TITANIUM SANDS LIMITED — Board/Management Information 2004

Mar 3, 2004

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Company Announcements Officer Australian Stock Exchange Limited Level 8, Exchange Plaza 2 The Esplanade, Perth, WA 6000

Dear Sir

Board Changes

Further to the General Meeting of members of Precious Metals Australia Limited held on 3rd March 2004, we wish to advise that Messrs Ian Macpherson and Michael Fry have been appointed as directors of the Company effective immediately.

Mr Macpherson has also been appointed as Company Secretary.

Separately we advise that resignations have been received and accepted from Messrs James Wall and Angus Pilmer as Directors of the Company effective immediately. Yours faithfully

Earl of Warwick Chairman Precious Metals Australia Limited