TITANIUM SANDS LIMITED — Major Shareholding Notification 2006

Nov 30, 2006

Facsimile

Level 41, Aurora Place 88 Phillip Street Sydney NSW 2000 Australia telephone 02 9994 7000 facsimile 02 9994 7777

www.challenger.com.au Challenger Financial Services Group Limited ABN 85 106 842 371

ASY To Challenger. Company From Fax no $\mathbf{3}$ No. of pages 112106 Date $CC$ Re

Dear

Strictly Private and Confidential: This facsimile is intended for the named recipient only. The information contained may be confidential, legally privileged or commercially sensitive. If you are not the intended recipient you must not reproduce or distribute any part of the facsimile, disclose it's contents to any other party, or take any action in reliance on it. If you have discussions any part of any recentive, discusse its contents to any party of the any selection of the fact in the

$\mathbf{I}$

Level 10, 101 Collins Street Melbourne VIC 3000 Australia telephone 03 8616 1766 facsimile 03 8616 1760 www.kineticlp.com.au

ABN 28 009 568 498 AFSL 234674

1 December 2006

The Manager Company Announcements Office Australian Stock Exchange Limited 20 Bridge Street SYDNEY NSW 2000

By electronic lodgement

Dear Sir

Re: Notice of initial substantial holder ~ Precious Metal Australia Ltd (PMA)

We enclose notice of initial substantial holder in Precious Metal Australia Ltd. This notice is given by Kinetic Investment Partners Limited.

Yours faithfully

Alison Stephenson Company Secretary

attach

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme ACN/ARSN	Precious Metal Australia Limited 009 131 533
Details of substantial holder (1) Name ACN/ARSN (if applicable)	Kine tic Investmen t Pa rt ners Limited 106 842 371
The holder became a substantial holder on	30/11/2006

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 an associate (2) had a relevant interest (3) In on the date the substantial holder became a substantial holder are as follows: $\overline{1}$ $\overline{1}$ $\overline{1}$ $\overline{2}$ $\overline{4}$ $\overline{2}$ $\overline{2}$ $\overline{2}$ $\overline{2}$ $\overline{2}$ $\overline{2}$ $\overline{2}$ $\overline{2}$ $\overline{2}$ $\overline{2}$ $\overline{2}$ $\overline{2}$ $\overline{2}$ $\overline{2}$ $\overline{2}$ $\overline{2}$ $\overline{2}$ $\overline{2}$ $\overline{2}$ $\overline{$

- - -			Persons votes (5)	vojing power 19.
	Class of securities (4)	Number of securities		5.12%
		3,848,156	5,848,156
	Ordinary Fully Paid

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. $\overline{\phantom{a}}$

1 Holder of relevan t interest └ Kinetic Investment Partners	Nature of relevant interest (7)	$\cup$ Class and number of securities $_$ See Annexure 1
Limited

4. Details of present registered holders

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

.		Person entitled to be	Class and number of
Holder of relevant	Registered holder of securities	registered as holder (8)	s ecur ities
Interest	ANZ Nominees Ltd	ANZ Nominees Ltd	364.101
Kinetic Investment
Partners Limited	BNP Paribas Securities	BNP Paribas Securities	404,085
As above	Services	Services
As above	JP Morgan Nominees	JP Morgan Nominees Australia Ltd	2.889,904
	Australia Ltd National Nominees Ltd	National Nominees Ltd	190.066
As above

--
The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the dey that the substantial holder became a substantial holder is

s es 10110w5;		Consideration (9)		Class and number
Holder of relevant	Date of acquisition	Cash	Non-cash	of securities
interest Kinetic Investment	See Annexure 1	See		See Annexure 1
Partners Limited		Annexure 1

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

Name and ACN/ARSN (If applicable)	Natura of association

7. Addresses

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

	Address
Name	Level 10, 101 Collins Street, Melbourne
Kinetic Investment Part ners Limi ted_____

Signature

print name	Alison Stephenson	capacity Company Secretary
sign here		date 01/12/2006
	-71 NZ.

Page 1

$\overline{\phantom{a}}$

PMA 301106 (Kinetic) - Summary and Annexure 2

Annexure 1

This is page 1 of 1 page of Annexure 1 referred to in Form 603 signed by me and dated 01/12/2006

Allson Stephenson

Transactions:

— —— —

$\bar{1}$ $\frac{1}{4}$

				Number of	Porson's Voles
		Naturo of	Consideration	sacuritiosi	Affacted
pate of Change	Holder of relavant interest	Chango Buy	443.63B.BE	314,985	315.086
09/10/2006		Buy	980.781.15	064,016	084,015
03/10/2006		Buy	5,093,51	3,144.00	3.144
24/05/2006		Euv	25,300.02	13,272.00	13 272
24/05/2006		Buy	8,690.64	4,664.00	4,884
26/05/2008		£лу	37.592.55	19,089.00	19,080
25/06/2008		Euy	327,88	-72.00	172 720
26/05/2008		Euy	1,867.77	728.00	2,011
20/05/2005		EUY	5,753,68	2,811.00	12.280
29/05/2006		Buy	24,269,22	12,268.00	604
28/05/2008		Buy	1,193.51	604.00	2.663
00/00/2006		Buy	5,528,84	2,000.00	10.000
06/04/2006		Sell	17,442.25	10,000.00	14.000
09/07/2008		Sel	24,409.38	14,000.00 6,300,00	6,300
04/17/2006		Boll	11.079.03	19,103,00	10,103
05/07/2008		Sell	38,206.00	19.103.00	10,103
13/07/2006		Buy	38,208.00	8.03	н
13/07/2006		Buy	10,05	64.OO	84
26/07/2006		Buy	140.16	1,910.00	د دو. د
26/07/2006		Buy	3,390.CO 657.77	298.OO	299
26/07/2008 31/07/2004		Bцу	9,266.08	4,198.00	4,196
31/07/2006		Buy	210,602.18	96,504.00	95,604
31/07/2008		Buy	543.59	268,00	250
01/08/2000		Euy	7,646.10	5,6 30.00	3,630
01/06/2006		Buy Buy	173,008.71	82,564.00	62,584
01/08/2008		Buy	132.44	66,00	86
02/08/2005		Buy	1,00014	930.00	930
02/06/2008		βυγ	42,447.91	21.154.00	4 ج 1. 21 346
02/06/2009		Buy	691.82	346.00	4,856
03/08/2008		Buy	a, 700.45	4,858.00	110,478
03/06/2008		Buy	220, B04.17	110.470.00	8,131
03/06/2006		Euy	13.435.00	8.131.00	22,416
11/09/2006		Buy	37,040.00	22,416.00 B GP7 00	8,697
11/09/2006		Euy	14, 371.23	5,059,00	5,056
11/09/2000		Buy	8.447.04 23.284.47	13,837.00	13,837
12/09/2006		Buy	0.033,45	5,407.00	5,407
12/03/2006 12/09/2008		Pυγ	4 353.66	2.594.00	$2.50*$
13/09/2006		Buy	12.003.35	7,152.00	7.162
13/CB/2003		Buy	4,666.66	2,774.00	2,774
13/09/2008		Euv BHY	20.003.77	12,000,00	12,000
14/09/2008		Euy	66,796.61	33,300,00	33,300
14/08/2006		μıγ	22,080.46	12,020.00	12,920
4/00/2008		Buy	22,565,40	$\overline{\mathbf{12}}_1$ 026,00 $\overline{\mathbf{3}}_2$	12,020 36.033
8/08/2009		Euy	82,208.02	35.635.00	TS 024
19/08/2006		Buy	24,133,14	13,924.00 1,703.00	1797
18/09/2008		Euy	3,105,09	4,042.00	4 942
21/08/2006		Fuy	8,806.45	1,018.00	T 018
21/00/2006 21/D0/2008		Buy	5.417,80 11,707.91	8,483.00	6,483
22/09/2006		Euy	32,273.05	17,871.00	17.871
22/09/2008		uuy	12,520,68	6,033,00	6,933
22/08/2006		Buy Buy	1 071,624.40	600,000.00	000,000
06/10/200 6		Buy	100.745,14	105,888.00	105,809
08/10/2006		Buy	82,603,59	44,821,00	44,021
10/10/2006		Buy	217,342,48	103.102.00	101,102
10/10/2008		Buy	904,159.16	402.1EB.CO	402,168 $\overline{2.017}$
03/11/2006		Buy	3.010.07	2,017.0 0
06/11/2006		Buy	63,096.09	26,113.00	26.113 15,370
08/11/2000		Buy	36,236.70	15,370.00	240,005
10/11/2006		Buy	568,208.25	240,085.00	7.142
14/11/2006		Buy	18,838.09	7,142.00 4,322.00	4,322
16/11/2008		Buy	10,190.22	1,999.00	1,999
15/11/2005 10/11/2000		Βųγ	4,713.15 2,050.62	1,200.00	1,200
		Buy		76,494.00	78,494
16/11/2008 17/11/2009		Buy	182,273.88 110,300.19	47.502.00	47,502
17/11/2006		Buy	171, 77 96	75.070.00	75,070
20/11/2006		Buy	103,712 64	45,430,00	45,430
20/11/2008		Buy		86.895,00	88,005
22/11/2006		Buy	164,613.81 117,595.87	52.047.00	52,847
22/11/2006		Buy	48.677.25	21,300.00	21.300
26/11/2008		Bry	29.457.73	12,590.00	12,890
		B-y	413,207.90	182,234.00	152,234
29/11/2008		Ъv		7,632.00	7,532