TITANIUM SANDS LIMITED — AGM Information 2008

Nov 25, 2008

==> picture [101 x 81] intentionally omitted <==

26 November 2008

Company Announcements Office Australian Stock Exchange Limited Exchange Plaza Sherwood Court PERTH WA 6000

Dear Sir / Madam

ANNUAL GENERAL MEETING

Please find attached the Chairman’s address and a presentation by the Managing Director, Dr Iain Scott, both of which will be delivered to shareholders at today’s annual general meeting.

The meeting is being held at 2.00 pm at the Celtic Club, 48 Ord Street, West Perth.

Yours faithfully WINDIMURRA VANADIUM LIMITED

==> picture [151 x 65] intentionally omitted <==

MATTHEW LILLY Company Secretary

Windimurra Vanadium Ltd ABN 65 009 131 533 MidWest Vanadium Pty Ltd ABN 65 113 874 712 Level 4, 76 Kings Park Road, West Perth, Western Australia 6005 Tel: +61 8 9423 1900 Fax: +61 8 9423 1999

WINDIMURRA VANADIUM LIMITED ABN 65 009 131 533

==> picture [125 x 101] intentionally omitted <==

CHAIRMAN’S ADDRESS

ANNUAL GENERAL MEETING

26 NOVEMBER 2008 AT 2.00PM PERTH TIME

Chairman’s Address

The past 12 months have been a challenging period, but one of significant development for Windimurra Vanadium.

Against the backdrop of a global financial crisis, the Windimurra project has progressed to the goal of commencing production in the first quarter of 2009. Production is anticipated to grow to seven per cent of world vanadium production once the mine is in full production. This will position Windimurra Vanadium as a world-class mine.

We have delivered a number of major milestones in the past year.

Mining commenced in November following approval of a mining proposal by the Department of Industry and Resources.

Construction and operational readiness is well advanced with the majority of service and supply contracts in place. Power and gas are expected to be commissioned during December, and crushing will commence early in 2009.

The project has experienced some construction delays but we remain confident to commence commissioning in the first quarter of 2009 and progressively ramp-up ferrovanadium production in the second quarter of 2009.

Our in-fill drilling program has continued to better define mineral resources at depth. Drilling identified a much deeper measured and indicated resource base for the central deposit area, resulting in an increase in the Mineral Resource from 149mt to 176mt at 0.46% V2O5. This has also translated to a deeper reserve, from the original 80m to a 150m depth viable pit design, increasing total reserves in this area by 44%.

The project has a mine life of 20 years, with significant potential for further expansion of resources.

There is a funding requirement for working capital during the production ramp-up in 2009. The Company is engaged in ongoing discussions with a number of parties regarding debt and equity options to meet this requirement.

There are currently 350 on-site construction personnel. In the lead-up to production, the Company has appointed most senior operational roles, with personnel actively engaged in operational readiness planning. From March 2009, it is anticipated that 200 people will be employed by Windimurra either directly or through our contractors.

Further depth has been added to the Windimurra Board with the appointment of Phillip Laskaris and Nicholas Morland, adding to an experienced and well-rounded Board.

• 2 -

Chairman’s Address

Market outlook

Although steel demand in developed countries has been impacted by recent events, demand for steel and vanadium from developing countries, including China, is forecast to continue to show strong growth, particularly over the medium term. Recently-announced steel production cuts by mills that also produce vanadium from slag is expected to moderate vanadium supply. Supply has also been impacted in the key South African market by power supply shortages.

Windimurra has sold all of its production to Hong Kong’s Noble Group. This off-take agreement includes a floor price guarantee of which the Noble Group has agreed to pay the higher of market price or the cost of production. This is expected to provide support during production ramp-up before Windimurra reaches its full production volume and provides assurance for shareholders in current market circumstances.

Although US$ vanadium prices have reduced in line with the reduction in iron ore and steel prices, this reduction has been offset by the concurrent, significant weakening of the Australian dollar.

On behalf of the Board, I would like to thank our shareholders for taking the time to attend today’s AGM. I would also like to record my appreciation of the ongoing support the Board has received from all of our shareholders, without whom the project would not be where it is today.

We look forward to standing here next year and reporting on Windimurra’s success as a world-class producer of vanadium.

• 3 -

AGM Presentation - November 2008

This presentation should not be relied upon as a representation of any matter that a potential investor or their adviser should consider in evaluating the Company. Potential investors must make their own independent assessment and investigation of the matter contained herein and should not rely on any statement or the adequacy or accuracy of the information provided. The Company and its related bodies corporate or any of its directors, agents, officers or employees do not make any representation or warranty, express or implied, as to or endorsement of the Company, the accuracy or completeness of any information, statements or representations contained in the presentation, and they do not accept any liability whatsoever (including in negligence) for any information, representation or statement made in or omitted from this presentation.

This document contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company’s control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward looking statements. The Company

Introduction

==> picture [720 x 447] intentionally omitted <==

----- Start of picture text -----

Project Overview
Windimurra Key Points
Attractive industry
dynamics
High quality Reserve base
Expansion potential
Will be a low cost
producer of vanadium
Off-take marketing
Agreement with Noble
Advanced construction
Reduced operating risk
----- End of picture text -----

Project Execution

Development Time Line

==> picture [665 x 255] intentionally omitted <==

----- Start of picture text -----

Beneficiation
starts
Vanadium
Gas & Power
Mining available processing starts
commenced
Production
Crushing ramp-up
1 [st ] Blast
commissioning
Aug 08 Sep 08 Oct 08 Nov 08 Dec 08 Q1 09 Q2 09
Commissioning Production ramp-up
----- End of picture text -----

Overall project - 90% complete at end October

==> picture [576 x 312] intentionally omitted <==

----- Start of picture text -----

Windimurra Vanadium
Overall Progress Curve
100%
90%
80%
70%
60%
50%
40%
Plan
30% Actual
F'cast
20%
10%
0%
Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09
Plan 0% 1% 1% 10% 15% 20% 25% 28% 32% 40% 51% 62% 70% 76% 85% 92% 97% 98% 99% 100% 100% 100% 100%
Actual 0% 1% 1% 10% 12% 15% 19% 21% 26% 32% 43% 53% 61% 71% 79% 85% 88%
F'cast 88% 92% 95% 97% 99% 100% 100%
Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09
----- End of picture text -----

Note: Progress calculation based on earned manhour expenditure for engineering

Remaining contracts to manage

Vanadium Refinery

Spent and Committed funds

==> picture [627 x 263] intentionally omitted <==

----- Start of picture text -----

Structural & Mechanical
Electrical & instrumental
100%
Other
80%
Tailings Dam construction
60%
Significant cost pressures
40%
Schedule slippage
20%
Claims (steel price) Spent & Committed
Spent
0%
Oct Nov Dec- Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec-
07 08
Value (%)
----- End of picture text -----

$7M contingency within $67M

Date

Vanadium refinery completion is on the critical path due to… Delayed regulatory approval of mining proposal Late delivery of equipment packages

Removal of SMP contractor

Recovery initiatives

Employed GR Engineering Services to drive construction activity With MRL, optimise utilisation of construction labour Agreed construction strategy with electrical contractor Ramp up construction workforce and accommodation

Cash conservation measures

Reduction in non essential project personnel

Renegotiation of commercial terms with key suppliers

Mining Catering Beneficiation

Working Capital

Seeking to implement a capital raising in early 2009 Information Memorandum prepared Discussions initiated with major shareholders

Project Overview

176 million tonnes of Resource @ 0.46% V2 O5

20 year mine life Significant expansion potential Low risk mining Ore blended to achieve average oxidised:fresh ratio of 20:80 First blast 3 November 2008

First Blast November 2008

Production using conventional methods and technology

==> picture [661 x 35] intentionally omitted <==

Operating Costs

50% of costs fixed under contract

Key Operating Cost Breakdown

Fixed rate Contract Beneficiation – 10 year contract signed

Fixed rate Soda Ash – 5 year plus 5 year contract signed Fixed rate Gas – 3 year plus 3 year contract signed Equipment leases - Camp, power station and mining fleet

Consumption rates and labour numbers based on previous

Noble owns 10% of project and 2.4% of WVL – interests are aligned

Noble a global commodity leader

Investment grade credit rating World’s largest non-producing supplier of iron ore Strong relationships with Chinese steel mills 100% of production sold on take and pay basis 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

==> picture [661 x 35] intentionally omitted <==

Vanadium Industry Overview

Attractive Industry Dynamics

Global Steel Demand (FeV)

Aerospace Production (V2 O5 )

87% of vanadium (FeV) is used in high performance steels

Gas and oil pipelines, pressure vessels

Structures (bridges, buildings)

Shipbuilding and heavy machinery Transport and automotive

Vanadium represents between 0.05% and 0.15% of alloy steels

10% of vanadium (high purity pentoxide - V2 O5 ) is used in titanium alloys

Titanium alloys contain 4 - 6% vanadium

Titanium alloy required for new generation aircraft

Airframes, components and engines

Strong demand for new

==> picture [661 x 35] intentionally omitted <==

Current Vanadium Supply

Primary Production 29%

Magnetite ore processed for extracting vanadium

Co-production 56%

Vanadiferrous magnetite ore processed for iron-making, with slag containing vanadium produced as a by-product of steelmaking

Secondary Production 15%

Recover vanadium from vanadiferrous wastes such as fly ash, oil residues or spent catalysts

==> picture [208 x 125] intentionally omitted <==

----- Start of picture text -----

Secondary
Production
15% Primary Production
29%
Co-Production
56%
----- End of picture text -----

==> picture [31 x 206] intentionally omitted <==

----- Start of picture text -----

20000
18000
16000
14000
12000
10000
8000
6000
4000
2000
0
'000 tonnes V contained
----- End of picture text -----

==> picture [661 x 47] intentionally omitted <==

----- Start of picture text -----

China Sth Africa Russia USA Austria Australia
Sources: CRU Strategies, Windimurra internal
----- End of picture text -----

==> picture [720 x 541] intentionally omitted <==

----- Start of picture text -----

FeV Producer Relative Cost Curve
2.50
2.00
1.50
1.00
0.50
0.00
0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 60,000
tonnes of Vanadium contained
Windimurra Vanadium - well positioned on the global cost curve
Windimurra (Aus) 5,500t
----- End of picture text -----

Price weakness offset by exchange rate

Conclusion

Summary

Attractive industry dynamics

High quality, strategically located Reserve base capable of significant expansion

Will be a low cost producer of vanadium

Off-take marketing agreement

Advanced construction and reduced operating risk

Contacts

Dr Iain Scott Managing Director

Ph: +61 8 9423 1900 Fax: +61 8 9423 1999 E-Mail: IAScott@windimurra.com.au

Garry Korte Finance Director

Ph: +61 8 9423 1910 Fax: +61 8 9423 1999

E-Mail: Garry.Korte@windimurra.com.au