CULLEN RESOURCES LIMITED — AGM Information 2011

Nov 28, 2011

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Annual General Meeting November 2011

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OTAVI MOUNTAINS NORTHERN NAMIBIA

DISCLAIMER

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.

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.

ATTRIBUTION - Competent Person Statements

The information in this report that relates to Exploration Results is based on information compiled by Dr. Chris Ringrose, Managing Director, Cullen Resources Limited who is a Member of the Australian Institute of Mining and Metallurgy. Dr. Ringrose is a full time employee of Cullen Resources Limited. 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.

The information in this announcement, insofar as it relates to iron ore exploration activities for the Mt Stuart JV, is based on information compiled by Mr. Stuart Tuckey who is a member of the Australian Institute of Mining and Metallurgy, and who has more than five years experience in the field of activity being reported on. Mr. Tuckey is a full-time employee of API Management Pty Ltd. Mr. Tuckey 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 of Reporting of Exploration Results , Mineral Resources and Ore Reserves". Mr. Tuckey consents to the inclusion in the report of the above matters, based on their information in the form and context in which it appears.

The information in this announcement that relates to Mineral Resources has been supervised by Mr. Stuart Tuckey who is a member of the Australasian Institute of Mining and Metallurgy. Mr. Tuckey is full-time employee of Australian Premium Iron. Mr. Tuckey 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 Persons as defined in the 2004 Edition of the ‘Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Tuckey consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

The information in this release that relates to Ore Reserves is based on information compiled by Mr. Steve Craig, Managing Director of ORElogy (Mining Consultants). Mr. Craig is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity 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”. Mr. Craig consents to the inclusion of the matters based on his information in the form and context in which it appears in this release.

CULLEN -12 MONTHS SUMMARY

Updated Resource and Maiden Reserve - Catho Well Channel Iron Deposit part of West Pilbara Iron Ore Project Stage 1 (Aquila/AMCI)

Exploration Target for Iron (30Mt) at Wyloo, in JV with Fortescue Discovery of coal in the Canning Basin, in JV with Advaita Discovery of high-grade zinc mineralisation in Greenfields project in British Co uml bia, anaC da

Well-positioned for base metals and gold exploration at North Tuckabianna near major copper discovery at Hollandaire Enhanced portfolio for coal in Galilee Basin in Queensland Enhanced portfolio for gold exploration in Finland

Granted tenure for copper exploration in Namibia – Kalahari Copperbelt and Tsumeb

Cullen Fundamentals - 2011

Number of shares : ~623M Unlisted options : 22M Cash ~ $2.1M (30/9/10) Investments ~ $0.6M Market Cap: ~ $20 M (@ 3.3c) Top 20 : ~47%

Dr Denis Clarke - 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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1 YEAR SHARE PRICE ($)

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Major Shareholders – Aquila (16.83%); AMCI (16.31%); Directors (6.7%)

CULLEN’S BUSINESS MODEL - examples

PROJECT GENERATION $$$

CULLEN

CULLEN’S PROPERTIES

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EXTENSIVE PIPELINE OF PROJECTS & ACTIVE JV’S

• PROJECT GENERATION

• TARGET DELINEATION

• +/- JOINT VENTURES

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West Pilbara Iron Ore Project – Stage 1

FS released July 2010 for development of Channel Iron Deposits (CIDs) owned by JV participants AQA/AMCI/RHI/CUL API’s proposed railway and port

WPIOP (Stage 1 )

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West Pilbara Iron Ore Project – Stage 1

Mt Stuart Iron Ore JV (Cullen 30% - API 70%) owns 98Mt @ 55% Fe Resource - Catho Well CID

Part of West Pilbara Iron Ore Project - Stage 1 (WPIOP) Managed by API = 50:50 JV Aquila/AMCI

DFS in progress for WPIOP - 30 Mt pa operation

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RED HILL WEST
CARDO BORE
MT STUART CATHO WELL
RESOURCE
98Mt @ 55% Fe
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RESERVE – Catho Well CID (Cullen 30%)

CID	Tonnes (Mt)	Fe (%)	SiO2 (%)	Al2O3 (%)	P (%)	LOI (%)
Catho Well	70.0	54.81	7.22	3.23	0.037	10.31

WYLOO Fortescue JV – IRON ORE

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API’s proposed
railway and port
Fortescue’s
Western Hub
2015 – 20Mtpa
2017 – 100Mtpa
MT STUART JV
CATHO WELL CID
WYLOO
Cullen/Fortescue
PARABURDOO JV
Cullen/Fortescue
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CUE – GOLD & COPPER

Along strike of Tuckabianna gold Deposits

Prospective for base metal, VMS deposits, explored in mid-1970s Hollandaire Previous exploration: mostly shallow drilli ng

Zinc anomaly discovered in RAB drilling east of known greenstone sequence by Cullen Hollandaire Discovery by Silver Lake Resources – 9.3 m @ 15.4% Cu, 2.0 g/t Au and 29.0 g/t Ag

CUE – GOLD & COPPER

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Hollandaire
Hollandaire
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CUE – GOLD and BASE METAL TARGETS

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Copper/Base Metal prospect
Cullen Base Metal target
Hollandaire
Open pits: gold
Base metal
targets from
biogeochem
Survey and
historical data
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CUE – GOLD and BASE METAL TARGETS

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CUE – GOLD and BASE METAL TARGETS

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Hollandaire
Hollandaire
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Hollandaire Hollandaire
Hollandaire Hollandaire
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BASE METALS IN BC, CANADA

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TL PROPERTY - BC, CANADA

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TL PROPERTY - BC, CANADA

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TL PROPERTY - BC, CANADA

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TL PROPERTY - BC, CANADA

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NAMIBIA

: Targeting Large sedimenthosted copperbelt and Tsumeb-type deposits; coal in Karoo Basin sediments; and Carbonatites prospective for REE

Geophysical and geochemical approach through Kalahari Sands and calcrete Several drill targets in northern tenements already identified

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Base Metals
REE
Copper
Coal
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COPPER AND REE IN NAMIBIA

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Cullen’s
Tenements
TSUMEB
72 Mt @ 4.3% Cu produced
Cullen’s
Tenements
OAMITES
6.5 Mt @1.3% Cu,
12g/t Ag Produced BOSETO
103 Mt @1.4% Cu, 17.3 g/t Ag
WITVLEI
13 Mt @1.85% Cu
DORDABIS
2 Mt @0.98% Cu
KLEIN Aub
5.5 Mt @2% Cu,
50g/t Ag Produced
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QUEENSLAND COAL

On-strike from known deposits Frontier position / newly-recognised bas nias nii

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bas nias nii
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QUEENSLAND COAL – GALILEE BASIN

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Target Areas for Coal
(Aeromag interp)
White Mountain Project
(Guildford Coal)
Betts Creek Coal at 200m
(Guildford Coal)
JORC Resource of
Betts Creek Coal at 80m
925.8Mt (Guildford Coal)
(Guildford Coal)
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SCANDINAVIA

Cullen project areas Iron ore - copper Gold

• Project area near Kuusamo for Gold, Finland

• Strategic position for Fe-Cu in Kiruna Area, Sweden

• � Investigating geochemical REE anomalies, Norway

GOLD IN FINLAND

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CULLEN – GOING FORWARD IN 2012

1. Possible Decision to Mine CATHO WELL CID (Cullen 30%) IRON 2. EM surveying and Drilling NEAR HOLLANDAIRE,WA (Cullen 100%) Cu

3. Drilling EM anomalies BRITISH COLUMBIA (Cullen 100%) ZINC 4. Drilling NEAR HUGHENDEN , QUEENSLAND (Cullen 100%) COAL 5. Geochem surveying NAMIBIA (Cullen 100%) COPPER 6. Geochem surveying FINLAND (Cullen 100%) GOLD