STREAMPLAY STUDIO LIMITED — AGM Information 2011

Nov 29, 2011

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GIPPSLAND LIMITED ACN 004 766 376

(“ Gippsland ” or “ Company ”)

2011 ANNUAL GENERAL MEETING CHAIRMAN’S ADDRESS

Wednesday, 30 November 2011 commencing at 3.00pm (WST). Suite 4, 1[st] Floor, 207 Stirling Highway, Claremont WA 6010, Australia

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In 2010/11 markets for the metals of most interest to our Company, tin and tantalum, have experienced sustained high prices by historical standards. The spot market price of tantalum has traded above US$ 90/lb for the most part and the present price is approximately US$129/lb. During this period the LME cash price for tin has traded above US$20,000/tonne for the most part and the present price is approximately US$20,850/tonne. The opportunity is there for Gippsland, if it can bring its key projects to development and into production.

Our flagship project is the 44.5 million tonne Abu Dabbab Tantalum-Tin-Feldspar 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 33.2 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. Following a review of the project scope the planned plant throughput was reoptimised during the year from 2mtpa to 3mtpa, and this review resulted in a 10% increase in ore reserves.

We have secured the services of Noah's Rule to assist in corporate debt raising and financial structuring for the project. Given this year’s political upheaval in the Middle East, which has come to be widely described as the Arab Spring, we have re-focused the search for a financier on major banks and sovereign funds located in the Middle East and North Africa region.

The Company’s main achievements during the year included the following;

• Re-optimisation of the projected plant throughput for Abu Dabbab was completed which has resulted in a 10% increase in the ore reserves;

• Noah’s Rule completed an independent calculation of project economic indicators which showed an un-geared IRR of 28.4% and an un-geared NPV of 264 million at a 10% discount rate for Gippsland’s interest in the Abu Dabbab project;

• Continued work on our Abu Dabbab Tantalum-Tin-Feldspar Project including securing the relevant regulatory approvals in relation to its sea water supply, completion of a bathymetric survey of the seabed, and construction of a security

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wall and customs office at the Abu Dabbab Free Zone site in compliance with the General Authority for Investment requirements;

• Commencement of trial mining of the alluvial tin placers at Abu Dabbab;

• A decision to implement full scale mining of the alluvial tin placers at Abu Dabbab and the placing of orders for the mining plant which is anticipated to commence in March 2012. This is forecast to generate a net cash inflow of $3.5 million to Gippsland;

• Establishment of an office in Asmara, Eritrea, including the appointment of a country manager and an office manager;

• Extensive geological mapping and sampling work in Eritrea which led to a Versatile Time-Domain Electromagnetic (VTEM) survey being flown over a significant area of the Company’s existing 2,100km[2] Adobha Exploration Licence and its newly granted 100km[2] Gerasi South Exploration Licence, which in turn yielded very exciting results;

• Terms have been agreed for the sale of the Company’s joint venture interest in the Heemskirk Tin Joint Venture to joint venture partner, Stellar Resources Limited, in return for 43.2 million Stellar shares and a net smelter royalty; and

• Completed a $5 million rights issue, underwritten by Patersons Securities Limited and welcomed a substantial new shareholder in Acorn Capital.

It has been personally disappointing to me that whilst the Company has continued to progress its projects at a vastly greater rate than under previous management, and in fact is due to begin production of alluvial tin in Egypt in four months time, we have come under sustained and unjustified attack from anonymous bloggers using the influential platform of investor websites.

I am particularly disappointed in the fact that your Company was not able to spin out the Eritrean tenements along with the Heemskirk tin assets into a separately listed entity, partly as a result of that campaign. With the continued blogging the Board believed it was better to cancel the plans for the float, rather than spending more time, effort and company money on it. In the Board’s view the anonymous blogging has materially interfered with value creation for Gippsland shareholders and the Board is looking to address these blogging attacks. We believe this practice has been deliberately aimed at under-mining the Company’s achievements.

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Your Board believes the regulator should be more involved in policing what is said on investor blogging sites as companies are relatively powerless to protect themselves from these attacks. Anonymous posters seek to and do create false markets and expectations in the minds of readers and the investing public.

Notwithstanding these disappointing developments, our flagship project has moved forward and our alluvial tin project is soon to commence. Once financing for Abu Dabbab is secured, a CEO will be appointed to oversee the construction process. We have and continue to enjoy excellent support from EMRA, our partner in Egypt, and the Eritrean mines department. We are continuing to investigate ways to alleviate Gippsland shareholders from having to support the Eritrean expenditure requirements.

I would like to recognise and sincerely thank our Egyptian partners, in particular, His Excellency Eng Abdallah Ghorab, Minister of the Egyptian Ministry of Petroleum and Mineral Resources, Geologist Mr Fikri Yousef, the Chairman of the Egyptian Mineral Resources Authority, and Dr M Nashaat, the Chairman of the Egyptian Company for Mineral Resources.

I would also like to recognise and sincerely thank our Eritrean partners, in particular, His Excellency Ahmed Haj Ali, The Minister of Energy and Mines, Dr Alem Kibreab, Director General, Department of Mines and Mr Mebrahtu Okbazghi, Director of Mineral Resources Management, of the Ministry of Energy and Mines.

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. 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 are seeking to advance Abu Dabbab as soon as possible.

Note: 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.

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