the F300 was a steel piece with "microsablé" (bead-blasted) finish case. Hence the matté look, which is in fact a bit like titanium.
Basically it´s a ref. 80200 "Pour Ferrari" chrono, but with a dedicated dial and case finish. In this, the reference code and inscription sounds correct in that the "M" within the reference indicates the case finish.
There are different variants of the "F300", including gold case models and white dials.
The only model with Aluminium and Titanium case parts is the F1-053, a special variant of the WW.TC.
There are earlier "Ferrari" models in aluminium cases, but to my understanding they don´t use Titanium parts.
Hope this helps a bit?