TITANIUM SANDS LIMITED — AGM Information 2007

Nov 25, 2007

Annual General Meeting 26 November 2007

Shares on Issue 102, 625,094 Share Price* $2.10 12 Month Price Range $1.52 to $2.54 Market Cap $220m Net Cash as at 18/10/07 approx $50m Debt funding (Merrill Lynch undertaking) $200m

Share Price Performance & Volume

Substantial Shareholders

Matterhorn Investment Mgt 16.30% Roderick Smith 9.48% JPMorgan Asset Management 8.81% Macquarie Investment Management Ltd. 8.38% Gersec Trust 7.56% Earl of Warwick 5.92% Top 20 Shareholders 87.96% Shareholders 1,205

Michael Kiernan Chairman

Iain Scott Managing Director

Roderick Smith Non- Executive Director

The Earl of Warwick Non Executive Director

Ricardo Leiman Non Executive Director

Dr Wolf Martinick Non Executive Director

Andrew Simpson Non Executive Director

30 years digging and delivering (e.g. Consolidated Minerals and Territory Resources)

25 years mining experience

Founding director – 20 years mining experience

Director since 1991 – English investor

Global commodity experience – relationship with steel mills Chief Operating Officer, Noble Group

Environmental scientist – 35 years of global mining experience

30 years experience in international metals marketing

Sealed highway access One hour flight from Perth High class accommodation village on site Gas pipe line to the door Supply contractors in place Offtake agreement in place

148.8 million tonnes of Resource @ 0.46% Vanadium Pentoxide 79.0 million tonnes Proved and Probable Reserve Very low strip ratio (0.25 : 1) Relatively shallow pit (80m) with no geotechnical or water issues Ore blended to achieve average oxidised:fresh ratio of 20:80

Production using conventional methods and technology

Optimal ore blend, using metallurgically superior, fresh ore

Higher capacity beneficiation plant guarantees concentrate production

HPGR-screens-regrind mills, eliminates slimes

Refinery uses proven technology.

Increased Vanadium output by 39%

90% production is higher value Ferrovanadium (FeV) from new facility

Windimurra Kiln

Capability to produce

Beneficiation Plant will be BOOT. Fixed price with capex recovered through operating cost

Refinery and Infrastructure – EPCM using Proteus and Parsons Brinckerhoff

Strong owners team supported by Emerson Stewart – Project Delivery experts

$60M of critical equipment already purchased. Power station Long lead items for the processing plant Mining equipment Camp

Automotive – to make cars stronger, safer yet lighter

Strengthening steel for structures – Beijing Olympic Stadium used 45,000 tonnes of strengthened steel

Gas and oil pipelines

Passenger aircraft – to make them lighter and to use less fuel

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Vanadium Supply
Secondary
Production Primary
10,000 15% Production
29%
9,000
8,000
7,000 Co-Production
56%
6,000
5,000
4,000
3,000
2,000
1,000
0
PanzhihuaVanady TulaVanchem/SAJVTreibacherXstrata RhovanWindimurraChina miscStratcor Vametco ChengdeStratcor USAChusovoyMetallurg Vanadium Gulf
'000 tonnes V contained
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China 2006: crude steel production grew 18.5%, alloy steel production grew 22.5%

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Tonnes
Vanadium Consumption and Crude Steel Production
Vanadium Million Tonnes
(000's) (2001 – 2011) Crude Steel
85 1,800
80
1,600
75
70
1,400
65
60
1,200
55
50
1,000
45
40 800
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Vanadium Consumption Crude Steel Production
CAGR – 5.5%
CAGR – 7.8%
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Source: CRU

Sales and distribution agreement with Noble (SGX: NOBL) Noble a global commodity leader

• World’s largest non-producing supplier of iron ore

• Strong relationships with Chinese steel mills Take and pay basis over total vanadium output for life of mine Cash cost of production guaranteed during first 7 years Noble assumes customer credit risk Payment to Windimurra on delivery FOB Fremantle

Minimum price guarantee a feature of the Noble off-take agreement

Growing global steel demand and intensity of vanadium use driven by China and India

One of the world’s largest high grade vanadium Reserves (20 year mine life)

Economy of scale, simple, low cost mining, established infrastructure

100% life of mine take and pay off-take agreement with Noble Group

Short, one year construction schedule, proven operating profile, significant existing infrastructure

Management team has extensive experience in vanadium

Oct 2007

Oct 2007 Gas Agreement secured Environmental Approvals Dec 2007 Debt funding Early Works Apr 2008 Plant construction commences Oct 2008 Plant commissioning Dec 2008 First shipment

Dr Iain Scott Managing Director

Ph: (08) 9423 1900 Fax: (08) 9423 1999 Email: iascott@windimurra.com.au Web: www.windimurra.com.au