CULLEN RESOURCES LIMITED — AGM Information 2021

Nov 24, 2021

==> picture [116 x 84] intentionally omitted <==

November 25 2021

Annual General Meeting Drilling Ahead for Au, Cu & Ni-Cu-PGE

© Cullen Resources Limited I November 2021 I www.cullenresources.com.au

1

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.

2

© Cullen Resources Limited I November 2021 I www.cullenresources.com.au

Portfolio in Key Provinces

> Active Projects, Funded Joint Ventures & Assets

Location Plan

==> picture [295 x 362] intentionally omitted <==

Projects, JV’s & Assets

• Iron Ore Royalties Current Joint Ventures – West Pilbara & Farm-ins

• Potential future  Mt Eureka JV, Rox (RXL) cash flow from:  Killaloe JV,

• Wyloo, in Fortescue’s Lachlan Star (LSA) Western Hub (Eliwana)  Paraburdoo JV,

• Proposed West Pilbara Fortescue (FMG) 

• Iron Ore Project Finland Projects (Capella)

• Drill Ready Targets: Project Generation / Early Gold – Base Metals W.A. Stage & / or Farm-Out  North Tuckabianna, Cue  Bromus, SE W.A.  Wongan Hills,  Yornup, SW W.A. West Yilgarn Province

• Barlee, South East of Youanmi

3

© Cullen Resources Limited I November 2021 I www.cullenresources.com.au

> Key Projects – Wongan Hills, Barlee and North Tuckabianna

==> picture [815 x 382] intentionally omitted <==

----- Start of picture text -----

Recently completed and programs ahead : SPP in progress to support these and following campaigns
2021 2022
November December January February March April
Wongan Hills, Wheatbelt
• AC + RC drilling + DHEM Planned – for Ni-Cu-PGE
Barlee, SE of Youanmi
First pass
• AC Drilling
completed – Au
North Tuckabianna, Cue
Planned –
• AC Drilling
for Au & Cu
Follow-up Priorities
AC – Air Core RC – Reverse Circulation DHEM – Down hole electromagnetic surveying
To be planned
----- End of picture text -----

4

© Cullen Resources Limited I November 2021 I www.cullenresources.com.au

> Located within the Mineralised West Yilgarn Craton Margin Terrane

According to Chalice Mining[] , their world-class, Julimar PGE-Ni-Cu-CoAu discovery is located in the: “new West Yilgarn Ni-Cu-PGE province which could deliver more major discoveries.” Cullen has two projects located within this province – at Wongan Hills and Yornup.*

*(ASX:CHN,15-9-2021)

==> picture [412 x 403] intentionally omitted <==

5

© Cullen Resources Limited I November 2021 I www.cullenresources.com.au

> Ni-Cu-PGE prospectivity

==> picture [80 x 71] intentionally omitted <==

RC6 – Nickel Sulphides Occurrence An isolated RC hole testing an EM plate, has intersected an ultramafic with nickel sulphides – initial and significant evidence for prospectivity (ASX:CUL,16-9-2021)

6

© Cullen Resources Limited © Cullen Resources Limited I November 2021 I October 2021 I www.cullenresources.com.au I www.cullenresources.com.au

> Strike-extensive, Untested Target Trend of Magnetic Anomalies

Nickel sulphides in RC6 are hosted in serpentinite (a metamorphosed ultramafic – the same type of host rock to the Julimar deposit in part) and here interpreted to be a komatiite.

This intersection implies ultramafics may occur more generally within the magnetic trend along the eastern greenstone boundary, previously interpreted to be BIF.

Historical drilling by VAM Ltd (1970) reported up to: 7600ppm Ni with 2800 ppm Cr in hole 3466 from 16-18 feet (WAMEX A18337) – supporting the general presence of ultramafics. VAM targeted bauxite and Ni-Cu in the southern part of E4882.

==> picture [313 x 404] intentionally omitted <==

7

© Cullen Resources Limited I November 2021 I www.cullenresources.com.au

> Rupert Prospect – Further RC Drilling planned to test Ground EM plates

RC6 at Rupert tested a ground EM anomaly plate C3. RC3 tested C2.

RC4, 8 & 9 tested C1.

No drilling to the south of RC6 by Cullen or others along the target string of magnetic anomalies (to 6590000mN), or to the north, except Cullen’s limited RC.

(ASX:CUL, 29-4-2021 and 30-7-2021)

==> picture [460 x 396] intentionally omitted <==

8

© Cullen Resources Limited I November 2021 I www.cullenresources.com.au

Rupert Prospect – Detailed drone Mag survey centred on RC6 in progress

==> picture [311 x 407] intentionally omitted <==

----- Start of picture text -----

Airmag. image
----- End of picture text -----

==> picture [212 x 406] intentionally omitted <==

----- Start of picture text -----

VTEM image
----- End of picture text -----

==> picture [270 x 405] intentionally omitted <==

9

© Cullen Resources Limited I November 2021 I www.cullenresources.com.au

Rupert Trend: Priority Ni-Cu-PGE Targets, 1-4 , all in wheat paddocks

==> picture [615 x 425] intentionally omitted <==

----- Start of picture text -----

4 4
----- End of picture text -----

==> picture [110 x 176] intentionally omitted <==

----- Start of picture text -----

1 1
2 2
3
3
----- End of picture text -----

Targets 1 & 2 Pd soil anomaly + mag + VTEM Target 3 Cu-Ni-Au soil anomaly and Ground EM plates surrounding RC6

Target 4 Cu-Ni soil anomaly, VTEM on mag, 3km south of RC6

==> picture [118 x 28] intentionally omitted <==

----- Start of picture text -----

Airmag. image
----- End of picture text -----

10

© Cullen Resources Limited I November 2021 I www.cullenresources.com.au

> Summary of Ni-Cu-PGE Prospectivity

==> picture [316 x 403] intentionally omitted <==

----- Start of picture text -----

Hole 3466
Ultramafic occurrences
----- End of picture text -----

Cullen has discovered a nickel sulphide – bearing ultramafic within a virtually-untested, strike-extensive (~25km) magnetic belt which includes trends of VTEM picks over discrete mag anomalies, some with Ni-Cu-Au +/- Pd soil anomalies.

The case for immediate and comprehensive exploration is compelling:

• Detailed magnetics survey (Drone) in progress along eastern trend (BIF)

• Ground EM surveying of VTEM and/or Au-Ni-Cu +/- Pd soil anomalies

• Extending soil and/or auger survey north of Rupert RC 6

• RC, DHEM and/or Diamond Drilling

11

© Cullen Resources Limited I November 2021 I www.cullenresources.com.au

> First pass air core drilling completed – January reporting

==> picture [304 x 406] intentionally omitted <==

==> picture [205 x 406] intentionally omitted <==

AC Traverse lines

12

© Cullen Resources Limited I November 2021 I www.cullenresources.com.au

To target base metal & gold anomalies (ASX:CUL,8-3-21), centre of E2606

Geology Mag image showing key geochem. targets Au to 11ppb Ag to 430ppb Cu, Co, Ni, Zn, W, + Au, Ag 1 As, Bi, Mo, Pb, Te 2 Ag-Au 3

13

© Cullen Resources Limited I November 2021 I www.cullenresources.com.au

> Air core drilling planned to commence in December

==> picture [846 x 403] intentionally omitted <==

----- Start of picture text -----

Location Mag. image with interpreted structures & targets
AC drilling targeting
immediately NE of the
Hollandaire Cu-Au
Resource (ASX:CYM)
Eelya Felsics
and the Eelya Felsic
complex – greenstone
contact striking NE-
SW at intersection
with N-S faults
----- End of picture text -----

14

© Cullen Resources Limited I November 2021 I www.cullenresources.com.au

> Corporate Snapshot

• Greenfields Explorer

 Focus in W.A.

 Project Generator

 Eye on Finland

==> picture [428 x 223] intentionally omitted <==

----- Start of picture text -----

October 2020 4c
September 2021
2c
----- End of picture text -----

Directors

Dr Chris Ringrose, Managing Director Mr John Horsburgh, Chairman Mr Wayne Kernaghan, Company Secretary

Capital

Number of Shares 374M Cash ~$1.1M (30/9/2021) Market Cap ~$6.7M (@ 1.8c) Major Shareholders Perth Capital, ~ 14% Wythenshawe + Associates Directors ~ 7.1% Top 20 ~ 43%

15

© Cullen Resources Limited I November 2021 I www.cullenresources.com.au

> Strong Investment Case for Au, Cu and Ni-Cu-PGE exploration

Photomicrographs – Bravoite

Serpentinised Ultramafic

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

16

© Cullen Resources Limited I November 2021 I www.cullenresources.com.au