TITANIUM SANDS LIMITED — Major Shareholding Notification 2004

Jan 12, 2004

TAGORA PTY, LTD.

A.C.N: 008 961 813 A.B.N.: 45 008 961 813

PO Box 467 50 Bavview Terrace Claremont WA 6910 AUSTRALIA

FAX: 9385 0603 TEL:9385 0601 EMAIL: earl@warwick.hm

International Dialing Code +618

DATE: Tuesday, January 13, 2004 TIME:1:13 PM PAGES: 3 (Incl. This)

TO : Australian Stock Exchange COMPANY : Australian Stock Exchange : 1900 999 279 FAX NO YOUR REF :

FROM: : Earl of Warwick : Form 604 SUBJECT

FILE REF: :

Message:

Notice of change of interests of substantial holder Enclosed is Form 604.

Earl of Warwick Director

	Form 604 Corporations Act 2001 Section 671B
	Notice of change of interests of substantial holder
To Combany Name/Scheme	PRECIOUS METALS AUSTRALIA LIMITED
ACN/ARSN	009 131 533
1. Details of substantial holder(1)
Name.	$T$ AGORA $PT$ $LT$ )
ACN/ARSN Of superable)	ठव्ह १६८ झुर
There was a change in the interests of the substantial holder on	6/1/4
The previous notice was given to the company on The primous notice was deted	$\frac{1}{2}$

2. Provious and present voting power

The total number of votes attached by all this viting shares in the contoany or voting interests in the scheme that the substantial halder or an associate (2) had a relevant interest (3)
In what last roquined, and when how

Class of securities (4)	Previous hotics		Present notice	$\cdots$
ORDINARY SHARES	Person's votes 1,980,633	Voling power (5) $12.49\,\%$ ----	Person's volume 9.123.490	Vetters cover I 67 A

1. Chainges in relevant interests

Paticularsofeach change in, or change in the nature of, a relevant information the substantial holder or as associate in voting securities of the company or scheme, whice the
substantial holder was last required to give a

Date of change	Person whose relevant internat changed	Nature of change (5)	Consideration olven in relation. to charge (7)	Class and number of securities. affected	Person's votes a Metrid
19.12.63	₽IL TALORA	$PLA^{\prime EHEH}T$	\$200,000	TER 17.741 LANS CAO	"Z857.143" 5 H A) $-AD$
6.91.04	$\blacksquare$	1999	\$ 300,000	प्य, २६५, ३४४ LANT GAD	T4255777 CAD THAT

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting sectiones after the change are as follows

Ho der a relevant interest	Reductored hnider of securities	Person emitted to be registered as holder (B)	Nature of rekevant. innerest (6)	Chas and multivized of SELUTION	Person's votes
TAGORA FILT	$7746$ or $\lambda$ $\mathsf{P}$ $\mathsf{R}$ $\mathsf{T}$	$\overline{17}$ AGORA P/C	PURSUANT TO ELOBAL		27.67

5. Changes in association

The begans who have become associates (2) of ceased to be associates of or have changed the nature of their maximation fill with, the substantial holder in relation to voting. interests in the commany or scheme are as follows

Name and ACN/ARSN (if applicable) --------	. Mature of association ______ .
r 1 m	--- _________

6. Addresses

The addresses of persons named in this form are as follows.

Name TALORA PTY LTD	Aduress $P = 30x, 467$	---------	CLAREMONT	WA GOLO,

DIRECTIONS

if there are a number of substantial holders with similar or related relevant interests (eg. a comporation and its related corporations, or the manager and bustee of an throughout the form as a spacecally named group if the nembership of each group, with the replaces of members is clearly set out in paragraph 6 of the
equity trist), the names could be included in an american be form. If t $\vert 1 \rangle$ from:

• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001 $\alpha$
• The voting shares of a contpany constitute are class unless divided into separate classes. $\mu$
• The person's votes divided by the total votes in the body corporate of scheme multiplied by 100 O)
• Include decade of: $\ddot{\mathbf{b}}$
• -----
  and relevant ngreement or noter circumstances becouse of which the change in relevant interest becurred. His assembles a copy of any
  Gocument setting out the terms of any relevant agreement, and a slatement by the be ø
• any qualification of the power of a betson to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to M which the isleasnt interest relates (indicably clustly the particular securities to which the qualification abolies)

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001

• Deceils of the consideration must include any and all bonests, money end drive, that any operation of the only the proportion and the content income of the content of the content of the content of the content of the conten $\boldsymbol{\eta}$ the relevant interest was acquired
• if the substantial holder is unable to determine the relentity of the person (eq. if the ralevant interest arises because of an option) with "unknown" $\overline{\mathbf{u}}$
• Give details. If appropriate, of the present association and any change in that association show the last submantial heiding notice m

See the distinction of "ansociate" in section 8 of the Corporations Act 2001. ø