CULLEN RESOURCES LIMITED — AGM Information 2014

Nov 20, 2014

AGM PRESENTATION – CULLEN RESOURCES LIMITED

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21 NOVEMBER 2014 Chr s R ngrose – Manag ng D rectori i i i

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DISCLAIMER
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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.

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WEST PILBARA IRON ORE PROJECT – MOMENTUM BUILDING
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• CULLEN HAS A KEY STAKE (30% CONTRIBUTING INTEREST) IN THE

MT STUART IRON ORE JV in WPIOP‐Stage 1

• ENTRY OF BAOSTEEL WITH AURIZON ADDS FURTHER CREDIBILITY TO

DEVELOPMENT SCENARIO

• OTHER DEVELOPMENT PARTNERS INCLUDE AMCI AND POSCO

 MOU ANZ BANK/WPIOP PARTNERS SIGNED 17‐11‐14

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CULLEN’S BUSINESS CASE
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• AIMING TO PARTICIPATE AS IRON ORE PRODUCER IN PROPOSED WEST PILBARA IRON ORE PROJECT (WPIOP‐Stage 1)

• CULLEN’S SHARE OF PROJECTED PRODUCTION ~1.5 Mtpa for 14 YEAR MINE LIFE ‐ 2010 FS (IN CONJUNCTION WITH WPIOP‐Stage 1)

• HIGHLY PROSPECTIVE EXPLORATION ASSETS – F Ni A W G hi C e, , u, , rap te, u (100%) 4 free carried positions held in JVs (20%)

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MT STUART IRON ORE JV PROJECT – CULLEN 30%
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Aurizon seeking to develop an infrastructure solution for the West Pilbara Iron Ore Pro ect –j Stage 1 ‐ (a proposed 40Mtpa operation, being developed by the APIJV (Baosteel – Aurizon 50% / AMCI – POSCO 50%))

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Proposed railway
(282km) and port
(Anketell)
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Cullen owns 30% of the
Catho Well CID
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– one of 8 proposed
Stage 1 mines
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Catho Well CID ore – Al O
2 3 and P levels attractive for blended product
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Catho Well CID

Cullen ‐ 30% owner of Catho Well Channel Iron deposit (CID) part of proposed WPIOP – Stage 1 in JV with API

API ‐ shareholders via APIJV are: Baosteel ‐ major Chinese steel producer Aurizon ‐ major Australian infrastructure developer AMCI ‐ one of the world’s leading, privately owned natural resources companies POSCO ‐ major Korean steel producer

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2015 TRANSFORMATIONAL YEAR

														Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue
2014 Sep Oct Nov														2016 Generation from mining operations Nov Dec
	20	14			20		15							20			16 from minin operations
			Sep	Oct Nov	Dec		Jan	Feb	Mar pril		May	Sep Oct une July Aug			Nov	Dec
	IFA between Baosteel, AMCI, Posco & Aurizon announced								A			J
						esource stimation						Mine‐gate sale price estimate based on
					R E
	f d l t f WPIOP or eve opmen o infrastructure solution Updated 14‐15 Budget approved for MSIOJV to advancetowards				Be T M e	neficia tion est‐work ine‐gate sale price stimatebasedon						+/ 15% InfraCo Tariff Feasibility Study Development Proposal ‐
	development and mining Complete Catho Well RC Drilling programme				M R +	ine Planning & eserve Estimate /‐ 25% InfraCo Tariff							2+ Year InfraCo Construction Phase Decision to Mine
Complete Catho Well Diamond core drilling	Complete Catho Well				D	raft Feasibility							1 Year Mining Pre‐strip
					Study Update

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MT EUREKA PROJECT – NE GOLDFIELDS , WA
YANDAL 121° 122°
HORSE WELL
Au N
 AK47 40 kilometres
Great address
JUNDEE
MT EUREKA
 Still under ‐ explored at depth Wiluna
CAMELWOOD
COLLURABBIE
 MT
High gold and nickel potential FISHER DUKETON
27°
Au + Ni

Massive nickel sulphides known
MT KEITH
CLIFFS MT McCLURE
from previous exploration : BRONZEWING
MELROSE
“
AK47” prospect , Mt Eureka YAKABINDIE
COSMOS ROSIE MOOLART
(WMC – Cullen JV ) WELL
PERSERVERANCE
DARLOT
GARDEN WELL
Granitoid rocks
28°
Greenstone belt
WATERLOO WILUNA
Sediments
Ni
Ultramafics
MT WINDARRA
/ Nickel / Gold occurence
and prospects Laverton
Road, town
Cullen’s tenement Leonora
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MT EUREKA : TAGETING Ni SULPHIDES ‐ PLANNED GROUND EM AND DRILLING
AK 47 Nicke l
Prospect
A3
Central Ultramafic
Package
Irwin Well
N
O
PRETATI
R
AL INTE
C
EOLOGI
mage G
agnetic I
Aerom
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NORTH TUCKABIANNA ‐ Cullen proposes porphyry copper model
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• Proven region for gold

• Proven mineralised structure for gold ‐ (Tuckabianna Shear Zone)

• Pros p ective for base metal , possibly VMS deposits

• Previous exploration mostly shallow drilling

• Hollandaire Discovery by Silver Lake Resources Ltd (ASX:SLR) – 9.3 m @ 15.4% Cu, 2.0 g/t

• A u an d 29 . 0 g /t g A

• Cullen proposes Eelya Felsic Complex underlain by porphyry intrusive with copper mineralisation potential (Cullen’s E20/714)

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NORTH TUCKABIANNA ‐ Cullen proposes porphyry copper model
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10KM
“N‐S” and “W‐E”
x sections
(following slide)
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“N‐S” and “W‐E”
x sections
(following slide)
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NORTH TUCKABIANNA ‐ SCHEMATIC CROSS SECTION
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?PM
?PM
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‐ Exploration target area for graphite , and Cu Ni in ultramafic plugs (Cullen’s EL applications – 2108 and 2109)

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Buxton’s Yalbra Graphite Project
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ELA09/2108
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Strong Cu‐Ni‐Zn‐Cr anomaly
in historic WMC la data
g
ELA09/2109
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Sources: GeoView.WA website and Buxton Resources (ASX: BUX, release from 24 Oct 2014)

DIRECTORS

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Dr Denis Clarke - Chairman
WYTHENSHAWE
Dr Chris Ringrose - MD
19 . 8% DIRECTORS Mr Grahame Hamilton - Non Exec
Mr John Horsburgh - Non Exec
5.7%
BAOSTEEL
Mr Wayne Kernaghan - Co Sec
9.4%
61%
AMCI
CAPITAL
4.5%
OTHERS

Number of shares : 1083M

Cash ~ $0.55M (30/09/14)

Market Cap: ~ $10M (@ 1.0c)
SHAREHOLDERS

Top 20 : ~37%
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‐ BAOSTEEL AURIZON (9 . 45%); DIRECTORS (5.7%); WYTHENSHAWE AND ASSOCIATES (19 . 8%)

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.
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INVESTMENT SUMMARY
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 CULLEN PART OF WEST PILBARA IRON ORE PROJECT ‐ Stage 1 VIA ITS 30% INTEREST IN CATHO WELL CID

 PROJECT RE‐ENERGISED AND GAINING MOMENTUM

 TARGETING UPDATE TO MINERAL RESOURCE /RESERVE ESTIMATES AT THE CATHO WELL CID ( 2015 )

• SIGNIFICANT REVALUATION OF CULLEN’S STAKE IN MSIOJV – DEPENDENT ON OUTCOME OF FS

 ADVANCED EXPLORATION TARGETS – MT EUREKA (Ni Au); Cu, W, GRAPHITE PROJECTS – FOR SALE OR JV ; AND CARRIED INTERESTS (20%) IN 4 JVS (Fe,Au,Ni)

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THANK YOU
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cullen@cullenresources.com.au www.cullenresources.com.au

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ATTRIBUTION – COMPETENT PERSON STATEMENT
Information in this presentation may reflect past exploration results, and Cullen’s assessment of exploration completed by past explorers, which
was first prepared and disclosed under JORC Code 2004. It has not been updated since to comply with JORC Code 2012 on the basis that the
information has not since it was last . The information in this that relates to Results is based on
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information compiled by Dr Chris Ringrose, Managing Director, Cullen Resources Limited who is a Member of the Australasian 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 2012 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.
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