STREAMPLAY STUDIO LIMITED — Investor Presentation 2013

Sep 25, 2013

Abu Dabbab & Nuweibi

A World-Class Tantalum Resource with Tin & Feldspar Melbourne RIU Resources Roundup 2013 Presentation – September 2013

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

About Gippsland Limited

o Listed on the ASX (GIP) - Head Office in Perth (Australia)

o Activities focussed on the MENA region

• Regional Office in Cairo (Egypt)

• Offices in Asmara (Eritrea) and Amman (Jordan) - Australian & MENA geotechnical staff in Egypt and Eritrea

o Flagship project

• World-class Abu Dabbab Tantalum-Tin-Feldspar Project (Egypt)

• Other Projects & Investments

• Egypt, Nuweibi Tantalum-Tin-Feldspar Project

• Egypt, Abu Dabbab Tin Placer Deposits (Now in production)

• Egypt, Wadi Allaqi / Abu Swayel Gold Exploration - Eritrea, 2,200km[2 ] Exploration Licences for copper-gold-base metal VMS in the highly prospective Nubian-Arabian Shield

Gippsland Limited Directors & Management

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

• 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

Joint Venture Structure

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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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• under GAFI Free Zone thus no

• Operates 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

Tantalum is a very scarce and strategic raw material, essential for electronics and super-alloys because of its unique chemical and physical properties

o The major use of the metal powder is in electronics, mainly capacitors

o Tantalum electrolytic capacitors exploit stable protective tantalum oxide surface layer as the dielectric. As the dielectric layer is very thin, a hi g h capac it ance can b e ac hi eve d i n a sma ll vo ume. l

o 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 o Toughness & torsional strength twice that of High Speed Steel

Tantalum Market Demand & Price

Demand

o Total demand estimated at 5 to 7 million Ta O annum pounds 2 5 per (in the order of 2,200 to 3,100 tonnes) Price

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

o In the 12 months to March 2011 the quoted ‘spot’ price for ta n ta l u m o xi de r ose fr o m l ess than US$50 per pound Ta2O5 to in excess of US$130 per pound Ta O . 2 5 o Since March 2011, the ‘spot’ price has traded between US$100 and $130 per pound o One recent report (MetalMiner) has the price at $160 per pound

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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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Primary Mine Production Ta2O5 Pre & Post GFC

Pre GFC Post GFC

Australia, Brazil, Canada, Mozambique, Ethiopia & DRC

Brazil, ~~Ethiopia~~ , China, Russia & Southeast Asia

• Australia - Greenbushes & Wodgina Produced more than 50% of the world’s tantalum minerals (2004 est. 2 million lbs/year)

• Wodgina (AMG) ~1.4 million lbs/year Restarted briefly 2011 at 0.7 million lbs, Operations currently suspended

o Greenbushes (AMG) ~1.0 million lbs/year Operations suspended indefinitely

o Canada - Tanco (AMG) ~0.15 million lbs/year Operations suspended indefinitely

o DRC (Congo)

Conflict minerals revenue supported rebels in Congo. US Conflict Minerals Bill has had major impact on supply from Congo

o Brazil Mibra (Sold to GAM)

• ~ 300,000 lbs/year. Pre-GFC this represents 7% to 10% of global primary production

o Ethiopia Kenticha (Government)

• ~ 140,000 lbs/year (Weathered pegmatite and alluvial ore) (Now Closed)

o Mozambique Marropino (Noventa)

• Target ~350,000 lbs/year (weathered material) (Now closed)

o Central China Yichun

• ~ 120,000 lbs/year. Other minor production from Limu tin mine; Ma Ar Kan lithium mine and Keketuohai project

o Other minor sources Lovozero (Russia) & Artisanal production

No new mine startups ! Supply shortfall of at least 2 million lbs/year ??

Abu Dabbab & Nuweibi Project Location

• Approximately 25 km from Red Sea and major national highway

o 30km south of Marsa Alam international airport

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• 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 Bankable Feasibility Study complete (2 Million TPA)

o Environmental and Social Impact Assessment o 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 o H.C.Starck has recently confirmed ongoing interest in the 600,000 lbs and also in the additional 325,000 lbs of Ta2O5 production per annum o Financing under way

• Financing discussions underway for Stage 1 (US$225 million)

• o Indicative draft terms sheet received from three Egyptian banks

• o Waiting list formed of banks expressing interest

• o Respected Financial Advisor appointed (Canada)

• Banks Independent Technical Expert draft report notes “No fatal flaws”

• o Highly respected Egyptian Investment Bank engaged

• o Discussions commenced with potential Equity investors

A world-class source of Tantalum

o 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

• Annual production : Projected Revenues *** • over 925,000lbs per annum of Ta2O5 (+/- $100 million pa)**

• • 2,300t per annum of LME grade tin metal ($46 million pa)

• • 2.4mtpa of ceramic-grade feldspar (Phase 2) ($72 million pa)

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

o *** Tantalum revenues approximate, as offtake price is confidential,**

o *** Tin @ $20,000/tonne, Feldspar @ $30/tonne**

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 (Project)			$ 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 Prudent Balance of Downside Risk and Price Upside

Potential Tin Price hedging / Tin Offtake Agreement Tantalum & Feldspar Offtake agreements

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

Sovereign Risk

Joint venture is with EMRA, the Mines Department of the Egyptian Government. Gippsland Ltd provides the technical IP, know-how and specialty metal marketing skills

Abu Dabbab Tantalum-Tin-Feldspar Deposit

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Abu Dabbab Cross Section & Pit Outline

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Placer Tin Mining at Abu Dabbab

Small project first !

o In production, treatment capacity to increase to 50 tph through Spiral Plant (30,000 tonnes/month)

o Production of tin contained in cassiterite concentrate from Spiral Plant to increase up to 40 tonnes of tin per month (depending on feed grade)

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Opportunities exist to use the fully demountable modular plant for the exploitation of other placer tin deposits

o Project life at increased throughput capacity approximately 12 months

• Directly employing 50 people onsite, with another 50 people engaged in mining and contracting services

o Concentrate shipped to date is 190 tonnes of high grade Tin concentrate

Placer Tin Mining at Abu Dabbab

Slime Decant Ponds

Mining & Screening in operation

Private Free Zone

Spiral Plant

Project Upside – Nuweibi Tantalum

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

o Located 16 km south of Abu Dabbab

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

Tin Production and Price

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

Very few new producers and decreasing production from existing sources Tin price is currently $22,900 per tonne

Feldspar

Used in ceramic tile production Potential sale of ~80% of material mined Substantial potential feldspar revenue Simple flotation of de-slimed gravity circuit tailings - 75 to 80% recovery

Markets

Turkey is main supplier to Europe, MENA and Gulf states

Expressions of interest for feldspar production Gulf states – 0.7 to 1.3Mt • Italy – successful ceramic testwork

Recent enquiry for 100% of feldspar output

Financing Methodology

Other Projects Eritrea VMS & Gold Capex (Phase 1) Egyptian Gold US$225 million Egyptian Mineral Resources Gippsland Limited Authority (EMRA) X% Equity Tantalum Egyptian Company for International Pty Ltd Mineral Resources Y% Debt Tantalum Egypt JSC & possible Tin pre-sell Abu Dabbab & Nuweibi Tantalum-Tin-Feldspar Projects

Capex (Phase 1) US$225 million

Y% Debt & possible Tin pre-sell Aim:

To finance Abu Dabbab with equity injection at project level, preserving value in other projects for Gippsland shareholders

SUMMARY: ABU DABBAB and NUWEIBI

• REASONS TO INVEST – GIPPSLAND LTD

• Abu Dabbab Tantalum-Tin-Feldspar Financing Underway

• • Upside in Nuweibi Tantalum Project

• Currently operating Alluvial Tin in Egypt

• • Support of partner, the Egyptian Government

• • S upport o f E gypt an an i B k s – D ra t erms f T Sh eet

• • Substantial interest from Middle East Equity investors

• • Tantalum Offtake Agreement - upside from extra production

• • Upside in looming world shortage of Tin

• Expressions of interest in Feldspar

• Excellent financial returns projected

• • Innovative finance structuring

GIPPSLAND LTD

Thank You!

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.