STREAMPLAY STUDIO LIMITED — Capital/Financing Update 2004

Sep 21, 2004

Suite 34, 18 Stirling Highway, Nedlands WA 6009 PO Box 352, Nedlands WA 6909, Australia ABN 31-004-766-376 Tef: (08) 9389 8611 Fax: (08) 9389 8612 E-mail: itelford@aippslandItd.com www.gippslanditd.com.au

Wednesday 22 September 2004

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

Requlatory News Service London Stock Exchange Limited London EC2 1HP United Kingdom

Dear Sir/Madam

BANKABLE FEASIBILITY STUDY EXTENSION

Further to Gippsland Limited's announcement dated 14 September 2004, the Directors confirm that instructions have been issued to its consultants to produce an Abu Dabbab Bankable Feasibility Study ("BFS") based upon a mill-feed increase from 1.26Mpta to 2Mtpa.

The Directors are advised that a 2Mtpa BFS will be completed prior to the end of October 2004. Requests from buyers of tantalum (in light of the current state of the tantalum industry) are the reason for this 2Mtpa BFS.

While the 2Mtpa operation is expected to entail a modest increase in Capex, preliminary evaluation indicates that the increased mill-feed will substantially increase the economics of the project with the internal rate of return ("IRR") rising to approximately 20%. While this IRR is calculated on the basis of 100% equity Capex funding, it should be noted that the project is likely to enjoy a high level of debt funding. Accordingly, the Company is currently in negotiations with resource project banks with respect to the provision of project finance.

The 2Mtpa BFS will be based upon tantalum and tin production alone and will not take into account the possibility of also producing approximately 1.6Mtpa of ceramic grade feldspar as a by-product to the tantalum and tin production. Feldspar production, which will be considered as a separate exercise following the commencement of tantalum and tin production. has the potential to materially enhance the Abu Dabbab project's total IRR. Feldspar tailings produced during the early stages of the project will be suitably contained to enable processing at a later date.

Based upon 2Mtpa, the Abu Dabbab project will produce in excess of 650,000 pounds of tantalum pentoxide per year which will firmly establish it as the world's second largest tantalum producer.

Yours sincerely RJ (Jack) Telford Executive Chairman

Jurped

For further information please contact:

Jack Telford Gippsland Limited Tel: +61 (0)418 911 928 jtelford@gippslandltd.com www.gippslandltd.com.au

Bill Sharp Hoodless Brennan & Partners Plc Tel: +44 (0)20 7610 8565 Fax: +44 (0)20 7538 1625 bill.sharp@hoodlessbrennan.com