STREAMPLAY STUDIO LIMITED — Annual Report 2014

Jan 8, 2015

Suite 12, 186 Hay Street Subiaco WA 6008 Australia t: +61 8 9340 6000 f: +61 8 9340 6060

PO Box 8206 Subiaco East WA 6008 Australia e: info@gippslandltd.com w: www.gippslandltd.com

ADDENDUM TO THE 2014 ANNUAL REPORT

Release Date: 9 January 2015

Gippsland Limited (ASX: GIP or the Company) is pleased to provide additional information to the Company's 2014 Annual Report in accordance with Listing Rule 5.21.

2014 Annual Report – Page 8: EXPLORATION AND MINERAL RESOURCES

Review of Material Changes

The Mineral Resource and Ore Reserve inventory is dated 30 September 2014. The only change in the inventory compared to the 30 June 2014 is that a small amount of tin concentrate was produced prior to the closure of the Abu Dabbab placer tin project in late September.

Abu Dabbab Ore Reserves

A key component of the updated feasibility study planned to be completed in early 2015 is an updated mine plan, schedule and budget that will generate a revised ore reserve for the Project. Therefore the Company has decided not to include the Abu Dabbab Ore Reserves in the current Ore Reserve inventory. In the 2013 inventory, all of the Measured and Indicated Mineral Resources were converted to the Ore Reserves status leaving only Inferred Mineral Resources remaining in the Mineral Resource category. With the demotion of the Ore Reserves the Measured and Indicated Mineral Resources have been reinstated.

Abu Dabbab Placer Tin Deposit

The project was closed in early September 2014 due to productivity issues. Consequently no Mineral Resources have been included in the current Mineral Resource inventory.

Seiga Gold Deposit – Inferred Mineral Resources

The Wadi Allaqi Project consists of nine small Exploration Licences located approximately 160 km southeast of Aswan in the south-western part of the Eastern Desert of Egypt held by Gippsland's 100% subsidiary, Nubian Resources Plc. These Exploration Licences have a total area of 144 km2 . The status of these tenements is in dispute with EMRA which the Company plans to resolve through the grant of a large Exploration Licence area that encompasses all of the disputed tenements. This application for a 980 km2 tenement is pending. On this basis the Company is removing the Seiga Inferred Mineral Resource data from the Company's Mineral Resource inventory.

The tables below set out the Mineral Resources and Ore Reserve comparatives for 2013 and 2014.

Current Mineral Resource Inventory

Egypt - Tantalum/Tin deposits

Table 1 Abu Dabbab Mineral Resource Summary (Gippsland 50%)

	Mineral Resources (JORC 2004)		Mineral Resources (JORC 2004)as at 30 September 2013
	as at 30 September 2014
Category	Tonnes	Ta2O5 (g/t)	Sn (%)	Tonnes	Ta2O5 (g/t)	Sn (%)
	(Mt)			(Mt)
Measured	15.2	290	0.143	See Note 2
Indicated	17.3	250	0.078	See Note 2
Inferred	12	200	0.03	12	200	0.03
TOTAL	44.5	250	0.09	12	200	0.03

Note 1: Numbers in table may not add correctly due to rounding

Note 2: All of the Measured and Indicated Mineral Resources were converted to the Ore Reserve category leaving only Inferred Mineral Resources.

Table 2 Abu Dabbab Placer Tin Deposit Mineral Resource Summary (Gippsland 50%)

		Mineral Resources (JORC 2004)	Mineral Resources (JORC 2004)as at 30 September 2013
		as at 30 September 2014
Category	Volume (m3)	Cassiterite (kg/m3)	Volume (m3)	Cassiterite (kg/m3)
Inferred	nil	-	175,000	1.8
Total	nil	-	175,000	1.8

Table 3 Nuweibi Mineral Resource Summary (Gippsland 50%)

		Mineral Resources (JORC 2004)	Mineral Resources (JORC 2004)as at 30 September 2013
		as at 30 September 2014
Category	Tonnes (Mt)	Ta2O5 (g/t)	Tonnes (Mt)	Ta2O5 (g/t)
Indicated	48	147	48	147
Inferred	50	138	50	138
TOTAL	98	143	98	143

Note: Numbers in table may not add correctly due to rounding

Egypt - Gold Deposits

Table 4 Seiga Mineral Resource Summary (Gippsland 50%)

	Mineral Resources (JORC 2004)		Mineral Resources (JORC 2004)as at 30 September 2013
	as at 30 September 2014
Category	Tonnes (Mt)	Gold (g/t)	Tonnes (Mt)	Gold (g/t)
Inferred	nil	-	1.1	1.1
Total	nil	-	2.3	2.3

Current Ore Reserve Inventory

Egypt - Tantalum/Tin deposits

	Ore Reserves (JORC 2004)as at 30 September 2014			Ore Reserves (JORC 2004)as at 30 September 2013
Category	Tonnes(Mt)	Ta2O5(g/t)	Sn (%)	Tonnes(Mt)	Ta2O5(g/t)	Sn (%)
Proved	nil	-	-	15.20	260	0.1695
Probable	nil	-	-	17.98	245	0.099
Total	nil	-	-	33.18	252	0.131

Table 5 Abu Dabbab Ore Reserve Summary (Gippsland 50%)

Note: Numbers in table may not add correctly due to rounding

Estimation Governance Statement

All Mineral Resource and Ore Reserve Estimations are carried out in accordance with the JORC Code by professional geoscientists with the required level of qualifications and experience. The governance of the Mineral Resource and Ore Reserve Estimations process is the responsibility of the executive management of the Company with oversight by the Managing Director. The Chief Geologist is responsible for ensuring that adequate QA/QC protocols are in place during resource drilling programmes and that appropriate estimation techniques are used in the estimation process.

Michael Rosenstreich (Managing Director) www.gippslandltd.com

T: +61 8 9340 6000

E: info@gippslandltd.com

COMPETENT PERSONS COMPLIANCE STATEMENT STATEMENT MPLIANCE STATEMENT

The information in this announcement that relates to Exploration Targets, Exploration Results or Mineral Resources is based on, and fairly represents, information and supporting documentation prepared and compiled by Dr John Chisholm, a Competent Person who is a Fellow of the Australasian Institute of Mines and Metallurgy. Dr Chisholm is employed by Mandu Pty Limited which provides geological consulting services to the Company. Mandu Pty Limited holds 125,000 ordinary shares in the Company. Mandu Superannuation Fund Pty Limited of which Dr Chisholm is director and shareholder holds 3,362,963 ordinary shares in the Company. 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 2012 edition of the "Australasian Code for Reporting 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.