CULLEN RESOURCES LIMITED

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Strategic Positions in Key Mineralised Provinces

Targeting Gold / Base Metals / PGE / Lithium

Chris Ringrose, Managing Director, Cullen Resources Limited Contact: 0439 843 756

ANNUAL GENERAL MEETING 11 November 2022

www.cullenresources.com.au

AGM November 2022 I © Cullen Resources Limited

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 thatactual 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. The Company confirms that it is not aware of any new information or data which materially affects the information included in this presentation.

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© Cullen Resources Limited

AGM November 2022 I

Corporate Snapshot: Recent Rights Issue has added ~$0.95M

Directors

✓ Greenfields Explorer

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

✓ Focused in WA ✓ Project Generator

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✓
JV’s in WA and Finland
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Capital Number of Shares 487M Cash ~$0.3M (30/9/2022) Market Cap ~$6.3M (@ 1.3c) Major Shareholders Perth Capital + Associates ~ 10% Directors ~ 8.5% Top 20 ~ 46%

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PORTFOLIO IN KEY PROVINCES

100% Projects Ownership & Funded Joint Ventures


LOCATION PLAN	PROJECTS, JV’S & ASSETS
	DRILL-READY TARGETS:	PROJECT GENERATION
	GOLD – BASE METALS W.A.	/ EARLY STAGE (100%)
	North Tuckabianna(100%), Cue	▪Bromus, SE W.A.
	▪Wongan Hills(90%),	▪Yornup, SW W.A.
	West Yilgarn Province	▪Central Wheatbelt,
	▪Barlee(100%), SE of Youanmi	East of Wongan Hills

	CURRENT JOINT VENTURES	IRON ORE ROYALTIES
	Mt Eureka JV,	– WEST PILBARA
	Rox (RXL) – to 75%	Potential future cash flow from:
	▪Killaloe JV,	▪Wyloo, in Fortescue’s
	Lachlan Star (LSA) – 80%	Western Hub_(Eliwana)_
	▪Finland Projects	▪Catho Well
Key Projects	(Capella) – 70 -80%	Iron Ore Deposit_(API)_

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NORTH TUCKABIANNA PROJECT

Murchison Gold Province, W.A.

North Tuckabianna Projec t

Targeting Cu-Au (Hollandaire-style) & Shear Zone Au

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NORTH TUCKABIANNA PROJECT ~ multiple shear zones up to 10km

Broad Gold Anomaly (~150m across strata) with High-grade gold core target - Follow-up RC Planned

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4.58
Au
Anomalous AC Hole
Target 1km
TNAC 138
on this traverse:
5m @ 1.12 g/t Au
July 2022 AC drilling targeted low-grade Anomalous AC Holes
Au anomalies below TNAR37 and untested TNAC 131-137
stratigraphy striking NE-SW: on this traverse up to:
Target Area 1 – 5m @ 4.58 g/t Au (July 2022) 5m @ 4.58 g/t Au
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WONGAN HILLS & YORNUP PROJECTS

West Yilgarn Ni-Cu-PGE Province, W.A.

Narryer Terrane

Targeting Ni-Cu-PGE and VHMS Mineralisation

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AGM November 2022 I © Cullen Resources Limited

WONGAN HILLS GREENSTONE BELT

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Berkshire Valley
ASX: TRT
Bindi (Ni)
Mt Yule, ASX: MI6
Regional
Magnetics
Wongan Hills
Greenstone Belt
~90km
Julimar Complex
ASX: CHN
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Broadly Similar Geology to Julimar Complex

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Wongan Hills –
metasedimentary siliciclastics
& amphibolites, split along
major magnetic, stratigraphic
and structural boundary
Wongan Hills
Greenstone Belt
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1:100,000 scale bedrock geology interpretation from “Geoview”

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CPN
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Julimar Complex with Gonneville intrusion/deposit (shown purple) in metasedimentary siliciclastics (grey) with gabbro and amphibolites mapped

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WONGAN HILLS PROJECT

Virtually Untested, Strike-extensive (~25km) Magnetic Belt

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Hole 3466
Ultramafic occurences
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EXPLORATION LEADS TO DATE:

Nickel sulphides discovered in ultramafic (Cullen’s RC6) –Rupert Prospect.
Historical Hole 3466 – 7600ppm Ni with 2800 ppm Cr (WAMEX A18337) – supporting the general presence of ultramafics.
High Cu (1250ppm) and Pt (50ppb) from historical air core drilling at Jackaby Prospect, margin of ultramafic body.
Cullen’s RC tested ground EM conductors – so far pyritic metasediments.

▪ Historical coincident Cu, Au and Ag BLEG anomalies, and stratigraphic interpretation define VHMS base metal targets.

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BARLEE PROJECT, YOUANMI, W.A. ~50km of strike SE of Youanmi Greenstone Belt, W.A.

Targeting Penny-type Au & Lithium in Pegmatites

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Under-explored granite-greenstone Terrane for Au and Li

BARLEE PROJECT – YOUANMI, W.A.

Magnetics Bedrock Image Interpretation Large Project Additional air core ~50km of strike south traverses planned for east of the Penny gold and lithium. Gold deposit. Pegmatites: 10km Max rock chip values (ppm): Li 357 Ta 105 Rb 900 Sn 50 Nb 50 Focus area for lithium : soil Cs 12 sampling/prospecting of Granite – Greenstone contact and around folded greenstone units. Pegmatite sampled

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YORNUP PROJECT

EL 70/5405, West Yilgarn Ni-Cu-PGE Province, SE of Greenbushes

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Surrounded by Anomalous
Major Players Cr, Ni, Cu
IGO and CHN
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Historical Ni-Cr-Pt Anomalies = Target Areas for Geochem Sampling

YORNUP PROJECT

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Proposed Soil
Sampling Traverses
(November start)
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Mt EUREKA JV PROJECT

North East Goldfields Province, W.A – Gold

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MT EUREKA PROJECT – NORTHERN EXTENSION OF ROX’S MT FISHER BELT

Rox Resources earning up to 75%,
– Cullen 25% (free carry to PFS)

HIGH-GRADE RESULTS TO DATE (ROX) INCLUDE:

▪ MFRC075:

13m @ 6.81g/t Au from 45m, including 9m @ 8.89g/t Au from 47m and 4m @ 2.59g/t Au from 67m at the Galway Prospect ▪ MFRC071:

3m @ 3.96g/t Au from 35m, including 2m @ 5.52g/t Au from 35m at the Southern Prospect

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AGM November 2022 I © Cullen Resources Limited

Mt EUREKA JV PROJECT

North East Goldfields Province, W.A. –

Significant Nickel Sulphide Potential

Mu
Ultra
Hor

ltiple
mafic
izons
(ASX:RXL;31-10-22)
▪New high resolution aeromagnetic data and associated
nickel sulphide pathfinder geochemistry in regolith
(platinum and palladium) defines the extension of the
fertile Fisher East ultramafic basal contact position from
Cannon’s tenure onto the Mt Eureka tenure.
▪The Fisher East Nickel deposits are typical Archaean
komatiite-associated deposits with affinities to
Kambalda-style, Type 1 massive sulphide ores.
▪Only minimal historical work has been completed along
the highly prospective interpreted basal contact on the
Mt Eureka JV tenements.
▪Numerous ultramafic flows with associated Ni-Cu-PGE
anomalism occur throughout the JV area with further
potential to host economically viable nickel deposits.

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AGM November 2022 I

Mt EUREKA JV PROJECT

On-strike Nickel Sulphide Potential

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MT EUREKA JV
Rox Resources 75%
& Cullen 25%
30km of
Prospective
Strike
CAMELWOOD
FISHER EAST
39kt @ 2.9% Ni
NICKEL PROJECT
– 2.5Km from
– Cannon Resources
Mt Eureka JV
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FINNISH JV PROJECTS (ASX:CUL;24-8-21)

Strategic Alliance with Capella Minerals Limited

Central Lapland Greenstone Belt for Cu-Au

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TARGETS INCLUDE:

▪ Potential extensions to

Outokumpu’s Saattopora former gold-copper mine, and to S2 Resources (ASX:S2R) Aakenusvaara gold project.

▪ Killero: copper-gold anomaly, from historical Base of Till (“BoT”) drilling by Anglo American.

▪ Riikonkoski-Lonnakko-Kangas: cluster of copper occurrences on the eastern boundary of the Aakenus Project.

▪ JV manager Capella Minerals Limited (TSXV:CMIL; FRA:N7D2).

Capella 70-80% , Cullen free carried to PFS

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FINNISH JV PROJECT

NEW EXPLORATION AREA FOR LITHIUM, Southern Finland

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Cullen Finland Oy (owned 70:30 by Capella and Cullen) holds Perho Reservation (~50 sq km).
Old quartz – feldspar –? (lithium) mines (Viitaniemi, Juuraako) are excised from Perho but it includes the lithium occurrence at Seppälä.
70 pegmatite dykes, enriched in B, Be, Li, Nb, Sn and Ta, are reported from the area (Eilu 2012, Lahti 1981, Aviola 2004).

▪ Little modern systematic exploration for lithium deposits has been undertaken in the area.

Eräjärvi Lithium-Cesium-Tantalum (“LCT ) Pegmatite Field

JV manager Capella Minerals Limited (TSXV:CMIL; FRA:N7D2) funding.

Alviola, R. 2004, Oriveden Seppälä-Vittaniemi alueen pegmatiittitutkimus. Geologcal Survey of Finland, Report M19/2141/2004/1/85. 9p. 60 app. (In Finnish). Eilu, P.(ed.) 2012. Geological Survey of Finland, Special Paper 53,224.

Lahti, S.I. 1981, On the granitic pegmatites of the Eräjärvi area in Orivesi, southern Finland. Geological Survey of Finland, Bulletin 314, 82p.

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AGM November 2022 I

BROMUS – PIPELINE PROJECT

Norseman Region, W.A. – Early Stage Exploration

TARGETING: GOLD, LITHIUM IN PEGMATITES & Ni-Cu-PGE IN ULTRAMAFICS

Callisto Pt-Pd-Au-Ni-Cu (ASX:GAL)

▪ Cullen’s Bromus Project lies on-strike to the south of known nickel prospects, has an untested historical gold-in-auger anomaly and is considered by Cullen to be prospective for lithium in pegmatites around domal granites and along granite-greenstone contacts.

The tenement has had only very sparse drilling through the extensive cover sequence to bedrock.

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NARRYER – PIPELINE PROJECT

New EL Application adjoining the Narryer Terrane

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Capricorn
Orogen
Yilgarn Craton
Narryer Terrane
Proterozoic
Badgeradda Basin
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Region focus of exploration for REE, Nickel, Graphite and Gold

Large tenement area adjoining to the south of ELA09/2728 subject of IGO Ltd -Buxton JV. Including Airborne EM anomaly, Bandito Prospect (ASX:BUX;13-10-22)

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AI assistant

CULLEN RESOURCES LIMITED — AGM Information 2022

64724_rns_2022-11-10_f0bb86d4-c305-4002-bfa3-4f96cabb838b.pdf

Strategic Positions in Key Mineralised Provinces

DISCLAIMER

IMPORTANT NOTICE

FORWARD-LOOKING STATEMENTS

ATTRIBUTION – COMPETENT PERSON STATEMENT