TITANIUM SANDS LIMITED — Major Shareholding Notification 2006

Apr 12, 2006

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Precious Metals Australia Limited
ACN/ARSN
1. Details of substantial holder (1)
Name	JPMorgan Chase & Co. and its affiliates
ACN/ARSN (if applicable)	N/A
There was a change in the interests of the substantial holder on	$10/$ Apr $/$ 2006
The previous notice was given to the company on	22/Dec/2005
The previous notice was dated	22/Dec/2005

2. Previous and present 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 an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Voting power (5) Person's votes		Person's votes	Voting power (5)
Ordinary	6,455,030	8.64%	7,235,740	9.68%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
	See Appendix

4. Present relevant interests

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

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
	See Appendix

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
N/A

6. Addresses

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

Name	Address
JPMorgan Chase & Co.	1111 Polaris Parkway, Columbus, Ohio 43240.

Signature

print name	Lam Chee Kin	capacity	VP / JPMorgan Chase Bank, N.A.
sign here		date	12/APr/2006

DIRECTIONS

$(1)$ 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 annexure to the form. If the relevant interests of a group of 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 6 of the form.

• (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• $(4)$ The voting shares of a company constitute one class unless divided into separate classes.
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(5)$
• $(6)$ Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) $(a)$ applies, a copy of any document setting out the terms of any relevant 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 certifying this contract, scheme or arrangement; 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.

• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired $(7)$ 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.
• If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write $(8)$ "unknown"
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. $(9)$

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

Precious Metals Australia Limited (ISIN:AU000000PMA6)
						Total Asset
Transaction		Type of				Management	Issued share	⅍
date	Entity	transaction	Ccy	Price	Quantity	Positions	capital	owned
Extence assessor de l'acc							6,456,030 72,020,429 3,827
6-Jan-06	JPMAM(UK)	Purchase	AUD	1.38	78.486	6,533,516	74,720.429	8.74%
9-Jan-06	JPMAM(UK)	Purchase	AUD	1.38	47.042	6,580,558	74.720.429	8.81%
10-Jan-06	JPMAM(UK)	Purchase	AUD	1.40	38.048	6,618,606	74.720.429	8.86%
11-Jan-06	JPMAM(UK)	Purchase	AUD	1.40	800	6,619,406	74,720.429	8.86%
12-Jan-06	JPMAM(UK)	Purchase	AUD	1.40	13.500	6,632,906	74.720.429	8.88%
16-Jan-06	JPMAM(UK)	Purchase	AUD	1.40	42.094	6,675,000	74.720.429	8.93%
30-Jan-06	JPMAM(UK)	Purchase	AUD	1.49	39.959	6,714,959	74.720.429	8.99%
31-Jan-06	JPMAM(UK)	Purchase	AUD	1.50	15.000	6,729,959	74,720.429	9.01%
2-Feb-06	JPMAM(UK)	Purchase	AUD	1.50	25.000	6,754,959	74.720.429	9.04%
9-Feb-06	JPMAM(UK)	Sell	AUD	1.55	(40, 821)	6,714,138	74,720.429	8.99%
10-Feb-06	JPMAM(UK)	Sell	AUD	1.55	(120, 179)	6,593,959	74,720,429	8.82%
27-Feb-06	JPMAM(UK)	Purchase	AUD	1.85	19.146	6,613,105	74,720.429	8.85%
21-Mar-06	JPMAM(UK)	Purchase	AUD	2.42	14.599	6,627,704	74.720.429	8.87%
22-Mar-06	JPMAM(UK)	Purchase	AUD	2.59	88.960	6,716,664	74,720.429	8.99%
23-Mar-06	JPMAM(UK)	Purchase	AUD	2.59	38,915	6,755,579	74,720,429	9.04%
24-Mar-06	JPMAM(UK)	Purchase	AUD	2.66	41.120	6.796.699	74.720.429	9.10%
27-Mar-06	JPMAM(UK)	Purchase	AUD	2.80	36.787	6,833,486	74.720.429	9.15%
28-Mar-06	JPMAM(UK)	Purchase	AUD	2.88	22.135	6,855,621	74,720,429	9.18%
29-Mar-06	JPMAM(UK)	Purchase	AUD	2.80	56.225	6,911,846	74.720.429	9.25%
30-Mar-06	JPMAM(UK)	Purchase	AUD	2.75	32.113	6,943,959	74,720.429	9.29%
3-Apr-06	JPMAM(UK)	Purchase	AUD	2.70	25.850	6,969,809	74,720,429	9.33%
4-Apr-06	JPMAM(UK)	Purchase	AUD	2.62	52.450	7,022,259	74,720.429	9.40%
5-Apr-06	JPMAM(UK)	Purchase	AUD	2.38	55.567	7.077.826	74.720.429	9.47%
6-Apr-06	JPMAM(UK)	Purchase	AUD	2.28	66.254	7,144,080	74,720,429	9.56%
7-Apr-06	JPMAM(UK)	Purchase	AUD	2.30	34,360	7,178,440	74,720,429	9.61%
10-Apr-06	JPMAM(UK)	Purchase	AUD	2.69	57.300	7,235,740	74,720.429	9.68%
Balance as at 10 Apr 2006						$1235.749$ $(49.20429)$		SAITE
	"JPMAM(UK)" = JPMorgan Asset Management (UK) Limited