CULLEN RESOURCES LIMITED — AGM Information 2010

Nov 24, 2010

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ANNUAL GENERAL MEETING NOV. 2010

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Disclaimer and Legal Statements

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IMPORTANT NOTICE

This presentation has been prepared by Cullen Resources Limited ACN 006 045 790 ( Cullen ) for general information purposes only. The presentation is not and should not be considered as an offer or invitation to subscribe for or purchase any securities in Cullen, or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in Cullen will be entered into on the basis of this presentation .

This presentation may contain certain forward‐looking statements which have not been based solely on historical facts but rather on Cullen's current expectations about future events and on a number of assumptions which are subject to significant uncertainties and contingencies many of which are outside the control on Cullen and its directors, officers and advisers. Due care and attention has been taken in the preparation of this presentation. However, the information contained in this presentation (other than as specifically stated) has not been independently verified for Cullen or its directors and officers, nor has it been audited. Accordingly, the company does not warrant or represent that the information contained in this presentation is accurate or complete. To the fullest extent permitted by law, no liability, however arising, will be accepted by Cullen or its directors, officers or advisers, for the fairness, accuracy or completeness of the information contained in the presentation.

COMPETENT PERSON STATEMENT

The information in this report that relates to Exploration Results is based on information compiled by Dr Chris Ringrose, Managing Director, Cullen Resources Ltd who is a Member of the Australian Institute of Mining and Metallurgy. Dr. Ringrose is a full time employee of Cullen Resources Ltd. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined by the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr. Ringrose consents to the report being issued in the form and context in which it appears .

EXPLORATION TARGETS

The term Exploration Target where used herein is conceptual in nature and there has been insufficient exploration to define a Mineral Resource, and it is uncertain if further exploration will result in the determination of a Mineral Resource under the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, the JORC Code (2004). The Exploration Target is not being reported as part of any Mineral Resource or Ore Reserve.

AN EXPLORATION BUSINESS...... POSITIONED FOR GROWTH

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PROJECT GENERATION

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Applications in
NAMIBIA
West Pilbara Greenfields
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exp oration n i NW
Queensland
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West Pilbara
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Canning Basin,
W.A. COAL JV
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drilling in 2011
Fortescue
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EXTENSIVE PIPELINE OF PROJECTS & ACTIVE JV’S

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• PROJECT GENERATION

• TARGETTING

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• JOINT VENTURES

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MULTICOMMODITY APPROACH IN AUSTRALIA

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‐
Copper‐Gold
West Pilbara ‐ Iron
Coal
Uranium
Uranium
Uranium/REE
Gold
Gold/Nickel
Base Metals/Gold
Gold/Nickel
Nickel
Tungsten
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WELL POSITIONED PORTFOLIO

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(Note ‐ General area of projects indicated only)

AND...........BRANCHING OUT INTO NAMIBIA

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Cullen Fundamentals ASX:CUL

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• Number of shares : 620M

• Unlisted options : 6M

• Cash ~$4 0M. (30/9/10) op T 20 : ~46%

• Market Cap: ~ $31 M (@ 5c)

• Dr Denis Clarke – Non Exec Chairman Dr Chris Ringrose ‐ Managing Director Mr Grahame Hamilton‐ Non Exec Mr John Horsburgh – Non Exec Mr Wayne Kernaghan – Non Exec/Co Sec

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Aquila
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Cullen
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1 year share price ($)

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Major Shareholders – Aquila (18.07%); AMCI (17.60%); Directors (6.7%)

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WEST PILBARA IRON ORE PROJECTS

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West Pilbara Iron Ore Project (WPIOP Stage 1) – Managed by API JV (Aquila 50%/AMCI 50%)

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FS released July 2010 for development of WPIOP ‐ Stage 1 Channel Iron Deposits (CIDs)

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APIJV’s Proposed
railway to new
port
Catho Well
(Cullen 30%)
part of
WPIOP
(Stage 1 )
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Catho Well Channel Iron Deposit

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Next slide ‐ view to SW
from this point
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Catho Well Channel Iron Deposit

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West Pilbara Iron Ore Project (WPIOP Stage 1)

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Mt Stuart JV
(Cullen 30% and contributing – APIJV 70%) 14.3%
Catho Well Channel Iron Deposit
98Mt @ 55.00% Fe
85.7%
WPIOP – Stage 1
Total Channel Iron De osits
p
687Mt @ 56.6% Fe
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Catho Well: Fe ‐ 55.0%; Al2O3 ‐ 3.15%; P ‐ 0.037% ‐ WPIOP other: Fe 56.6%; Al ~~2~~ [O] ~~3~~ [‐][ 3.75%; P ][‐][ 0.074%] ‐ Total: Fe 56.6%; Al ~~2~~ [O] ~~3~~ [‐][ 3.67%; P ][‐][ 0.069%]

Lower alumina, Low P

Position of Catho Well and APIJV p ro p osed rail and p ort

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NEW INDEPENDENT PORT
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282 KM OF NEW RAILWAY
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Cullen also has JV with Fortescue

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Catho Well Project –
Channel Iron Deposit
API JV
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Wyloo Project –
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Bedded Iron Deposit

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Wyloo South Prospect
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API JV’s WPIOP intersects Fortescue’s Proposed Western Hub Plans

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(WPIOP stage 1) Proposed Rail and Port – 30Mtpa operation Q1 2014 production planned

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API’s proposed
railway and port
Fortescue’s
Western Hub
WPIOP Stage 1
2015 – 20Mtpa
including Catho Well
2017 – 100Mtpa
CID
WYLOO
Cullen/Fortescue JV
PARABURDOO
Cullen/Fortescue JV
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West Pilbara – Development scenarios

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30 Fortescue proposed
155
pro d uc ti on (Mt pa )
240
30
WPIOP proposed
production (Mtpa)
Fortescue ‐
Solomon Hub
API JV – proposed
and possible
railway Line and port
new rail lines
Fortescue ‐
Western Hub
30
60
100
100
API JV ‐
10
Hardey Line
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Conceptual view of Fortescue’s future developments in the West Pilbara (presentation by Fortescue of 10‐8‐10) with scenario for tonnage production, rail lines and port tonnage.

Wyloo South Prospect ‐ Geology

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Exploration Target at
Wyloo South is 30Mt
( Cullen 20% )
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Next slide photo
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Exploration
Target at Wyloo
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Wyloo South Prospect

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Wyloo South Prospect - looking west from eastern end of drilling .
Drill pads in foreground with access tracks trending along the ridge
~
into the distance 2km. Drilling Brockman Formation rocks; the
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beyond the valley
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CANNING BASIN WA COAL PROJECT

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Canning Basin – Coal Exploration

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Canning Basin ‐ Coal Exploration

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Cullen’s
Tenements
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Canning Basin ‐ Coal Exploration

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Work completed

• INTERPRETATION OF SEISMIC DATA

• REVIEW OF LANDSAT TM AND AEROMAGNETICS DATA

• GRANT FOR DRILL SUPPORT FROM GSWA (JUNE 2010)

• PROGRESSIVE TENEMENT APPROVALS

• SCOUT SAMPLING AND MAPPING

• FARMED OUT TO “ADVAITA” ‐ COAL BUSINESS FOCUS FOR INDIA

DRILL PROGRAMME PLANNED FOR 2011 SEASON

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TSUMEB NAMIBIA COPPER/REE EXPLORATION

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Tenement Applications in Namibia

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Cullen’s
Applications
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TSUMEB
72 Mt @ 4.3% Cu produced
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Kalahari Copperbelt
Cullen’s
KLEIN Applications
5.5 Mt @2% Cu,
50g/t Ag Produced DISCOVERY METALS‘ BOSETO DEPOSIT
103 Mt @1 4% Cu. , 17 3 g/t Ag.
WITVLEI
13 Mt @1.85% Cu
DORDABIS
2 Mt @0.98% Cu
OAMITES
6.5 Mt @1.3% Cu,
12g/t Ag Produced
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Tsumeb Area – Aeromag Image

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Possible magnetic
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Cullen
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Application Tsumeb
boundary
REE Carbonatite
(Kudu Minerals)
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Tsumeb Area – mapped sand cover

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Possible magnetic
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Application Tsumeb
boundary
REE Carbonatite
(Kudu Minerals)
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MILLUNGERA/GALILEE BASINS QUEENSLAND ‐ COAL EXPLORATION

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Exploration Initiative – NW Queensland

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• Unexplored, newly‐

discovered (2006/2007) sedimentary basin

 May have sediments which correlate with Galilee Basin

• May be coal‐bearing basin

 Cullen positioned for new data release ‐ North‐west Queensland Mi nera s an l d nergy E province report due December 2010

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Coal
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Galilee Basin
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Millungera/Galilee Basins

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Cullen Applications and others

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Agenda Going Forward (Estimates)

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2009 2010 2011 2012 2013/14
IRON (WPIOP ‐ Stage 1)
FS completed ~mid‐2010
Approvals then construction begins
Production start‐up expected Q1 2014
COAL (Canning Basin)
Data compilation/targeting
Marketing Research
Funding Option Studies
Farmed out to “Advaita”
Exploration drilling commences
Target prioritization
OTHER PROJECTS
Farm Out selectively
Project Generation on‐going
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FS = Feasibility Study

SUMMARY and OUTLOOK

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• IRON ORE JVs TWO POTENTIAL WEST PILBARA IRON ORE DEVELOPMENT PROJECTS – MAIDEN RESERVE STATEMENT IN PREPARATION FOR APIJV’s WPIOP – Sta g e 1 , AND, AWAITING ASSAY RESULTS FROM FIRST DRILLING AT WYLOO SOUTH IN FORTESCUE JV

• COAL EXPLORATION TARGETING AND PLANNING FOR EXPLORATION DRILLING BY JV MANAGER “ADVAITA” – 2011 DRILLING PROGRAMME IN CANNING BASIN

• 2011 FIELD EXPLORATION TARGETTING COPPER , AND REE IN CARBONATITES IN NAMIBIA ‐ SUBJECT TO APPLICATIONS APPROVAL

• ASSESSEMENT OF COAL PROSPECTIVITY IN NEWLY‐RECOGNISED MILLUNGERA BASIN, NW QUEENSLAND

• ‐

• ON GOING FOCUS ON STRATEGIC PROJECT APPLICATIONS IN UNDER TO UNEXPLORED TERRANES

Thank you

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Dr Chris Ringrose Mana in Director g g www.cullenresources.com.au cullen@cullenresources.com.au

0439 843 756 089 474 5511

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