CULLEN RESOURCES LIMITED — AGM Information 2020

Nov 29, 2020

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ASX: CUL

AGM PRESENTATION

Chris Ringrose, Managing Director November 30 2020

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I Xxxxxxxxx © Cullen Resources Limited I www.cullenresources.com.au Click to edit Master title style Greenfields exploration : Barlee Project

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Cullen’s Project Portfolio

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Potential future cash flow : From Wyloo, in Fortescue’s Western Hub; and, from proposed West Pilbara Iron Ore Project .*

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North Tuckabianna, Wongan Hills, Barlee (subject to Heritage survey), Bromus (subject to Heritage survey).

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Mt Eureka JV, Rox (RXL) JOINT VENTURES JOINT VENTURES/FARM-IN Killaloe JV, Liontown (LTR) AND FARM INs Paraburdoo JV, Fortescue (FMG)

Ni, Zn, Au, Cu, Co in FINLAND, and YORNUP, S.West, W.A..

*** Red Hill Iron Limited, a partner in this project, has reported (ASX:RHI, 24-112020) that it has received the Project Frontier Scoping Study Report which “lays out a way to move forward towards mining development.”**

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6 Target Areas I Geochem Anomalies – Air Core Intersections – Major Structures

• 1 WONGAN HILLS, wheatbelt Air core copper sulphides – VTEM anomalies – major laterite anomaly

• 2 NORTH TUCKABIANNA, near Cue air core copper/gold anomalies, major structures and prospect trends

BROMUS SOUTH, Norseman

• 3 Gold-in-soil anomaly – structural trend on untested granite / greenstone contact

• Mt. EUREKA JV, NE Goldfields

• 4 Multiple air core gold anomalies – known nickel sulphide trend (ASX: RXL)

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BARLEE, SE of Youanmi

• 5 Targeting Penny-type gold along extensive strike of sheared granite-greenstone contact

FINLAND / YORNUP

• 6 Pipeline projects : in Finland along strike of known copper-gold mineralisation ; in Yornup, SW WA for Ni-PGE’s - subject to approvals.

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1. Wongan Hills Project I Location: ~200km NE of Perth, shown on gravity image

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Two iron ore
Royalties in
the W. Pilbara
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Wongan Hills Project I Wongan, Louise and Rupert Prospects

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Louise
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WONGAN PROSPECT

VTEM – air core geochem. corridor

LOUISE PROSPECT

Soil geochem. anomaly – lithological trend

RUPERT PROSPECT

VTEM – soil geochem. trend – modelled EM plates – no previous drilling

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Wongan Hills Project I Next stage - drilling two Key Prospect Areas, Dec and Jan 21

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1km
Targeting
VHMS, Golden
Grove-type
WONGAN
deposits
HILLS
PROJECT
Starting RC drilling
at Rupert
1/12/2020
E70/4882
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Wongan Prospect I Step-back Drilling Planned

• Anomalous bedrock copper from air core drilling has high Ag, Bi, Mo, and W levels and is clearly strongly reflecting the CHI-3 Index anomalies in overlying laterite.

• Deeper drilling (RC, DDH + DHEM) is planned to test the interpreted west dipping copper zones in drill holes around 19WAC48 (package ~75m in true thickness)

• Lithologies in DDH1 suggest increase in sedimentary component eastwards.

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Follow-up
drilling
144.7m
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ASX:CUL,15-7-2020

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Wongan Prospect I 20WHD001 – Alteration and Sulphides (see ASX:CUL,15 July)

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Section of
foliated
metapelite with
quartz+albite+
pyrite±pyrrhotite±
chlorite±garnet
alteration zones
(from ~131-135m)
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20WHD001
“Clast” of
“Clast” of pyrrhotite,
pyrrhotite / veinlet with
/chalcopyrite chalcopyrite
(125.6m) (62.0m)
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Wongan Prospect I Bedrock Cu Mineralisation in Prospective, Stratigraphic Corridor

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Anomalous “Chert” and VTEM anomaly – at 19WAC56

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RC drill hole test and DHEM planned

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Rupert Prospect I Ground EM Conductors Confirm VTEM Responses

• Two fixed loop TEM ground EM surveys – TX1 and TX2 (ASX: CUL 22 June)

• Two modelled EM plates (red square and rectangle) dip at ~40° to the west

• No outcrop in paddocks, some float on margins – banded cherts and felsic metasedments

• RC/Diamond drill holes planned

• Ground EM at “South Rupert” in new access agreement area

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Projected plate
outcrop
Ground EM planned Planned drill holes
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2. North Tuckabianna I Gold and base metals prospectivity

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Priority focus
along major
Eelya Felsic
complex/
greenstone
boundary
striking NE-SW
Location
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Mag. image with interpreted structures and targets
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3. Bromus I Au prospect on major structural contact (mag. images)

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HISTORICAL CHALICE GOLD MINE NORSEMAN Targeting shear-zone hosted gold mineralisation over ~7km of strike

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4. Mt Eureka Project JV I NE Goldfields, W.A. – Gold and Nickel Sulphide Prospectivity

Recently reported by Rox: ASX:RXL; 30 Oct 2020 .

• RC program 30km north of the Fisher East deposits) concluded September - 20 RC holes (for 3699m) in the search for nickel and gold across a variety of targets.

• No significant sulphide intersections have been returned to date with most assay results still outstanding (as at late October).

• On-going exploration of what Rox

• believes to be a highly nickel prospective belt.

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Area of recent
exploration
JV tenement
E2002
Southern
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Figure/aeromag image – left, courtesy of Rox Resources Ltd)

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5. Barlee Project I Penny West (renamed “Penny”) - type Gold Targets , SE of Youanmi

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Mag image. showing interpreted greenstone
Cullen E77/2606
Geology
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Barlee Project I Penny - type gold targets :~50km of strike of unexplored shear zones

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Air core traverses
planned
Auger sampling
program
completed,
assays pending.
Soil sampling
program planned
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Barlee Project I Auger Target area : includes quartz-veined, sheared greenstone subcrop

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October field
review reported
prospective
lithologies, in
outcrop “windows”
below broad cover.
~10cm
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Timetable of Proposed Programs

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Summary and Investment Case

CULLEN’S PROJECTS

compelling targets for base metals and gold in highly prospective terranes:

• Wongan Hills – RC/diamond drilling to test: beneath shallow copper sulphides intersections at Wongan; and ground EM conductors /geochem. anomalies at Rupert.

• Barlee – ~350km [2] of tenure in the region south-east of the Youanmi greenstone belt and the Penny gold deposit (ASX: RMS) – targeting shear zones in granite-greenstone terrane for similar gold deposits.

• Mt Eureka JV – Rox progressing exploration for gold and nickel via their farm-in.

• North Tuckabianna – on-strike from Hollandaire copper resource (Cyprium Metals ASX:CYM) – new focus on major NE-SW striking felsic/mafic boundary.

• Iron Ore Royalties - potential cash flow from major iron ore projects in the West Pilbara.

• On-going project generation – in W.A. and Finland.

STRONG INVESTMENT CASE

• tightly held stock

• supportive shareholders

• well-positioned to generate

• steady news flow going forward.

Directors

• Dr Chris Ringrose, MD

• Mr John Horsburgh, Chairman

• Mr Wayne Kernaghan, Comp. Sec

Capital

• Number of Shares: 299M

• Cash: ~$1.05M (30/9/20)

• Market Cap: ~$6.5M (@ 2.2c)

Major Shareholders

• Perth Capital, Wythenshawe + Associates: ~20%

• Directors: ~8.9%

• Top 20: ~50%

Contact

Chris Ringrose: 0439 843 756 cringrose@cullenresources.com.au www.cullenresources.com.au

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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.

FORWARD-LOOKING STATEMENTS

This presentation may contain certain forward-looking statements which have not been based solely on historical facts but rather on Cullen's expectations about future events and on a number of assumptions which are subject to significant risks, uncertainties and contingencies many of which are outside the control of Cullen and its directors, officers and advisers. Forward-looking statements include, but are not necessarily limited to, statements concerning Cullen’s planned exploration program, strategies and objectives of management, anticipated dates and expected costs or outputs. When used in this document, words such as “could”, “plan”, “estimate” “expect”, “intend”, “may”, “potential”, “should” and similar expressions are forward-looking statements. Due care and attention has been taken in the preparation of this document and although Cullen believes that its expectations reflected in any forward looking statements made in this document are reasonable, no assurance can be given that actual results will be consistent with these forward-looking statements. This document should not be relied upon as providing any recommendation or forecast by Cullen or its directors, officers or advisers. To the fullest extent permitted by law, no liability, however arising, will be accepted by Cullen or its directors, officers or advisers, as a result of any reliance upon any forward looking statement contained in this document.

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 changed materially since it was last reported. 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 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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