: SQM (Brine Flowsheet) and Reed internal analysis including 2012 Pre-feasibility Study. All prices are FOB Basis.

Capital cost advantage

Capital Efficiency (US$/ Production tonne LCE per annum)

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US$/MT 25,000
LiOH
20,000
Plant
15,000
10,000
Li CO
2 3
Plant
5,000
LiOH
Li2CO3
0
Brine-based Brine-based Spodumene-based RIM Capex
expansion new project new project 2012 PFS
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Sources: FMC Corporate Presentation 2011, Reed Pre-feasibility Study 2012, Reed management analysis

Robust downstream economics

Annual Production	10,000t LiOH **8,800t Li2CO3 **
Life of Mine (LOM)	20years
Average Net Operating Cost per tonne of recovered LiOH	US$ 3,878
Low initial capital costs (excluding mineral concentrator and mine)	US$ 83 million
Pre-tax NPV (12% discount rate)	US$ 321 million
Payback of capital costs	2 years

All analysis is in US dollars and assumes a selling price of US$ 6,900/t for battery-grade lithium hydroxide and lithium carbonate, a spodumene input cost of US$ 350/t CIF, an AUD exchange rate of US$1.05 and a MYR exchange rate of US$ 0.32. Operating Revenues and Costs are both escalated at 2% per annum. Capital Costs are valid at September 2012 with an indicative accuracy of ± 35% and a 15% contingency.

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Downstream Strategy

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Demonstrate Demonstrate
Partner Commercial-
Technical Consistent
Qualification isation
Feasibility Quality
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Near-term milestones

Proof Commence Complete Commence Operating Of Semi Pilot Semi Pilot Engineering & Capital Concept Plant Plant Cost Study Costs Testwork Testwork Anticipated Continue to prove technical feasibility, product quality Attract LiOH JV Partner Nov 2013 March 2014 June Q2 ‘14 Sept Q3 ‘14 Dec Q4 ‘14 Subject to RIM board approval**

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Barrambie Titanium Project

100% RDR

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Secure Raw Material Supply

2 3 47Mt @ 34% 22% TiO 2 18% Lac Tio Barrambie Tellnes

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Sources: company reports

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Simple upstream – dig and deliver

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Development strategy: de-risk with strong partners

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RDR
RDR X%
100%
=
+
Mine, Crush, Truck JV with Ti
Very low capex industry partner
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Target 30- 40% Low upfront capital

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Integrated titanium producer

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Potential lowest quarter operating costs

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Competitors
Input Price Input Price
US$1,000/t US$150/t
X1.2t X 4t
Final Final
Chlorination Product ROM Chlorination Product
Rutile
& Purification Fine Ore & Purification Fine
Pigment Pigment
Cost
US$2,100 - Cost
2,300/t US$1,214/t
 Step 1: Proof of concept
 High purity - 99.9% TiO2
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• Mini-pilot scale testing in Canada

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Source: Snowden Scoping Study 2013 and Reed management analysis

Flowsheet

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Scoping Study – unoptimised

Annual Production	13,000t TiO2 300t V2O5
Life of Mine (LOM)	27years
Average Net Operating Cost per tonne of recovered TiO2	US$ 1,214
Total initial capital costs	US$ 109 million
Pre-tax Internal Rate of Return	24%
Payback of capital costs	4 years

Assumes US$3,000/t TiO2 and US$11,000t V2O5 and AUD:USD parity

CAUTIONARY STATEMENT

The Scoping Study referred to in this report is based on low-level technical and economic assessments, and is insufficient to support reporting of Ore Reserves using recognised codes or guidelines or to provide definitive assurance of an economic development case, or to provide certainty that the conclusions of the Scoping Study will be realised.

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Strong Ti Demand and Price

TiO Demand vs Price 2

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Global Demand ()volume tonnes
2
TiO
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12000 4000
3500
10000
3000
8000
2500
TiO2 Price
6000 2000
1500
4000 TiO2 Demand
1000
2000
500
0 0
1980 1985 1990 1995 2000 2005 2010 2012 2013
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Source: US Geological Survey, Industrial Minerals (Price) and TZMI Data (Demand)

Strong long term fundamentals

Developing Economies Pigment Use Growing with GDP

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5
4
North America
3
Europe
2
Japan
China
1
Global
India
Asia
0
5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000
REAL GDP/CAPITA (US$)
Pigment (Kg) Person
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Source: Iluka

Near-term milestones

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Scoping Obtain Mini-pilot Commence Pre
Study technology plant Pre- Feasibility
licence feasibility Study
+/- 35%
accuracy Study Results
Attract JV Partner
Nov 2013 Dec 2013 Apr– Jul 2014 Aug 2014 Dec 2014
Subject to board approval
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Focus

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A growth story for coming year

01 Demonstrate technical feasibility

03 02 Obtain + Demonstrate = Strong economic partners viability to commercialise

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Realise inherent value of Advanced Materials assets

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175
Mt Marion Meekatharra
Barrambie
150
125
100
75
GFC
50
25
0
Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14
RDR
Goldindex (XGD)
Market Capitalisation A$m
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Source: Datastream

Lithium peer comparison

Company	Shares on Issue (M)	Resource (Mt)	Grade Li2O (%)	Contained Li2O (kt)	Last Trade (AUD$)	Market Cap (AUD$m)	Mkt Cap/ per t of **Li2O **
Stria	18	0	0	0	0.18	3.2	n/a
RB Energy	254.2	17.1	0.94	160	0.69	175.4	$1,091
Talison	0	61.5	2.8	1,722	0	848	$492
Critical Elements	120.7	26.5	0.98	259	0.21	25.3	$97
Nemaska	162	28	1.57	439	0.095	15.4	$35
						Average	$429
Reed Resources (70% Equity)	523.5	14.8	1.3	192	0.018	$9.4	$70

Sources: Company websites http://strialithium.com/, http://www.rb-e.com/s/home.asp , http://www.talisonlithium.com/, http://www.cecorp.ca/en/projects/rose-tantalum-lithium.html , http://www.nemaskalithium.com/en/

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Thank you

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Mineral Resource Estimates

Mineral Resource Estimate for the Mt Marion Lithium deposit, as at July 2011, for a block cut-off grade of 0.3% Li2O

Project Area	Material type	Measured	Measured	Measured	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total	Total	Total
		Tonnes	Li 2 O%	Fe 2 O 3 %	Tonnes	Li 2 O%	Fe 2 O 3 %	Tonnes	Li 2 O%	Fe 2 O 3 %	Tonnes	Li 2 O%	Fe 2 O 3 %
Area1	Oxide	60,000	1.19	0.67	144,000	1.26	0.82	179,000	1.2	1.0	383,000	1.2	0.9
	Transitional	658,000	1.44	0.79	727,000	1.41	1.14	353,000	1.3	1.4	1,739,000	1.4	1.1
	Fresh	666,000	1.54	0.98	1,051,000	1.41	1.31	1,379,000	1.3	1.4	3,096,000	1.4	1.3
	Subtotal	1,384,000	1.48	0.88	1,923,000	1.40	1.21	1,911,000	1.3	1.4	5,218,000	1.4	1.2
Area2	Oxide	-	0.00	0.00	-	1.64	1.19	18,000	1.3	1.1	18,000	1.3	1.1
	Transitional	-	0.00	0.00	19,000	1.42	1.50	215,000	1.3	1.4	234,000	1.3	1.4
	Fresh	64,000	1.31	1.41	385,000	1.35	1.59	833,000	1.3	1.5	1,281,000	1.3	1.5
	Subtotal	64,000	1.31	1.41	404,000	1.35	1.59	1,065,000	1.3	1.5	1,532,000	1.3	1.5
Area2W	Oxide	-	0.00	0.00	6,000	0.90	0.92	33,000	0.9	1.0	39,000	0.9	1.0
	Transitional	2,000	1.23	1.19	56,000	1.09	1.11	210,000	1.1	1.1	268,000	1.1	1.1
	Fresh	433,000	1.38	0.97	1,554,000	1.39	1.12	2,669,000	1.3	1.1	4,655,000	1.3	1.1
	Subtotal	435,000	1.38	0.97	1,616,000	1.38	1.12	2,911,000	1.3	1.1	4,963,000	1.3	1.1
Area4	Oxide	-	0.00	0.00	-	0.00	0.00	4,000	0.8	1.6	4,000	0.8	1.6
	Transitional	17,000	1.31	1.43	182,000	1.22	1.35	251,000	1.1	1.5	450,000	1.1	1.4
	Fresh	28,000	1.47	1.26	223,000	1.32	1.34	397,000	1.3	1.3	648,000	1.3	1.3
	Subtotal	45,000	1.41	1.33	405,000	1.28	1.34	652,000	1.2	1.4	1,102,000	1.2	1.3
Area5	Oxide	-	0.00	0.00	-	0.00	0.00	22,000	1.1	2.2	22,000	1.1	2.2
	Transitional	-	0.00	0.00	2,000	1.41	1.82	102,000	1.3	2.4	104,000	1.3	2.4
	Fresh	-	0.00	0.00	9,000	1.44	2.24	216,000	1.3	2.2	226,000	1.3	2.2
	Subtotal	-	0.00	0.00	11,000	1.43	2.17	340,000	1.3	2.3	351,000	1.3	2.3
Area6	Oxide	-	0.00	0.00	2,000	1.57	1.36	55,000	1.6	1.7	58,000	1.6	1.7
	Transitional	16,000	1.57	1.12	208,000	1.53	1.24	663,000	1.4	1.4	887,000	1.4	1.3
	Fresh	71,000	1.59	0.98	200,000	1.54	1.15	485,000	1.5	1.2	756,000	1.5	1.1
	Subtotal	87,000	1.59	1.01	411,000	1.54	1.20	1,203,000	1.5	1.3	1,701,000	1.5	1.3
Project	Total	2,015,000	1.45	0.93	4,769,000	1.39	1.22	8,082,000	1.3	1.3	14,866,000	1.30	1.2

NOTE:

Figures may not sum due to rounding Significant figures do not imply an added level of precision.

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Mineral Resource Estimates

Mineral Resource estimates for the Barrambie Ti-V deposit, as at September 2013, for a block cut-off grade of 15% TiO2

Classification	Zone	Oxidation	MTonnes	Density (t/m3)	TiO2 (%)	V2O5 (%)	Fe2O3 (%)	Al2O3 (%)	SiO2 (%)
Indicated	Eastern	Oxide	18.7	2.82	23.29	0.59	42.93	10.70	16.36
		Transition	8.7	3.52	23.11	0.61	50.80	7.34	12.99
		Fresh	2.4	3.85	21.77	0.56	52.90	5.99	12.84
		Sub-total	29.8	3.10	23.11	0.60	46.02	9.35	15.10
	Central	Oxide	3.5	2.95	16.84	0.92	49.82	11.06	14.91
		Transition	1.3	3.50	17.39	0.89	54.76	8.49	12.15
		Fresh	0.1	4.04	15.59	0.88	59.93	7.22	10.96
		Sub-total	4.9	3.12	16.95	0.91	51.40	10.28	14.08
		Total	34.7	3.11	22.25	0.64	46.77	9.48	14.95
Inferred	Eastern	Oxide	2.6	2.71	20.88	0.48	40.00	12.20	19.42
		Transition	3.3	3.29	23.04	0.59	47.51	8.62	14.45
		Fresh	5.5	3.71	22.82	0.57	47.50	8.39	14.57
		Sub-total	11.4	3.36	22.44	0.55	45.78	9.33	15.65
	Central	Oxide	0.1	3.07	16.64	0.98	53.63	9.96	13.33
		Transition	0.4	3.47	18.36	0.86	54.15	8.79	12.43
		Fresh	0.7	3.86	17.30	0.91	53.48	9.44	13.17
		Sub-total	1.2	3.64	17.55	0.90	53.71	9.30	12.96
		Total	12.5	3.38	21.99	0.58	46.51	9.32	15.40
		Grand Total	47.2	3.18	22.18	0.63	46.70	9.44	15.07

NOTE:

Figures may not sum due to rounding Significant figures do not imply an added level of precision.

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