TITANIUM SANDS LIMITED — Major Shareholding Notification 2007

Sep 5, 2007

Form 604

Corporations Act 2001 Section 671B

Notice of change of interest of substantial holder

To Company Name/Scheme	Precious Metals Australia Limited
CAN/ARSN	65 009 131 533
Details of substantial holder (1) 1.

Name	Matterhorn Investment Management LLP ("MIM")
CAN/ARSN (if applicable)
There was a change in the interests of the substantial holder on	31 / 08 / 2007
The previous notice was given to the company on	15 / 12 / 2006
The previous notice was dated	15 / 12 / 2006

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
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary	13,191,668	15.2%	16,727,600	16.3%

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 acquisition	Person Whose relevant interest changed	Nature of change	Consideration given in relation to change	Class and Number of Securities affected	Person's votes affected
31/08/2007	MIM re REF	Share Purchase	\$656,600.00	350,000	350,000
27/06/2007	MIM re REF	Share Purchase	\$764,075.60	308,095	308,095
27/06/2007	MIM re PAL	Share Sale	\$761,783.37	308,095	308,095
02/05/2007	MIM re PAL	Share Purchase	\$16,007.88	8,000	8,000
01/05/2007	MIM re PAL	Share Purchase	\$79,300.19	39,700	39,700
06/03/2007	MIM re WHF	Share Purchase	\$119,915.81	65,000	65,000
01/03/2007	MIM re WHF	Share Purchase	\$130,158.13	68,496	68,496
22/02/2007	MIM re WHF	Share Purchase	\$128,203.79	66,504	66.504
15/02/2007	MIM re TST	Existing holding	N/A	100,000	100,000
01/02/2007	MIM re WHF	Share Purchase	\$2,017,557.75	1,034,645	1.034.645

01/02/2007	MIM re REF	Share Purchase	\$424,749.00	217,820	217,820
01/02/2007	MIM re PAL	Share Purchase	\$31,638.75	16,225	16,225
01/02/2007	MIM re MPF	Share Purchase	\$2,699,279.70	1,384,246	1.384,246
02/01/2007	MIM re WHF	Share Purchase	\$152,391.00	64,300	64,300
02/01/2007	MIM re PAL	Share Sale	\$152,228.61	64,300	64.300
29/12/2006	MIM re WHF	Share Purchase	\$254,595.35	110,000	110.000
28/12/2006	MIM re WHF	Share Purchase	\$165,056.46	75,296	75.296

WHF	The Wildhorn Fund
REF	The Matterhorn Resources and Energy Fund
PAL	PDS Master Fund Series PAL
MPF	The Palmyra Fund
TST	The Tresillian Trust

4. Present relevant interest

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	Nature of relevant interest	Class and Number of Securities	Person's votes
Matterhorn Investment Management LLP ("MIM")	Westpac Custodian Nominees Ltd a/c Morgan Stanley & Co International	The Palmyra Fund	Fund managed by MIM	Ordinarv	11,099,555
Matterhorn Investment Management LLP ("MIM")	Westpac Custodian Nominees Ltd a/c Morgan Stanley & Co International	PDS Master Fund Series PAL	Fund previously managed by MTM	Ordinarv	n
Matterhorn Investment Management LLP ("MIM")	HSBC Custody Nominees (Australia) Limited	The Matterhorn Resources and Energy Fund	Fund managed by MIM	Ordinary	2,126,777
Matterhorn Investment Management LLP ("MIM")	HSBC Custody Nominees (Australia) Limited	The Wildhorn Fund	Fund managed by MIM	Ordinarv	3,401,268
Matterhorn Investment Management LLP ("MIM")	ANZ Nominees Limited	The Tresillian Trust	Fund managed by MIM	Ordinarv	100,000

5. Change 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 CAN/ARSN (if applicable)	Nature of association
The Tresillian Trust	Fund managed by MIM
PDS Master Fund Series PAL	Fund previously managed by MIM

6. Addresses

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

Name	Address
Matterhorn Investment Management LLP	29 Oueen Anne's Gate, London SW1H 9BU
The Palmyra Fund	c/o Matterhorn Investment Management LLP, 29 Queen Anne's Gate, London SW1H 9BU
PDS Master Fund Saries PAL	c/o Matterhorn Investment Management LLP, 29 Queen Anne's Gate, London SW1H 9BU
The Matterhorn Resources and Energy Fund	c/o Matterhorn Investment Management LLP, 29 Queen Anne's Gate, London SWIH 9BU
The Wildhorn Fund	c/o Matterhorn Investment Management LLP, 29 Queen Anne's Gate, London SW1H 9BU
The Tresillian Trust	c/o Matterhorn Investment Management LLP, 29 Queen Anne's Gate, London SW1H 9BU

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