STREAMPLAY STUDIO LIMITED — Interim / Quarterly Report 2009

Jul 30, 2009

FOURTH QUARTER ACTIVITIES REPORT

Period: April - June 2009 Release Date: 31 July 2009

The Directors of Gippsland Limited ("Gippsland" or "the Company") provide the following activities report for the period April – June 2009 plus details of events up to the date of this report.

CORPORATE

On 20 April 2009, Gippsland shares recommenced trading on the ASX following the announcement of funding arrangements and the lodgement of the Company's half year accounts. A general meeting of shareholders, called to gain shareholder approval for the company's fundraisings and to appoint Mr Ian Gandel as a director of the Company, was held on 24 June 2009. All five resolutions put to Shareholders were approved.

ABBOTSLEIGH – AU$800,000 FUNDING

On 16 April 2009, the Company announced that it had obtained a funding facility from Abbotsleigh Pty Ltd, a company associated with Melbourne businessman Mr Ian Gandel, for an advance of AU$800,000 to the Company for working capital purposes. The Facility was made available in two tranches, the first being AU$439,695 and the second, AU$360,305. All funds were received and banked during the quarter.

BOARD OF DIRECTORS CHANGES

The Directors have concluded that the Company has reached the stage where it has become logical to split the dual roles of a number of senior executives.

• Dr John Chisholm retired as a Director of Gippsland whilst continuing in his role as the Company's Chief Geologist.
• Mr RJ (Jack) Telford retired from the position of Executive Chairman whilst continuing in his role as the Company's Chief Executive Officer.
• Mr Ian Gandel (LLB, BEc, FCPA, FAICD) has been appointed Non-Executive Chairman of Gippsland Limited. Mr Gandel is a successful Melbourne businessman with extensive experience in retail management and retail property. He has been a director of the Gandel Retail Trust and has had an involvement in the construction and leasing of Gandel shopping centres. Through his private investment vehicles, Mr Gandel has been an investor in the mining industry since 1994. Gandel Metals Pty Ltd is currently a substantial holder in a number of publicly listed Australian companies. Mr Gandel is also a non-executive director of Alliance Resources Ltd and Alkane Exploration Limited.

The above strategic changes were undertaken to provide a greater distribution of responsibilities within the Company whilst reducing the workloads of John Chisholm and Jack Telford to a more manageable level.

ABU DABBAB PROJECT FINANCE DUE DILIGENCE

During the past quarter, Gippsland executives met in Germany with representatives of the Company's tantalum offtake customer HC Starck GmbH, which has contracted to purchase 600,000 pounds per year of Abu Dabbab tantalum pentoxide for a period of ten years. The purpose of the meeting was primarily to introduce Mr Gandel to HC Starck executives.

Whilst in Germany the Company's executives also met with senior management of KfW-IPEX Bank GmbH in relation to project finance discussions for the Abu Dabbab project. Prior to the onset of the global financial crisis, the legal and technical due diligence had been largely completed by KfW, however the bank must now consider the changes resulting from the use of desalinated water, an unlined tailings storage facility, and revised offtake terms with HC Starck to take into account the delivery of a high purity synthetic tantalum concentrate.

OUTLOOK

It is anticipated that the Company will now be able to focus its attention on advancing the Abu Dabbab project towards development.

The Directors consider that the 44.5 million tonne Abu Dabbab deposit and the nearby 98 million tonne Nuweibi deposit place the Company in a unique and highly advantageous position in the global tantalum supply chain. The Directors consider the Abu Dabbab project to be crucial to the reliable long-term supply of the strategic metal to the electronics and aviation industries.

This dependence upon Abu Dabbab has been greatly enhanced by the recent closure of mines in Australia, Africa and Canada. While these closures were in part related to the contraction of the electronics industry, the Directors are of the firm view that these closures were also triggered by:

• Escalating cost of production
• Decreasing tantalum grades
• Increased metallurgical complications
• Unacceptably high uranium and thorium contents
• Lack of shipping space for radioactive Class 7 tantalum concentrates.

The Abu Dabbab project is designed to produce a high-grade SynCon having a Ta2O5 content in excess of 50%. The shipment of the tantalum product will not be restricted as it will not be classified as an International Maritime Organisation Class 7 material due to its low uranium and thorium content.

Abu Dabbab is one of the very few significant tantalum deposits in the world in which the mineralisation is not plagued by excessive contents of niobium and/or radionuclides.

Abu Dabbab is scheduled to generate substantial revenues from the tantalum co-products tin and feldspar.

The Directors consider the Company to be in a unique and highly advantageous position in the global supply chain for tantalum, a highly strategic metal.

TRANSFER OF SHARES FROM UNITED KINGDOM TO AUSTRALIAN REGISTRY

On 6 April 2009, the Company announced that Shares and Depository Interests representing those shares (as the case may be) previously traded on the London Stock Exchange AIM were to be transferred on 11 May 2009 from the Company's UK Registrar and Depositary, Computershare Investor Services PLC, to Security Transfer Registrars Pty Ltd in Australia.

The transference was undertaken to enable AIM Shareholders to trade their shares freely via the ASX through an Australian stockbroker or a UK stockbroker affiliated with an Australian stockbroker.

The Directors are pleased to report that the AIM Share transfer proceeded smoothly with few queries arising from shareholders or UK stockbrokers.

RJ (Jack) Telford Director Chief Executive Officer Gippsland Limited www.gippslandltd.com