STREAMPLAY STUDIO LIMITED — Capital/Financing Update 2004

Mar 11, 2004

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

ABN

31 004 766 376

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	Ordinary Shares (ASX Code: "GIP")
2	Number of $+$ securities issued or to be issued (ifknown) or maximum number which may beissued	25,000,000 ordinary shares ("GIP")
3	Principal terms of the $+$ securities (eg, if options,exercise price and expiry date; if partly paid$+$ securities, the amount outstanding and due datesfor payment; if $+$ convertible securities, theconversion price and dates for conversion)	Ordinary shares will rank pari passu with the existingordinary shares on issue.
4	Do the + securities rank equally in all respectsfrom the date of allotment with an existing $\pm$ classof quoted $+$ securities?If the additional securities do not rank equally,please state:the date from which they dothe extent to which they participate for thenext dividend, (in the case of a trust,distribution) or interest paymentthe extent to which they do not rank equally,۰other than in relation to the next dividend,distribution or interest payment	Yes
5.	Issue price or consideration	Issue price of 2.8 UK pence (approx. 6.8 Australiancents) per share.

6

Purpose of the issue(If issued as consideration for the acquisition ofassets, clearly identify those assets)

Part of the proceeds will be applied to fund thecompletion of the bankable feasibility study beingconducted upon the Abu Dabbab tantalum-tin-feldspardeposit in Egypt, in which the Company has a 50%economic interest by way of an incorporated joint venturewith the Egyptian Government. Part of the proceeds willalso be applied towards completing the Company's listingon the London Stock Exchange Limited's AlternativeInvestment Market ("AIM") and the balance for workingcapital purposes.

Dates of entering $\dot{\ }$ securities into uncertificated 9 March 2004.

Number

• $\overline{7}$ holdings or despatch of certificates
• Number and +class of all +securities quoted on $\overline{8}$ 139,528,359 ASX (including the securities in clause 2 if 43.671.393 applicable)
• Number and $\pm$ class of all $\pm$ securities not quoted $\overline{Q}$ on ASX (including the securities in clause 2 if applicable)
• Number $+C$ lass

No dividends declared or paid.

$+C$ lass

Fully paid ordinary shares ("GIP")

Listed options ("GIPO")

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

Part 2 - Bonus issue or pro rata issue

$\mathbf{1}$	Is security holder approval required?	Not applicable
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 dealtwith.
	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 $\pm$ security holders sell their entitlements in full through a broker?	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 $(iick one)$
• $(a)$ $\checkmark$ Securities described in Part 1

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

$\Box$ $(b)$ All other securities

01/01/2003

Tick to indicate you are providing the information or documents

• If the "securities are "equity securities, the names of the 20 largest holders of the additional "securities, 35 and the number and percentage of additional *securities held by those holders
• If the "securities are "equity securities, a distribution schedule of the additional "securities setting out 36 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

38

$42 -$

$\mathbf{1}$

$\overline{2}$

12 March 2004

A copy of any trust deed for the additional *securities

Entities that have ticked box 34(b)

39 Class of $+$ securities for which quotation is sought

Number of securities for which $\dagger$ quotation is sought

Do the $+$ securities rank equally in all respects from the date of allotment Not applicable 40. 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 $\bullet$ the next dividend, distribution or interest payment
• 41 Reason for request for quotation now

securities in clause 38)

any conditions it decides.

Ouotation agreement

: In the case of restricted securities, end of restriction period (if issued upon conversion of another security, clearly identify that other security)

Number and $\pm$ class of all $\pm$ securities quoted on ASX (including the

Not applicable

Not applicable

Not applicable

Number	+ Class
Not applicable

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 $$ securities should not be granted $$ quotation.
• 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.

$+$ Ouotation of our additional $+$ securities is in ASX's absolute discretion. ASX may quote the $+$ securities on

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 $+$ 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 $\dot{\tau}$ securities to be quoted under section 1019B of the Corporations Act at the time that we request that the +securities be quoted.
• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• $\overline{4}$ 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 the information and documents. We warrant that they are (will be) true and complete.

inperd

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Sign here:

Director RJ (JACK) TELFORD

Date: 12 March 2004

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