TITANIUM SANDS LIMITED — Major Shareholding Notification 2014

May 27, 2014

Form 605

Corporations Law Section 671B

Notice of ceasing to be a substantial holder

	To Company Name/Scheme Windimurra Vanadium Limited (Former name: Precious Metals Australia Limited)
ACN/ARSN
1. Details of substantial holder (1)
Name	JPMorgan Chase & Co. and its affiliates
ACN (if applicable	NA
The holder ceased to be a substantial holder on	26 /May /2014
	The previous notice was given to the company on 24/ Aug /2007
The previous notice was dated	24/ Aug /2007

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) 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	JPMorgan Asset Management (UK) Limited	In its capacity as investment manager or in various other related capacities	See Appendix	3,386,830 Ordinary Shares	3,386,830
See Appendix	J.P. Morgan Clearing Corporation	Rehypothecation of client securities under a Prime Brokerage Agreement	See Appendix	375 Ordinary	375

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

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

4. Addresses

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

Name		Address
270 Park Avenue, New York 10017, USA JPMorgan Chase & Co.
Signature	print name	Lim Siew May	JPMorgan Chase Bank, N.A. capacity
	sign here		date 28 / May / 2014
		DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related $(1)$ 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 4 of the form.
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Law. $(2)$
• See the definition of "associate" in section 9 of the Corporations Law. $(3)$
• $(4)$ Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If $(a)$ subsection 671B(4) 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 $(b)$ voting powers or 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 Law.

• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant $(5)$ 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.
• The voting shares of a company constitute one class unless divided into separate classes. $(6)$
• Given details, if appropriate, of the present association and any change in that association since the last substantial $(7)$ holding notice.

		Windimurra Vanadium Limited (ISIN: AU0000WVLDA2) [Former Name - Precious Metals Australia Limited ISIN:AU000000PMA6]				Total	Issued share
Transaction date	Entity	Type of transaction	Ccy	Price	Quantity	Positions	capital	% owned
Balance as at 22 Aug 2007						9,037,075	102,625,000	8.81%
23-Aug-07	JPMAM(UK)	Sell	AUD	2.00	16,725	9,053,800	102,625,000	8.82%
23-Nov-07	JPMAM(UK)	Sell	AUD	1.86	(15,000)	9,038,800	102,625,094	8.81%
26-Nov-07	JPMAM(UK)	Sell	AUD	1.91	(6,000)	9,032,800	102,625,094	8.80%
27-Nov-07	JPMAM(UK)	Sell	AUD	2.02	(50,000)	8,982,800	102,625,094	8.75%
28-Nov-07	JPMAM(UK)	Sell	AUD	1.90	(4,000)	8,978,800	102,750,094	8.74%
29-Nov-07	JPMAM(UK)	Sell	AUD	1.95	(20.245)	8,958,555	102,750,094	8.72%
30-Nov-07	JPMAM(UK)	Sell	AUD.	1.95	(46, 171)	8,912,384	102,750.094	8.67%
03-Dec-07	JPMAM(UK)	Sell	AUD	1.95	(28, 362)	8,884,022	102,750,094	8.65%
05-Dec-07	JPMAM(UK)	Sell	AUD	1.85	(20,000)	8,864,022	102,750,094	8.63%
06-Dec-07	JPMAM(UK)	Sell	AUD	1.77	(18, 772)	8,845,250	102,750,094	8.61%
07-Dec-07	JPMAM(UK)	Sell	AUD	1.86	(12, 433)	8,832,817	102,750,094	8.60%
10-Dec-07	JPMAM(UK)	Sell	AUD	1.85	(12, 517)	8,820,300	102,750,094	8.58%
11-Dec-07	JPMAM(UK)	Sell	AUD	1.87	(2,000)	8,818,300	102,750,094	8.58%
12-Dec-07	JPMAM(UK)	Sell	AUD	1.86	(5,000)	8,813,300	102,750,094	8.58%
13-Dec-07	JPMAM(UK)	Sell	AUD	1.88	(8,000)	8,805,300	102,750,094	8.57%
14-Dec-07	JPMAM(UK)	Sell	AUD	1.78	(25,000)	8,780,300	102,750,094	8.55%
17-Dec-07	JPMAM(UK)	Sell	AUD	1.72	(10,000)	8,770,300	102,750,094	8.54%
18-Dec-07	JPMAM(UK)	Sell	AUD	1.57	(25,000)	8,745,300	102,750,094	8.51%
25-Feb-08	JPMAM(UK)	Right entitlement	AUD	1.60	2,915,100	11,660,400	137,000,125	8.51%
04-Apr-08	JPMAM(UK)	Placement	AUD	2.00	2,650,000	14,310,400	153,328,674	9.33%
11-Jun-08	JPMAM(UK)	Sell	AUD	2.61	(162, 239)	14, 148, 161	154,278,674	9.17%
12-Jun-08	JPMAM(UK)	Sell	AUD	2.62	(87, 761)	14,060,400	154,278,674 154,278,674	9.11% 9.02%
07-Jul-08	JPMAM(UK)	Sell	AUD	2.46	(140, 599)	13,919,801	154,278,674	8.93%
08-Jul-08	JPMAM(UK)	Sell	AUD AUD	2.52 2.50	(150,000)	13,769,801 13,758,231	154,278,674	8.92%
09-Jul-08	JPMAM(UK)	Sell	AUD	2.40	(11, 570) (45, 146)	13,713,085	154,278,674	8.89%
10-Jul-08	JPMAM(UK)	Sell Sell	AUD	2.47	(222, 268)	13,490,817	154,278,674	8.74%
11-Jul-08 11-Jul-08	JPMAM(UK) JPMAM(UK)	Sell	AUD	2.47	(114, 537)	13,376,280	154,278,674	8.67%
18-Jul-08	JPMAM(UK)	Sell	AUD	2.31	(118,000)	13,258,280	154,278,674	8.59%
19-Sep-08	JPMAM(UK)	Sell	AUD	1.88	(64, 813)	13, 193, 467	154,278,674	8.55%
	JPMAM(UK)	Sell	AUD	1.88	(57, 187)	13,136,280	154,278,674	8.51%
19-Sep-08 22-Sep-08	JPMAM(UK)	Sell	AUD	1.97	(20, 156)	13,116,124	154,278,674	8.50%
22-Sep-08	JPMAM(UK)	Sell	AUD	1.97	(22, 844)	13,093,280	154,278,674	8.49%
23-Sep-08	JPMAM(UK)	Sell	AUD	1.89	(2, 171)	13,091,109	154,278,674	8.49%
23-Sep-08	JPMAM(UK)	Sell	AUD	1.89	(1, 916)	13,089,193	154,278,674	8.48%
24-Sep-08	JPMAM(UK)	Sell	AUD	1.81	(4, 330)	13,084,863	154,278,674	8.48%
24-Sep-08	JPMAM(UK)	Sell	AUD	1.81	(3,820)	13,081,043	154,278,674	8.48%
25-Sep-08	JPMAM(UK)	Sell	AUD	1.80	(9, 237)	13,071,806	154,278,674	8.47%
25-Sep-08	JPMAM(UK)	Sell	AUD	1.80	(8, 150)	13,063,656	154,278,674	8.47%
26-Sep-08	JPMAM(UK)	Sell	AUD	1.73	(8,906)	13,054,750	154,278,674	8.46%
26-Sep-08	JPMAM(UK)	Sell	AUD	1.73	(10.094)	13,044,656	154,278,674	8.46%
29-Sep-08	JPMAM(UK)	Sell	AUD	1.68	(8, 168)	13,036,488	154,278,674	8.45%
29-Sep-08	JPMAM(UK)	Sell	AUD	1.68	(7, 208)	13,029,280	154,278,674	8.45%
30-Sep-08	JPMAM(UK)	Sell	AUD	1.42	(37, 719)	12,991,561	154,278,674	8.42%
30-Sep-08	JPMAM(UK)	Sell	AUD	1.42	(33, 281)	12,958,280	154,278,674	8.40%
01-Oct-08	JPMAM(UK)	Sell	AUD	1.45	(14, 531)	12,943,749	154,278,674	8.39%
01-Oct-08	JPMAM(UK)	Sell	AUD	1.45	(16, 468)	12,927,281	154,278,674	8.38%
02-Oct-08	JPMAM(UK)	Sell	AUD	1.38	(21, 051)	12,906,230	154,278,674	8.37%
02-Oct-08	JPMAM(UK)	Sell	AUD	1.38	(18, 575)	12,887,655	154,278,674	8.35%
03-Oct-08	JPMAM(UK)	Sell	AUD	1.20	(68, 730)	12,818,925	154,278,674	8.31%
03-Oct-08	JPMAM(UK)	Sell	AUD	1.20	(60, 645)	12,758,280	154,278,674	8.27%
07-Oct-08	JPMAM(UK)	Sell	AUD	1.20	(66, 539)	12,691,741	154,278,674	8.23%
07-Oct-08	JPMAM(UK)	Sell	AUD	1.20	(58, 711)	12,633,030	154,278,674	8.19%
10-Oct-08	JPMAM(UK)	Sell	AUD	0.63	(41, 191)	12.591,839	154,278,674	8.16%
10-Oct-08	JPMAM(UK)	Sell	AUD	0.63	(46, 684)	12,545,155	154,278,674	8.13%
13-Oct-08	JPMAM(UK)	Sell	AUD	0.71	(56, 836)	12,488,319	154,278,674	8.09%
13-Oct-08	JPMAM(UK)	Sell	AUD	0.71	(64, 414)	12,423,905	154,278,674	8.05%
						12,423,905	154,278,674	8.05%

Balance at 14 Oct 2008 till 13 Mar 2013

12,423,905 154,278,674 $8.05%$

Balance as at 14 Mar 2013		Capital consolidation of securities on a 1 for 8 basis		1,552,987	19,284,366	8.05%
Balance as at 31 Dec 2013				1,552,987	19,284,366	8.05%
$11-Mar-14$	JPMCC	On-lend	375	1.553,362	19,284,366	8.06%
Balance as at 25 May 2014				1,553,362	19,284,366	8.06%
Balance as of 26 May 2014				1,553,362	399,284,366	0.39%

"JPMAM(UK)" = JPMorgan Asset Management (UK) Limited
"JPMCC" = J.P.Morgan Clearing Corp