STREAMPLAY STUDIO LIMITED — AGM Information 2013

Nov 26, 2013

27 November 2013

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Chairman’s Address to AGM

Gippsland Limited [ASX: GIP, DB: GIX] ("Gippsland" or "the Company”) is pleased to provide the Chairman’s Address to be delivered at today’s AGM.

The Abu Dabbab Tin-Tantalum Project debt financing has continued to occupy management and the Board’s attention since we last met. Last year I was hopeful of a more stable political situation in Egypt to assist the Company in seeking the debt finance. This stability did not transpire however it did not prove to be as problematic as might have been expected in terms of the financing. The selected banking Consortium at this time consists solely of Egyptian banks, but other banks have expressed interest. The Consortium’s understanding of the region’s politics and risk profile proved substantially more positive than what might have been expected by an external observer and we are encouraged that the Consortium has maintained its keen focus on financing the Abu Dabbab project.

Despite this enthusiasm and understanding, we have not yet negotiated a definitive term sheet with the Consortium. It is worth noting however that the independent technical advisor appointed by the Consortium has concluded in its draft report that the project has no fatal flaws.

We will not rely solely on one potential source for this financing. For this reason, we have continued to engage in discussions with alternative financiers and key facilitators. These discussions continue.

As you know, Gippsland has also commissioned the spiral plant and commenced production of tin from the alluvial placer deposits at Abu Dabbab. To date we have produced almost 100 tonnes of tin which has been sold in concentrate form to the Malaysian Smelting Corporation for refinement.

I remain positive about the progress made during the year in progressing the financing of Abu Dabbab and in establishing Gippsland’s credentials as an alluvial tin miner in Egypt. The Company has preserved the equity of shareholders by financing operations through a rights issue to shareholders, sale of its stake in Stellar Resources Limited, revenues from the alluvial tin mining program and existing cash reserves. I appreciate the patience and support that you, my fellow shareholders, have provided during the year.

Yours faithfully Gippsland Limited

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Ian Gandel Chairman T: +61 8 9340 6000 E: info@gippslandltd.com

131127 ASX ANNOUNCEMENT - Chairmans Address

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