TITANIUM SANDS LIMITED — Capital/Financing Update 2018

Jan 29, 2018

Ltd

30 January 2018

Company Announcements Office Australian Securities Exchange 10[th] Floor, 20 Bond Street SYDNEY NSW 2000

FURTHER STRONG HEAVY MINERAL RESULTS CONTINUE TO CONFIRM EXTENSIVE INLAND AREA OF HEAVY MINERAL CONCENTRATION

HIGHLIGHTS

• The vendor of the Mannar Island project has received the laboratory results of a further 477 drill holes.

• A total of 384 of these drill holes intersected significant heavy mineral concentrations.

• The results establish significant extension potential to the existing coastal JORC inferred mineral resource of 10.3 Mt with total heavy mineral (THM) of 11.7%*

• The 1 to 5m thick heavy mineral zone has no overburden and in most holes extends down to the depth limit of the drilling at the water table.

• Individual drill hole weighted averages are up to 22% THM (total heavy minerals) and numerous plus 8% drill hole averages occur in high grade zones.

• Slimes results are consistently very low, ~1%.

The vendor of the Mannar Island Heavy Mineral Sands Project, Srinel Holdings Ltd, has advised Titanium Sands Ltd that laboratory results for a further 477 hand auger drill holes have been received from the Mannar Island Project in Sri Lanka (Figures 1 and 2). The results confirm visual logging observations at the time of drilling that there are extensive areas of heavy mineral concentration in the interior of Mannar Island adjacent to the previously announced heavy mineral resources.

Drilling results previously reported (ASX announcement 15 October 2017) were largely from drilling in 2016 carried out along lines 800m apart and drill holes 50m apart. These latest results are from 2017 drilling that consisted of infill drilling and some mineralisation extension drilling. Much of the drilled mineralisation is now covered by a 400 by 50m drilling pattern.

Titanium Sands Ltd Level 24 44 St Georges Terrace, PERTH, WESTERN AUSTRALIA 6000 Telephone +61 8 6211 5099, Facsimile +61 8 9218 8875

The mineralization defined by the drilling results to date extends for a strike of 12km and has a cross strike width of up to 3km (Figure 2). It is up to 6m thick and averages around 1.5m. There is essentially no overburden and the mineralisation extends continuously down to the limit of the drilling at the water table. Drilling to date on the Mannar Project only extends down to the water table, the exploration potential for deeper mineralisation remains untested.

==> picture [381 x 534] intentionally omitted <==

Figure 1 Location of the Mannar Island Project in Sri Lanka

==> picture [452 x 320] intentionally omitted <==

Figure 2 Summary illustration of 2016 and 2017 drilling assay results received to date, with weighted average THM% for each drill hole based on all samples and no lower cut off. The existing resource envelope refers to the previously reported JORC standard resource *.

The new drill hole results are summarised in Figure 2 along with the previously received results. Table 1 lists all the new 477 drill holes. Sample intervals were 0.5m down hole and all samples from assayed holes were submitted as individual samples with no compositing. Table 1 shows total depth of each drill hole and the weighted average heavy mineral content of the entire hole. No lower cut on THM% has been applied and no samples or drill holes excluded. Of the 477 drill holes 384 returned plus 2% intercepts.

The Mannar mineralisation has an exceptionally low slimes (~1%) content and the total heavy mineral fraction is dominated by ilmenite and leucoxene with subsidiary zircon and rutile. Very little low value magnetite is present. Mineralogical analyses of the heavy mineral suite are being undertaken.

BACKGROUND OF THE MANNAR ISLAND PROJECT

Titanium Sands Ltd shareholders approved the acquisition of Srinel Holdings Ltd at its Annual General Meeting held on the 24 January 2018 (ASX announcement 24 January 2018) The transaction will see the acquisition of Srinel Holdings Ltd which holds three exploration licences and two exploration license applications covering 166km[2] that constitute the Mannar Island Heavy Mineral Sands Project in Sri Lanka.

The company looks forward to completing the work necessary for an updated mineral resource statement and then to progress with evaluating the major exploration potential of the project both adjacent to the known mineralisation and immediately underlying beneath the water table.

*An initial JORC inferred mineral resource of 10.3 Mt with total heavy mineral (THM) of 11.7% compiled by independent consultants was reported in full to the Australian Securities Exchange on the 22 April 2015. This resource was based on a historical drill hole data base of 785 auger drill holes and from the 115 holes drilled in early 2015. The drilling and the defined resource envelope was largely confined to within 150m of the Mannar Island shoreline. The Company confirms that this resource statement remains current in regards to the areas covered by the drilling used in the resource model.

Except where indicated, exploration results above have been reviewed and compiled by James Searle BSc (hons), PhD, a Member of the Australian Institute of Mining and Metallurgy, with over 34 years of experience in metallic and energy minerals exploration and development, and as such has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr Searle is the Managing Director of Titanium Sands Limited and consents to the inclusion of this technical information in the format and context in which it appears.

Table 1 New drill hole results. Shows all holes analysed. Weighted average total heavy mineral %( THM content) calculated from all results, no lower cut offs applied.

DHID	N deg WGS8	E deg WGS8	End of hole (m)	W'ted av%THM
MA280	9.0941	79.7945	1.00	2.94
MA281	9.0937	79.7943	1.10	0.42
MA282	9.0933	79.7942	0.50	0.46
MA283	9.0928	79.7941	0.75	0.36
MA284	9.0928	79.7940	0.50	0.28
MA285	9.0920	79.7939	0.80	2.37
MA286	9.0915	79.7939	0.50	1.63
MA287	9.0910	79.7938	0.60	1.05
MA288	9.0906	79.7936	0.80	2.07
MA289	9.0902	79.7933	0.60	0.72
MA290	9.0896	79.7934	0.45	3.57
MA291	9.0892	79.7933	0.50	3.24
MA292	9.0887	79.7932	0.60	2.87
MA293	9.0883	79.7931	0.50	5.10
MA294	9.0879	79.7930	0.50	2.36
MA295	9.0875	79.7929	0.50	3.04
MA303	9.0893	79.8006	1.30	0.76
MA304	9.0888	79.8005	0.65	2.23
MA312	9.0877	79.8076	1.50	1.40
MA317	9.0898	79.8083	2.50	2.73
MA318	9.0903	79.8084	1.00	3.38
MA319	9.0907	79.8085	2.50	19.43
MA395	9.0793	79.7671	0.95	1.47
MA396	9.0797	79.7673	0.80	1.44

MA436	9.0804	79.7753	0.85	1.22
MA437	9.0800	79.7752	1.00	1.95
MA438	9.0795	79.7751	0.80	2.11
MA439	9.0791	79.7750	1.02	2.10
MA440	9.0786	79.7749	1.00	1.39
MA471	9.0787	79.7827	0.70	1.08
MA472	9.0783	79.7826	1.00	0.97
MA473	9.0778	79.7824	1.00	0.53
MA503	9.0804	79.7911	0.80	2.40
MA508	9.0782	79.7905	0.80	2.06
MA509	9.0778	79.7904	0.75	5.91
MA510	9.0774	79.7903	0.30	9.91
MA524	9.0797	79.7982	1.90	2.09
MA525	9.0801	79.7983	1.50	1.71
MA526	9.0805	79.7984	0.75	1.99
MA603	9.0603	79.8075	0.85	0.31
MA667	9.0723	79.8259	1.40	1.54
MA668	9.0726	79.8262	1.80	2.31
MA669	9.0729	79.8265	1.50	2.36
MA670	9.0733	79.8268	2.00	2.75
MA671	9.0737	79.8270	2.00	5.64
MA735	9.0634	79.8372	1.60	7.12
MA1020	9.0194	79.8630	1.85	3.47
MA1056	9.0065	79.8714	2.00	8.61
MA1057	9.0068	79.8717	1.90	7.77
MA1058	9.0074	79.8717	1.80	9.93
MA1059	9.0077	79.8721	1.95	7.13

MA1060	9.0080	79.8724	2.00	11.34
MA1061	9.0084	79.8727	2.00	18.72
MA1062	9.0088	79.8729	2.00	16.84
MA1063	9.0092	79.8732	1.90	11.60
MA1071	9.0638	79.8375	2.00	16.02
MA1072	9.0642	79.8376	1.00	26.57
MA1083	9.0729	79.8352	2.50	2.02
MA1084	9.0732	79.8355	2.50	4.03
MA1085	9.0735	79.8357	2.50	5.29
MA1086	9.0746	79.8279	2.35	6.21
MA1094	9.0772	79.8305	2.10	2.24
MA1095	9.0778	79.8305	2.05	3.32
MA1102	9.0830	79.7719	1.50	1.54
MA1103	9.0838	79.7723	1.45	10.69
MA1104	9.0834	79.7721	1.30	5.86
MA1105	9.0842	79.7725	1.40	1.37
MA1106	9.0847	79.7728	1.40	2.41
MA1107	9.0856	79.7732	1.50	3.77
MA1108	9.0865	79.7734	1.40	1.85
MA1109	9.0873	79.7737	1.50	3.16
MA1110	9.0869	79.7736	1.50	2.23
MA1111	9.0877	79.7738	1.50	5.85
MA1112	9.0880	79.7945	1.45	4.87
MA1113	9.0884	79.7746	1.25	2.38
MA1114	9.0888	79.7748	1.50	4.22
MA1115	9.0893	79.7749	2.40	3.86
MA1116	9.0899	79.7745	1.90	3.47

MA1117	9.0904	79.7745	1.25	5.70
MA1118	9.0907	79.7748	1.80	3.27
MA1139	9.0811	79.7634	1.70	1.07
MA1140	9.0820	79.7638	1.50	3.23
MA1141	9.0829	79.7641	1.50	3.44
MA1142	9.0825	79.7640	1.40	6.31
MA1143	9.0833	79.7644	1.50	1.18
MA1144	9.0837	79.7645	1.50	1.86
MA1145	9.0846	79.7648	1.60	3.19
MA1146	9.0842	79.7647	1.50	3.40
MA1147	9.0850	79.7650	1.60	1.71
MA1148	9.0854	79.7652	1.60	3.87
MA1149	9.0859	79.7653	1.50	4.33
MA1150	9.0863	79.7655	1.50	2.30
MA1151	9.0867	79.7656	1.50	4.69
MA1152	9.0871	79.7657	1.60	3.02
MA1153	9.0880	79.7660	1.60	3.64
MA1154	9.0876	79.7659	1.50	3.88
MA1155	9.0884	79.7663	1.80	6.41
MA1156	9.0888	79.7664	1.65	2.99
MA1157	9.0892	79.7666	1.65	2.68
MA1158	9.0897	79.7667	1.45	1.58
MA1159	9.0901	79.7669	1.80	2.23
MA1160	9.0905	79.7670	1.85	6.97
MA1161	9.0909	79.7671	1.85	4.71
MA1162	9.0913	79.7674	1.95	4.55
MA1163	9.0918	79.7674	1.60	2.60

MA1164	9.0922	79.7676	1.60	3.08
MA1165	9.0926	79.7678	1.05	2.53
MA1166	9.0935	79.7680	1.80	1.58
MA1167	9.0943	79.7683	1.50	1.69
MA1168	9.0952	79.7685	1.50	5.28
MA1169	9.0948	79.7684	1.50	2.88
MA1170	9.0956	79.7687	1.50	2.41
MA1171	9.0961	79.7688	1.40	4.02
MA1172	9.0965	79.7690	1.50	6.28
MA1173	9.0969	79.7692	2.25	4.11
MA1174	9.0974	79.7694	1.80	5.57
MA1175	9.0979	79.7694	2.05	7.69
MA1176	9.0983	79.7696	2.70	6.59
MA1177	9.0983	79.7696	2.60	5.09
MA1178	9.0716	79.8009	1.90	2.11
MA1179	9.0713	79.8006	1.00	0.98
MA1180	9.0709	79.8003	0.90	1.22
MA1181	9.0706	79.8000	0.85	2.08
MA1182	9.0703	79.7997	1.00	3.21
MA1183	9.0699	79.7994	1.00	2.04
MA1184	9.0695	79.7991	1.10	1.58
MA1185	9.0692	79.7989	0.95	3.29
MA1186	9.0688	79.7986	1.00	4.22
MA1187	9.0685	79.7983	1.00	3.99
MA1188	9.0682	79.7979	1.00	0.90
MA1189	9.0677	79.7977	1.25	5.19
MA1190	9.0674	79.7974	1.55	10.64

MA1191	9.0670	79.7971	1.60	0.60
MA1196	9.0663	79.8074	1.00	0.42
MA1197	9.0659	79.8072	0.90	0.33
MA1198	9.0655	79.8069	0.90	0.61
MA1199	9.0651	79.8067	0.90	1.10
MA1200	9.0649	79.8062	1.05	1.41
MA1201	9.0646	79.8055	1.00	2.69
MA1202	9.0640	79.8055	2.75	1.97
MA1203	9.0637	79.8052	1.30	5.46
MA1204	9.0634	79.8049	1.90	2.71
MA1205	9.0631	79.8046	1.90	12.45
MA1206	9.0627	79.8043	1.85	0.44
MA1207	9.0623	79.8041	1.85	0.55
MA1216	9.0614	79.8126	0.80	0.67
MA1228	9.0684	79.8280	2.50	0.75
MA1229	9.0687	79.8284	2.10	2.79
MA1230	9.0689	79.8287	2.05	1.12
MA1231	9.0699	79.8284	1.65	1.83
MA1232	9.0702	79.8287	1.95	1.77
MA1233	9.0706	79.8290	2.00	0.75
MA1234	9.0708	79.8294	2.00	1.10
MA1235	9.0712	79.8296	2.10	2.98
MA1236	9.0716	79.8298	1.95	10.25
MA1237	9.0720	79.8301	2.15	18.85
MA1238	9.0723	79.8304	2.00	5.68
MA1239	9.0726	79.8307	2.00	6.88
MA1240	9.0728	79.8312	1.85	15.56

MA1241	9.0732	79.8316	2.20	3.89
MA1242	9.0737	79.8316	2.40	12.29
MA1243	9.0739	79.8320	2.10	13.02
MA1244	9.0745	79.8321	2.40	5.12
MA1245	9.0748	79.8324	2.40	5.74
MA1246	9.0889	79.7415	1.50	3.44
MA1247	9.0893	79.7417	1.25	2.59
MA1248	9.0898	79.7419	1.45	3.69
MA1249	9.0901	79.7420	1.20	8.76
MA1250	9.0905	79.7422	1.60	4.89
MA1251	9.0910	79.7423	1.40	3.05
MA1252	9.0913	79.7426	1.25	3.25
MA1253	9.0918	79.7427	1.30	4.64
MA1254	9.0922	79.7430	1.30	3.19
MA1255	9.0926	79.7431	1.40	2.51
MA1256	9.0930	79.7432	1.60	3.02
MA1257	9.0934	79.7435	1.30	3.04
MA1258	9.0938	79.7436	1.45	2.61
MA1259	9.0942	79.7438	1.20	4.25
MA1260	9.0947	79.7440	1.25	3.72
MA1261	9.0951	79.7442	1.15	4.18
MA1262	9.0955	79.7443	1.60	3.73
MA1263	9.0959	79.7446	1.15	3.95
MA1264	9.0963	79.7447	1.05	4.46
MA1265	9.0963	79.7462	1.50	5.17
MA1266	9.0967	79.7463	1.95	3.75
MA1267	9.0971	79.7465	1.55	4.36

MA1268	9.0975	79.7467	1.55	5.38
MA1269	9.0979	79.7468	1.90	4.11
MA1270	9.0984	79.7470	2.45	4.53
MA1271	9.0988	79.7472	2.40	4.74
MA1272	9.0846	79.7480	1.60	2.86
MA1273	9.0850	79.7481	1.35	4.23
MA1274	9.0854	79.7483	1.25	3.07
MA1275	9.0858	79.7485	1.45	1.79
MA1276	9.0862	79.7488	1.70	1.95
MA1277	9.0867	79.7489	1.50	2.63
MA1278	9.0871	79.7490	1.40	2.28
MA1279	9.0875	79.7492	1.25	10.67
MA1280	9.0879	79.7494	1.30	3.76
MA1281	9.0883	79.7496	1.15	3.22
MA1282	9.0887	79.7498	1.20	4.12
MA1283	9.0891	79.7500	1.30	3.66
MA1284	9.0895	79.7502	1.95	4.34
MA1285	9.0900	79.7503	2.10	6.04
MA1286	9.0904	79.7505	1.75	4.68
MA1287	9.0908	79.7507	1.40	3.56
MA1288	9.0912	79.7509	1.20	4.97
MA1289	9.0916	79.7511	1.40	2.90
MA1290	9.0920	79.7512	1.10	4.39
MA1291	9.0924	79.7514	1.45	4.12
MA1292	9.0928	79.7516	1.20	3.17
MA1293	9.0932	79.7518	1.05	4.43
MA1294	9.0937	79.7520	1.20	4.01

MA1295	9.0941	79.7521	1.20	3.04
MA1296	9.0945	79.7523	1.50	3.89
MA1297	9.0949	79.7525	5.00	5.07
MA1298	9.0954	79.7526	2.40	3.31
MA1299	9.0957	79.7529	1.40	2.71
MA1300	9.0961	79.7530	1.50	3.44
MA1301	9.0966	79.7532	1.05	3.50
MA1302	9.0970	79.7534	2.75	3.69
MA1303	9.0974	79.7536	2.90	4.64
MA1304	9.0978	79.7538	2.15	4.50
MA1305	9.0982	79.7540	2.00	3.02
MA1306	9.0986	79.7541	1.60	4.66
MA1307	9.0990	79.7544	1.50	3.68
MA1308	9.0994	79.7545	1.60	4.84
MA1309	9.0999	79.7547	3.90	4.22
MA1310	9.1003	79.7549	1.60	4.72
MA1311	9.1007	79.7550	4.85	4.71
MA1312	9.0996	79.7690	2.15	6.47
MA1313	9.0999	79.7692	2.80	12.10
MA1314	9.1002	79.7697	2.85	11.16
MA1315	9.1007	79.7697	1.60	7.70
MA1316	9.1011	79.7700	0.50	5.42
MA1317	9.1015	79.7701	1.25	2.80
MA1318	9.0830	79.7557	1.30	2.22
MA1319	9.0834	79.7559	1.25	1.73
MA1320	9.0838	79.7561	1.20	2.66
MA1321	9.0842	79.7563	1.05	1.93

MA1322	9.0846	79.7567	1.55	8.29
MA1323	9.0850	79.7569	1.05	6.21
MA1324	9.0854	79.7571	0.98	3.99
MA1325	9.0858	79.7573	0.90	1.84
MA1326	9.0862	79.7574	0.90	3.50
MA1327	9.0867	79.7576	1.35	2.94
MA1328	9.0871	79.7577	1.50	4.53
MA1329	9.0875	79.7579	1.50	3.16
MA1330	9.0879	79.7580	1.20	9.26
MA1331	9.0884	79.7582	1.05	1.90
MA1332	9.0884	79.7582	0.75	1.21
MA1333	9.0892	79.7585	1.40	5.59
MA1334	9.0896	79.7587	1.25	3.65
MA1335	9.0900	79.7589	1.00	2.18
MA1336	9.0905	79.7590	1.20	4.85
MA1337	9.0909	79.7592	1.40	3.57
MA1338	9.0913	79.7594	1.15	3.49
MA1339	9.0917	79.7595	1.45	6.06
MA1340	9.0921	79.7597	1.50	3.68
MA1341	9.0926	79.7598	2.00	4.46
MA1342	9.0930	79.7600	1.45	6.08
MA1343	9.0934	79.7602	1.10	4.00
MA1344	9.0938	79.7603	1.30	3.41
MA1345	9.0943	79.7605	1.40	3.15
MA1346	9.0947	79.7606	1.50	3.96
MA1347	9.0951	79.7608	1.40	3.65
MA1348	9.0955	79.7610	1.90	4.10

MA1349	9.0959	79.7611	2.10	2.08
MA1350	9.0963	79.7613	1.10	2.66
MA1351	9.0968	79.7614	3.00	2.96
MA1352	9.0972	79.7616	1.80	3.34
MA1353	9.0976	79.7618	2.40	3.73
MA1354	9.0980	79.7619	5.00	3.32
MA1355	9.0985	79.7613	4.50	4.04
MA1356	9.0990	79.7615	2.75	3.23
MA1357	9.0997	79.7615	2.95	4.51
MA1358	9.1001	79.7617	1.95	3.64
MA1359	9.1004	79.7621	5.00	6.60
MA1360	9.1007	79.7625	4.90	7.07
MA1361	9.1010	79.7629	5.00	4.27
MA1362	9.1016	79.7628	3.05	9.46
MA1363	9.1020	79.7632	1.00	11.53
MA1364	9.1023	79.7634	1.85	2.96
MA1365	9.1026	79.7637	1.10	1.93
MA1366	9.0795	79.7790	1.30	1.52
MA1367	9.0801	79.7784	1.20	0.78
MA1368	9.0805	79.7791	2.40	1.79
MA1369	9.0808	79.7794	1.55	7.93
MA1370	9.0813	79.7795	1.50	15.61
MA1372	9.0821	79.7799	1.30	2.33
MA1373	9.0826	79.7800	1.10	3.22
MA1374	9.0830	79.7801	1.30	4.17
MA1375	9.0834	79.7802	0.65	5.06
MA1376	9.0839	79.7803	1.00	2.58

MA1377	9.0843	79.7805	1.50	4.64
MA1378	9.0847	79.7806	1.90	4.02
MA1379	9.0852	79.7808	1.40	3.85
MA1380	9.0856	79.7808	1.20	4.92
MA1381	9.0860	79.7810	1.05	7.79
MA1382	9.0864	79.7811	1.30	6.82
MA1383	9.0869	79.7813	1.35	5.44
MA1384	9.0873	79.7814	1.30	3.44
MA1385	9.0877	79.7816	1.05	1.44
MA1386	9.0881	79.7818	1.20	2.20
MA1387	9.0885	79.7821	1.45	1.72
MA1388	9.0890	79.7821	1.25	1.85
MA1389	9.0894	79.7820	1.50	2.49
MA1390	9.0899	79.7822	2.00	7.80
MA1391	9.0903	79.7823	1.30	1.27
MA1392	9.0908	79.7824	1.05	2.44
MA1393	9.0912	79.7826	1.40	4.29
MA1394	9.0916	79.7828	1.30	3.03
MA1403	9.0797	79.7869	1.00	4.76
MA1404	9.0801	79.7870	1.00	4.53
MA1405	9.0805	79.7872	2.50	1.62
MA1406	9.0809	79.7873	1.00	1.78
MA1407	9.0814	79.7874	1.50	2.44
MA1408	9.0818	79.7876	1.10	2.14
MA1409	9.0822	79.7877	1.05	2.37
MA1410	9.0827	79.7878	1.05	3.14
MA1411	9.0830	79.7878	1.05	3.25

MA1412	9.0836	79.7879	1.05	1.14
MA1413	9.0840	79.7883	1.00	3.55
MA1414	9.0844	79.7882	1.75	2.46
MA1415	9.0848	79.7883	1.60	4.88
MA1416	9.0853	79.7884	1.50	4.72
MA1417	9.0857	79.7886	1.95	14.22
MA1418	9.0862	79.7887	1.60	4.70
MA1419	9.0867	79.7888	1.60	3.78
MA1420	9.0872	79.7889	1.40	2.87
MA1421	9.0875	79.7891	1.05	1.94
MA1422	9.0879	79.7892	1.50	1.99
MA1423	9.0884	79.7893	1.20	1.09
MA1424	9.0888	79.7894	1.40	0.91
MA1425	9.0893	79.7895	1.20	2.36
MA1426	9.0897	79.7896	1.50	4.73
MA1427	9.0902	79.7897	1.55	4.66
MA1428	9.0905	79.7902	3.80	4.58
MA1429	9.0909	79.7904	5.00	5.14
MA1430	9.0913	79.7906	5.00	3.90
MA1431	9.0808	79.7950	1.00	1.29
MA1432	9.0812	79.7952	1.20	0.99
MA1433	9.0817	79.7952	1.00	1.82
MA1434	9.0821	79.7953	1.25	2.41
MA1435	9.0826	79.7955	1.60	2.74
MA1436	9.0832	79.7956	1.35	4.05
MA1437	9.0836	79.7958	1.05	5.06
MA1438	9.0841	79.7959	1.30	2.12

MA1439	9.0845	79.7960	1.25	3.80
MA1440	9.0849	79.7961	2.00	2.75
MA1441	9.0854	79.7962	1.80	2.00
MA1442	9.0858	79.7963	2.40	2.13
MA1443	9.0862	79.7965	5.00	2.12
MA1444	9.0867	79.7965	5.00	2.41
MA1445	9.0871	79.7967	2.45	2.15
MA1446	9.0876	79.7968	0.80	5.49
MA1447	9.0880	79.7970	1.50	2.02
MA1448	9.0875	79.8040	1.60	0.41
MA1449	9.0871	79.8038	2.60	1.09
MA1450	9.0867	79.8037	1.40	1.00
MA1451	9.0861	79.8036	0.75	0.38
MA1452	9.0858	79.8035	1.30	0.91
MA1453	9.0854	79.8034	1.05	0.83
MA1454	9.0849	79.8033	1.05	0.68
MA1455	9.0845	79.8032	1.10	1.45
MA1456	9.0841	79.8031	1.40	1.75
MA1457	9.0836	79.8030	1.10	1.87
MA1458	9.0832	79.8028	0.80	0.70
MA1459	9.0827	79.8027	1.00	0.42
MA1460	9.0823	79.8026	1.50	2.04
MA1461	9.0819	79.8025	1.10	1.50
MA1462	9.0814	79.8024	1.05	1.36
MA1463	9.0810	79.8023	1.10	1.59
MA1464	9.0806	79.8022	1.50	5.01
MA1465	9.0803	79.8021	1.60	1.77

MA1466	9.0830	79.7348	2.80	3.39
MA1467	9.0834	79.7350	2.90	2.96
MA1468	9.0838	79.7351	2.00	2.24
MA1469	9.0842	79.7353	2.80	5.89
MA1470	9.0846	79.7355	2.45	1.84
MA1471	9.0850	79.7357	2.25	2.38
MA1472	9.0854	79.7359	1.90	3.24
MA1473	9.0858	79.7360	3.90	4.36
MA1474	9.0862	79.7362	5.00	5.17
MA1475	9.0805	79.7594	1.70	1.89
MA1476	9.0801	79.7593	1.80	2.06
MA1477	9.0797	79.7591	1.85	2.67
MA1478	9.0792	79.7590	1.50	2.01
MA1479	9.0788	79.7589	1.70	2.17
MA1480	9.0784	79.7587	1.60	2.59
MA1481	9.0779	79.7586	1.65	2.78
MA1482	9.0775	79.7588	2.00	1.78
MA1494	9.0725	79.7564	2.15	2.66
MA1495	9.0721	79.7563	2.15	4.07
MA1496	9.0717	79.7561	2.55	5.46
MA1497	9.0713	79.7558	2.10	1.50
MA1498	9.0710	79.7556	1.30	1.88
MA1499	9.0704	79.7556	1.50	3.83
MA1500	9.0699	79.7554	2.00	2.85
MA1501	9.0694	79.7556	1.35	6.33
MA1502	9.0691	79.7552	1.45	1.19
MA1503	9.0686	79.7553	1.30	0.98

MA1510	9.0647	79.7629	1.50	1.18
MA1511	9.0651	79.7631	1.90	1.41
MA1512	9.0655	79.7633	2.30	0.68
MA1513	9.0659	79.7636	1.50	5.26
MA1514	9.0663	79.7637	1.60	1.36
MA1528	9.0726	79.7649	2.05	1.29
MA1529	9.0730	79.7651	2.10	1.04
MA1530	9.0735	79.7652	2.00	1.08
MA1531	9.0739	79.7654	1.60	0.89
MA1532	9.0743	79.7656	1.85	0.97
MA1533	9.0747	79.7657	1.90	6.82
MA1534	9.0751	79.7659	1.65	2.20
MA1535	9.0755	79.7660	1.65	1.11
MA1536	9.0759	79.7661	1.60	1.68
MA1537	9.0762	79.7663	1.95	1.48
MA1538	9.0736	79.7733	1.95	1.71
MA1539	9.0731	79.7732	1.50	2.96
MA1540	9.0727	79.7730	2.00	1.81
MA1541	9.0723	79.7729	1.60	2.27
MA1542	9.0719	79.7727	1.70	4.50
MA1543	9.0715	79.7726	1.75	1.30
MA1544	9.0710	79.7725	1.90	1.32
MA1563	9.0630	79.7698	1.40	1.70
MA1564	9.0626	79.7695	1.40	0.44
MA1565	9.0623	79.7689	0.95	0.98
MA1566	9.0619	79.7686	0.90	0.84
MA1586	9.0721	79.7960	1.60	1.58

MA1587	9.0726	79.7962	1.50	0.39
MA1588	9.0701	79.8380	2.75	9.99
MA1589	9.0697	79.8378	3.00	7.53
MA1590	9.0693	79.8376	2.10	9.95
MA1591	9.0692	79.8369	3.10	4.93
MA1592	9.0687	79.8369	2.00	9.40
MA1592	9.0687	79.8369	3.00	0.85
MA1593	9.0684	79.8366	3.10	4.66
MA1594	9.0678	79.8361	1.85	7.30
MA1595	9.0675	79.8357	3.20	8.08
MA1596	9.0671	79.8355	3.35	6.41
MA1597	9.0667	79.8353	3.45	16.73
MA1598	9.0664	79.8350	3.30	13.65
MA1599	9.0663	79.8343	3.70	1.62
MA1600	9.0658	79.8342	3.10	1.90
MA1601	9.0654	79.8339	2.60	1.66
MA1602	9.0658	79.8327	2.90	7.74
MA1603	9.0655	79.8322	2.65	1.46
MA1610	9.0918	79.7212	1.60	1.77
MA1611	9.0922	79.7214	3.10	4.67
MA1612	9.0926	79.7216	1.55	5.19
MA1613	9.0930	79.7219	2.45	4.68
MA1614	9.0934	79.7221	2.00	2.00
MA1615	9.0942	79.7225	2.10	3.62
MA1616	9.0946	79.7227	1.95	1.86
MA1617	9.0950	79.7229	2.10	3.15
MA1618	9.0954	79.7231	2.50	3.43

MA1619	9.0958	79.7233	2.10	3.64
MA1620	9.0962	79.7236	1.40	4.55
MA1621	9.0967	79.7238	2.65	2.65
MA1649	9.0973	79.7143	1.50	0.08
MA1650	9.0968	79.7141	1.00	3.30
MA1651	9.0956	79.7139	2.40	4.76
MA1652	9.0951	79.7136	4.00	4.94
MA1653	9.0947	79.7132	5.00	11.79
MA1654	9.0944	79.7129	2.60	2.01
MA1686	9.0156	79.8649	2.40	5.71
MA1687	9.0160	79.8652	2.60	6.98
MA1688	9.0163	79.8655	2.70	4.69
MA1689	9.0167	79.8657	2.40	5.36
MA1690	9.0171	79.8660	2.60	8.69
MA1691	9.0176	79.8665	2.60	6.10
MA1692	9.0179	79.8669	2.75	7.44
MA1693	9.0182	79.8671	2.80	20.30
MA1694	9.0188	79.8673	2.70	9.36
MA1695	9.0191	79.8676	2.60	21.07
MA1696	9.0195	79.8679	2.60	21.57
MA1697	9.0199	79.8681	2.50	18.26

Appendix 1 JORC TABLE 1 Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

All drilling, sampling and sample splitting procedures were designed and audited by Dr James Searle, the Competent Person named in the body of this report.

Criteria	Explanation	Commentary
Sampling techniques	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standardmeasurement tools	• 100% of recovered sample collected, riffle split, and bagged at drill site.

Criteria	Explanation	Commentary
	appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	• Sample interval down hole every 0.5m or part interval. • No sampling below water table.
Drilling techniques	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc.).	• Hand auger , vertical, Dormer type shell auger 75mm, 382 holes reported here, maximum depth 6m • All holes vertical.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• Weight of sample recovered logged against estimate of 100% recovery weight. • For the hand auger holes, re- entry depth of auger tip noted against depth achieved before auger withdrawn to recover sample. Hole abandoned if more 3cm of fall back in hole noted.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitativein nature.Core (or	• Recovered samples logged in standardized format for all relevant visual parameters including sediment, rounding, sorting etc. • Logging of visual parameters qualitative but referenced to standard parameter sheets.

Criteria	Explanation	Commentary
	costean, channel, etc.) photography. • The total length and percentage of the relevant intersections logged.	• All drill hole samples logged at drill site.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• Samples dried and split at dedicated site preparation facility using a riffle splitter, one pass split. • 12 chute riffle splitter. Sample loaded evenly into splitter on top of removable baffle to ensure optimal split across the splitter. • Custody chain of samples maintained from drill site to controlled storage and to air freight shipper delivered direct to Cape Town laboratory.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	• Sample desliming (-45mic) and oversize screening (>1mm) carried out at dedicated site preparation facility. • Standardardized procedures for sieving, weighing and drying. • Prepared 125 to 250g .45mic and <1mm sample consigned to Scientific Services Ltd laboratory in Cape Town. • Blanks and laboratory standards run and reported for every 50thanalysis.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	1. Independently supervised repeat drilling of 1 in 20 twin holes showing significant heavy mineral mineralisation has been completed and will be analysed separately in due course. 2. One in 20 duplicate samples from splitting and sample preparation have been submitted for separate analysis.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine	• Drill collars located using GPS WGD84 to an accuracy typically of better than 6m

Criteria	Explanation	Commentary
	workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• Topographic control is being determined by a DTM model to which collar elevations will be snapped. The accuracy of the collar elevations is expected to be adequate for resource modelling.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• Drilling spacing varying from 50m to 100m along lines at 400m nominal separations along the mineralisation trend.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• Shoreline concentrated heavy minerals when preserved by net coastal progradation seaward form strands of mineralisation that can vary from 10s to hundreds of metres wide but many hundreds or metres and kilometres long. Drill lines are therefore optimally oriented across the trend direction of the paleo shoreline positions. Drill hole spacing along the lines were designed to find HM strands as narrow as 25 to 50m wide. Separation of the drill lines along the paleo shoreline orientations reflects the much greater along shore dimensions of any potentially economic strands.
Sample security	• The measures taken to ensure sample security.	• Custody of samples documented, and integrity of packaging monitored.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• Twinned hole results and duplicated sample splits and samples from twinned holes are being used to demonstrate QA/QC

Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)

Criteria	Explanation
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites,	• Granted exploration licenses and accepted unique tenure applications. • No known overriding interests at this stage other than expected access agreements

Criteria	Explanation
	wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	with affected private land owners. • Normal state royalty regime.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Previously reported to the ASX.
Geology	• Deposit type, geological setting and style of mineralisation.	• Holocene to Modern coastal sand deposit hosted heavy mineral sands
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth • hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	• Tabulation of all drill hole information contained within Table 1 of the announcement above, with the exception of RL which will be provided later when a DTM is available. At this time collar elevation is considered not material due to the lack of significant elevation changes over the area.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	• No cutting of high grades. • Weighted averages of all assays from all samples in each drill holes reported in Table 1. • No lower cut off grades applied. • Results are Total Heavy Miner % of whole sample. • No mineralogical analysis being reported at this time.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	• Heavy mineral zones in beach sediments are flat or only very shallowly dipping. All drill holes were vertical and intersected the entire portion of the mineralisation blanket between land surface

Criteria	Explanation
	• If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	and the limit of the drilling at the water table..
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Plans of drill hole locations subject of this announcement are provided. • Sectional representations not considered relevant as the drill depths were rarely more than 2m.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• All holes drilled are shown in Figure 2. All holes assayed and reported on in this announcement are shown in Figure 2 and listed in Table 1. • The collar positions of all holes drilled have been previously reported.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• Not applicable at this time.
Further work	• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• Mineralogical analysis of the heavy mineral fraction will be undertaken. • A revised mineral resource estimate will be undertaken when all appropriate mineralogical and QA/QC work is completed. • Further exploration of Mannar Island adjacent to and under the known mineralisation will be undertaken.