BUILDING A TIER 1 MINERAL SANDS COMPANY

GMP MINING JAMBOREE FEBRUARY 2014

Disclaimer

This presentation has been prepared by World Titanium Resources Ltd (WTR). Certain information in this document has been derived from third parties, and though WTR has no reason to believe that it is not accurate, reliable or complete, it has notderived from third parties, and though WTR has no reason to believe that it is not accurate, reliable or complete, it has notbeen independently audited or verified by WTR. Any forward-looking statements included in this document involve subjective judgement and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and may be unknown to, WTR. In particular, such statements are only as of the date of this document, assume the success of WTR’s strategies, and are subject to significant political, regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward-looking statements and the assumptions on which the f d l ki t t t b d R i i t f thi d t ("R i i t ") ti d t t l d li forward-looking statements are based. Recipients of this document ("Recipients") are cautioned to not place undue reliance on such forward-looking statements.

WTR makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not take responsibility for updating any information or correcting any error or omission which may become apparent afterthis document has been issued. To the extent permitted by law, WTR and its officers, employees, related entities and agents ("Agents") disclaim all liability direct indirect or consequential (and whether or not arising out of the negligence default or ( Agents ) disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of WTR and/or any of its Agents) for any loss or damage suffered by a Recipient or other persons arising out of, orin connection with, any use or reliance on this presentation or information.

All amounts in A$ unless stated otherwise.

Ian Ransome, B.Sc. (Hons) Geology, Pr.Sci.Nat., a Director of the Company, who is a registered geological scientist with the South African Council for Natural Scientific Professions (SACNASP), and has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration, and is thus a Qualified Person in terms of the JORC Code, has reviewed and consented to the inclusion of the scientific and technical information contained in this presentation.

Building a Tier 1 Mineral Sands Company 2

Ranobe: Focus on a high grade quality Project

• Ranobe Mine‣ Large, scalable 959Mt grading 6.1% HMHM suite-72% Ilmenite

-5.5% Zircon2 4% Rutile-2.4% Rutile

-4.4% Slimes‣ Quality sulphate ilmenite and R/Z conc.Q y p /

• Growth options at 3 other deposits-

Morombe 2.5Bt grading 1-3% HM

Basibasy 445Mt grading 4.5-5.5% HM

Ankililoaka 365 Mt grading 5-6% HM

Building a Tier 1 Mineral Sands Company 3

• Now reassessing all the DFS components

World Titanium – corporate snapshot

Listing ASX (WTR)

History in MadagascarCapitalisation

2001‐2005 Drilling over 800 holes identified 4 areas showed 710 Mt at 6 3%HM

12 mth price range A$0.27 – $0.08

Shares 362,006,589

showed 710 Mt at 6.3%HM

2005‐2009 Exarro completed JORC , scoping study

2009‐2012Madagascar  Resources‐TZMI review start in 2009 –dashboard study ‐707Mt at 

Market cap A$33M at 9 cents

Cash (1/2/2014) A$4.0M

Major holders 20.1% Boulle Titanium19 1% Mineral Deposits

6.5%HM

2012 WTR float

2012‐now TZMI‐362 holes‐DES, EIS, trial mining for Ranobe Reserve 161Mt at 8.2%HM 19.1% Mineral Deposits 

New management team

Nic Limb Non‐Executive Chairman

JeffWilliams CEOas fromNov 18Jeff Williams CEO as from Nov 18

Mahen Sookun    CFO as from Sep 12

J l L Cl i C t M

Building a Tier 1 Mineral Sands Company 4

Jules LeClezio Country Manager

Secured Ranobe Mining Licences

Mining licences granted April 2012Ranobe LicencesMineral Resource

959 Mt @ 6.1% THMg g p• 40 year licences, renewable• 313 million tonne Mineral Resource

Mining Licence (1)Mineral Resource

176 Mt @ 8.1% THMOre Reserve

161 Mt @ 8 2% THM• Average grade 7.6% THM

Exploration licence renewed April 2012

161 Mt @ 8.2% THM

p p• 3 year licence• Convertible into a mining licence• Covers rest of the Mineral Resource• 959 million tonnes at 6.1% THM

Mining Licence (2)Mineral Resource

137 Mt @ 6.9

Building a Tier 1 Mineral Sands Company 5

2013: The Year In Review• Ranobe Mining Licences granted in April 2012 and DES in August 2012

• Maiden Ore Reserve at Ranobe of 161 Mt grading 8.2%HMg g

• Water extraction rights granted

• Ranobe 362 hole drill program completed• Ranobe 362 hole drill program completed

• Trial mining program complete and successful customer test work

• AML Perth-6 tonne Bulk sample confirmed process design and product quality

2014: Where are we?• New Government elected- Mr Hery Rajaonarimampianina

• ESIA Scoping phase to be completed in March quarter 2014

• ESIA submission to Government planned

• ESIA permit process 6 months re-visit logistics/engineering to reduce

Building a Tier 1 Mineral Sands Company 6

ESIA permit process 6 months _ re visit logistics/engineering to reduce capital costs?

Definitive Engineering Study

Input from experts • TZMI process and overall study management• TZMI – process and overall study management• EPMS – engineering• JFA BMT – port design• McDonald Speijers – Resource and ReserveMcDonald Speijers Resource and Reserve• IMLS Mine contractors – dry mining• Haul road operator – haul road truck design• COLAS – In country costs and civil engineering

Simple mining, processing and logistics• Single dry mine with 2 Front End Loadersg y• Pump slurry to Primary Concentrator• Mineral Separation Plant at mine site• Sulphate and chloride ilmenite• Zircon/rutile concentrate• 55km road to storage and barge and/or jetty• Direct load vessels in reef sheltered water

Building a Tier 1 Mineral Sands Company 7

Increased Resource, Maiden Reserve

36% Increase in Mineral Resource Mineral Resource959 million tonnes

• 959 million tonnes at 6.1% THM• One continuous deposit

C t ff d f 3%

959 million tonnes @ 6.1% THM

• Cut off grade of 3%

Maiden Ore ReserveMaiden Ore Reserve• 161 million tonnes at 8.2% THM• 21 year LOM Ore Reserve

161 illi t • Just 17% of current Mineral Resource• >100 years at initial production rate

161 million tonnes @ 8.2% THM

Building a Tier 1 Mineral Sands Company 8

Completed Ranobe drilling program• 8000m, 362 hole program• Resource development and mine optimisation

Building a Tier 1 Mineral Sands Company 9

Successful Trial Mining• Free digging, stable pit walls

• Confirmed suitability of front end loader dry miningConfirmed suitability of front end loader dry mining

Building a Tier 1 Mineral Sands Company 10

Successful Trial Mining

Building a Tier 1 Mineral Sands Company 11

Sample Processing• 6 tonne ore sample shipped to Perth• Processed through DES flow sheet• Process design and product quality confirmed

Primary Ilmenite (%) Secondary Ilmenite (%)

Sulphate pigmentChloride slag feedstock

High grade slag feedstockSynthetic Rutile

Chloride pigmentTitanium Dioxide TiO2 49.5 57.02

Iron FeO 24.6 5.77Fe2O3 22.0 30.2FeO:Fe2O3 1.12

Sili /Al i Si O /Al O 0 7/0 6 1 30/1 12Silica/Alumina Si2O3/Al2O3 0.7/0.6 1.30/1.12Phosphorous P2O5 <0.05 0.07Calcium CaO 0.02 0.05Magnesium MgO 0.6 0.3 – 0.5g gManganese MnO 0.9 1.0 – 1.5Chromium Cr2O3 0.08 0.12Niobium Nb2O5 0.15 0.19V di V O 0 25 0 20

Building a Tier 1 Mineral Sands Company 12

Vanadium V2O5 0.25 0.20Uranium and Thorium U + Th (ppm) 15 + 30 to 50 20 + 150

Continued Support for the Community

Grievance mechanism

• Confidential community feedback

• Designed and being implemented

Water supply for 3 villages

R t d ll d i t ll d f t • Restored wells and installed foot pumps

Australian Doctors For Africa

• Supported 2 visits to Toliara

Support Local Community Sport

• Improved sport facilities

Building a Tier 1 Mineral Sands Company 13

A Large, High Grade Deposit

Building a Tier 1 Mineral Sands Company 14

APG - Austpac; ARO – Astro; ATR - Astron; BSE - Base; DRX - Diatreme; GUN - Gunson; IMA - Image Resources; KMR – Kenmare Resources; MDL – Mineral Deposits; MZI - Matilda Zircon; PFP – Pathfinder; SFX – Sheffield Source: Company websites, TZMI

Competitive Cost Structure

AreaAnnual Average Operating Cost

Total US$m Per Tonne Product $US/t$US/t

Mining 16.2 36Concentrator 8.9 20Mineral Separation Plant 10.4 23pProduct transport and Handling 8.9 20Admin and Marketing 5.0 11Royalties 2.3 5T t l 51 7 116*

Revenue-to-cash cost ratio: 2015Total 51.7 116* cost ratio: 2015

* Based on treating 8 Mt sand per year and production of 400,000 tonnes of ilmenite

Building a Tier 1 Mineral Sands Company 15

Data in 2015 RC curve is based on TZMI’s long term zircon and titanium feedstock price forecasts and production forecasts of existing and newly approved operations. Source: TZMI

Preliminary Development Capital

Area Capital

Pre-production capital expenditure

Mine + Primary Concentrator 19Mineral Separation Plant 26Road + Port 71Oth I f t t 13Other Infrastructure 13Indirect + Other 7Process Plant and Infrastructure 136EPCM (17%) 23( )Contingency (20%) 32Total – Base Case 192

Total (jetty piling cost range)Low 188Hi h 200

(j y p g g )High 200

Building a Tier 1 Mineral Sands Company 16

Significant Shareholder Value Creation

‘Starter Pit’Mine life 21 yearsMine life 21 yearsAverage annual production rate

Ilmenite 407,000 tpaZircon/rutile concentrate 44 000 tpaZircon/rutile concentrate 44,000 tpa

Ore mined 161 million tonnesAverage grade 8.2%

Ore mined per annum 8 million tonnes

Preliminary DES Capital InvestmentUS$192 million development capitalUS$24 million working capitalUS$24 million working capital

Building a Tier 1 Mineral Sands Company 17

BUILDING A TIER 1 MINERAL SANDS COMPANY

GMP MINING JAMBOREE FEBRUARY 2014