September 2011: Pala Offer

7 September 2011 - Sierra Rutile Limited: Independent Board Sub-Committee Declares that Pala Offer undervalues Sierra Rutile

7 September 2011: Pala Investments - Mandatory Cash Offer by Pala

14 September 2011: Sierra Rutile Limited - Response to Mandatory Offer

3 October 2011: Sierra Rutile Limited - Initial Response to Revised Offer from Pala Minerals Limited

3 October: Pala Investments - Pala significantly increases mandatory cash offer for Sierra Rutile Limited and offers shareholders opportunity to sell by private treaty

6 October 2011: Sierra Rutile Limited - Response to Revised Offer by Pala Minerals Limited

11 October 2011: Pala Investments Limited - Pala Announces Current Cash Offer for Sierra Rutile Limited Final

25 October 2011: Pala Investments - Pala Sees Its Offer as Attractive Considering Sierra Rutile’s Financing Requirements

4 November 2011: Pala Investments - Pala’s offer declared unconditional in all respects

18 November 2011: Pala Investments - Pala Closes Successful Offer for Sierra Rutile Limited