STREAMPLAY STUDIO LIMITED — Interim / Quarterly Report 2006

Apr 25, 2006

Appendix 5B

$Rule 5.3$

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

$\overline{a}$

GIPPSLAND LIMTED

ABN	Ouarter ended ("current quarter")
31 004 766 376	31 March 2006

Consolidated statement of cash flows

Cash flows related to operating activities		Current quarter$A'000	Year to date(9 months)$A'000
1.1	Receipts from product sales and related debtors
1.2	Payments for
	(a) exploration and evaluation	(622)	(1,280)
	(b) development
	(c) production
	(d) administration	(767)	(1,201)
1.3	Dividends received
1.4	Interest and other items of a similar nature
	received	6	16
1.5	Interest and other costs of finance paid
1.6	Income taxes paid
1.7	Other (provide details if material)	w
	Net Operating Cash Flows	(1,383)	(2,465)
	Cash flows related to investing activities
1.8	Payment for purchases of:
	(a)prospects
	(b) equity investments	w
	(c) other fixed assets	$\overline{a}$	(8)
1.9	Proceeds from sale of:
	(a)prospects
	(b) equity investments	$\overline{a}$
	(c) other fixed assets	w
1.10	Loans to other entities - Egyptian Mining	$\overline{\phantom{a}}$
	Company for Mineral Resources
1.11	Loans repaid by other entities	u,
1.12	Other (provide details if material)
	Net investing cash flows		(8)
1.13	Total operating and investing cash flows
	(carried forward)	(1,383)	(2.473)

1.13	Total operating and investing cash flows(brought forward)	(1,383)	(2, 473)
1.141.151.161.171.181.19	Cash flows related to financing activitiesProceeds from issues of sharesProceeds from sale of forfeited sharesProceeds from borrowingsRepayment of borrowingsDividends paidPayments relating to capital raisings	2,916u,سد(146)	4,305(224)
	Net financing cash flows	2,770	4,081
	Net increase (decrease) in cash held	1,387	1,608
1.201.21	Cash at beginning of quarter/year to dateExchange rate adjustments to item 1.20	826(2)	58914
1.22	Cash at end of quarter	2,211	2,211

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

Aggregate amount of payments to the parties included in item 1.21.23			Current quarter$A'000
			125
	1.24	Aggregate amount of loans to the parties included in item 1.10

$1.25$ Explanation necessary for an understanding of the transactions

Payments to Directors and director related entities

Non-cash financing and investing activities

$2.1$ Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

An amount of 6,000,000 New Shares were issued for Nil consideration to entities associated with Alex Aguero in Settlement of the Aguero Dispute

$2.2$ Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

None

Financing facilities available

Add notes as necessary for an understanding of the position.

		Amount available$A'000	Amount used$A'000
-3.1	Loan facilities	$\boldsymbol{\mu}$
3.2	Credit standby arrangements	-

Estimated cash outflows for next quarter

	Total	500
4.2	Development
4.1	Exploration and evaluation	500
		$A'000

Reconciliation of cash

Reconciliation of cash at the end of the quarter (asshown in the consolidated statement of cash flows) tothe related items in the accounts is as follows.		Current quarter$A'000	Previous quarter$A'000
Cash on hand and at bank5.1		2,211
5.2	Deposits at call
53	Bank overdraft
5.4	Other (provide details)
	Total: cash at end of quarter (item 1.22)	2,211	826

Changes in interests in mining tenements

		Tenementreference	Nature of interest(note (2))	Interest atbeginning ofquarter	Interest atend ofquarter
6.1	Interests in miningtenements relinquished,reduced or lapsed
6.2	Interests in miningtenements acquired orincreased

Issued and quoted securities at end of current quarterDescription includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	Issue priceper	Amount paid up per
				security(seenote 3) (cents)	security (see note 3)(cents)
7.1	Preference	u.
	+ securities
7.2	(description)Changes during
	quarter
	(a) Increases
	through issues
	(b) Decreases
	through returns
	of capital, buy-
	backs,redemptions
7.3	+ Ordinary
	securities	207,851,926	207,851,926
7.4	Changes during
	quarter
	(a) Increases	24,000,000	24,000,000	12.1 cents	12.1 cents
	through issues	6,000,000	6,000,000	Nil	Nil
		33,000	33,000	9.0 cents	9.0 cents
	(b) Decreasesthrough returns
	of capital, buy-
	backs
7.5	*Convertible	ă.
	debt securities
	(description)
7.6	Changes during	ă.		m
	quarter(a) Increases
	through issues
	(b) Decreases
	through
	securities
	matured,
	converted
7.7	OptionsGIPO	43,738,393	43,738,393	Exercise price9 cents	Expiry date31/12/07
		10,000,000		4 UK pence	31/12/07
		2,250,000		15cents	31/12/07
7.8	Issued during	2,250,000		15 cents	31/12/07
	quarter
7.9	Exercised during
	quarter - GIPAI	33,000	33,000	9 cents
7.10	Expired/Cancelled
	during quarter	$\overline{\phantom{a}}$
7.11	Debentures	$\blacksquare$
	(totals only)
7.12	Unsecured
	notes (totals
	only)

Compliance statement

• $\mathbf{1}$ This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
• $\overline{2}$
• This statement does give a true and fair view of the matters disclosed.

am Worldlena

RS Middlemas Company Secretary 21 April 2006

Notes

• $\mathbf{1}$ The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
• $\overline{2}$ The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
• $\overline{3}$ Issued and quoted securities. The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.
• $\overline{4}$ The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.
• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

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