TITANIUM SANDS LIMITED — Capital/Financing Update 2023

Jul 17, 2023

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ASX RELEASE

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18[th] July 2023

TITANIUM SANDS LIMITED ACN 009 131 533

Level 8, London House 216 St. Georges Terrace Perth Western Australia 6000 Tel: +61 (08) 9481 0389 Facsimile: +61 (08) 9463 6103 email http://titaniumsands.com.au

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GSMB approve and identify Mannar project as economically viable for mining

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Titanium Sands Limited (the “Company”) is pleased to announce that TSL’s final exploration reports have been evaluated by the Geological Survey and Mines Bureau (“GSMB”). The GSMB has identified the Mannar Project as economically viable for mining and therefore approved to complete an Environmental Impact Assessment (“EIA”) for consideration of the issue of a mining license for the Mannar Project.

The Company announced results of the Mannar Project Scoping Study showing a Net Present Value of $545m for stage one (ASX:TSL 12/5/23)[1] with total gross project revenue of $2.0 billion and total nett revenue of $1.28 billion. As reported the project has an IRR of 52% and is expected to employ up to 1,200 people directly in operations and the related sustainable agricultural developments when fully operational.

The GSMB have instructed the Central Environment Authority (“CEA”) to initiate the environmental clearance process and to provide a recommendation to the GSMB on the EIA.

Contact:

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

Further to the Company’s previous EIA announcement (ASX:TSL 10/02/2023)[2] , external Colombo based engineering and environmental consultants were appointed in February. The consultants will continue their work to date and now work closely with the CEA to finalise the environmental clearance process.

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Directors

Lee Christensen Dr James Searle Jason Ferris

Ticket ASX: TSL

TSL Managing Director Dr James Searle said “the GSMB’s identification of the project as “economically viable for mining” and their request to the CEA to “initiate the environmental clearance process” is a significant milestone for the Company. TSL will now focus all efforts on finalising the process in a timely manner to allow the GSMB’s “consideration of the issuance of the mining license”.

The Company will provide updates to shareholders in due course as it progresses the environmental clearance with the CEA and the other activities required to obtain mining licence approval at the Mannar Island Project.

Ends-

The Board of Directors of Titanium Sands Ltd authorised this announcement to be given to the ASX. Further information contact: James Searle

Managing Director T: +61 8 9481 0389

E: info@titaniumsands.com.au

Note 1 ASX Announcement 12[th] of May 2023, Scoping Study - Mannar Heavy Mineral Project.

In accordance with ASX Listing Rule 5.19.2, TSL confirms that all the material assumptions underpinning the forecast financial information contained in the Scoping Study as reported to the ASX on 12[th] May 2023, continue to apply and have not materially changed.

Note 2 ASX Announcement 10[th] of February 2023, Consultants Engaged for EIA on Sri Lankan Asset