TITANIUM SANDS LIMITED — Major Shareholding Notification 2005

Oct 23, 2005

FACSIMILE TRANSMISSION

TO.	ASX - Companies		Keith Coughlan - Director
Cov		Fax No.	+618 9325 7355
Fax $No.$ :	1900 999 279	Mobile No.	041 999 6333
Date:	24 Oct. 05	E-mail	kcoughlan@montagustockbrokers.com.au

Number of pages sent including cover sheet 3_

Please see following Form 603 for release to the Market.

MONTAGU STOCKBROKERS PTY LTD ABN 46 009 368 432 LEVEL 2, 37 ST GEORGES TERRACE PERTH WESTERN AUSTRALIA 6000

PO BOX Z5005 PERTH ST GEORGES TERRACE WESTERN AUSTRALIA 6831

				20/10 2005 10:26 FAX 004408707108448
--	--	--	--	--------------------------------------

MATTERHORN INVES

Q01 603 Page 1 of 2 15 July 2001

Form 603

$\cdots$

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme	Precious Metals Australia Limited
ACN/ARSN	65 009 131 533
1. Details of substantial holder (1)
Name	Westpac Custodian Nominees Limited
ACN/ARSN (if applicable)
The holder became a substantial holder on	30/09/2005

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or and the complete of your substitute to see the young shares in the company of young manage in the condition one concern
An associate (2) had a relevant interest (3) in on the date the substantial holder became a substantia

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
Ordinary	3,429,603	3,423,603	5.34

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows: r

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
The Palmyra Fund	Beneficial Owner	Ordinary 3,423,603

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant Interest	Registered holder of securities	Person entitled to be registered as holder (8)	Class and number of securities
The Palmyra Fund	Westpac Custodian Nominess Limited	N/A	Ordinary 3, 423, 603

5. Constdaration

The consideration paid for each relevant interest referred to in peragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows: $T \cdot T$

interest	HOlder of relevant Date of acquisition Consideration (9)		Class and number of securities
		Cash	Non-cach
The Palmyra Fund	12/08/05	\$899,498.60		Ordinary 1,284,998
The Palmyra Fund	30/09/05	\$1,497.029.00		Ordinary 2,138,605

$\alpha$

20/10 2005 10:26 FAX 004408707108448

MATTERHORN INVES

@ 02 603 Page 2 of 2 15 July 2001

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

, Name and ACN/ARSN (if applicable)	Nature of association
$M/\lambda$

7. Addresses

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

Name	Address
The Palmyra Pund	PO BOX 309 GT, UGLAND HOUSE, SCUTH CHURCH STREET GEORGETOWN
	(GRAND CATMAN, CATMAN ISLANDS

DIRECTIONS

If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the
manager and trustee of an equity trust), the names could be included in an ann $(1)$ persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.

• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(3)$
• $\langle 4 \rangle$ The voting shares of a company constitute one class unless divided into separate classes.
• The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an $(5)$ essociate has a relevant interest in.
• $\langle 6 \rangle$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• $\langle 7 \rangle$ Include details of:
• eny relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 6718(4) applies, a copy of $(a)$ any document setting out the terms of any relevent agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement cartifying this contract, scheme or errangement; and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or (b) disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

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

• If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write $(6)$ "unknown"
• (*) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

⁽²⁾ See the definition of "associate" in section 9 of the Corporations Act 2001.