TITANIUM SANDS LIMITED — Capital/Financing Update 2013

Jul 10, 2013

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11 July 2013

ASX Announcements Office Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Dear Sir

ASX WAIVER FROM LISTING RULE 10.13.3

Windimurra Vanadium Limited (Subject to Deed of Company Arrangement) (the “Company”) advises that ASX Limited (“ASX”) has granted the Company a waiver from ASX Listing Rule 10.13.3 on the terms set out below.

DECISION:

1. Based solely on the information provided, ASX grants the Company a waiver from listing rule 10.13.3 to the extent necessary to permit the Company's notice of meeting (“Notice”) to approve the issue of up to 2,000,000 fully paid ordinary shares at an issue price of $0.01 cent per share each to Ms Paula Cowan, Mr KC Ong and Mr Paul Price (or the respective nominee of any of them) (“Directors”) pursuant to a proposed capital raising under a prospectus complying with section 710 of the Corporations Act 2001 (Cth) (“Prospectus”) and 20,000,000 fully paid ordinary shares to Trident Capital Pty Ltd on conversion of a convertible note (together, the “Shares”), not to state that the Shares will be issued no later than 1 month after the date of the shareholders' meeting, subject to the following conditions:

2. 1.1 The Notice states that the Shares will be issued no later than 3 months after the date of the shareholders' meeting.

3. 1.2 The Shares are issued on the same terms as ordinary shares to be issued to unrelated parties under the Prospectus or pursuant to the Convertible Note Agreements (as applicable).

4. 1.3 The Company releases the terms of the waiver to the market no later than the time of the release of the Notice.

5. ASX has considered listing rule 10.13.3 only and makes no statement as to the Company’s compliance with other listing rules.

Please refer to the Notice of Meeting to be released today for further information.

Yours faithfully

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Nicki Farley Company Secretary

Windumurra Vanadium Limited ABN 65 009 131 533 (Subject to Deed of Company Arrangement) Level 24,44 St Georges Tce, Perth WA 6000 Tel: 08 6211 5099 Fax: 08 9218 8875