STREAMPLAY STUDIO LIMITED — Investor Presentation 2012

Oct 21, 2012

22 October 2012

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INVESTOR PRESENTATION MENA MINING SHOW

DUBAI

Gippsland Limited ('Gippsland' or 'the Company') [ASX: GIP, FRA: GIX] is pleased to provide a copy of the Investor Presentation that Executive Director Jon Starink will deliver to the Middle East and North Africa (MENA) Mining Show this week on behalf of Tantalum Egypt JSC titled “Abu Dabbab & Nuweibi ‐ A World‐ Class Tantalum Resource” .

For further information, contact info@gippslandltd.com

Suite 4, 207 Stirling Highway Claremont WA 6010 Australia Phone +61 8 9340 6000

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Tantalum Egypt JSC Abu Dabbab & Nuweibi A World-Class Tantalum Resource Presentation - October 2012

Potentially a world-class source of tantalum

• Tantalum is a very scarce and strategic raw material, essential for electronics and super-alloys

• Tantalum Egypt JSC (“TE”) Abu Dabbab & Nuweibi Projects

• poised to become the world's largest single producer of primary tantalum feedstock providing up to 25% of the world’s primary supply

• will provide a stable , long term and conflict free supply of this vital strategic raw material

• in production will produce over 925,000lbs per annum of Ta2O5

• will also produce 2,250t per annum of LME grade tin metal and (in Phase 2) up to 2.4mtpa of ceramic-grade feldspar

• TE seeking financing for up to US$225 million to fund the total Project capital and development costs for Phase 1 of the Project

About Gippsland Limited

• Headquartered in Perth, Australia and listed on the Australian Stock Exchange (ASX:GIP)

• Activities focussed on the MENA region and has its regional headquarters in Cairo and offices in Asmara and Amman

• Team of Australian and MENA geotechnical staff support its activities in Egypt and Eritrea and provide a foundation for projecting the Company into the MENA i reg on

o Flagship project is the world-class Abu Dabbab Tantalum-Tin-Feldspar Project in Egypt

o In Eritrea, Exploration Licences for VMS style copper-gold-base metal deposits total 2,200km[2] in the highly prospective Nubian-Arabian Shield are being explored

About Tantalum Egypt JSC

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Egyptian Mineral Resources
Gippsland Limited
Authority (EMRA)
Tantalum Egyptian Company for
International Pty Ltd Mineral Resources
Tanta um gypt l E JSC
Abu Dabbab & Nuweibi
Tantalum-Tin-Feldspar Projects
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• Operates under GAFI Free Zone thus no other taxes, duties or royalties apply, however GAFI receives 1% of revenue under the GAFI Free Zone

• Tantalum International’s 50% interest is a controlling interest in TE and the Project

o Gippsland provides executive management and project expertise for TE

• Gippsland to procure 100% of the finance required for the Project’s development

• Project Finance (debt and shareholder loans) repaid before shareholder distributions.

o Tantalum International receives 45% share of shareholder distributions

About Tantalum

a

o Tantalum is a very rare, highly strategic commodity because of its unique chemical and physical properties

o The major use in the form of the metal powder is in electronic components, mainly capacitors

o Tantalum electrolytic capacitors exploit stable protective tantalum oxide surface layer as the dielectric. As the dielectric layer is very thin, a high capacitance can be achieved in a small volume. Size, stability and weight advantages make tantalum capacitors essential for portable telephones, personal computers and automotive electronics

o Other uses include high temperature super-alloys in aerospace, nuclear reactors and as orthopaedic implant material

o The carbide is used in high-speed cutting tools

.

Tantalum Market Demand & Price

Trading Unit

o Tantalum raw materials are traded in pounds of contained Ta2O5 equivalent

Demand

• Total demand estimated at 5-7 million pounds Ta2O5 per annum (in the order of 2,200 to 3,100 tonnes)

Price

• Tantalum does not trade as a commodity on recognised metal markets, but instead trades via longer term contracts.

• In the twelve months to March 2011 the quoted ‘spot’ price for tantalum oxide rose from less than US$50 per pound Ta2O5 to in excess of US$130 per pound Ta2O5. Since March 2011, the ‘spot’ price has traded between US$100 and $130 per pound (currently US$129/lb)

Tantalum Industry Structure

Supply Processors

End Users

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60% Raw Material
Primary Mine Production Many Participants
Processors
Brazil China Australia Manufacture of
capacitors, super alloys
Few Participants
and products for
Structural upheaval in 2008 as GFC speciality industries. .
dampens demand and mines close
‘ Main end user is
Conflicts Minerals’ Bill cuts DRC supply
the electronics
Ningxia
20% China industry (75%)
Secondary Supply
Malaysia Capacitor
Thailand Tailings, slag, recycling Manufacture
HC Starck
KEMET Electronics
Germany
AVX Corporation
20%
Recycle Vishay Intertechnology
Global
Advanced Super Alloy use by:
Metals Boeing
USA and Japan EADS (Airbus)
Market Share 80%
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Manufacture of capacitors, super alloys and products for speciality industries. .

Primary Mine Production Ta2O5 Pre GFC

• Long term annual Primary Mine Production between 3 and 4.2 million pounds

• Pre-GFC the main sources were Australia, Brazil, Canada, Mozambique & Ethiopia

• Prior to GFC the Greenbushes and Wodgina mines in Australia produced more than 50% of the tantalum minerals in the world (estimated to have been more than 2.0 million pounds in 2004). Post GFC :-

• Wodgina (Advanced Metallurgical Group) ~1.4 million lbs/year - operations suspended, restarted briefly in 2011 at 0.7 million pounds, currently operations suspended

• Greenbushes (Advanced Metallurgical Group) ~1.0 million lbs/year - operations suspended indefinitely

• Tanco (Advanced Metallurgical Group) ~0.15 million lbs/year - operations suspended indefinitely

Primary Production of Ta2O5 Post GFC

Post GFC main sources are Brazil, Ethiopia and China plus central Africa, Russia and southeast Asia

• Brazil’s Mibra (Advanced Metallurgical Group) is presently the largest ~

• operating tantalum mine at 300,000 lbs/year. At pre-GFC levels this mine accounts for ~7 to 10% of global primary production

• The Kenticha mine (Ethiopian Government) ~ 140,000 lbs/year from weathered pegmatite and alluvial ore

• Noventa’s Marropino Mine (Mozambique) target of ~ 350,000 lbs/year from weathered material. Believed to be on verge of closure

• ~

• o The Yichun mine in central China 120,000 lbs/year. Additional production in China is available from the Limu tin mine; the Ma Ar Kan lithium mine and Keketuohai project

• Other minor sources include Lovozero in Russia and artisanal production

Supply shortfall of at least 2 million lbs/year ??

Abu Dabbab & Nuweibi Project Location

o Approximately 25 km from Red Sea and major national highway

o 30km south of Marsa Alam international airport

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o Good support infrastructure and work force in Marsa Alam o Excellent transportation infrastructure

Strategic location for export of feldspar into Europe and MENA

Abu Dabbab Tenement Location & Infrastructure

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Tenement 20km[2] area

Project Status

o At advanced stage, seeking US$225 million financing for Stage 1

• Bankable Feasibility Study complete

o Environmental and Social Impact Assessment completed to World Bank standards

o Licence tenure 30 years with option to extend 30 years

o 18 month construction timetable

o Offtake Agreement for 600,000 lbs Ta2O5 per annum for 10 years

Abu Dabbab Key Project Statistics

o 38.7 Mt of mineable material

o 3 Mt per annum Ore processing

o Annual Production Stage 1

LOM Production

925,000 lbs Ta2O5 2,300 tonnes Tin metal

11,700,000 lbs Ta2O5

24,000 tonnes Tin metal

o Additional Production Stage 2 Up to 2.4Mt Feldspar

Up to 34 Mt Feldspar

Project Key Financial Statistics

		Stage 1	Stage 2	Project Total
		(USD million)	(USD million)	(USD million)
	CAPEX	225	60	285
	LOM Cash Operating Margin	990	663	1,653
	NPV			593
	IRR			39%
o	Note: financial evaluation assumes	market price for diesel fuel, notwithstanding
	current fuel price subsidies
GIP	ASX Announcement dated 8 July 2011

Project Risk and Risk Mitigation

Low Technical Risk

Simple geology, simple bulk quarry-style mining, very low strip ratio and conventional gravity processing

OPEX Cost Escalation Risk

Revenue from Ta O 2 5 Offtake Agreement covers > 80% of Stage 1 OPEX & provides for OPEX escalation

Future Commodity Price Risk Mitigation

Tin Price hedging/Tin Offtake Agreement Feldspar Offtake agreements

Prudent Balance of Downside Risk and Price Upside

Downside underpinned by Tantalum Offtake/Tin hedging - upside participation in the current high spot markets (for excess tantalum and tin)

Abu Dabbab Tantalum-Tin-Feldspar Deposit

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+ 130m
Adit
4WD
- 270m
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Abu Dabbab Cross Section & Pit Outline

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Abu Dabbab Resources & Reserves

JORC Compliant Ore Reserves (included in Resources) @ 29 May 2010

	Ta2O5	Tin (%)
Proven	15.2 Mt @ 260g/t	0.170
Probable	18.0 Mt @ 245g/t	0.099
Total	33.2 Mt @ 253g/t	0.131
Mineable Inferred	8.2 Mt @ 210g/t	0.040

JORC Compliant Resources @ 9 October 2009

Measured Indicated Inferred Total	Ta2O5	Tin (%)
	15.2 Mt @ 290g/t	0.143
	17.3 Mt @ 250g/t	0.078
	12.0 Mt @ 200g/t	0.030
	44.5 Mt @ 250g/t	0.090

Abu Dabbab Project – ultimate pit outline

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Abu Dabbab Mine Statistics

In-Situ Mineable Ore		million tonnes	38.7
Dilution			5%
Thru-put		million tonnes per annum	3
LOM		years	13.5
Average In-Situ Grade	Ta2O5	%	0.026
	SnO2	%	0.120
Recovered to Product	Ta2O5	million lbs	11.7
	Sn	thousand tonnes	24.0
LOM Waste : Ore			1.4
Mass Conversion of Resource	Inventory to ROM		87%
Assumptions

• Inferred Resources (all of the current resource below RL 230) will convert to ore reserves as mining proceed

• • nil contribution to net cash flow revenue from the co-production of feldspar Basis • Bankable Feasibility Study overall recoveries from ROM to product • Resource inventory as at September 2010

Realisation of the results will depend on the successful conversion of Inferred resources to Measured and Indicated status without reduction of tin and tantalum grades and volumes. This will depend on the outcome of further drilling to be conducted at a later date.

Placer Tin Mining at Abu Dabbab

o In production, treatment capacity to increase to ~60 tph

o Production of tin contained in cassiterite concentrate to increase to approximately 80 tonnes of tin per month from February 2013

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o Project life at increased throughput capacity approximately 8 months

o Revenue from tin concentrate sales over the eight-month period ~ US$12.4 million

Opportunities for using the fully demountable modular plant for the exploitation of other placer tin deposits

o LOM Direct and indirect cash costs (excluding capital expense) ~ US$5.3 million

• LOM Capital Cost ~ US$1.2 million

Project Upside - Nuweibi

Considerable potential to expand and leverage the Abu Dabbab process plant for several decades beyond the initial project 13.8 year Abu Dabbab life-of-mine

• Located 16 km south of Abu Dabbab

• Owned by TE JSC

• Licence tenure of 30 years with option to extend for 30 years

o Resource open to the east, to the west and at depth

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JORC Resources Ta O 2 5 Indicated 48 Mt @ 147 g/t Inferred 50 Mt @ 138 g/t Total 98 Mt @ 143 g/t

Nuweibi Tantalum Deposit

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Tin

o China is world’s leading tin producer from both mine and smelter sources

o Indonesia second leading tin producer from both mine and smelter sources

o Total consumption 320,000 to 350,000 tonnes tin per annum and growing

o Technology driving demand

o Few new emerging producers and decreasing production from existing sources

Feldspar

o Use – ceramic tile production

o Potential sale of ~80% of material mined

o Substantial potential feldspar revenue

o Metallurgical test work confirmed that a marketable feldspar product could be produced by simple flotation of de-slimed gravity circuit tailings for an overall recovery of between 75 and 80%

o S ea b orne ra t d e o urope, t E MENA an d G u lf d om na e i t d b y ur T k ey

o Turkey produces between 3.8 and 5.0 million tonnes per annum with the major destination market being Italy which is thought to import around 3 million tonnes per annum. Initial marketing campaigns in 2010 in the Gulf resulted in receipt of expressions of interest for 700,000 tonnes of material with indications for possible additional demand of 600,000 tonnes from the same end-users o Expressions of interest received from Italy

Gippsland Limited Directors & Management

Ian Gandel, Non-Executive Chairman LLB, BEc, FCPA, FAICD

• Highly successful businessman with extensive experience in retail management and retail property

• Involved in resource industry since 1994

• Substantial holdings in a number of ASX resource companies

Jon Starink, Executive Director BSc (Hons), BChemE(Hons), MAppISc, FAustIMM, FIEAust, FIChemE, MRACI, MTMS

• More than 30 years experience in the mining industry as Executive and Non-Executive Director

• Ten years with Greenbushes during evolution to major tantalum raw material producer, directly involved in establishing tin smelter and tantalum SX process

• Engineering design and project management; mining exploration management; science and engineering research & development and process innovation

John Kenny, Non-Executive Director B Com (Hons), LLB

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• More than 25 y ears ex p erience in the natural resource industr y

• A corporate and resources lawyer, with a specialised interest in venture capital, initial public offerings and mergers and acquisitions

• Extensive experience in public equity fundraisings and the pricing of equity, debt and derivative securities

Dr John Chisholm, Chief Geologist BSc (Hons), Phd, FAusIMM, FAIG

• Geologist with wide experience in exploration geology and exploration management

• Worked with various international mining companies

• Fellow of Australian Institute of Geoscientists, Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Practising status in Geology

Ayman Ayyash, Middle East and North Africa Regional Manager BSc CEng (Hon), MEIAust

• 26 years of experience as a professional engineer

• Worked in various parts of the world including the USA, Australia, Gulf Arab states and North Africa

• employed by major international companies including Du Pont and BHP

• served as a Senior Trade Commissioner with the Australian Government in various countries in the Middle East and North Africa

GIPPSLAND LIMITED & TANTALUM EGYPT JSC

ABU DABBAB & NUWEIBI TANTALUM-TIN-FELDSPAR PROJECTS

EGYPT

As a world-class source of tantalum, a rare and strategic raw material for electronics and super-alloys, the Project is poised to become the world ' s largest single producer of tantalum feedstock , and will provide a stable, long term and conflict free supply of this vital strategic raw material

Gippsland Limited and Tantalum Egypt JSC are now seeking to raise finance for up to US$225 million to fund the total Project capital and development costs for Phase 1 of the Project

Disclaimer

This presentation has been prepared by Gippsland Ltd (“ Company ”) on behalf of Tantalum Egypt JSC (“ TE ”). The presentation does not contain all the information that a prospective investor may require about the Company, TE or its business. It is not a complete statement of material information. Except where stated, the information disclosed in this presentation (“ Information ”) relates to the proposed business of the Company and TE at the date of this document. This presentation does not contain advice relating to legal, taxation or investment matters. The Company and TE make no representation or warranty (express or implied) as to the accuracy, reliability or completeness of the Information. The Company and TE and its subsidiaries, directors, employees, agents and consultants shall have no liability (including liability to any person by reason of negligence or negligent misstatement) for any statements, opinions, information or matters (express or implied) arising out of, contained in or derived from, or for any omissions from this presentation, except liability under statute that cannot be excluded

This presentation may contain reference to certain intentions, expectations and plans of the Company and TE (“ forward looking statements ”). Those intentions, expectations and plans may or may not be achieved. Any forward looking statements are subject to inherent risks and uncertainties and are based on certain assumptions that may not be met or on which views may differ. The performance and operations of the Company and TE may be influenced by a number of factors, many of which are outside the control of the Compan y and TE . Act u al f u u t re res u lts ma y be materiall y different . No representation or w arrant y, x e press or implied , is made b y the Company and TE or any of its directors, officers, employees, advisers or agents that any intentions, expectations or plans will be achieved either totally or partially or that any particular rate of return will be achieved. You are cautioned against relying upon any forward looking statement in this document

This presentation does not contain an offer of securities in a company, nor an invitation to apply for such securities. Nothing in this document should be construed as investment advice or financial product advice, whether personal or general, for the purposes of Section 766B of the Corporations Act. The document does not involve or imply a recommendation or a statement of opinion in respect of whether to buy, sell or hold a financial product. You should obtain professional advice and carry out your own independent investigations and assessment of the Information before acting

Information in this presentation which is attributed to a named third party source has not been checked or verified by the Company or TE. This presentation remains the property of Gippsland Ltd and may not be reproduced, distributed, transmitted or published (in whole or in part) without the prior consent of the Company and TE

Competent Person Statement

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.