STREAMPLAY STUDIO LIMITED — Capital/Financing Update 2013

Apr 1, 2013

2 April 2013

==> picture [452 x 52] intentionally omitted <==

BANKING CONSORTIUM APPOINTS INDEPENDENT TECHNICAL ADVISORS

Further to the Company’s announcement dated 5 March 2013, the Directors of Gippsland Limited [ASX: GIP, DB: GIX] ("Gippsland" or "the Company") are pleased to announce that debt financing for the Abu Dabbab Tantalum‐Tin‐Feldspar Project (the "Project") continues to progress.

As previously announced, a Consortium of Egyptian banks comprised of Bank Audi, Banque Du Caire, Banque Misr and Commercial International Bank was formed to jointly support Tantalum Egypt JSC ("TE JSC") in raising the required senior debt financing (the "Transaction") for the development of the initial phase of the Project.

The Consortium has now finalised the appointment of an Independent Technical Advisor ("ITA") to assist it in the Transaction. After a tendering process the Consortium has selected Wardell Armstrong as its ITA. Wardell Armstrong is a UK based independent consultancy firm which provides a wide range of technical, professional and management services for all aspects of the exploration, delineation, assessment, extraction and processing of mineral resources.

The Consortium has instructed Wardell Armstrong to prepare an initial technical report with the following scope of work:‐

1. Tantalum Market Overview:

A comprehensive summary of the global tantalum market, industry aspects, as well as general tantalum demand, supply and historical price analysis and forecasts.

1. Business Case Model Validation:

A high level review and validation of the business model and its assumptions including, but not limited to, the investment cost (including Capex and embedded contingency in such investment cost), Opex and revenues assumptions underlying the management case business plan and providing a report on the business plan indicating areas which need revising or sensitizing together with benchmarking of the projected Capex and Opex assumptions.

1. Project’s Risks & Mitigates:

A high level review and validation of the Project’s technical feasibility milestones, covering the projects main technical risks, including without limitation volume, grade and recovery assumptions, commercial and framework risks and mitigates.

Subject to a satisfactory outcome of this high level review, the Consortium intends to proceed to obtaining credit committee approval for the Transaction and to the final negotiation and execution of a definitive term sheet, which the Company expects to contain some conditions precedent that will need to be fulfilled prior to the first drawdown.

130402 ASX ANNOUNCEMENT - ITA Appointed130402 ASX ANNOUNCEMENT - ITA Appointed

Page 1 of 2

==> picture [104 x 30] intentionally omitted <==

The Company looks forward to providing further updates in due course.

Yours faithfully Gippsland Limited

==> picture [94 x 51] intentionally omitted <==

Jon Starink Executive Director

T: +61 8 9340 6000 E: info@gippslandltd.com

Page 2 of 2