STREAMPLAY STUDIO LIMITED — Interim / Quarterly Report 2010

Apr 29, 2010

THIRD QUARTER ACTIVITIES REPORT

Period: January - March 2010 Release Date: 30 April 2010

The Directors of Gippsland Limited ('Gippsland' or 'the Company') [ASX: GIP, Frankfurt DB: GIX] provide the following Activities Report for the period January - March 2010, together with details of events up to the date of this report.

ABU DABBAB

The Abu Dabbab Tantalum-Tin-Feldspar Project is generally recognised as the most advanced new tantalum project, with JORC Code Resources and Reserves that exceed competitors by a significant margin.

The Directors believe Abu Dabbab will become the world's largest single producer of tantalum feedstock, an opinion that is supported by an increasing number of leading tantalum refiners and electronics industry majors seeking a stable, long-term and conflict-free supply of this vital strategic raw material. Responsible tantalum refiners and original electronic equipment manufacturers are anxious to avoid involvement with companies and countries supplying so called 'Conflict Tantalum' or 'Blood Tantalum' and are thus turning to emerging 'conflict-free' projects to fulfil a looming supply-side shortage.

Conflict Tantalum

The past quarter has seen continued and increased international focus on the problems associated with Conflict Tantalum being produced in Central Africa, predominately in the Democratic Republic of Congo ('DRC') where the trade in Conflict Minerals is contributing to sustaining a brutal war which has to date caused the loss of approximately 6 million lives and has caused misery to millions more.

USA Conflict Minerals Trade Act

Two bills are before the US Congress to stop trade in Conflict Minerals from the DRC. When passed, these bills are expected to have a dramatic effect on the illicit Conflict Minerals trade world-wide, particularly as it involves US companies or products sold in the USA. The bills foreshadow severe penalties for companies and company executives found to be directly or indirectly involved in the trade of Conflict Minerals.

Global Witness & Enough Project

International NGOs such as Enough and Global Witness have continued to highlight the problems associated with the trade in Conflict Tantalum from the DRC through presentations in Europe and North America, whilst also liaising with European and North American government authorities and the United Nations Security Council.

United Nations Security Council

The United Nations Security Council has expanded its area of interest in the DRC to include Conflict Minerals such that companies found to be providing support to subversive groups through the trade of Conflict Minerals may be placed on a sanctions list which could lead to the freezing of assets and a travel ban for company executives.

Electronic Industry Citizenship Coalition

The Electronic Industry Citizenship Coalition ('EICC'), established by the world's largest electronic companies, met in Boston USA during April 2010 to address the issue of Conflict Tantalum.

The EICC is in the process of establishing guidelines under which tantalum smelters must be able to demonstrate that their tantalum product is conflict-free to the satisfaction of EICC members. EICC membership includes Cabot Corporation, HC Starck, Apple, Dell, Nokia, Motorola, Hitachi, IBM, Lenovo,

Sony and Microsoft plus Research In Motion Limited ('RIM'), producer of Blackberry smartphones. From the meeting it was clear that the companies represented at the gathering were strongly opposed to the incorporation of Conflict Tantalum in their electronic goods.

Tantalum Price

The increasing constraint on the use of Conflict Tantalum along with the general tightening supply of tantalum feedstock, has seen the spot price for tantalum concentrate (in the form of the mineral tantalite and expressed on a 100% Ta2O5 basis) increase from approximately US$35 per pound in January 2010 to US$52 per pound in April 2010.

It is anticipated that the price of tantalite will continue to rise steadily during the coming months in anticipation of the critical shortage of tantalum feedstock predicted to occur through to late 2012.

Abu Dabbab Seawater Supply

The Abu Dabbab Project will consume approximately 18,000m3 per day of seawater which was to be extracted from a borefield on land approximately 2km from the Red Sea coast at Marsa Abu Dabbab.

The Directors are pleased to advise that the Egyptian National Centre for Planning State and Usage has granted the Abu Dabbab Project a 40m wide corridor approximately 5km in length through the coastal tourist zone directly to the Red Sea shoreline, which will enable seawater to be drawn directly from the sea.

This much-preferred means of sourcing seawater will eliminate the need to construct and operate some 16 coastal seawater production bores.

Abu Dabbab Tantalum Offtake

As previously announced, Gippsland has an agreement with German tantalum refiner HC Starck GmbH for the delivery of conventional tantalum concentrates. Gippsland is presently in negotiation with HC Starck to vary the agreement to take account of the delivery of a more valuable high purity synthetic tantalum concentrate (SynCon).

Gippsland is also in negotiation with other tantalum consumers who appear to be concerned about the continuity of supply in light of the removal of Conflict Tantalum from the market, steadily increasing tantalum feedstock prices and the looming shortfall in supply.

About the Abu Dabbab Tantalum-Tin-Feldspar Project

The Abu Dabbab Project has a JORC Code Mineral Resource of 44.5 million tonnes at a grade of 250g/t Ta2O5 The Company's nearby Nuweibi tantalum deposit has a JORC Code Mineral Resource of 98 million tonnes at a grade of 147g/t Ta2O5.

The Abu Dabbab and Nuweibi deposits contain a combined 55 million pounds of Ta2O5, an amount which is sufficient to satisfy entire global tantalum demand for more than a decade.

The Abu Dabbab Project is scheduled to commence operations at an initial mill feed rate of 2 million tonnes per annum, producing in excess of 650,000 pounds of Ta2O5 per year, which by today's standards would make it the world's largest single producer.

Abu Dabbab Project's favourable location allows year-round access in an area supported with excellent infrastructure. Abu Dabbab's tantalum and tin content is mineralogically simple and is contained in an apogranite in contrast to carbonatite hosted deposits which are by nature more chemically complex and difficult to process. Additionally, Abu Dabbab tantalum mineralisation is low in uranium and thorium relative to other primary tantalite deposits. Most importantly, the deposit will be mined using simple open-pit techniques whilst enjoying a most favourable ORE : WASTE strip ratio of 1 : 0.83.

ERITREA

During January 2010, Gippsland announced results for a reconnaissance drainage geochemical survey from within the three Prospecting Licences ('PLs') the Company holds in Eritrea (Adobha Project). A total of eleven alteration targets were sampled by collecting 196 drainage samples associated with zones of argillic alteration and favourable host lithologies. Anomalous results for gold, copper and zinc were recorded from all of the three 100km2 PLs.

This first pass widely spaced sampling programme is presently being followed up in a second programme of infill drainage sampling to determine the source of the anomalous gold, copper, and zinc values. This fieldwork will also involve a rock chip sampling programme and geological mapping.

The three PLs cover 300km2 of ground that is prospective for both VMS mineralisation and structurally controlled gold mineralisation. The PLs were selected following an interpretation of Thematic Mapper (TM) satellite data of a large part of northern Eritrea. During this study, the Bisha and Zara (Koka) mineral deposit areas were used as type examples. The Bisha deposit was selected as it represents a VMS deposit of the type that can be expected to occur in the area of interest. Zara (Koka) was selected as it represents a structurally controlled gold deposit located in the southern part of the area of interest.

The three PLs are located in a geological setting similar to the Bisha gold-base metal VMS deposit located some 174km to the south that contains 1.44Moz Au, 0.39Mt Cu and 0.499Mt Zn. The structural setting of the area covered by the PLs is also similar to that found at the 0.94Moz Zara (Koka) gold project located along strike some 65km to the south.

The Company has made application for a further three 100km2 Prospecting Licenses in the Adobha region. If successful, the additional licences will double the Company's holdings in Eritrea.

AUSTRALIA – HEEMSKIRK TIN DEPOSIT

The Heemskirk Tin Project, at Zeehan Tasmania, collectively comprises Australia's largest known undeveloped hard rock tin deposit; the Queen Hill, Severn, and Montana deposits. During the past year, Gippsland's joint venture partner Stellar Resources Ltd (ASX: Code SRZ) undertook a review of the historical drill data, focusing on Queen Hill, the shallowest of the three deposits, with the objective of selecting near surface drill targets for infill drilling.

In April 2010 Stellar Resources announced that it expects to commence a 600m drilling programme at Heemskirk during June 2010, focusing on high grade, near-surface mineralisation at the Queen Hill tinbearing zone.

The drilling programme will underpin work toward updating and upgrading the project, which the Directors see to be an important step in considering development concepts.

Under the terms of the Joint Venture Agreement, Stellar Resources has the right to increase its Heemskirk ownership from 60% to 70% subject to a number of conditions precedent. The conditions precedent include the requirement that Stellar Resources complete a comprehensive feasibility study including a recommendation that commercial development be undertaken with a view to commence mining operations. The feasibility study must contain all necessary supporting reports and data including detailed geological and metallurgical, financing and marketing studies.

The Directors are encouraged by Stellar Resources' proposed drilling programme on this valuable underexplored asset.

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

For further information, please contact:

Jack Telford Gippsland Limited

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

DJ Carmichael & Co Paul Covich / Rob Matthews

• T: +61 8 9263 5271
• E: pcovich@djcarmichael.com.au / rmatthews@djcarmichael.com.au
• W: www.djcarmichael.com.au

WH Ireland Limited (UK)

John Molyneux / James Hughes

• T: +44 20 7220 1665 / +44 20 7220 1663
• E: john.molyneux@wh-ireland.co.uk / james.hughes@wh-ireland.co.uk
• W: www.wh-ireland.co.uk

Note:

In accordance with Listing Rule 5.6 of the Australian Stock Exchange Limited, the geological information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves is based on data compiled by Dr John Chisholm, a Fellow of The Australasian Institute of Mining and Metallurgy. Dr Chisholm has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Dr Chisholm consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.