STREAMPLAY STUDIO LIMITED — AGM Information 2007

Dec 5, 2007

Annual General Meeting 7 December 2007

Disclaimer

• ♦ This presentation contains information regarding both Gippsland Ltd ("Gippsland") and its projects in Egypt ("Information).
• ♦ The Information contains pro forma information. The management of Gippsland has prepared all estimates and projections contained in the Information. These estimates and projections involve significant elements of subjective judgment and analysis, which may or may not prove to be correct. There is not and will not be any representations, warranties, promises or assurances of any kind, express or implied, that the projections or estimates will be realised. The actual results could vary from the projections contained herein and such variations could be material.
• ♦ Neither Gippsland nor any other company or person presently affiliated or associated with Gippsland nor any of their respective advisors, associates, agents, directors, officers or employees will render any advice or make any representation or warranty, expressed or implied, as to the fairness, accuracy or completeness of the Information, or regarding any other additional information which has or will be made available. Accordingly, neither Gippsland nor any other company or person referred to above or their respective advisors, associates, agents, directors, officers or employees accepts any liability whatsoever for any loss howsoever arising from any use of the Information or its contents or otherwise arising in connection therewith.
• ♦ The Information does not constitute or form part of any offer for sale or subscription of or solicitation of any offer by Gippsland to buy shares in Gippsland nor shall it form the basis of or be relied on in connection with any contract or commitment whatsoever in relation to Gippsland.
• ♦ The distribution of this Information may be restricted or prohibited by law or may require authorisation, approval or consent in certain jurisdictions or from regulatory authorities. Persons into whose possession this Information may come should inform themselves about and observe any such restrictions or obtain any such authorisation, approval or consent to the extent relevant for their participation in the sale process.
• ♦ Gippsland does not accept any legal liability whatsoever for whatever violation by any party of such restrictions and limitations.

Company Overview

ASX, AIM, Plus, Deutsche-Börse GIP

Shares issued

ASX

LSE -AIM

Approx Market Cap £14 million

≈260 million

60% shares

40% shares

A$33 million

Experienced Directors and Management

John M ChisholmJon StarinkPaul R SimsRowan Caren

Disciplines Covered Geology

RJ (Jack) Telford Executive Chairman Executive Director Executive Director John S Dunlop Non-Executive Director John D Kenny Non-Executive Director Chief Financial Officer Company Secretary

Mine Engineering Chemistry (2) Metallurgy Chemical Engineering LawFinanceCompliance

Projects - Egypt & Australia

Egypt

(1) Abu Dabbab & Nuweibi - Tantalum & Tin

• Building a world class tantalum mine

• Start-up 650,000 lb/yr Ta 2O5

• Targeting 1,000,000 lb/year Ta 2O5

• Potential >1.5 Mtpa feldspar

1,530 tpa tin 2,350 tpa tin

• (2) Wadi Allaqi
• Gold
• Copper
• Nickel

Australia

• (3) Zeehan Tasmania Tin deposit
• 7.3Mt at 0.69% Sn (In situ 50,000 tonnes tin metal)

Egyptian Project Locations

Sister Metals Tantalum & Niobium

Niobium

• Dominated by a single large stand alone Araxá deposit containing little Ta (CBMM Brazil)
• CBMM world's largest reserves of >440 million tonnes at >2.5% Nb 2O5.
• Open pit quarry 250m deep no drilling no blasting
• Processing – cheap smelting route producing industrial grade Ferro-Niobium & Nickel-Niobium alloys for use in manufacture of special steels
• CBMM produces vast majority of world Niobium requirement
• Has sufficient resources for >100 years production
• Presently expanding output by 50%

Sister Metals Tantalum & Niobium

Tantalum

• Occurs mainly in association with Niobium, in varying ratios
• Apograntite, Pegmatite and Carbonatite host rocks
• Extracted by gravity separation techniques producing a combined Tantalum Niobium concentrate
• Majority of Tantalum uses require very high purity (>99.99%)
• Expensive chemical digestion and separation of Tantalum and Niobium
• High levels of Niobium a distinct disadvantage
• Pyrochlore containing ores problematic elevated levels of radionuclides

About the Tantalum Market

• 6 – 7 million pounds/year as Ta 2O5
• 60% used in electronics cellphones, laptops, video & still cameras, auto electronics
• 10% super alloys – jet engine turbines, cutting tools
• 10% corrosion resistant chemical equipment
• Australia largest producer Aust Dollar effect
• Abu Dabbab - the only significant new tantalum project being developed
• Confusion between tantalum and niobium projects

Abu Dabbab -Nuweibi Tantalum JV Structure

Abu Dabbab & Nuweibi Tenure & Tax

2

each

Mining Licences (2) 20 km Licence Tenure 30 + 30 years Royalty Payment Zero Project Specific Free Trade Zone Revenue Tax ZeroSales Tax ZeroImport Duty Zero Export / Import Licences Nil Diesel fuel US$0.13/L

Abu Dabbab Plant and Mine Site

Abu Dabbab Tantalum Deposit

Cross Section through: Abu Dabbab Tantalum Deposit

Abu Dabbab Resources & Reserves

RESOURCES

• Measured 12 Mt @ 274 g/t Ta 2O5 & 0.13% Sn
• Indicated 2.1 Mt @ 260 g/t Ta 2O5 & 0.16% Sn
• Inferred 26 Mt @ 240 g/t Ta 2O5 & & 0.06% Sn
• Total 40 Mt @ 252 g/t Ta 2O5 & 0.089% Sn

RESERVES

• Proven 12.5Mt at 260 g/t Ta 2O5 & 0.12% Sn
• Probable 2.1Mt at 260 g/t Ta 2O5& 0.16% Sn
• TOTAL 14.6Mt at 260 g/t Ta 2O5& 0.13% Sn

Abu Dabbab open pit strip 1.1 waste : 1.0 ore

Nuweibi Tantalum Deposit

Cross Section through: Nuweibi Tantalum Deposit

Nuweibi Resources

• Indicated 48Mt @ 147 g/t Ta 2O5 Inferred 50Mt @ 138 g/t Ta 2O5
• TOTAL 98Mt @ 143 g/t Ta 2O5
• Resource open at depth and to East

Abu Dabbab Feasibility Study Completed

Throughput (2009) 2 Mtpa

Tantalum (as Ta 2O

Tin

1. 650,000 lb/year

1,530 tpa

Feldspar * >1.5 Mtpa

* Stage 2 development

Long Term Tantalum Offtake

10 year offtake contract with HC Starck GmbH

600,000 pounds per year Ta 2O5

Offtake price escalation formula underpins project

• reflects production cost increases
• price formula linked to spot Ta 2O5price

HC Starck GmbH

• Headquarters in Goslar, Germany www.hcstarck.com
• HC Starck international group of companies with more than 3,400 employees at 13 production sites world-wide
• Annual sales of approximately EURO 1 billion.
• World's largest consumer of tantalum concentrates and supplier of tantalum products

Abu Dabbab Project Financials

Capex US$125 million

Debt : Equity 80 : 20 German banks primary project finance DEG (Deutsche Und Investitions Und Entwicklungsgesellschaft) finance

10-year project Ta 2O510-year project tin revenue >US$250 million 10-year total project revenue >US$530 million

revenue >US$280 million

• Use ceramic tile production
• Potential for 1.5 Mtpa ceramic grade feldspar production
• Highly successful feldspar testwork completed in Italian ceramic tile plants
• Heads of Agreement in place with Italian major for 2.65Mt spread over 5 years
• Sale of 80% of material mined - 20% mine waste only!
• Potential net feldspar revenue >US$15/t or US$22Mpa

Abu Dabbab Milestones to Watch

Cittonsrconƒu	20082009-
EPCMƒ	1Q08
Clifjfifilitttompeonoproecnanceacƒy	1Q08
Cfikttommencemenoseorsƒw	2Q08
Ciiiommssonngƒ	1Q10
Fldillittttesparpopanconsrconƒu-	1Q11
Fldditesparproconƒu	1Q12

Wadi Allaqi Project Area

Wadi Allaqi - Seiga (Au)

• Mineralised zone 1,200m long up to 80m wide
• First pass resource 1.5Mt at 1.6g/t Au for 93,000oz
• Drilling in progress to test mineralisation >100m depth

Wadi Allaqi – Shashoba (Au)

• 2 Mineralised zones 2.2km long up to 50m wide
• 32m @ 2.2g/t Au including 16m @ 4.4g/t Au
• 47m @ 1.14g/t Au
• Open to north & south

Wadi Allaqi - Abu Swayel (Cu, Ni)

• 18m at 0.96% Cu, 0.57% Ni including 4m at 2.73% Cu, 1.33% Ni
• 18m at 1.55% Cu, 0.54% Ni including 5m at 5.25% Cu, 1.42% Ni
• 16m at 2.25% Cu, 0.64% Ni including 7m at 4.41% Cu, 1.17% Ni

Why Gippsland?

• Experienced management team
• Highly supported by Egyptian government joint ventures
• Gippsland maintains JV Board and Management control
• Stable well educated Egyptian workforce
• Low mining costs (Fuel 13c/L)
• Project specific free trade zone
• World Class Projects - in true tantalum projects
• Tantalum market robust and growing steadily
• 10-year tantalum off-take agreement with German major HC Starck
• Potential for large-scale tantalum expansion (138Mt resource)
• Potential feldspar revenue – 80% of ore mined
• Potential gain from development of resources for Au, Cu, Ni
• Potential Wadi Allaqi spin-off on AIM

Why Gippsland?

World scale tantalum resource √ Feasibility completed √ EIA and ESIA (World Bank Standards) √ Permitting completed √ Long term tantalum offtake in place √ Low market risk √ Project finance Close Excellent opportunity to expand √ Positive gold copper nickel exploration results √ Company market evaluation Low

Ta2 05 Resource v Market Capitalisation

Ta2 05 Resource v Market Capitalisation

Contact Details

Jack TelfordExecutive Chairmanjtelford@gippslandltd.com T: +61 8 9340 6000M:+61 418 911 928

Richard Hail Fox-Davies Capital richard.hail@fdcap.com T: +44 20 7936 5230M:+44 796 899 2197

Luke CairnsHoodless Brennan plc L.Cairns@hbcorporate.com T: +44 785 290 7281M:+44 778 693 4980

Warrick Hazeldine

Investor Relationswhazeldine@purplecom.com.au T: +61 8 9485 1254 M:+61 417 944 616

Jane Stacey Investor Relationsjane@conduitpr.com T: +44 20 7429 6605M:+44 792 292 3306

Ed PortmanInvestor Relationsed@conduitpr.com T: +44 20 7429 6607M:+44 773 336 3501