STREAMPLAY STUDIO LIMITED — Capital/Financing Update 2003

Apr 14, 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

15 April 2003

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

Dear Sir/Madam

ABU DABBAB PROJECT - NPV RISES TO A\$265 MILLION

The Directors of Gippsland Limited ("Gippsland" or "the Company") are pleased to advise that significant metallurgical results have been achieved with respect to the Company's 40 million tonne Abu Dabbab tantalum, tin and feldspar project located adjacent to the western shore of the Red Sea in Egypt ("Abu Dabbab Project").

Increase in Tantalum Recovery Rates

Recent preliminary testwork undertaken by SGS Lakefield Research Limited of Toronto Canada ("SGS Lakefield") has achieved an 18.4% increase in tantalum pentoxide ("Ta₂O_s") recovery rates. The recovery of tin has also been increased by a similar quantum.

SGS Lakefield is one of the world's leading independent metallurgical laboratories, Notwithstanding the significant $Ta_2O_5$ recovery increase, the testwork produced ceramic grade feldspar having a combined alkali metal content (Na₂O and K₂O) in excess of 13% and a reduced iron and titanium content (Please note: Fe₂O₃ = 0.03%, TiO₂ = <0.01%).

Increase in NPV of the Abu Dabbab Project

On 18 March 2003, the Company released details of an interim Scoping Study undertaken by the engineering group Lycopodium Pty Ltd.

The interim Scoping Study determined that the Abu Dabbab Project has a Net Present Value ("NPV") at a discount rate of 6% of US\$127 million (A\$212 million) and an Internal Rate of Return ("IRR") of 36%.

The Directors recognise that these metallurgical achievements will have a positive effect on the overall economics of the Abu Dabbab Project. Based on the application of the increased Ta₂O₅ recovery alone, the Abu Dabbab Project's IRR increases to 42% while the NPV @ 6% increases to US\$159M (A\$265 million). Gippsland owns 50% of the Abu Dabbab Project.

The Directors are of the firm opinion that the Abu Dabbab Project will enjoy the lowest cost of production globally. The Abu Dabbab Bankable Feasibility Study is progressing to schedule and, excepting any unforseen delays, is expected to be completed during August 2003.

Yours sincerely John (Jack) Telford Executive Chairman

Note: In accordance with Listing Rule 5.10 of the Australian Stock Exchange Limited, the geological information in this ASX announcement that relates to mineral resources and ore reserves is based on information compiled by Gippsland Director Dr John Chisholm, who is a Fellow of the Australasian Institute of Mining and Metallurgy, with over 25 years experience in the mining industry.