Director/PDMR Shareholding

Sierra Rutile Limited

Director Share Dealings

London, UK, 11 May 2012: Sierra Rutile Limited (the "Company") has received notice that, on 10 May 2012, Mr Jan Castro, the Non-Executive Chairman of the Company, purchased 152,000 ordinary shares of no par value in the capital of the Company ("Ordinary Shares") at a price of 60.75 pence per share and that Mr Mike Brown, a Director of the Company, purchased 100,000 Ordinary Shares at an average price per share of 58.80 pence per share.

Following this share purchase, Mr Jan Castro's and Mr Mike Brown's beneficial interests in the Company are 507,000 and 100,000 Ordinary Shares respectively.

The Company can also announce that on 10 May 2012, Mr Richard Lister, a Director of the Company, was granted options over 750,000 Ordinary Shares, which will vest in three equal portions on 30 June 2012, 30 September 2012 and 31 December 2012, subject to continued employment with SRL. The options will expire on the third anniversary of grant. The options were granted pursuant to SRL's Share Option Plan, and are exercisable at 61.25p per share. Mr Richard Lister holds no other options or shares in the Company.

ENDS

For further information:

Sierra Rutile Limited Telephone: +44 (0)20 7074 1800

John Sisay, Chief Executive Officer /

Joe Connolly, Chief Financial Officer

Canaccord Genuity Limited Telephone: +44 (0)20 7523 8350

John Prior / Adam Miller

Kreab Gavin Anderson Telephone: +44 (0)20 7074 1800

Fergus Wylie [email protected]