TITANIUM SANDS LIMITED — Capital/Financing Update 2009

Mar 2, 2009

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(Administrators Appointed)

(Receivers and Managers Appointed)

3 March 2009

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

Dear Sir / Madam

Cancellation of Executive and Employee Options

Please be advised that the following options have been cancelled:

• 166,667 executive and employee options expiring 30 July 2011 exercisable at $2.12 per option.

Yours faithfully

WINDIMURRA VANADIUM LIMITED

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MATTHEW LILLY Company Secretary

Windimurra Vanadium Limited ABN 65 009 131 533 (Administrators Appointed) (Receivers and Managers Appointed)

MidWest Vanadium Pty Ltd ABN 65 113 874 712 (Administrators Appointed) (Receivers and Managers Appointed)

Level 4, 76 Kings Park Road, West Perth, Western Australia 6005 Tel: +61 8 9423 1900 Fax: +61 8 9423 1999