STREAMPLAY STUDIO LIMITED — Capital/Financing Update 2003

Jul 9, 2003

Suite 34, 18 Stirling Highway, Nedlands WA 6009 PO Box 352, Nedlands WA 6909, Australia A.B.N. 31 004 766 376 Tel: (08) 9389 8611 Fax: (08) 9389 8612 E-mail: itelford@gippslandltd.com.au

GIPPSLAND

I IMITED

10 July 2003

Company Announcements Office Australian Stock Exchange Limited 20 Bond Street SYDNEY NSW 2000

Dear Sir/Madam

FUNDRAISING PLACEMENT PROSPECTUS

The Directors of Gippsland Limited ("Gippsland or "the Company") hereby announce that the Company has lodged earlier today at ASIC and the ASX a placement prospectus dated 10 July 2003 for the issue of up to 14,000,000 fully paid ordinary shares in the Company at 5 cents per share to raise up to \$700,000.

The monies to be raised are to fund the ongoing bankable feasibility study currently being conducted upon the Abu Dabbab tantalite, feldspar, niobium and tin deposit located in Eqypt, in which Gippsland has a 50% economic interest by way of an incorporated joint venture with the Eqyptian Government.

At present the issue is not underwritten. There is no minimum level of subscription pursuant to the issue. No oversubscriptions will be accepted. In respect of the placement of these 14,000,000 shares, Gippsland will pay a placement fee of 7% (plus GST) of the amount subscribed (and accepted by Gippsland) to any holders of dealers licences in respect of application forms bearing the stamp of such dealers. No brokerage or stamp duty will be payable by shareholders subscribing for shares.

These 14,000,000 shares if issued will constitute 14.81% of the presently issued share capital which currently totals 94,528,359 shares. The new ordinary shares will rank equally with other ordinary shares on issue and will participate fully in any dividends announced after the date of allotment. No assurance is given by the directors of Gippsland as to future dividends since they are dependent on earnings, the financial condition of Gippsland and other factors.

The timetable for this placement issue is as follows:

Summary of Important Dates

Offer Opens	10 July 2003
Offer Closes	14 August 2003
Allotment of New Shares	18 August 2003
Dispatch Holding Statements	20 August 2003

This timetable is indicative only. The directors of Gippsland reserve the right to vary the key dates outlined above pertaining to this placement issue in accordance with the Corporations Act and the ASX's Listing Rules.

Yours sincerely

Jack Telford Executive Chairman Gippsland Limited