NEOMETALS LTD — Capital/Financing Update 2009

Oct 1, 2009

Reed Resources Ltd

ABN 89 099 116 631

97 Outram Street West Perth WA 6005 Tel: + 61 8 9322 1182 Fax: + 61 8 9321 0556

2 October 2009

Company Announcements Office ASX Limited via Electronic Lodgement

Dear Sirs

Share Purchase Plan Oversubscribed and Withdrawal of EGM Resolution 6

The Company’s share purchase plan ( Plan ), which closed on Friday, 25 September 2009, has been oversubscribed. As a result, there will be no shortfall taken up by the underwriters of the Plan.

The Directors have therefore resolved to withdraw Resolution 6 of the Extraordinary General Meeting ( EGM ) to be held on Tuesday, 6 October 2009. Resolution 6 sought approval under the ASX Listing Rules to allow the Plan to be underwritten.

The issue of the shares under the Plan remains subject to shareholder approval under Resolution 5 of the EGM, which resolution seeks approval under the ASX Listing Rules for the Plan as a whole.

If the Plan is approved by shareholders, shares will be issued to applicants no later than 5 business days of the EGM. Due to the Plan being oversubscribed, issues under the Plan will be subject to a scale back in accordance with the terms of the Plan.

Yours faithfully

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Jason Carone Company Secretary Reed Resources Ltd

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