STREAMPLAY STUDIO LIMITED — Capital/Financing Update 2003

Jul 17, 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.

Name of entity

Gippsland Limited

ACN. ARBN or ARSN

004 766 376

$\ddagger$

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).

$\mathfrak{p}$ Number of ⁺securities issued or to be issued (if known) or maximum number which may be issued

⁺Class of ⁺securities issued or to be issued

• $\overline{3}$ Principal terms of the *securities (eq. 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 dates for conversion)
• Do the *securities rank equally in all respects from the $\Delta$ 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
• the extent to which they participate for the next dividend. (in the case of a trust, distribution) or interest payment
• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment
• Issue price or consideration 5

Listed fully paid up ordinary shares.

14,000,000 fully paid up ordinary shares.

14,000,000 fully paid up ordinary shares issued at 5 cents per share. \$700,000 to be raised by the issue. Pursuant to a Prospectus lodged on Thursday 10 July 2003.

These 14,000,000 shares shall rank equally in all respects from the date of allotment with the existing listed shares on issue.

5 cents for each share. \$700,000 to be raised by the issue. Pursuant to a Prospectus lodged on Thursday 10 July 2003.

• 6 Purpose of the issue The purpose of this Issue is to raise funds for the following: (If issued as consideration for the acquisition of assets. to fund the ongoing bankable feasibility study $(a)$ clearly identify those assets) currently being conducted upon the Abu Dabbab tantalite, feldspar, niobium and tin deposit located in Egypt, in which Gippsland has a 50% economic interest by way of an incorporated joint venture with the Egyptian Government: $(b)$ administration of the Company: and working capital. (c) $\overline{7}$ Dates of entering *securities into uncertificated 20 August 2003 holdings or despatch of certificates ⁺Class Number Number and ⁺class of all +securities quoted on ASX 8 108,528,359 shares Fully Paid Ordinary Shares (including the securities in clause 2 if applicable) 26,671,393 options \$0.09 options expiring on 31/12/07 Number ⁺Class 9 Number and *class of all *securities not quoted on ASX 11,000,000 options \$0.14 options expiring on 11/07/04 \$0.20 options expiring on 15/02/04 250,000 options (including the securities in clause 2 if applicable) 250,000 options \$0.30 options expiring on 15/02/04 $10$ Dividend policy (in the case of a trust, distribution No dividends declared.
• Part 2 Bonus issue or pro rata issue

policy) on the increased capital (interests)

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 for calculating 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 will not be sent new issue documents Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7.	Not Applicable
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 acceptances or renunciations on behalf of *security holders	Not Applicable
25	If the issue is contingent on "security holders' approval, the date of the meeting	Not applicable
26	Date entitlement and acceptance form and prospectus will be sent to persons entitled	Not Applicable
27	If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders	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 a broker?	Not applicable
31	How do *security holders sell part of their entitlements through a broker and accept for the balance?	Not applicable
32	How do *security holders dispose of their entitlements (except by sale through 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)

$(a)$

$(b)$

Securities described in Part 1 (including the Options)

All other securities

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

(If the additional securities do not form a new class, go to $43$ )

Tick to indicate you are providing the information or documents

35

The names of the 20 largest holders of the additional *securities, and the number and percentage of additional *securities held by those holders

36

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

(now go to $43$ )

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
• the extent to which they participate for the next dividend. (in the 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)

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

Not applicable

Not applicable

Not applicable

Not applicable

Number	'lass
Not applicable	Not applicable

(now go to $43$ )

All entities

Fees

43 Payment method (tick one)

Cheque attached

Electronic payment made

Note: Payment may be made electronically if Appendix 3B is given to ASX electronically at the same time.

Periodic payment as agreed with the home branch has been arranged Note: Arrangements can be made for employee incentive schemes that involve frequent issues of securities.

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 to ASX that the issue of the ⁺securities to be quoted complies with the law and is not for an illegal purpose, and that there is no reason why those ⁺securities should not be granted ⁺quotation. We warrant to ASX that an offer of the 'securities for sale within 12 months after their issue will not require disclosure under section 707(3) of the Corporations Law.
• We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising 3 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 available
  now, will give it to ASX before $+$ quotation of the $+$ securities begins. We acknowledge that ASX is relying on $\overline{4}$

Sign here: ....................................... Date: Tuesday 15 July 2003

Print name: John Kenny (Director)