NEOMETALS LTD — Director's Dealing 2005

Feb 23, 2005

Appendix 3Y

Rule 3.19A.2

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

	Name of entity REED RESOURCES LTD
ABN	89 099 116 631

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	CHRISTOPHER JOHN REED
Date of last notice	14 OCTOBER 2004

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	DIRECT/INDIRECT
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	(iii) Reekal Pty Ltd <reed A/c> Director, Member of Fund
Date of change	23 FEBRUARY 2005
No. of securities held prior to change	1,968,630 Ordinary Fully Paid (i) (ii) 1,000,000 Unlisted Options Nil (iii)
Class	FULLY PAID ORDINARY SHARES
Number acquired	$(iii)$ 100,000
Number disposed	100,000 (i)
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$25,000
No. of securities held after change	1,868,630 Ordinary Fully Paid (i) 1,000,000 Unlisted Options (ii) 100,000 Ordinary Fully Paid (iii)

Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	OFF-MARKET TRADE

Part 2 - Change of director's interests in contracts

Note: In the ease of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract
	Nature of interest
	Name of registered holder (if issued securities)
	Date of change
	No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed
	Interest acquired
	Interest disposed
	Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation.
	Interest after change