TITANIUM SANDS LIMITED — AGM Information 2007

Nov 25, 2007

PMA PRECIOUS METALS AUSTRALIA LIMITED

ACN 009 131 533

CHAIRMAN’S ADDRESS

ANNUAL GENERAL MEETING 26 NOVEMBER 2007 AT 10.00AM

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PRECIOUS METALS AUSTRALIA LIMITED ACN 009 131 533

CHAIRMAN’S ADDRESS

ANNUAL GENERAL MEETING 26 NOVEMBER 2007 AT 10.00 A.M.

Ladies and gentlemen, good morning and welcome to the 2007 annual general meeting of Precious Metals Australia Limited.

I am Michael Kiernan, the Chairman of the Company and of this meeting. I’d like to introduce fellow Director’s and senior management:

• To my right/left, Iain Scott (Managing Director);

• Roderick Smith (Non-executive);

• Guy Warwick (Non-executive);

• Wolf Martinick (Non-executive Environmental);

• Andrew Simpson (Non-executive Marketing);

• Ricardo Leiman – apology (Non-executive);

• Matthew Lilly, who is our Company Secretary;

• Garry Korte (CFO) and Martin Reed (COO)

I would like to thank those shareholders present for taking the time to attend today’s meeting. As Chairman, I urge all shareholders to contact either myself or other members of the Board should you have any questions about the Company’s activities, at any time during the year.

At the conclusion of the formal part of the meeting, Iain Scott will provide an update on the Company’s activities over the last year and our plans for the future.

Ladies and gentlemen, the last financial year was a significant period in the evolution of our company, it was a period of substantial progress towards the goal of developing the world class Windimurra Vanadium project.

To look back briefly over the last year, we have:

• Finalised the plant process design;

• Confirmed plant capital cost;

• Commenced construction;

• Finalised major supply contracts

• Ordered long lead time items;

• Changing of the guard with a new Managing Director

And at this point I must publicly express on behalf of all our shareholders the immense gratitude that we all owe to Roderick Smith for without him as founding director with his dogged tenacity to enable the company to regain and recommence the project we would not be here.

Roderick has done a great service for not only our company but also for Western Australian. The consistent demands and stress upon him ultimately affected his health. He has handed the baton to Iain Scott and now can step back and enjoy the fruits of his labour. During the difficult

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period of re-establishing the project we must not forget Roderick was ably assisted and supported by Guy Warwick with whom the shareholders also owe a debt of gratitude.

To recap, the company has achieved a number of milestones throughout the year and post balance date:

• Entered into a major build, own, operate and transfer arrangement for the crushing, grinding, milling and separation aspect of the project with Mineral Resources Limited. The 10 year contract is valued at some $300 million and was a most cost effective solution in covering approximately 30% of the capital costs. Mineral Resources are a major West Australian resources contractor to many of the major blue chip resource companies and we are pleased to have them as our partners.

• The company has received principal environmental approvals for our project.

• More recently the company has mandated Merrill Lynch to facilitate the $200 million project debt funding which should be finalised by year end.

• Finally we have recommended to shareholders that the name be changed to Windimurra Vanadium Limited to more accurately position the company globally.

In summary, we have had a very active year but this is only the beginning. I am confident that 2008 will prove to be a watershed year for Precious Metals Australia, as we establish ourselves as on the of the world’s lowest cost vanadium producers.

I thank you for your continuing support.

Michael Kiernan Chairman Precious Metals Australia

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