TITANIUM SANDS LIMITED — AGM Information 2003

Nov 10, 2003

PRECIOUS METALS AUSTRALIA LIMITED (PMA)

11 November 2003

Companies Officer Australian Stock Exchange 2 The Esplanade PERTH WA 6000

Dear Sir

ANNUAL GENERAL MEETING

The Company's Annual General Meeting of shareholders will be held on 15 December 2003.

An application to the Australian Securities & Investments Commission (ASIC) for an extension of the required time to hold the meeting has been approved under section 250P(2) of the Corporation's Act 2001 to a date no later than 15 December 2003.

The reasons for the application for an extension of time included:

• $i)$ The unavoidable delays in completing the Notice of Meeting, which is required for this meeting, which is to include an Independent Expert's Report for consideration by shareholders.
• The regulatory requirement to refer the Notice of Meeting (including $\mathbf{ii}$ Explanatory Statement and Report) to ASIC and ASX due to the related party transactions to be considered at the meeting by the shareholders and the requirement for the Independent Expert's Report to form part of this notice.
• iii) The Independent Expert's Report was completed on 30 October 2003, which meant an inevitable delay in meeting the regulatory notice periods.
• It is in the best interests of shareholders to have sufficient time to consider the $iv)$ various proposals, which follow the company's involvement in significant litigation resolution and which will allow the company to continue business as a public company.

By order of the Board

Angus Pilmer Company Secretary Precious Metals Australia Limited 2/44 Ord Street West Perth WA 6005

Telephone: 08-9322 1788 Facsimile: 08-9322 1744