NEOMETALS LTD — Major Shareholding Notification 2008

Jan 1, 2008

604 Page 1 of 3 15 July 2001

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Reed Resources Limited
ACN/ARSN	099 116 631
1. Details of substantial holder (1)
Name	RAB Special Situations (Master) Fund Limited
ACN/ARSN (if applicable)	(A Cayman Islands Registered Company)
There was a change in the interests of the substantial holder on	07/12/2007
The previous notice was given to the company on	04/07/2007
The previous notice was dated	04/07/2007

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
. Ordinary shares	6,261,905	6.45%	9,862,936	8.84

3. Changes in relevant interests

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Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are the company or scheme are

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
Please
Bee
attached
schedule

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
RAB Special Situations (Master) Fund Limited	HSBC Custody Nominees (Australia) Limited	HSBC Custody Nominees (Australia) Limited	Beneficial holder	9,862,936 ordinary shares	9,862,936

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5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable) Nature of association

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
HSBC Custody Nominees (Australia) Limited	GPO Box 5302, Sydney NSW 2000
RAB Special Situations (Master) Fund Limited	(C/O RAB Capital plc, 1 Adam Street, London, WC2N 6LE, UK)

Signature

print name	Alex Worner	capacity	Solicitor
sign here	Atex blogs	date	21 / 12 / 07

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the $(1)$ manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.
• $(2)$ See the definition of "associate" in section 9 of the Corporations Act 2001.
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(3)$
• $(4)$ The voting shares of a company constitute one class unless divided into separate classes.
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(5)$
• $(6)$ Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 571B(4) $(a)$ applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or $(b)$ disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired $(7)$ has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• (8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write

Schedule to form 604 in respect of RAB Special Situations (Master) Fund Limited's shareholding in Reed Resources Limited

Date of change	Person whose relevant interest changed	Nature of change	Consideration given in relation change to (\$AUD)	Class and number of securities affected	Person's votes affected
09/07/2007	RAB Special Situations (Master) Fund Limited	Purchase of 257,220 ordinary shares	(A\$134,595.37)	257,220 ordinary shares	RAB Special Situations (Master) Fund Limited
10/07/2007	RAB Special Situations (Master) Fund Limited	Purchase of 52,780 ordinary shares	(A\$27,973.40)	52,780 ordinary shares	RAB Special Situations (Master) Fund Limited
11/07/2007	RAB Special Situations (Master) Fund Limited	Purchase of 20,000 ordinary shares	(A\$10,420.80)	20,000 ordinary shares	RAB Special Situations (Master) Fund Limited
06/08/2007	RAB Special Situations (Master) Fund Limited	Purchase of 4,761,905 ordinary shares	(A\$2,904,762.05)	4,761,905 ordinary shares	RAB Special Situations (Master) Fund Limited
26/09/2007	RAB Special Situations (Master) Fund Limited	Sale of 250,000 ordinary shares	A\$177,294.70	250,000 ordinary shares	RAB Special Situations (Master) Fund Limited
27/09/2007	RAB Special Situations (Master) Fund Limited	Sale of 261,905 ordinary shares	A\$191,069.64	261,905 ordinary shares	RAB Special Situations (Master) Fund Limited

02/10/2007	RAB Special Situations (Master) Fund Limited	Sale of 13,700 ordinary shares	A\$10,462.72	13,700 ordinary shares	RAB Special Situations (Master) Fund Limited
03/10/2007	RAB Special Situations (Master) Fund Limited	Sale of 47,500 ordinary shares	A\$36,027.80	47,500 ordinary shares	RAB Special Situations (Master) Fund Limited
04/10/2007	RAB Special Situations (Master) Fund Limited	Sale of 13,050 ordinary shares	A\$9,898.16	13,050 ordinary shares	RAB Special Situations (Master) Fund Limited
2/11/2007	RAB Special Situations (Master) Fund Limited	Sale of 600,000 ordinary shares	A\$511,974	600,000 ordinary shares	RAB Special Situations (Master) Fund Limited
13/11/2007	RAB Special Situations (Master) Fund Limited	Sale of 100,000 ordinary shares	A\$109,780	100,000 ordinary shares	RAB Special Situations (Master) Fund Limited
19/11/2007	RAB Special Situations (Master) Fund Limited	Sale of 265,000 ordinary shares	A\$291,400.98	265,000 ordinary shares	RAB Special Situations (Master) Fund Limited
20/11/2007	RAB Special Situations (Master) Fund Limited	Sale of 130,114 ordinary shares	A\$149,331.84	130,114 ordinary shares	RAB Special Situations (Master) Fund Limited
21/11/2007	RAB	Sale of	A\$54,745.29	47,700	RAB

	Special Situations (Master) Fund Limited	47,700 ordinary shares		ordinary shares	Special Situations (Master) Fund Limited
26/11/2007	RAB Special Situations (Master) Fund Limited	Purchase of 5,000,000 ordinary shares	(A\$3,250,000)	5,000,000 ordinary shares	RAB Special Situations (Master) Fund Limited