STREAMPLAY STUDIO LIMITED — AGM Information 2010

Nov 25, 2010

Friday 26 November 2010

CHAIRMAN'S ADDRESS – 2010 AGM

I would like to welcome you to the 2010 Annual General Meeting of Gippsland Limited. As announced the Board has today terminated the contract of RJ (Jack) Telford as CEO. We thank Jack for his efforts and wish him well for the future.

In 2009/10 markets for the metals of most interest to our Company, tantalum and tin, have experienced significant price increases. The spot market price of tantalum has increased from approximately US$38/lb in December 2009 to a price of approximately US$90/lb, as of 15 October. During this period the LME cash price for tin has increased from a low of US$10,300 mid-2009 to the present price of approximately US$25,000/tonne.

Our flagship project is the 44.5 million tonne Abu Dabbab Tantalum-Tin Project in Egypt. Abu Dabbab together with the Company's nearby Nuweibi tantalum deposit have a combined resource base of 142.5 million tonnes of which 30.2 million tonnes is in the Ore Reserve category. This world scale resource places Gippsland in a prime position to be the world's major supplier of tantalum feedstock for several decades.

This year, the US "Conflict Minerals" Bill was introduced, and worldwide pressure to arrest the supply of 'conflict' materials continues to grow. This is of considerable benefit to Gippsland as its Abu Dabbab project is potentially the world's largest single supplier of conflict-free tantalum.

During 2007, a ten year Off-take Agreement was secured with the German tantalum major HC Starck GmbH for the supply of six million pounds of tantalum pentoxide from the Abu Dabbab project. Our company is presently in negotiation with HC Starck regarding revised terms of the Offtake Agreement and is also seeking to clarify matters relating to the Offtake Agreement price and cost escalation provisions. These negotiations have taken longer than we would have hoped, however we are confident of progress in the short term. Once clarification is achieved, we will move rapidly to secure project financing for Abu Dabbab. We have recently secured the services of Noah's Rule to assist in corporate debt raising and financial structuring for the project, have prepared a Banking Information Memorandum, and already have interest from a number of international banks, including KfW. I have just returned from meetings with HC Starck and European banks and am convinced that we are moving forward to resolution and financing.

In late September, we announced a plan to spin off the company's Eritrean assets and its 40% interest in the Heemskirk tin Joint venture in Tasmania. This plan has advanced considerably since that time and I hope to be presenting a prospectus for Adobha Resources Limited to shareholders in the near future. Your directors believe that these assets are not attributed a significant valuation by the market and that the assets would benefit from dedicated funding via a capital raising in Adobha Resources. Gippsland shareholders will have a priority right to subscribe for shares in Adobha Resources, and Gippsland, as vendor, will retain an appropriate percentage of shares. Adobha Resources would be a junior explorer with funding and prospective opportunities. Whilst Gippsland holds Adobha Resources shares, we anticipate exploration success by Adobha Resources would be recognised in the share price of Gippsland.

In this year we also completed a $3 million capital raising through Patersons Securities Limited in October which will enable your Company to move its projects forward.

I look forward to reporting some major steps forward in respect of the development and financing of Abu Dabbab, as well as the spinout of Adobha Resources over the next few months.

I would like to thank the Board and Management of Gippsland Ltd in Australia, and Overseas, for their hard work and commitment to our projects, and our offtake partner, HC Starck GMBH for their support. I would also recognise and sincerely thank our Egyptian partners, in particular, His Excellency Eng Sameh Fahmy, Minister of the Egyptian Ministry of Petroleum and Mineral Resources and Eng Mostafa El Baahar, the Chairman of the Egyptian Mineral Resources Authority.

As a final comment, I should add that your Board and management are firmly focussed on adding to shareholder value. We are currently exploring a number of opportunities available to the company, and should our company determine to pursue any of these, the market will, of course, be kept informed.

Yours sincerely

Ian Gandel

Chairman

For further information, please contact:

Ian Gandel Chairman Gippsland Limited T: +61 8 9340 6000