Abu Dabbab & Nuweibi

A World World-Class Tantalum Resource Class Tin & Feldspar

Sydney RIU Resources Roundup Conference 2013

Presentation – May 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 Company and TE. Actual future results may be materially different. No representation or warranty, express or implied, is made by 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

oListed on the ASX (GIP)

Head Office in Perth (Australia)

oActivities 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

oFlagship project

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

oOther 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, 2,200km2Exploration Licences for copper-gold-base metal VMS in the highly prospective Nubian-Arabian Shield
19% holding in Stellar Resources Ltd (ASX: SRZ)

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 DirectorBSc (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

More than 25 years experience in the natural resource industry
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 GeologistBSc (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 ManagerBSc 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

o Operates under GAFI Free Zone thus no other taxes, duties or royalties apply, howeverGAFI receives 1% of revenue under the GAFI Free Zone

o Tantalum International's 50% interest is a controlling interest in TE and the Project
o Gippsland provides executive management and project expertise for TE
o Gippsland to procure 100% of the finance required for the Project's development
- o 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

oThe major use of the metal powder is in electronics, mainly capacitors
o Tantalum electrolytic capacitors exploit stable protective tantalumoxide surface layer as the dielectric. As the dielectric layer is very thin, ahigh capacitance can be achieved in a small volume.
o Size, stability and weight advantages make tantalum capacitors essential for portable telephones, personal computers and automotiveelectronics
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
- oToughness & torsional strength twice that of High Speed Steel

Tantalum Market Demand & Price

Demand

o Total demand estimated at 5 to 7 million pounds Ta 2O5 per annum(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 fortantalum oxide rose from less than US$50 per pound Ta 2O5 to in excess of US$130 per poundTa2O5
o Since March 2011, the 'spot' price has traded betweenUS$100 and $130 per pound(currently US$129/lb)
o One recent report (MetalMiner) has the price at$160 per pound

Tantalum Industry Structure

Primary Mine Production Ta2O5Pre & Post GFC

Pre GFC

Australia, Brazil, Canada, Mozambique, Ethiopia & DRC

oAustralia - Greenbushes & Wodgina

Produced more than 50% of the world's tantalum minerals (2004 est. 2 million lbs/year)

o 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

oDRC (Congo)

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

Post GFC

Brazil, Ethiopia, China,Russia & Southeast Asia

o Brazil's Mibra (AMG) ~ 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)
Mozambique Marropino (Noventa) o Target ~350,000 lbs/year (weathered material) (Now closed)

oCentral 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

o Approximately 25 km from Red Sea and major national highway
o 30km south of Marsa Alam international airport
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

Tenement 20km2area

Project Status

oBankable Feasibility Study complete (2 Million TPA)
o Environmental and Social Impact Assessment ocompleted to World Bank standards
oLicence tenure 30 years with option to extend 30 years
o18 month construction timetable
o Offtake Agreement for 600,000 lbs Ta2O5per annum for 10 years
o Financing under way
- oFinancing discussions underway for Stage 1 (US$225 million)
- oIndicative draft terms sheet received from four Egyptian banks
- oWaiting list formed of banks expressing interest
- oFinancial Advisor appointed (Canada)
- o Banks Independent Technical Expert draft report received & under review
- oHighly respected Egyptian Investment Bank engaged
- oDiscussions commenced with potential Equity investors

A world-class source of Tantalum

oAbu 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 Ta2
•2,300t per annum of LME grade tin metal ($46 million pa)
O5 (+/- $90 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

Project Risk and Risk Mitigation

OPEX Cost Escalation Risk

Future Commodity Price Risk Mitigation

Prudent Balance of Downside Risk and Price Upside

Sovereign Risk

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

Revenue from Ta2O5 Offtake Agreement covers > 80% of Stage 1 OPEX & provides for OPEX escalation

Potential Tin Price hedging / Tin Offtake AgreementTantalum & Feldspar Offtake agreements

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

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

Abu Dabbab Tantalum-Tin-Feldspar Deposit

Abu Dabbab Cross Section & Pit Outline

Abu Dabbab Resources & Reserves

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

	TOa25	Ti()%n
Proenv	M@/152260ttg	0170
Pbblroae	@180M245/ttg	0099
Tltoa	@332M235/ttg	0311
MiblIfdneaenerre	M@/82210ttg	0040

JORC Compliant Resources @ 9 October 2009

	TOa25	Ti()%n
Mdeasreu	M@/152290ttg	0143
Ididtncae	M@/173250ttg	0078
Ifdnerre	@M/120200ttg	0030
Tltoa	@445M250/ttg	0090

Abu Dabbab Mine Statistics

SOIiMibltnneaereu-		387Mt
Dilitonu		5	%

Thtruu-		3	Mta
pOLM		315	pears
			y
AISiGdteragenraevu-	TOa25	0026	%
	SOn2	021	%
RdPdttecoereorocvu	OTa	117	Millilbons
	25Sn	24000,	Tonnes
LOMWOtasere:		14
Mitassconversonresourceo	ore	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

Placer Tin Mining at Abu Dabbab

Small project first !

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

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 60 tonnes of tin per month (depending on feed grade)
o Project life at increased throughput capacity approximately 8 months
o Directly employing 50 people onsite, with another 50 people engaged in miming and contracting services
o Concentrate shipped to date is 80 tonnes of high grade Tin concentrate

Placer Tin Mining at Abu Dabbab (May 2013)

Slime Decant Ponds

Private Free Zone

Mining in operation 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

oLocated 16 km south of Abu Dabbab
oOwned by TE JSC
o Licence tenure of 30 years with option to extend for 30 years
o Resource open to the east, to the west and at depth

JORCResorcesu	Ta2	O5
Ididtncae	M@48t	/147tg
fIdnerre	@50Mt	138/tg
Tltoa	@98Mt	3/14tg

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

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
- 3Mt to Italy
Expressions of interest for feldspar production
- Gulf states – 0.7 to 1.3Mt
- Italy – successful ceramic testwork
- Recent enquiry for 100% of feldspar output

Feldspar and Ceramic Tile Comparison

Financing Methodology

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
• Support of Egyptian Banks Draft Terms Sheet
•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

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 toExploration Results, Mineral Resources and Ore Reserves is based on data compiled by Dr John Chisholm, a Fellow of The AustralasianInstitute 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 2004Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Dr Chisholm consents tothe inclusion in the report of the matters based on his information in the form and context in which it appears.