STREAMPLAY STUDIO LIMITED — Capital/Financing Update 2003

Aug 14, 2003

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003.

Name of entity

Gippsland Limited

ACN, ARBN or ARSN

004 766 376

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1	+ Class of + securities issued or to be issued	Listed fully paid up ordinary shares and listed options.
$\overline{2}$	Number of *securities issued or to be issued (if known)or maximum number which may be issued	14,000,000 fully paid up ordinary shares and 14,000,000listed options.
3	Principal terms of the *securities (eg. if options,exercise price and expiry date; if partly paid *securities,the amount outstanding and due dates for payment; if*convertible securities, the conversion price and datesfor conversion)	14,000,000 fully paid up ordinary shares, each at an issueprice of 4 cents per share, with each share subscribed foralso receiving an attaching option for no consideration witheach option having an exercise price of 9 cents and a termexpiring on 31 December 2007, for the purpose of raisingup to $560,000.
4	Do the + securities rank equally in all respects from thedate of allotment with an existing +class of quoted*securities?
	If the additional securities do not rank equally, pleasestate:the date from which they dothe extent to which they participate for the next٠dividend, (in the case of a trust, distribution) orinterest paymentthe extent to which they do not rank equally, other٠than in relation to the next dividend, distribution orinterest payment	These 14,000,000 shares shall rank equally in all respectsfrom the date of allotment with the existing listed shares onissue.These 14,000,000 options shall rank equally in all respectsfrom the date of allotment with the existing listed optionson issue.

5	Issue price or consideration	up to $560,000.	14,000,000 fully paid up ordinary shares, each at an issueprice of 4 cents per share, with each share subscribed foralso receiving an attaching option for no consideration witheach option having an exercise price of 9 cents and a termexpiring on 31 December 2007, for the purpose of raising
6	Purpose of the issue(If issued as consideration for the acquisition of assets,clearly identify those assets)	(a)the Egyptian Government;(b)working capital.(C)	The purpose of this Issue is to raise funds for the following:to fund the ongoing bankable feasibility studycurrently being conducted upon the Abu Dabbabtantalite, feldspar, niobium and tin deposit located inEgypt, in which Gippsland has a 50% economicinterest by way of an incorporated joint venture withadministration of the Company; and
7	Dates of entering *securities into uncertificated holdingsor despatch of certificates	29 August 2003
		Number	$\overline{f}$ Class
-8	Number and *class of all *securities quoted on ASX(including the securities in clause 2 if applicable)	108,528,359 shares40,671,393 options	Fully Paid Ordinary Shares$0.09 options expiring on 31/12/07
9	Number and *class of all *securities not quoted on ASX(including the securities in clause 2 if applicable)	Number	$\overline{\overline{C}}$ lass
		11,000,000 options250,000 options250,000 options	$0.14 options expiring on 11/07/04$0.20 options expiring on 15/02/04$0.30 options expiring on 15/02/04
10 I	Digital policy (in the case of a trust distribution

10 Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

No dividends declared.

Part 2 - Bonus issue or pro rata issue

11	Is security holder approval required?	No
12.	Is the issue renounceable or non-renounceable?	Not Applicable
13	Ratio in which the + securities will be offered	Not Applicable
14	*Class of *securities to which the offer relates	Not Applicable
15	*Record date to determine entitlements	Not Applicable
16	Will holdings on different registers (or subregisters) be aggregated forcalculating entitlements?	Not applicable
17	Policy for deciding entitlements in relation to fractions	Not Applicable
18	Names of countries in which the entity has +security holders who willnot be sent new issue documents	Not Applicable
	Note: Security holders must be told how their entitlements are to be dealt with.

• See chapter 19 for defined terms. 1/7/2000

	Cross reference: rule 7.7.
19	Closing date for receipt of acceptances or renunciations	Not Applicable
20	Names of any underwriters	Not Applicable
21	Amount of any underwriting fee or commission	Not applicable
22	Names of any brokers to the issue	Not applicable
23.	Fee or commission payable to the broker to the issue	Not applicable
24	Amount of any handling fee payable to brokers who lodge acceptancesor renunciations on behalf of *security holders	Not Applicable
25.	If the issue is contingent on + security holders' approval, the date of themeeting	Not applicable
26	Date entitlement and acceptance form and prospectus or ProductDisclosure Statement will be sent to persons entitled	Not Applicable
27	If the entity has issued options, and the terms entitle option holders toparticipate on exercise, the date on which notices will be sent to optionholders	Not Applicable
28	Date rights trading will begin (if applicable)	Not applicable
29	Date rights trading will end (if applicable)	Not applicable
30	How do *security holders sell their entitlements in full through abroker?	Not applicable
31	How do +security holders sell part of their entitlements through a brokerand accept for the balance?	Not applicable
32.	How do *security holders dispose of their entitlements (except by salethrough a broker)?	Not applicable
33	*Despatch date	Not Applicable

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities 34 Type of securities

(tick one)

$(a)$

Securities described in Part 1 (including the Options)

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

35

If the +securities are +equity securities, the names of the 20 largest holders of the additional +securities, and the number and percentage of additional *securities held by those holders

36

If the +securities are +equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories

$1 - 1,000$ $1.001 - 5.000$ $5.001 - 10.000$ 10.001 - 100.000 100,001 and over

37

A copy of any trust deed for the additional *securities

Entities that have ticked box 34(b)

• 38 Number of securities for which + quotation is sought
• 39 Class of +securities for which quotation is sought
• 40 Do the +securities rank equally in all respects from the date of allotment with an existing "class of quoted "securities?

If the additional securities do not rank equally, please state:

• the date from which they do $\bullet$
• the extent to which they participate for the next dividend, (in the $\bullet$ case of a trust, distribution) or interest payment
• the extent to which they do not rank equally, other than in relation $\bullet$ to the next dividend, distribution or interest payment
• 41 Reason for request for quotation now

Example: In the case of restricted securities, end of restriction period

(if issued upon conversion of another security, clearly identify that other security)

42 Number and *class of all *securities quoted on ASX (including the securities in clause 38)

Not applicable

Not applicable

Not applicable

Not applicable

Number	lass
Not applicable	Not applicable

Quotation agreement

• +Quotation of our additional +securities is in ASX's absolute discretion. ASX may quote the +securities on any $\overline{1}$ conditions it decides.
• $\overline{2}$ We warrant the following to ASX.
  • The issue of the +securities to be quoted complies with the law and is not for an illegal purpose.
  • There is no reason why those +securities should not be granted +guotation.
  • An offer of the *securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any +securities to be quoted and that no-one has any right to return any +securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the $\frac{1}{1}$ securities be quoted.
• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the +securities to be quoted, it has been provided at the time that we request that the +securities be quoted.
• If we are a trust, we warrant that no person has the right to return the +securities to be guoted under section 1019B of the Corporations Act at the time that we request that the +securities be quoted.
• We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising $\mathcal{R}$ from or connected with any breach of the warranties in this agreement.
• We give ASX the information and documents required by this form. If any information or document not $\overline{4}$ available now, will give it to ASX before +quotation of the +securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

MONDAY 11 AUGUST 2003 Sign here: Date: ......................... ....................................... (Director/Company secretary)

GARY STEINEPREIS

Print name: . . . . . . . . . . . . . . . . . . . .

mana mana mana mana mana