NEOMETALS LTD — Share Issue/Capital Change 2004

Mar 18, 2004

706 Murray Street West Perth WA 6005 Tel: +61 8 9322 1182 Fax: $+ 61893210556$

Australian Stock Exchange Limited 2 The Esplanade Perth WA 6000

19 March 2004

FOR RELEASE

Issue of shares under Memorandum of Understanding -

Notification under ASIC Class Order CO 02/1180

Further to the announcement made on 19 December 2003, Reed Resources Limited (ACN 099 116 631) (Reed) is pleased to announce that it has today completed an issue 5,450,000 ordinary shares in Reed to Consolidated Minerals Limited (ACN 000 727 926) (CML) pursuant to the Memorandum of Understanding between Reed and CML executed on 19 December 2003 (the MOU).

Pursuant to paragraph 5 of Category 1 of Schedule C of ASIC Class Order CO 02/1180, Reed notifies Australian Stock Exchange Limited (ASX) that, as at 19 March 2004:

• all information of the kind that would be required to be disclosed under subsection 713(5) $(a)$ of the Corporations Act 2001 (the Act) if a prospectus were to be issued in reliance on section 713 of the Act in relation to an offer of the securities has been disclosed to ASX; and
• there is no information of that kind to be disclosed. $(b)$

The new shares issued under the MOU are expected to be quoted and commence trading under the ASX code of RDR from 19 March 2004. The new shares will rank equally with all existing Reed shares.

For further information, please contact:

David Reed EXECUTIVE CHAIRMAN (08) 9322 1182