STREAMPLAY STUDIO LIMITED — AGM Information 2011

Nov 29, 2011

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Executive Director

AGM Presentation - November 2011

Market Price for Tin and Tantalum

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Between November 2007 and March 2010, the quoted ‘spot’ price for tantalum oxide (source: metal-pages.com) moved in a narrow range of US$40 to US$50 per pound Ta2O5 and the price of LME tin metal remained in the vicinity of US$10,000 per tonne.

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Over the twelve months to May 2011,

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the quoted ‘spot’ price for tantalum oxide rose to over US$120 per pound Ta O and 2 5

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the LME tin price peaked at over to in excess of US$30,000 per tonne before dropping to $20,500 as at 29 November

Tantalum Material Prices

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Tin Price History

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Tantalum Industry Structure

Primary Mine Production 60%

Brazil China Australia

Structural upheaval in 2008 as GFC dampens demand and mines close

‘Conflicts Minerals’ Bill cuts DRC supply

20%

Secondary Supply

Malaysia Tailings, slag, recycling Thailand

Recycle

20%

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Supply

Raw Material Processors

Few Participants

Ningxia China

HC Starck Germany

Global Advanced Metals USA and Japan

Processors

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Many Participants

Manufacture of capacitors, super alloys and products for speciality industries.

Main end user is the electronics industry (75%)

Capacitor Manufacture KEMET Electronics AVX Corporation Vishay Intertechnology

Super Alloy use by: Boeing EADS (Airbus)

End Users

Tantalum Supply Side History & Developments

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Mid-2008 the main mining operations were in Australia, Brazil, Canada, Mozambique and Ethiopia

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After GFC the main mining operations were in Brazil, Ethiopia and China, with additional quantities originating in central Africa, Russia and southeast Asia.

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Passage of the US 'conflict minerals' law in July 2010 is thought to have had a significant effect on the supply of tantalum containing minerals from the Democratic Republic of Congo.

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In 2010 production resumed in Mozambique, followed by Australia in 2011. Australia and Brazil are currently the major producers of tantalum raw materials.

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Additional operating mines are the Kenticha mine in Ethiopia, the Lovozero mine in Russia, the Yichun mine in China and the Pitinga mine (Paranapanema) also in Brazil.

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Tantalum is also produced in Thailand and Malaysia as 'tin slag', a by-product of tin mining and smelting.

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Global Advanced Metals & Metallurgy International Resources – vertically integrating

Comprehensive Technical Review

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Comprehensive technical review announced on 5 May 2011.

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Increased scale from 2 Mtpa to 3 Mtpa provides the Company with the opportunity to sell up to 325,000 pounds per annum of Ta2O5 at prevailing market prices,

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Balance between the Ta2O5 price down-side protection and operating cost escalation protection afforded by the Off Take Agreement (‘OTA’) with Starck and the up-side potential of selling production at market prices; Project ready for commissioning within 18 months from appointment of the EPCM manager, with commissioning expected to take up to 4 months thereafter.

Capital & Operating Cost Estimate

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US$225.3 million (excluding financing charges).

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Capital cost per annual tonne of ROM ore processed reduced from ~ US$89.40 to ~ US$75.10 per annual tonne processed.

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Scoping study estimated marginal capital cost for feldspar production at US$60 million.

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Unit processing costs reduced by approximately US$ 1.11 per tonne ROM processed by increasing throughput from 2 Mtpa to 3 Mtpa.

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Conventional process flow sheet using well established unit processes adopted in preference to process flow sheet leading to the production of ‘syncon’ for reasons set out in announcement .

Pit Re-optimisation Study

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The results of re-optimised pit design and preliminary mine planning were announced on 8 June 2011.

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Price Assumptions Ta2O5 at US$75.00 per lb and Sn metal at US$25,000 per tonne. No value was attributed to feldspar co-production.

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The results of the study indicated:-

• An expected Life-of-Mine is 13.8 years

• Total in-pit Ore Reserves and Mineral Resources up 36.8% to 41.37 Mt;

• Ta2O5 contained in ore up 31.3% to 22.254 million pounds;

• Tin contained in up 11.8% to 46,748 tonnes;

• Expected average annual production of Ta2O5 up 44.0% to 927,000 lbs;

• Expected average annual production of tin (as metal) up 22.6% to 2,336 tonnes; and

• Maximum production capacity for feldspar up 50% to 2.4 million tonnes per annum.

Independent Calculation of Project Economic Indicators

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Results of an independent calculation of project economic indicators for the Abu Dabbab Project by Noah’s Rule were announced on 8 July 2011 and included:

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Un-geared Project NPV of $593m @ 10% discount rate;

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Un-geared NPV for Gippsland’s interest in the Project of $264m @ 10% discount rate;

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Un-geared IRR for Gippsland’s interest in the Project of 28.4%.

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Key assumptions included a market based fuel price assumption 93.5 US cents per litre notwithstanding that the subsidised prevailing Egyptian fuel price is approximately 20 US cents per litre.

Alluvial tin project

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Inferred Resource Inventory announced on 31 January 2011

	Overburden **(m3) **	Mineralised **Material (m3) **	Tin in Mineralised Material (tonnes)
Quaria	293,630	262,770	566
Mubarak	146,290	175,120	194
	439,920	437,890	760

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Trial mining program announced 31 January 2011. Trial mining started 6 April.

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Comprehensive engineering study and economic evaluation announced 3 August 2011.

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Formal approval for go-ahead subject to finalising financing arrangements announced 3 August 2011.

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Revised mining and processing approach for program to be financed by the Company and the placement of equipment orders announced on 7 October 2011.

Alluvial tin project

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On 7 October 2011 announced that

• Initial mining program will now target only the high grade portions of the Wadi Quaria deposit and will be completed within seventeen months from the start of operations.

• The capital and pre-production mining costs are now estimated to total US$0.6 million,

• Mining and processing operations are scheduled to commence in March 2012.

• Subject to the key financial assumptions disclosed in the announcement dated 7 October 2011, the project is forecast to be cash flow positive one month after operations commence, that is April 2012 and is forecast to generate US$2.25 million, after costs, in the 6 months from April to September 2012.

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Alluvial tin project

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The project is expected to break even approximately 10 weeks after the commencement of operations.

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In arriving at the estimated project cash flow:

• no provision was included for residual plant value at project completion;

• no value was attributed to the opportunity to exploit other alluvial tin deposits already identified by the Company;

• no value has been ascribed to mineralised materials that will be stockpiled and which material is available for future treatment through the nearby Abu Dabbab hard rock plant; and

• no value has been ascribed to the stockpiled screened materials which are expected to be utilised as construction materials for the hard rock plant tailings storage facility.

Adobha Project (Eritrea) – Gold, VMS targets

• Gippland’s Eritrean assets held by wholly owned Adobha Resources (Eritrea) Pty Ltd (‘ARE’)

• ARE’s tenement holding in Eritrea is presently 2,200 square kilometres with a further 980 square kilometres under application

• Exploration Licences have tenure of three years which can be extended for a further two years.

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Multiple gold and VMS targets from TM Imagery

 Licences cover a highly mineral endowed region of Eritrea that is regarded as very prospective for volcanogenic massive sulphide (VMS) mineralisation and structurally controlled gold mineralisation.

• Local examples of these types of deposits are the Bisha base metal deposit (1.44 million ounce gold and 0.39 million tonne copper) and the 0.760 million ounce Zara gold project (Koka deposit).

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Follow-up Geochemical & Geophysical Surveys

 Regional drainage geochemical surveys completed over the central and southwest.

 Helicopter VTEM survey identified 16 EM targets including 5 high priority targets.

 Helicopter Geochemical Surveys ongoing.

Spin-out Proposal

History

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Spin out of Heemskirk Joint Venture and Eritrean exploration assets by way of IPO on the ASX and the commissioning of valuations of these assets announced on 28 September 2010.

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Key terms of underlying transactions announced on 21 April 2011. The proposed transaction structure significantly influenced by Eritrean tax considerations

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Gippsland prevented from disclosing IPO offer terms to shareholders for reasons announced on 12 May 2011, including:

• The proposed IPO offer was to be an offer by Adobha and therefore the terms of the IPO was not a matter on which Gippsland was able make an announcement until such time as the Adobha prospectus is issued.

• The Corporations Act 2001 (Cth) ("Corporations Act") includes restrictions on advertising the IPO which prevents the Company from publishing details of the structure of the IPO at that time.

Spin Out Proposal

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Termination of the proposed spin-out was announced on 16 June 2011 for reasons which included a rumour-based campaign mounted by certain Gippsland shareholders against the proposal before disclosure of the proposal’s details were permitted to be made.

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This rumour-based campaign adversely impacted on the perception of the proposed transactions, the Company and its Directors.

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After termination Gippsland was permitted to disclose the terms of the proposed IPO. In particular:

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every opportunity for Gippsland shareholders to be provided to maintain their proportional interest in the assets if they so chose

a practical opportunity to participate for smaller shareholders

the IPO was to be restricted to the extent possible to Gippsland shareholders

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ultimate beneficial ownership of the assets would have remained in the hands of those individual Gippsland shareholders who had wished to maintain their interest in these assets by “opting in”.

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Reasons for Spin-out

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A spin-out would have:

• provided an opportunity to ‘unlock’ the value of the assets for the benefit of Gippsland shareholders;

• permitted Gippsland to devote its financial and management resources to the development of the Abu Dabbab project.

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• avoided the need to undertake equity raisings in Gippsland to fund Eritrean exploration to the potential detriment of those Gippsland shareholders primarily interested in the Abu Dabbab project

• these reasons continue to be valid in respect of the Eritrean assets

Competent Person Statement

In accordance with Listing Rule 5.6 of the Australian Stock Exchange Limited, the geological information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves is based on data compiled by Dr John Chisholm, a Fellow of The Australasian Institute of Mining and Metallurgy. Dr Chisholm has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Dr Chisholm consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.