TITANIUM SANDS LIMITED — Capital/Financing Update 2022

Jan 3, 2022

Resource Infill and Extension Drilling Program Commences

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ASX RELEASE

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4[th] January 2022

TITANIUM SANDS LIMITED ACN 009 131 533

Level 11, London House 216 St. Georges Terrace Perth Western Australia 6000 Tel: +61 (08) 9481 0389 Facsimile: +61 (08) 94636103 email

http://titaniumsands.com.au

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The Board of Titanium Sands Limited (“TSL”) wish to confirm the infill and extension drilling exploration program on TSL’s heavy mineral project in Sri Lanka has commenced under the management of the Geological Survey and Mines Bureau Technical Services Division (“GSMBTS”).

As announced to the market (ASX:TSL 23/12/21) the program will consist of about 300 holes for a total meterage of around 3,600m. The primary objective of the drilling will be to convert more of the resource in the highgrade zone from an inferred to indicated mineral resource category by decreasing the RC aircore drill line separation from a nominal 400m to 200m. A secondary objective will be to drill 12m deep holes beneath a 2.2km[2] area of the high-grade zone resource only tested by shallow auger drilling down to 2-3m below surface.

The program will be within the Company’s high grade zone as outlined in the initial scoping study (ASX:TSL 16/06/2020). The existing high-grade zone contains a mineral resource[1] of 93Mt at 5.24%THM of which 32% is in the indicated category (Table 1). This high-grade zone represents only 35% of the total current mineral resource estimate for the project of 265Mt at 4.38%THM (Table 2).

Contact:

Dr James Searle Managing Director Tel: +61 419 949 636 james.searle@titaniumsands.com.au

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Directors

Lee Christensen Dr James Searle Jason Ferris

The drilling program is expected to take up to 7 weeks from commencement date however conclusion of the drilling program is expected by 11 February 2022[2] . Processing of samples through the Company’s on-site sample preparation facilities will be undertaken concurrently with the drilling. Analytical laboratory determinations of Total Heavy Mineral content of samples is expected to be completed around the end of February 2022.

An updated resource estimate will follow allowing for a revision of the project’s scoping study and will assist the Company’s proposed mining license application process.

Weekly updates will be provided through to completion of the program.

Ticket

ASX: TSL

The ASX voluntary suspension that began on Friday 23[rd] April 2021 in respect of TSL shares will be lifted by the ASX and recommencement of trading will commence immediately.

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Table 1 Mineral resource estimate for a higher grade zone contained within the resources tabulated below for a 2% (THM) lower cut off. Previously reported to the ASX in full compliance with the JORC 2012 requirements see below[1] .

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Table 2 Mineral Resource Estimate based on a lower cut off of 2% (THM). Previously reported to the ASX in full compliance with the JORC 2012 requirements see below[1] .

Ends-

The Board of Directors of Titanium Sands Ltd authorised this announcement to be given to the ASX and confirms compliance with Listing Rule 3.1.

Further information contact:

James Searle

Managing Director T: +61 8 9481 0389

E: info@titaniumsands.com.au

Footnotes

1 Previously reported to the ASX 14th of September 2020 ‘’Project update and garnet added to resource estimate’’

2 Subject to wet season weather conditions and any rig maintenance issues.

Competent Persons Statements

Except where indicated, exploration results above have been reviewed and compiled by James Searle BSc (hons), PhD, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy, with over 37 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.

Compliance Statement

This report includes information (Table 1 and 2) that relates to Exploration Results and Mineral Resources prepared and first disclosed under JORC Code 2012. The information was extracted from the Company’s previous ASX announcement as follows: Released to the ASX 24/9/2020 “ ’Project update and garnet added to resource estimate ”. This announcements is available to view on the Company’s website www.titaniumsands.com.au

The Company confirms that it is not aware of any new information or data that materially affect the information included in the relevant market announcement and, in the case of estimates of the Company’s Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply with respect to the resource block model and total heavy mineral content and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the relevant original market announcements.

Forward Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning the Company’s planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "expect," "intend," "may”, "potential," "should", “further” and similar expressions are forward-looking statements. Although the Company believes that its expectations reflected in these forward- looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that further exploration will result in additional Mineral Resources.