My mate has a cammed and blown xr8 he was flogging it then it started making a really bad ticking noise after searching many things the last thing we checked was the exhaust and we found a tiniest piece of exhaust gasket came off. We though it was from one of the heads.
Some 4-1 headers/extractors can make ticking noises too. I've seen many 4-1's that make a ticking noise through the merge collector. Sometimes with my XR8 you can't hear it but other times its quite loud. Especially if you're at the lights between two cars or say in a maccas drive through.