A particulate composition wherein each particle thereof includes a first metal (e.g., tungsten), an optional second metal (e.g., tin), and a polymer binder (e.g., thermoplastic polyvinyl alcohol) is described. The first metal has a particle size of less than or equal to 10 .mu.m, and the second metal has a particle size of less than or equal to 20 .mu.m. The polymer binder is typically present in each particle of the particulate composition in an amount of from 0.5 to 2.5 percent by weight, based on the total weight of the particulate composition. The particulate composition has an average particle size of 25 to 300 .mu.m, and is free flowing. The particles of the particulate composition are preferably substantially spherical. Also described is a method of preparing the particulate composition by means of spray drying. The particulate compositions may be used to prepare molded articles, such as frangible projectiles (e.g., frangible bullets).