CULLEN RESOURCES LIMITED — Interim / Quarterly Report 2015

Jan 28, 2015

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ABN 46 006 045 790 QUARTERLY REPORT for the period ended 31 December 2014 www.cullenresources.com.au ASX Symbol: CUL 29 January 2015

HIGHLIGHTS

IRON ORE - Mt Stuart Iron Ore JV (Cullen 30%)

• 499 RC drill holes for 13,022m completed in the December Quarter targeting infill and extension of the previous drilling (to 2010) at the Catho Well Channel Iron Deposits (CID).

• The programme targeted open CID mineralisation and in-filled previous drilling to 100 x 100 metre centres in order to constrain mineralised zones and improve resource confidence (JORC 2012).

• Infill drilling results are generally consistent with previous drill assays and geological interpretations, and thicker intersections of a number of the mineralised zones within the CID have been returned.

• Better RC drill assays received from outcropping CID ( Catho Well) include (≥ 25m thick):

• 26m @ 55.12% Fe from surface in CWRC0613

• 32m @ 54.53% Fe from 10m in CWRC0617

• 28m @ 54.47% Fe from 6m in CWRC0625

• 26m @ 55.76% Fe from 12m in CWRC0635.

Intercepts are true widths and calculated for greater than 52% Fe.

• Drilling has shown that mineralisation is continuous to the edge of the CID in general, and will result in extra tonnage being added to the current Mineral Resource estimate (2010).

• Work has commenced to update the current Mineral Resource estimate to incorporate these recent infill and extensional drilling results, and an updated resource estimate is expected to be completed in the March quarter.

GOLD AND NICKEL – Mt Eureka Project, NE Yilgarn

• Cullen’s interpretation suggests known nickel sulphide mineralisation at “AK47” prospect and the Camelwood-Musket-Cannonball nickel sulphide mineralisation, of Rox Resources Limited, are at similar stratigraphic positions, despite being some 25km apart - this interpretation will dictate the focus for further nickel sulphide exploration by Cullen along the Central Ultramafic Package.

• Ground EM is planned to commence in February over nickel sulphide prospects at “AK47” and “A3” (bedrock conductor) at Mt Eureka.

Cullen Resources Limited Quarterly Report for the period ending 31 December 2014

• A prime gold target area between Southern and Graf’s Find gold prospects is earmarked for systematic air core and focused RC drilling along this lightly-explored, ~6km trend. Work will target structurally-hosted gold mineralisation as well as intrusive-related gold under cover. Field assessments and other preparations are scheduled to commence in February.

CORPORATE

• During the September Quarter, Cullen initiated a Rights Issue which closed on 9 October and raised $538,700 (as announced to the ASX on 14 October 2014) and on 31 December 2014, Cullen raised $363,000 (before expenses) through a placement of 60.5M shares at $0.006 to clients of Bell Potter.

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Several Joint
Ventures managed
by others
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REGISTERED OFFICE : Unit 4, 7 Hardy Street, South Perth WA 6151 Telephone : 089 474 5511; FAX : 089 474 5588 Contact : Dr. Chris Ringrose, Managing Director: email:

cringrose@cullenresources.com.au

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2014

WEST PILBARA, W.A. – Iron

The Mt Stuart Iron Ore Joint Venture (ELs 08/1135, 1292, 1330, 1341 and MLA’s 08/481,482) is between Cullen Exploration Pty Ltd - 30% and contributing, and API Management Pty Ltd (“API”) - 70%. The shareholders of API are the parties to the unincorporated joint venture known as the Australian Premium Iron Joint Venture (APIJV). The participants in the APIJV are: Aquila Steel Pty Ltd 50% (the ultimate owners of which are Baosteel Resources Australia Pty Ltd (85%) and Aurizon Operations Limited (15%)); and AMCI (IO) Pty Ltd 50% (the ultimate owners of which are AMCI Investments Pty Ltd (51%) and Posco WA Pty Ltd (49%)). Baosteel and Posco are subsidiaries of major steel producers in China and Korea respectively. API is managing the proposed development of the West Pilbara Iron Ore Project (WPIOP) – Stage 1 (40 Mtpa), and a Feasibility Study (FS) update (to JORC 2012 reporting standards) for the WPIOP, to include the Mt Stuart Iron Ore Joint Venture deposits, is proposed for 2015.

The Manager has provided the following report for the Quarter ending 31 December 2014:

“Exploration work continued during the Quarter targeting the infill and extension of the Catho Well Channel Iron Deposits (CID) located within the Mount Stuart Iron Ore Joint Venture (MSIOJV) project area (Figure 1).

A total of 499 RC drill holes for 13,022m were completed in the December Quarter with drilling targeting CID mineralisation formed by the alluvial and chemical deposition of iron rich sediments in palaeo-river channels (Figure 2). The programme has targeted areas where the CID mineralisation remained open and the infill of previous drilling to 100 x 100 metre centres in order to constrain mineralised zones and improve resource confidence (JORC 2012).

Infill drilling results are generally consistent with previous drill assays and geological interpretations. Whilst iron and deleterious element grades are consistent the thickness of a number of the mineralised zones within the CID have been increased (Figures 3 and 4). Better RC drill assays received from drilling targeting outcropping CID include (≥ 25m thick):

Catho Well

• 26m @ 55.12% Fe from surface in CWRC0613

• 32m @ 54.53% Fe from 10m in CWRC0617

• 28m @ 54.47% Fe from 6m in CWRC0625

• 26m @ 55.76% Fe from 12m in CWRC0635.

Intercepts are true widths and calculated for greater than 52% Fe.

A full set of better intercepts (intercepts ≥ 20m thick) are reported in Table 1. Figure 2 shows the location of drill holes. Table 2 (Appendix) contains all drill results. Areas where mineralisation remained open on the main resource area have been closed-out. Results have shown in the majority of instances the mineralisation is continuous to the edge of the CID and will result in additional tonnage being added to the current Mineral Resource.

Drilling was also completed to test the extension of the CID to the west and adjoining the central area of the existing Catho Well deposit. Geological logging indicates a consistently thin mineralised hardcap zone to the CID. Assay results are pending for this area.

Work has commenced on updating the Catho Well Mineral Resource estimate to incorporate infill and extensional drilling and is expected to be completed next Quarter.

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2014

Work will continue next Quarter with diamond drilling for beneficiation and geotechnical testwork at Catho Well. AMC Consultants have been engaged to undertake a Mining Reserve and accompanying FS update (to JORC 2012 reporting standards) for the API WPIOP. Work progressed to date includes; a site visit as required for competent person sign off, review of historical geotechnical data and input into the upcoming diamond drilling programme, sensitivity modelling of Whittle pit optimisations and progressive development of MineMax schedules.

Feasibility and Compliance

Environmental

Groundwater level monitoring was completed in accord with Licence requirements.

Land Management

Implementation of the KM Native Title Agreement continued. The finalisation of the PKKP Native Title Agreement is progressing. Each of these leads to authority for grant of the Project Mining Leases. A heritage survey was completed at the Catho Well deposit prior to the western extensional drilling programme at Catho Well.

Competent Person Statement (Mt Stuart Iron Ore JV results and data)

Exploration Results

The information in this report that relates to exploration results is based on information compiled by Mr Stuart Tuckey, who is a Member of The Australasian Institute of Mining and Metallurgy and 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 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Tuckey consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2014

Table 1 – Better Drilling Intercepts Received – December 2014 Quarter (Catho Well)

Site ID	Easting	Northing	RL	Depth From	Intercept	Al2O3%	SiO2%	P%	S%	LOI1000%	Hole Depth
CWRC0570	422394	7524399	220	0	22.0m@55.02% Fe	3.17	7.57	0.036	0.013	9.85	40
CWRC0578	422648	7523796	227	0	22.0m@56.34% Fe	2.84	5.06	0.035	0.019	10.71	40
CWRC0580	422665	7523846	226	0	20.0m@56.39% Fe	2.77	5.06	0.036	0.019	10.49	40
CWRC0612	423689	7523500	232	0	20.0m@55.32% Fe	2.93	6.80	0.041	0.013	10.25	34
CWRC0613	423728	7523397	232	0	26.0m@55.12% Fe	2.88	6.84	0.039	0.013	10.74	40
CWRC0617	423851	7523252	241	10	32.0m@54.53% Fe	3.25	7.32	0.037	0.011	10.53	46
CWRC0624	424119	7523158	240	4	20.0m@54.70% Fe	3.08	7.82	0.038	0.016	10.02	40
CWRC0625	424177	7523049	237	6	28.0m@54.47% Fe	3.01	7.46	0.040	0.014	10.76	40
CWRC0631	424213	7522835	243	0	24.0m@54.00% Fe	3.29	7.97	0.029	0.009	10.84	34
CWRC0635	424299	7522971	241	12	26.0m@55.76% Fe	2.57	6.72	0.037	0.008	10.43	40
CWRC0643	424400	7522845	245	12	20.0m@56.46% Fe	2.52	5.82	0.039	0.008	10.32	40
CWRC0649	424493	7522860	243	14	24.0m@55.10% Fe	2.78	6.97	0.044	0.018	10.55	46
CWRC0665	424595	7522400	244	0	22.0m@53.82% Fe	4.01	7.29	0.028	0.016	11.04	32
CWRC0673	424697	7522514	245	0	22.0m@55.06% Fe	3.62	6.21	0.030	0.015	10.82	34
CWRC0674	424695	7522286	240	0	20.0m@54.36% Fe	3.61	6.51	0.033	0.012	11.27	28
CWRC0708	425101	7522190	244	0	20.0m@53.26% Fe	3.80	8.31	0.034	0.013	10.95	40
CWRC0725	425202	7520900	239	0	20.0m@55.17% Fe	2.97	7.14	0.038	0.019	10.05	30
CWRC0746	425410	7521878	241	0	20.0m@54.61% Fe	3.48	7.18	0.037	0.016	10.65	52
CWRC0755	425459	7520391	238	0	20.0m@52.92% Fe	3.06	9.73	0.035	0.015	10.08	28
CWRC0784	425600	7520204	238	0	20.0m@55.39% Fe	3.54	5.68	0.047	0.023	10.26	38
CWRC0793	425685	7521502	248	4	20.0m@54.57% Fe	3.61	7.22	0.035	0.014	10.39	40
CWRC0794	425697	7521400	242	0	20.0m@53.16% Fe	3.87	9.03	0.034	0.011	10.04	34
CWRC0809	425799	7520299	235	6	22.0m@53.01% Fe	3.94	8.46	0.042	0.023	10.44	34
CWRC0815	425891	7520153	244	2	20.0m@54.37% Fe	3.61	9.03	0.038	0.022	8.89	28
CWRC0874	426307	7518899	249	0	22.0m@54.24% Fe	2.99	8.00	0.034	0.017	10.63	28

All drill holes targeting CID were drilled vertically.

All co-ordinates are in MGA94 Zone 50.

Intercepts are true widths ≥ 20m thick and calculated using a 52% Fe cut-off.

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Figure 1 – Location Plan

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Cullen Resources Limited

Quarterly Report for the period ending 31 December 2014

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Figure 2 – Catho Well Drill Hole Locations

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Cullen Resources Limited

Quarterly Report for the period ending 31 December 2014

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2015 Geological and Mineralisation Interpretation with 2014 Infill Drilling
A A’
2010 Geological and Mineralisation Interpretation
Cross Section 7523975mN view North Vertical Exaggeration = 3
Hardcap Unit Hematite Dominant Hard Zone 52%Fe Mineralised Envelope
Clay Zone Basal Clay Zone 54%Fe Mineralised Envelope
Mixed Zone Basal Conglomerate Unit
Goethite Dominant Hard Zone Basement
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Figure 3 – Geological Section A-A’

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Cullen Resources Limited

Quarterly Report for the period ending 31 December 2014

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2015 Geological and Mineralisation Interpretation with 2014 Infill Drilling
B B’
2010 Geological and Mineralisation Interpretation
Cross Section 7521700mN view North Vertical Exaggeration = 3
Hardcap Unit Hematite Dominant Hard Zone 52%Fe Mineralised Envelope
Clay Zone Basal Clay Zone 54%Fe Mineralised Envelope
Mixed Zone Basal Conglomerate Unit
Goethite Dominant Hard Zone Basement
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Figure 4 – Geological Section B-B’

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2014

Table 2 – Drilling Intercepts Received – December 2014 Quarter (Catho Well)

Site ID	Easting	Northing	RL	Depth From	Intercept	Al2O3%	SiO2%	P%	S%	LOI1000%	Hole Depth
CWRC0530	428991	7519608	266	0	8.0m@54.79% Fe	4.18	6.63	0.089	0.023	10.09	46
CWRC0531	428954	7519578	269	0	2.0m@53.53% Fe	5.51	7.34	0.075	0.056	9.76	34
CWRC0531	428954	7519578	269	6	6.0m@55.62% Fe	3.45	6.38	0.089	0.031	10.01	34
CWRC0532	428915	7519506	269	8	2.0m@52.66% Fe	4.03	11.08	0.114	0.031	9.05	34
CWRC0533	428998	7519497	268		Res	ults below intercept cut-o		ff			34
CWRC0534	428691	7519411	260	0	4.0m@54.07% Fe	3.41	9.59	0.095	0.018	9.03	28
CWRC0535	428799	7519403	266	0	12.0m@52.87% Fe	4.69	10.30	0.078	0.022	8.60	40
CWRC0570	422394	7524399	220	0	22.0m@55.02% Fe	3.17	7.57	0.036	0.013	9.85	40
CWRC0571	422500	7524405	231	18	10.0m@57.20% Fe	2.16	5.38	0.041	0.014	10.03	46
CWRC0572	422519	7524249	204		Res	ults below intercept cut-o		ff			28
CWRC0573	422538	7524199	204	0	16.0m@53.27% Fe	3.52	9.22	0.032	0.010	10.12	34
CWRC0574	422600	7524243	204	2	4.0m@53.64% Fe	3.29	7.60	0.032	0.008	11.45	34
CWRC0574	422600	7524243	204	10	8.0m@54.77% Fe	3.15	8.30	0.040	0.008	9.23	34
CWRC0575	422594	7524191	204		Res	ults below intercept cut-o		ff			28
CWRC0576	422599	7524104	206	0	4.0m@53.71% Fe	2.49	11.77	0.024	0.017	7.69	40
CWRC0576	422599	7524104	206	8	2.0m@52.72% Fe	3.50	8.62	0.028	0.017	11.50	40
CWRC0577	422601	7524002	215	2	12.0m@53.31% Fe	2.41	8.24	0.040	0.019	10.87	40
CWRC0577	422601	7524002	215	18	6.0m@54.39% Fe	3.19	6.37	0.034	0.007	11.73	40
CWRC0578	422648	7523796	227	0	22.0m@56.34% Fe	2.84	5.06	0.035	0.019	10.71	40
CWRC0579	422643	7523592	211		Res	ults below intercept cut-o		ff			34
CWRC0580	422665	7523846	226	0	20.0m@56.39% Fe	2.77	5.06	0.036	0.019	10.49	40
CWRC0581	422697	7524299	205	12	14.0m@53.27% Fe	3.50	6.97	0.035	0.008	11.90	34
CWRC0582	422693	7524251	204	6	12.0m@53.74% Fe	2.49	9.24	0.035	0.017	10.36	46
CWRC0582	422693	7524251	204	22	10.0m@56.14% Fe	2.88	6.91	0.040	0.006	9.05	46
CWRC0583	422713	7524109	204	4	2.0m@53.34% Fe	2.76	11.05	0.028	0.009	9.01	28
CWRC0584	422710	7524006	206		Res	ults below intercept cut-o		ff			22
CWRC0585	422702	7523900	224	0	16.0m@55.89% Fe	2.56	6.51	0.038	0.014	10.25	34
CWRC0586	422700	7523695	222	0	14.0m@56.25% Fe	2.45	5.24	0.041	0.014	10.41	34
CWRC0586	422700	7523695	222	22	2.0m@52.24% Fe	4.59	9.14	0.055	0.014	10.40	34
CWRC0587	422695	7523600	212	2	12.0m@56.75% Fe	2.49	5.26	0.041	0.011	10.44	46
CWRC0587	422695	7523600	212	24	12.0m@55.24% Fe	2.93	6.57	0.053	0.003	10.57	46
CWRC0588	422695	7523565	215	4	12.0m@55.27% Fe	2.66	6.17	0.047	0.015	10.65	40
CWRC0588	422695	7523565	215	20	2.0m@56.26% Fe	1.80	4.65	0.028	0.009	12.00	40
CWRC0588	422695	7523565	215	26	4.0m@54.22% Fe	1.96	6.40	0.034	0.005	12.00	40
CWRC0589	422723	7523490	215	2	2.0m@52.43% Fe	2.60	8.34	0.037	0.009	10.80	28
CWRC0590	422761	7524047	204		Res	ults below intercept cut-o		ff			34
CWRC0591	422770	7524102	205	2	2.0m@54.90% Fe	2.95	7.87	0.030	0.017	9.45	34
CWRC0592	422793	7523547	217	8	16.0m@53.38% Fe	3.50	7.01	0.039	0.022	11.28	58
CWRC0592	422793	7523547	217	32	8.0m@53.92% Fe	2.71	5.85	0.035	0.006	11.01	58
CWRC0593	422792	7524402	209	8	16.0m@55.35% Fe	2.97	6.81	0.037	0.009	10.37	58
CWRC0593	422792	7524402	209	36	4.0m@54.52% Fe	3.32	6.41	0.044	0.007	11.45	58
CWRC0593	422792	7524402	209	48	2.0m@53.03% Fe	2.56	9.58	0.071	0.005	10.90	58
CWRC0594	422810	7523584	224	4	6.0m@54.13% Fe	3.34	6.31	0.048	0.033	11.33	34
CWRC0594	422810	7523584	224	18	4.0m@56.19% Fe	2.99	6.55	0.034	0.016	9.12	34
CWRC0595	422900	7524405	216	0	4.0m@55.32% Fe	3.71	6.40	0.033	0.018	9.86	28
CWRC0596	423010	7524195	223	12	18.0m@55.44% Fe	3.54	6.37	0.046	0.012	9.93	46
CWRC0597	423093	7524143	227	10	12.0m@54.68% Fe	3.77	7.34	0.046	0.017	9.74	46
CWRC0598	423106	7524092	227	10	10.0m@55.19% Fe	3.12	7.01	0.041	0.016	10.07	34
CWRC0599	423107	7524044	228	8	10.0m@55.02% Fe	2.92	8.31	0.041	0.016	9.27	52
CWRC0600	423113	7524243	225		Res	ults below intercept cut-o		ff			28
CWRC0601	423155	7524170	225	6	6.0m@53.63% Fe	3.40	9.02	0.046	0.018	9.81	52
CWRC0602	423201	7524004	230	8	6.0m@54.79% Fe	3.28	8.18	0.041	0.018	9.17	40
CWRC0603	423203	7523894	234	10	2.0m@53.51% Fe	3.35	9.17	0.038	0.022	9.97	34
CWRC0604	423259	7523944	230	8	2.0m@55.31% Fe	2.93	7.10	0.035	0.018	9.75	34
CWRC0605	423262	7523895	231	0	4.0m@52.48% Fe	5.04	7.98	0.036	0.021	10.85	40
CWRC0606	423315	7523499	226	0	14.0m@55.26% Fe	2.00	7.19	0.046	0.013	10.51	28
CWRC0607	423400	7523398	222	0	6.0m@52.47% Fe	1.75	11.46	0.033	0.014	10.23	22
CWRC0608	423474	7523304	223	0	6.0m@53.66% Fe	2.41	7.55	0.045	0.016	10.97	28
CWRC0608	423474	7523304	223	14	4.0m@53.71% Fe	2.30	8.26	0.030	0.012	11.60	28
CWRC0609	423527	7523299	224	2	10.0m@54.73% Fe	2.29	7.98	0.039	0.018	10.44	44
CWRC0609	423527	7523299	224	16	14.0m@54.40% Fe	2.69	7.71	0.029	0.007	10.79	44
CWRC0610	423550	7523210	223	0	6.0m@55.85% Fe	2.46	6.42	0.039	0.016	10.32	34
CWRC0610	423550	7523210	223	12	10.0m@53.92% Fe	2.19	6.85	0.026	0.006	11.62	34
CWRC0611	423645	7523501	231	0	18.0m@55.08% Fe	2.58	7.43	0.037	0.017	10.37	40
CWRC0612	423689	7523500	232	0	20.0m@55.32% Fe	2.93	6.80	0.041	0.013	10.25	34
CWRC0613	423728	7523397	232	0	26.0m@55.12% Fe	2.88	6.84	0.039	0.013	10.74	40
CWRC0614	423799	7523182	230	0	18.0m@53.63% Fe	3.12	8.57	0.038	0.016	10.69	40
CWRC0614	423799	7523182	230	30	2.0m@53.13% Fe	3.13	9.11	0.029	0.003	10.60	40
CWRC0615	423786	7523579	230	6	2.0m@52.26% Fe	2.79	8.60	0.036	0.012	10.70	22
CWRC0616	423794	7523399	240	12	18.0m@55.03% Fe	3.08	6.51	0.045	0.014	10.84	46
CWRC0617	423851	7523252	241	0	2.0m@53.45% Fe	4.12	6.12	0.019	0.024	11.90	46
CWRC0617	423851	7523252	241	10	32.0m@54.53% Fe	3.25	7.32	0.037	0.011	10.53	46
CWRC0618	423897	7523503	228	0	12.0m@53.96% Fe	3.11	8.50	0.040	0.019	10.20	34
CWRC0619	423925	7523040	241	0	2.0m@52.10% Fe	5.53	6.47	0.023	0.015	12.80	34

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Cullen Resources Limited

Quarterly Report for the period ending 31 December 2014

CWRC0619	423925	7523040	241	8	2.0m@53.13% Fe	3.74	8.17	0.031	0.010	11.10	34
CWRC0619	423925	7523040	241	14	8.0m@54.71% Fe	2.44	8.65	0.028	0.009	9.75	34
CWRC0620	423947	7523004	239	0	2.0m@53.15% Fe	5.30	6.19	0.016	0.024	12.00	34
CWRC0620	423947	7523004	239	8	2.0m@54.52% Fe	3.49	7.47	0.034	0.013	10.40	34
CWRC0620	423947	7523004	239	14	4.0m@54.40% Fe	2.20	10.08	0.035	0.014	9.16	34
CWRC0621	423984	7523047	240	0	4.0m@52.26% Fe	5.29	6.92	0.017	0.016	12.55	40
CWRC0621	423984	7523047	240	8	2.0m@52.84% Fe	3.83	8.97	0.033	0.010	10.90	40
CWRC0621	423984	7523047	240	14	12.0m@53.72% Fe	3.45	8.99	0.030	0.012	9.80	40
CWRC0621	423984	7523047	240	30	2.0m@55.59% Fe	3.03	5.14	0.027	0.012	11.60	40
CWRC0622	424000	7523406	227	0	16.0m@54.52% Fe	2.80	7.13	0.038	0.016	10.59	34
CWRC0623	424035	7523242	238	0	2.0m@52.44% Fe	4.71	7.78	0.016	0.017	11.70	40
CWRC0623	424035	7523242	238	10	12.0m@55.03% Fe	2.52	7.97	0.036	0.020	9.97	40
CWRC0623	424035	7523242	238	26	8.0m@54.54% Fe	1.98	7.96	0.034	0.010	11.08	40
CWRC0624	424119	7523158	240	4	20.0m@54.70% Fe	3.08	7.82	0.038	0.016	10.02	40
CWRC0624	424119	7523158	240	28	6.0m@54.20% Fe	3.04	7.61	0.036	0.016	10.86	40
CWRC0625	424177	7523049	237	6	28.0m@54.47% Fe	3.01	7.46	0.040	0.014	10.76	40
CWRC0626	424201	7522027	234	0	2.0m@56.54% Fe	3.72	5.44	0.032	0.028	9.42	22
CWRC0627	424205	7522599	236	0	8.0m@52.72% Fe	3.80	9.34	0.034	0.016	10.68	22
CWRC0628	424190	7522493	240	2	4.0m@53.67% Fe	4.26	6.85	0.029	0.013	11.15	16
CWRC0629	424200	7522398	238	0	6.0m@54.82% Fe	3.76	5.55	0.038	0.009	11.47	16
CWRC0630	424200	7522301	235	0	6.0m@55.39% Fe	3.43	6.25	0.032	0.020	10.40	16
CWRC0631	424213	7522835	243	0	24.0m@54.00% Fe	3.29	7.97	0.029	0.009	10.84	34
CWRC0632	424273	7522513	238	2	12.0m@53.70% Fe	3.51	6.76	0.037	0.014	11.28	22
CWRC0633	424271	7522406	237	0	14.0m@52.70% Fe	3.53	8.82	0.036	0.009	11.07	22
CWRC0635	424299	7522971	241	0	2.0m@53.21% Fe	4.56	6.79	0.014	0.018	11.70	40
CWRC0635	424299	7522971	241	12	26.0m@55.76% Fe	2.57	6.72	0.037	0.008	10.43	40
CWRC0636	424287	7522192	232	0	6.0m@54.62% Fe	3.17	7.28	0.039	0.011	10.43	16
CWRC0637	424292	7522299	234	0	8.0m@54.70% Fe	2.95	8.01	0.037	0.016	10.09	16
CWRC0638	424297	7521997	234	0	8.0m@54.20% Fe	3.11	7.02	0.041	0.020	11.20	28
CWRC0639	424308	7521881	234	0	6.0m@52.54% Fe	4.15	8.00	0.038	0.030	11.43	22
CWRC0640	424381	7522230	232	0	10.0m@54.07% Fe	3.79	7.93	0.043	0.012	10.07	16
CWRC0641	424370	7521806	231	0	2.0m@55.92% Fe	4.23	4.93	0.044	0.023	10.10	28
CWRC0641	424370	7521806	231	8	2.0m@52.69% Fe	1.61	12.25	0.031	0.009	10.20	28
CWRC0643	424400	7522845	245	0	4.0m@53.22% Fe	4.30	7.19	0.018	0.018	11.75	40
CWRC0643	424400	7522845	245	12	20.0m@56.46% Fe	2.52	5.82	0.039	0.008	10.32	40
CWRC0644	424402	7522397	237	0	14.0m@54.51% Fe	2.96	7.28	0.041	0.015	10.93	22
CWRC0645	424397	7521896	236	0	6.0m@53.69% Fe	3.67	8.01	0.040	0.015	10.73	22
CWRC0645	424397	7521896	236	10	2.0m@55.36% Fe	2.28	6.43	0.037	0.019	11.10	22
CWRC0647	424448	7522094	233	0	6.0m@53.15% Fe	4.42	7.83	0.042	0.015	10.99	22
CWRC0647	424448	7522094	233	8	2.0m@55.25% Fe	2.32	8.34	0.032	0.015	9.83	22
CWRC0649	424493	7522860	243	14	24.0m@55.10% Fe	2.78	6.97	0.044	0.018	10.55	46
CWRC0652	424506	7522500	245	10	8.0m@53.77% Fe	3.59	9.00	0.034	0.012	9.82	34
CWRC0652	424506	7522500	245	26	4.0m@54.14% Fe	3.14	7.39	0.031	0.018	11.15	34
CWRC0653	424498	7522292	235	0	12.0m@55.02% Fe	2.69	6.69	0.037	0.015	10.80	22
CWRC0654	424498	7522211	236	0	12.0m@55.66% Fe	2.66	6.75	0.041	0.017	10.40	28
CWRC0655	424494	7522092	236	0	14.0m@54.91% Fe	3.36	6.38	0.040	0.021	11.09	22
CWRC0656	424506	7521998	238	0	8.0m@53.31% Fe	4.48	7.30	0.045	0.015	11.15	28
CWRC0657	424504	7521906	238	0	4.0m@53.97% Fe	4.16	6.61	0.046	0.014	10.84	22
CWRC0657	424504	7521906	238	10	2.0m@54.79% Fe	1.78	9.09	0.039	0.011	10.20	22
CWRC0658	424500	7521725	235	0	6.0m@54.14% Fe	4.33	6.25	0.044	0.020	11.13	28
CWRC0658	424500	7521725	235	14	2.0m@52.66% Fe	2.44	8.64	0.035	0.012	11.50	28
CWRC0659	424506	7521789	236	0	12.0m@53.60% Fe	3.31	7.85	0.042	0.013	11.33	28
CWRC0664	424598	7522194	231	0	10.0m@56.29% Fe	2.82	5.21	0.037	0.022	10.96	28
CWRC0665	424595	7522400	244	0	22.0m@53.82% Fe	4.01	7.29	0.028	0.016	11.04	32
CWRC0666	424605	7521996	237	0	6.0m@53.96% Fe	4.32	6.27	0.040	0.020	11.43	28
CWRC0666	424605	7521996	237	10	6.0m@54.56% Fe	2.89	6.87	0.040	0.012	11.53	28
CWRC0670	424697	7521703	236	0	10.0m@53.62% Fe	3.61	7.68	0.044	0.016	11.26	22
CWRC0670	424697	7521703	236	14	2.0m@53.16% Fe	2.45	9.83	0.037	0.014	11.10	22
CWRC0671	424707	7521604	236	0	12.0m@54.20% Fe	3.35	7.42	0.043	0.022	11.01	22
CWRC0672	424703	7522564	240	0	10.0m@53.66% Fe	4.57	7.28	0.030	0.014	10.74	34
CWRC0672	424703	7522564	240	12	4.0m@53.46% Fe	2.93	9.90	0.039	0.016	10.10	34
CWRC0672	424703	7522564	240	22	2.0m@54.13% Fe	3.84	6.41	0.033	0.027	11.70	34
CWRC0673	424697	7522514	245	0	22.0m@55.06% Fe	3.62	6.21	0.030	0.015	10.82	34
CWRC0673	424697	7522514	245	26	4.0m@53.57% Fe	4.08	6.73	0.042	0.020	11.75	34
CWRC0674	424695	7522286	240	0	20.0m@54.36% Fe	3.61	6.51	0.033	0.012	11.27	28
CWRC0675	424700	7521894	237	0	4.0m@53.47% Fe	4.29	7.12	0.047	0.020	11.35	22
CWRC0675	424700	7521894	237	8	2.0m@53.72% Fe	2.96	8.04	0.038	0.013	11.50	22
CWRC0675	424700	7521894	237	14	2.0m@53.56% Fe	3.20	8.10	0.037	0.014	11.30	22
CWRC0676	424702	7521813	234	0	4.0m@54.44% Fe	3.95	7.05	0.043	0.014	10.45	22
CWRC0677	424728	7521248	237	0	4.0m@55.78% Fe	3.87	5.38	0.041	0.019	10.37	22
CWRC0677	424728	7521248	237	8	2.0m@55.31% Fe	1.71	8.81	0.033	0.011	9.98	22
CWRC0678	424758	7521099	237	0	10.0m@54.63% Fe	2.71	8.63	0.036	0.014	9.90	16
CWRC0679	424784	7521152	238	0	6.0m@53.94% Fe	3.44	9.06	0.041	0.015	9.67	22
CWRC0679	424784	7521152	238	12	2.0m@52.08% Fe	3.77	9.72	0.044	0.012	11.30	22
CWRC0680	424795	7521615	236	0	2.0m@53.56% Fe	4.32	6.43	0.041	0.008	10.60	22
CWRC0680	424795	7521615	236	6	4.0m@52.78% Fe	3.45	9.31	0.035	0.017	10.95	22
CWRC0682	424800	7522408	246	6	18.0m@54.48% Fe	3.86	6.96	0.033	0.015	10.73	40
CWRC0683	424805	7521792	236	0	6.0m@53.26% Fe	3.78	7.16	0.040	0.016	11.63	22
CWRC0684	424803	7521489	237	0	4.0m@53.18% Fe	4.66	7.74	0.046	0.016	10.50	22
CWRC0685	424795	7521199	237	0	12.0m@55.12% Fe	2.74	7.82	0.037	0.014	10.05	22

10

Cullen Resources Limited

Quarterly Report for the period ending 31 December 2014

CWRC0686	424829	7520998	237	0	10.0m@54.59% Fe	2.82	8.81	0.037	0.015	9.58	22
CWRC0687	424846	7521099	238	0	4.0m@54.39% Fe	4.08	7.20	0.035	0.017	10.07	22
CWRC0687	424846	7521099	238	10	2.0m@55.64% Fe	2.28	5.75	0.038	0.015	11.70	22
CWRC0688	424902	7521904	236	0	6.0m@53.93% Fe	3.93	6.98	0.045	0.020	11.17	34
CWRC0688	424902	7521904	236	10	2.0m@53.97% Fe	3.24	6.29	0.039	0.015	12.30	34
CWRC0689	424907	7521705	234	0	8.0m@53.39% Fe	4.39	6.95	0.045	0.033	11.58	22
CWRC0690	424886	7522491	242	0	6.0m@53.11% Fe	4.58	7.22	0.018	0.019	11.57	40
CWRC0690	424886	7522491	242	8	2.0m@52.86% Fe	4.04	8.91	0.037	0.011	10.70	40
CWRC0690	424886	7522491	242	16	4.0m@53.90% Fe	3.58	7.31	0.028	0.016	11.25	40
CWRC0690	424886	7522491	242	26	6.0m@53.61% Fe	2.82	9.06	0.034	0.019	10.50	40
CWRC0691	424932	7521557	235	0	8.0m@53.84% Fe	4.01	7.42	0.046	0.027	10.95	28
CWRC0691	424932	7521557	235	14	2.0m@54.02% Fe	2.45	9.62	0.029	0.014	10.10	28
CWRC0692	424896	7521494	237	0	12.0m@53.24% Fe	3.71	8.69	0.043	0.014	10.40	28
CWRC0692	424896	7521494	237	16	4.0m@53.19% Fe	3.11	8.21	0.037	0.018	10.87	28
CWRC0693	424895	7521409	237	0	14.0m@53.57% Fe	3.42	9.09	0.044	0.013	10.28	28
CWRC0694	424939	7521053	238	0	14.0m@55.01% Fe	3.00	8.03	0.038	0.012	9.67	28
CWRC0695	424951	7521296	238	0	10.0m@53.20% Fe	3.85	8.80	0.041	0.024	10.38	40
CWRC0696	424973	7521903	235	0	10.0m@53.67% Fe	3.66	6.20	0.048	0.016	11.64	28
CWRC0696	424973	7521903	235	12	2.0m@52.68% Fe	3.46	6.67	0.046	0.016	12.50	28
CWRC0697	424996	7521752	237	0	4.0m@54.77% Fe	4.51	5.41	0.043	0.035	11.10	22
CWRC0697	424996	7521752	237	8	2.0m@53.15% Fe	3.60	7.85	0.048	0.014	11.70	22
CWRC0698	425003	7522096	243	0	2.0m@52.80% Fe	4.13	7.88	0.015	0.013	11.70	40
CWRC0698	425003	7522096	243	8	18.0m@52.39% Fe	4.20	8.38	0.045	0.015	11.66	40
CWRC0699	424989	7521483	237	0	8.0m@52.55% Fe	4.17	9.01	0.039	0.014	10.88	34
CWRC0699	424989	7521483	237	14	8.0m@54.88% Fe	2.73	7.00	0.037	0.016	10.93	34
CWRC0699	424989	7521483	237	32	2.0m@55.17% Fe	3.87	5.82	0.041	0.013	10.80	34
CWRC0700	424996	7521000	236	0	16.0m@55.08% Fe	3.27	6.89	0.039	0.013	9.85	46
CWRC0700	424996	7521000	236	20	2.0m@53.08% Fe	2.39	4.66	0.037	0.013	12.50	46
CWRC0700	424996	7521000	236	28	6.0m@54.71% Fe	2.83	6.83	0.038	0.006	11.17	46
CWRC0701	425001	7520909	237	0	18.0m@54.66% Fe	3.06	7.35	0.038	0.017	10.43	28
CWRC0703	424968	7521078	236	0	4.0m@54.68% Fe	3.97	7.31	0.038	0.018	9.66	28
CWRC0703	424968	7521078	236	8	2.0m@57.31% Fe	1.77	5.53	0.036	0.012	10.10	28
CWRC0704	425096	7521948	236	0	10.0m@53.60% Fe	3.90	7.95	0.047	0.011	10.61	34
CWRC0704	425096	7521948	236	16	2.0m@52.27% Fe	4.68	7.31	0.047	0.011	12.10	34
CWRC0704	425096	7521948	236	20	2.0m@54.50% Fe	2.94	5.89	0.041	0.010	11.90	34
CWRC0704	425096	7521948	236	26	2.0m@52.08% Fe	3.43	10.15	0.034	0.007	10.70	34
CWRC0705	425103	7521392	238	0	6.0m@54.02% Fe	4.27	7.35	0.040	0.015	10.24	28
CWRC0705	425103	7521392	238	10	2.0m@54.97% Fe	2.07	8.09	0.034	0.011	9.65	28
CWRC0705	425103	7521392	238	16	2.0m@53.03% Fe	2.72	8.92	0.031	0.017	11.70	28
CWRC0707	425099	7522307	236	0	10.0m@53.98% Fe	4.74	6.56	0.032	0.020	10.87	46
CWRC0707	425099	7522307	236	18	2.0m@52.32% Fe	3.55	8.97	0.058	0.013	11.70	46
CWRC0707	425099	7522307	236	30	2.0m@52.50% Fe	3.63	8.12	0.038	0.012	11.20	46
CWRC0708	425101	7522190	244	0	20.0m@53.26% Fe	3.80	8.31	0.034	0.013	10.95	40
CWRC0708	425101	7522190	244	24	6.0m@52.20% Fe	4.53	9.20	0.038	0.035	10.54	40
CWRC0709	425106	7522081	239	0	2.0m@52.27% Fe	4.75	8.11	0.017	0.012	11.70	52
CWRC0709	425106	7522081	239	8	4.0m@52.17% Fe	4.57	9.44	0.035	0.012	10.57	52
CWRC0709	425106	7522081	239	20	6.0m@54.34% Fe	3.14	6.84	0.045	0.015	11.37	52
CWRC0709	425106	7522081	239	40	4.0m@54.37% Fe	3.13	6.72	0.055	0.039	10.70	52
CWRC0710	425095	7521987	237	0	12.0m@52.60% Fe	4.05	9.09	0.044	0.014	10.83	28
CWRC0710	425095	7521987	237	18	4.0m@55.39% Fe	2.35	6.15	0.040	0.015	11.50	28
CWRC0711	425100	7521896	238	0	12.0m@53.00% Fe	3.74	7.68	0.043	0.014	11.37	34
CWRC0711	425100	7521896	238	16	6.0m@52.22% Fe	4.01	7.66	0.034	0.014	11.67	34
CWRC0712	425103	7521786	227	0	6.0m@53.68% Fe	3.64	7.34	0.039	0.020	11.27	40
CWRC0712	425103	7521786	227	18	16.0m@52.91% Fe	3.11	7.56	0.053	0.014	11.74	40
CWRC0713	425116	7521726	231	0	6.0m@53.77% Fe	4.23	7.27	0.047	0.016	10.67	52
CWRC0713	425116	7521726	231	16	8.0m@55.42% Fe	2.72	5.52	0.049	0.012	11.28	52
CWRC0713	425116	7521726	231	28	4.0m@52.53% Fe	3.62	8.49	0.047	0.010	11.55	52
CWRC0714	425099	7521326	236	0	4.0m@53.96% Fe	4.50	7.49	0.048	0.016	10.15	28
CWRC0715	425100	7520995	237	0	14.0m@55.52% Fe	3.19	7.14	0.036	0.016	9.43	28
CWRC0715	425100	7520995	237	18	2.0m@52.64% Fe	3.17	5.71	0.042	0.016	12.40	28
CWRC0716	425099	7520902	235	0	12.0m@56.02% Fe	2.74	7.72	0.037	0.014	8.92	34
CWRC0717	425193	7520396	223		Res	ults below intercept cut-o		ff			16
CWRC0718	425203	7520200	224		Res	ults below intercept cut-o		ff			10
CWRC0719	425198	7520497	223		Res	ults below intercept cut-o		ff			10
CWRC0720	425195	7520302	224		Res	ults below intercept cut-o		ff			16
CWRC0721	425194	7522307	241	16	2.0m@54.98% Fe	2.34	6.89	0.036	0.019	11.30	46
CWRC0721	425194	7522307	241	22	12.0m@53.21% Fe	3.43	7.95	0.049	0.013	10.98	46
CWRC0722	425201	7521903	240	6	2.0m@53.08% Fe	3.98	9.08	0.040	0.013	10.20	34
CWRC0722	425201	7521903	240	16	10.0m@53.72% Fe	3.41	7.92	0.041	0.019	10.76	34
CWRC0723	425197	7521683	230	2	12.0m@53.43% Fe	3.53	8.65	0.046	0.012	10.73	40
CWRC0723	425197	7521683	230	18	4.0m@53.40% Fe	2.64	9.37	0.042	0.016	11.00	40
CWRC0723	425197	7521683	230	24	2.0m@52.03% Fe	3.27	10.13	0.035	0.014	11.30	40
CWRC0724	425200	7521000	239	0	12.0m@54.12% Fe	2.86	10.02	0.038	0.024	9.23	34
CWRC0724	425200	7521000	239	16	2.0m@53.21% Fe	3.40	9.33	0.039	0.026	10.10	34
CWRC0725	425202	7520900	239	0	20.0m@55.17% Fe	2.97	7.14	0.038	0.019	10.05	30
CWRC0726	425206	7520799	237	0	10.0m@54.02% Fe	2.69	10.52	0.035	0.020	8.86	28
CWRC0726	425206	7520799	237	16	2.0m@52.14% Fe	3.40	10.54	0.035	0.014	10.40	28
CWRC0727	425197	7520697	223	0	2.0m@52.25% Fe	5.02	10.01	0.041	0.010	9.36	16
CWRC0728	425206	7520598	223		Res	ults below intercept cut-o		ff			16
CWRC0729	425286	7521808	236	0	10.0m@53.80% Fe	3.44	8.07	0.041	0.014	10.68	34

11

Cullen Resources Limited

Quarterly Report for the period ending 31 December 2014

CWRC0729	425286	7521808	236	16	2.0m@56.34% Fe	2.03	5.73	0.037	0.020	10.80	34
CWRC0730	425298	7521230	238	0	10.0m@55.57% Fe	2.94	7.07	0.041	0.015	10.12	22
CWRC0730	425298	7521230	238	14	2.0m@52.49% Fe	2.14	11.18	0.033	0.014	10.90	22
CWRC0730	425298	7521230	238	18	2.0m@53.70% Fe	1.96	8.82	0.027	0.017	11.60	22
CWRC0731	425297	7520198	224		Res	ults below intercept cut-o		ff			10
CWRC0732	425301	7520293	224		Res	ults below intercept cut-o		ff			10
CWRC0733	425307	7520684	237	0	12.0m@55.01% Fe	2.81	8.77	0.036	0.016	9.11	28
CWRC0733	425307	7520684	237	16	2.0m@56.29% Fe	3.86	7.16	0.034	0.016	7.40	28
CWRC0734	425297	7522301	236	8	2.0m@52.72% Fe	4.11	9.33	0.036	0.015	10.20	46
CWRC0734	425297	7522301	236	28	2.0m@52.06% Fe	3.09	11.16	0.054	0.007	9.65	46
CWRC0734	425297	7522301	236	36	2.0m@53.94% Fe	1.14	13.63	0.044	0.107	6.39	46
CWRC0735	425287	7522195	243	0	8.0m@52.42% Fe	4.42	7.18	0.025	0.014	12.10	40
CWRC0735	425287	7522195	243	14	2.0m@54.07% Fe	3.28	8.83	0.034	0.014	9.86	40
CWRC0735	425287	7522195	243	22	12.0m@52.13% Fe	4.40	9.03	0.044	0.017	10.68	40
CWRC0736	425304	7521595	235	0	16.0m@53.72% Fe	3.40	7.74	0.047	0.018	10.86	28
CWRC0737	425298	7521494	238	0	14.0m@55.27% Fe	3.23	6.31	0.044	0.014	10.70	40
CWRC0737	425298	7521494	238	18	2.0m@52.47% Fe	4.12	9.66	0.046	0.016	10.20	40
CWRC0737	425298	7521494	238	24	2.0m@54.81% Fe	2.92	6.97	0.041	0.015	10.70	40
CWRC0738	425314	7521399	239	2	18.0m@53.39% Fe	3.01	9.08	0.043	0.024	10.53	28
CWRC0739	425304	7520100	239	0	8.0m@55.40% Fe	2.84	7.51	0.034	0.015	9.75	22
CWRC0740	425278	7519991	240	0	2.0m@53.54% Fe	3.17	6.74	0.037	0.018	11.10	16
CWRC0741	425399	7520046	241	0	10.0m@55.58% Fe	3.16	7.26	0.035	0.014	9.33	22
CWRC0742	425396	7519949	242	0	6.0m@54.12% Fe	3.81	7.62	0.036	0.019	10.33	22
CWRC0743	425397	7522209	237	22	2.0m@54.17% Fe	3.71	6.42	0.052	0.015	11.60	46
CWRC0743	425397	7522209	237	26	6.0m@54.87% Fe	2.72	6.52	0.070	0.013	10.21	46
CWRC0744	425398	7522102	244	2	8.0m@52.10% Fe	5.33	7.60	0.033	0.012	11.60	40
CWRC0744	425398	7522102	244	16	2.0m@52.62% Fe	2.70	11.05	0.035	0.014	10.20	40
CWRC0744	425398	7522102	244	26	4.0m@54.67% Fe	2.46	6.38	0.068	0.016	11.40	40
CWRC0745	425405	7522000	243	0	8.0m@54.53% Fe	3.80	6.78	0.024	0.016	10.95	46
CWRC0745	425405	7522000	243	22	2.0m@53.27% Fe	3.69	8.32	0.038	0.010	11.00	46
CWRC0745	425405	7522000	243	28	8.0m@55.14% Fe	2.16	6.96	0.039	0.014	10.50	46
CWRC0745	425405	7522000	243	38	2.0m@52.06% Fe	3.18	8.64	0.058	0.011	11.50	46
CWRC0746	425410	7521878	241	0	20.0m@54.61% Fe	3.48	7.18	0.037	0.016	10.65	52
CWRC0746	425410	7521878	241	26	8.0m@56.47% Fe	1.72	5.88	0.036	0.020	10.71	52
CWRC0747	425398	7521698	233	0	16.0m@52.94% Fe	3.69	9.30	0.037	0.021	10.45	34
CWRC0747	425398	7521698	233	20	6.0m@55.39% Fe	2.26	7.07	0.032	0.010	10.76	34
CWRC0748	425400	7521001	239	0	14.0m@55.37% Fe	3.02	7.13	0.039	0.025	9.65	28
CWRC0748	425400	7521001	239	18	4.0m@54.73% Fe	2.48	8.08	0.035	0.044	10.12	28
CWRC0749	425401	7520900	240	0	14.0m@55.88% Fe	2.97	6.93	0.038	0.013	9.41	28
CWRC0750	425404	7520794	239	0	14.0m@55.87% Fe	2.96	7.09	0.037	0.015	9.57	28
CWRC0752	425405	7520706	238	0	18.0m@52.60% Fe	3.73	10.61	0.037	0.019	9.59	28
CWRC0753	425396	7520600	240	0	12.0m@56.23% Fe	3.17	6.34	0.035	0.019	9.33	28
CWRC0753	425396	7520600	240	16	2.0m@57.35% Fe	3.10	5.58	0.037	0.016	8.31	28
CWRC0754	425437	7520302	241	0	8.0m@55.03% Fe	2.68	8.34	0.035	0.021	9.51	22
CWRC0755	425459	7520391	238	0	20.0m@52.92% Fe	3.06	9.73	0.035	0.015	10.08	28
CWRC0756	425442	7520341	241	0	8.0m@52.67% Fe	3.43	10.30	0.044	0.024	9.99	22
CWRC0756	425442	7520341	241	14	4.0m@52.92% Fe	3.84	9.70	0.041	0.019	9.18	22
CWRC0757	425502	7522001	244	2	2.0m@52.19% Fe	5.11	7.21	0.018	0.025	12.30	46
CWRC0757	425502	7522001	244	16	6.0m@53.73% Fe	3.66	8.77	0.041	0.012	9.86	46
CWRC0757	425502	7522001	244	30	4.0m@54.99% Fe	1.52	5.89	0.063	0.012	10.55	46
CWRC0758	425500	7522102	239	2	2.0m@53.65% Fe	4.59	6.35	0.036	0.014	11.80	40
CWRC0758	425500	7522102	239	12	4.0m@54.37% Fe	2.79	8.48	0.040	0.018	10.45	40
CWRC0758	425500	7522102	239	24	2.0m@55.05% Fe	3.85	8.78	0.043	0.029	7.38	40
CWRC0759	425510	7521801	243	0	16.0m@54.05% Fe	3.62	8.32	0.035	0.015	10.17	46
CWRC0760	425500	7521703	243	0	18.0m@53.49% Fe	3.61	8.93	0.033	0.015	10.37	40
CWRC0760	425500	7521703	243	26	4.0m@55.32% Fe	2.59	6.15	0.048	0.027	11.10	40
CWRC0761	425506	7521595	240	0	18.0m@53.78% Fe	3.39	8.49	0.034	0.013	10.62	34
CWRC0761	425506	7521595	240	22	6.0m@54.38% Fe	3.23	7.63	0.033	0.010	10.74	34
CWRC0762	425500	7521497	240	2	6.0m@54.13% Fe	4.27	7.32	0.042	0.023	10.17	34
CWRC0762	425500	7521497	240	12	10.0m@52.37% Fe	3.41	10.76	0.042	0.021	10.16	34
CWRC0762	425500	7521497	240	24	2.0m@54.92% Fe	1.79	8.00	0.031	0.015	10.70	34
CWRC0763	425494	7521401	238	0	12.0m@56.22% Fe	2.72	6.50	0.043	0.022	9.87	34
CWRC0763	425494	7521401	238	16	2.0m@55.36% Fe	1.99	9.07	0.030	0.018	9.52	34
CWRC0764	425483	7521007	237	0	6.0m@53.95% Fe	4.56	7.87	0.038	0.020	9.68	34
CWRC0764	425483	7521007	237	8	4.0m@53.49% Fe	3.51	8.89	0.049	0.018	10.09	34
CWRC0765	425523	7520208	240	0	10.0m@53.31% Fe	3.44	10.25	0.037	0.016	9.06	28
CWRC0765	425523	7520208	240	16	2.0m@56.22% Fe	2.22	6.67	0.038	0.018	9.58	28
CWRC0766	425499	7519992	241	0	10.0m@54.89% Fe	3.36	7.33	0.037	0.014	10.08	22
CWRC0767	425514	7519898	241	0	12.0m@54.77% Fe	3.18	8.31	0.033	0.014	9.50	28
CWRC0768	425544	7521105	237	0	12.0m@53.68% Fe	2.69	9.93	0.041	0.016	9.78	22
CWRC0769	425552	7520453	227	0	4.0m@52.94% Fe	4.42	9.32	0.041	0.017	9.77	22
CWRC0770	425548	7520198	240	0	12.0m@55.08% Fe	3.06	7.82	0.040	0.016	9.24	22
CWRC0771	425596	7521982	240	10	6.0m@54.63% Fe	3.23	8.13	0.045	0.012	9.92	34
CWRC0772	425600	7521156	237	0	10.0m@54.32% Fe	3.42	8.64	0.043	0.016	9.46	22
CWRC0773	425599	7521052	236	0	4.0m@55.20% Fe	3.55	6.39	0.040	0.020	10.09	22
CWRC0774	425597	7519948	241	0	12.0m@54.74% Fe	2.86	8.41	0.035	0.016	9.78	22
CWRC0775	425599	7521901	243	0	2.0m@55.24% Fe	3.27	5.52	0.020	0.023	11.70	40
CWRC0775	425599	7521901	243	8	4.0m@52.76% Fe	4.09	9.89	0.037	0.011	9.94	40
CWRC0775	425599	7521901	243	16	4.0m@54.62% Fe	2.11	8.63	0.037	0.014	10.45	40
CWRC0776	425597	7521101	239	0	8.0m@53.06% Fe	3.56	7.94	0.045	0.016	10.75	22

12

Cullen Resources Limited

Quarterly Report for the period ending 31 December 2014

CWRC0777	425596	7520946	240	0	14.0m@55.22% Fe	3.12	7.27	0.043	0.016	9.97	22
CWRC0779	425607	7520701	240	0	2.0m@55.75% Fe	4.18	5.83	0.036	0.017	9.53	28
CWRC0780	425577	7520588	238	0	16.0m@56.09% Fe	2.74	6.57	0.041	0.018	9.82	28
CWRC0781	425597	7520502	231	0	2.0m@56.79% Fe	2.65	5.78	0.039	0.020	9.80	34
CWRC0782	425593	7520383	238	0	14.0m@55.03% Fe	2.48	8.35	0.037	0.016	9.75	22
CWRC0783	425597	7520299	241	0	14.0m@56.88% Fe	2.55	4.80	0.042	0.021	10.36	22
CWRC0784	425600	7520204	238	0	20.0m@55.39% Fe	3.54	5.68	0.047	0.023	10.26	38
CWRC0785	425600	7519817	237	0	12.0m@54.20% Fe	3.36	7.60	0.038	0.010	10.41	28
CWRC0786	425610	7519712	244	0	4.0m@54.08% Fe	3.63	6.07	0.029	0.020	11.05	16
CWRC0787	425646	7519603	248	0	2.0m@54.61% Fe	3.20	6.94	0.026	0.027	10.60	16
CWRC0788	425689	7521892	231	2	4.0m@54.64% Fe	2.93	9.01	0.030	0.010	9.37	22
CWRC0789	425710	7520154	239	0	14.0m@56.10% Fe	2.86	6.24	0.036	0.015	10.04	22
CWRC0790	425713	7519859	239	0	12.0m@54.35% Fe	3.33	8.11	0.032	0.014	9.82	34
CWRC0791	425702	7521702	245	0	2.0m@52.28% Fe	3.12	10.48	0.016	0.012	11.10	34
CWRC0791	425702	7521702	245	8	12.0m@52.65% Fe	3.70	10.20	0.039	0.017	10.11	34
CWRC0792	425703	7521604	248	6	2.0m@53.53% Fe	3.90	8.45	0.021	0.011	10.60	40
CWRC0792	425703	7521604	248	20	6.0m@54.15% Fe	3.26	7.89	0.040	0.013	10.70	40
CWRC0793	425685	7521502	248	4	20.0m@54.57% Fe	3.61	7.22	0.035	0.014	10.39	40
CWRC0793	425685	7521502	248	28	4.0m@53.94% Fe	3.37	7.63	0.045	0.012	11.25	40
CWRC0794	425697	7521400	242	0	20.0m@53.16% Fe	3.87	9.03	0.034	0.011	10.04	34
CWRC0795	425704	7520494	231	0	4.0m@55.81% Fe	3.14	6.68	0.041	0.017	9.72	16
CWRC0795	425704	7520494	231	6	2.0m@53.09% Fe	1.78	10.89	0.037	0.008	10.80	16
CWRC0795	425704	7520494	231	10	2.0m@53.22% Fe	2.89	8.45	0.041	0.012	11.40	16
CWRC0796	425701	7520398	238	0	8.0m@55.76% Fe	2.86	6.82	0.038	0.013	9.99	22
CWRC0797	425692	7519706	244	0	8.0m@55.78% Fe	3.00	7.34	0.033	0.019	9.22	22
CWRC0798	425751	7520148	240	0	18.0m@54.82% Fe	3.17	8.42	0.038	0.014	9.23	22
CWRC0799	425761	7519608	241	0	6.0m@55.55% Fe	2.76	7.24	0.029	0.018	10.00	22
CWRC0800	425768	7519816	237	0	10.0m@56.48% Fe	2.42	5.87	0.031	0.013	10.45	28
CWRC0801	425791	7521910	231	0	4.0m@53.11% Fe	3.88	10.00	0.036	0.018	9.39	28
CWRC0802	425797	7521356	240	0	18.0m@54.13% Fe	3.45	8.71	0.037	0.017	9.98	28
CWRC0803	425798	7521107	242	0	14.0m@55.24% Fe	3.17	6.76	0.038	0.019	10.17	28
CWRC0804	425839	7519723	230	0	14.0m@52.91% Fe	3.85	10.28	0.033	0.012	9.34	34
CWRC0805	425799	7520695	239	0	12.0m@55.87% Fe	3.49	6.02	0.041	0.028	10.08	22
CWRC0806	425799	7520600	237	0	12.0m@54.18% Fe	3.06	7.94	0.043	0.013	10.69	22
CWRC0807	425801	7520497	239	0	12.0m@54.70% Fe	3.36	7.52	0.042	0.017	10.28	24
CWRC0808	425823	7520388	237	0	14.0m@54.95% Fe	3.24	7.17	0.041	0.012	10.30	22
CWRC0809	425799	7520299	235	6	22.0m@53.01% Fe	3.94	8.46	0.042	0.023	10.44	34
CWRC0810	425806	7520202	237	6	14.0m@53.15% Fe	5.10	7.93	0.047	0.028	9.64	34
CWRC0810	425806	7520202	237	28	4.0m@53.47% Fe	3.10	8.80	0.057	0.013	10.85	34
CWRC0811	425803	7520101	242	0	12.0m@54.45% Fe	3.47	8.15	0.037	0.017	9.85	22
CWRC0811	425803	7520101	242	16	2.0m@52.03% Fe	3.72	10.82	0.033	0.013	9.03	22
CWRC0812	425803	7521201	242	0	14.0m@53.61% Fe	3.99	8.42	0.036	0.018	10.01	34
CWRC0813	425805	7521010	243	0	14.0m@55.74% Fe	3.10	6.28	0.041	0.040	10.08	22
CWRC0814	425901	7521605	243	8	4.0m@53.19% Fe	3.72	10.36	0.036	0.010	8.64	28
CWRC0815	425891	7520153	244	2	20.0m@54.37% Fe	3.61	9.03	0.038	0.022	8.89	28
CWRC0816	425898	7521701	239	10	6.0m@52.70% Fe	2.80	10.78	0.034	0.017	10.09	34
CWRC0817	425898	7521512	247	0	18.0m@52.49% Fe	4.33	9.36	0.036	0.021	10.42	34
CWRC0818	425899	7521402	245	0	12.0m@53.94% Fe	3.90	7.59	0.037	0.017	10.76	34
CWRC0819	425949	7520467	240	0	14.0m@54.20% Fe	3.76	9.01	0.037	0.017	8.94	22
CWRC0820	425996	7520701	239	2	8.0m@55.15% Fe	3.58	7.02	0.036	0.020	9.76	22
CWRC0821	425997	7520999	252	6	16.0m@52.51% Fe	4.27	9.70	0.031	0.014	10.36	40
CWRC0822	426000	7520902	246	0	2.0m@52.96% Fe	4.33	7.68	0.018	0.025	11.70	28
CWRC0822	426000	7520902	246	6	8.0m@52.99% Fe	3.35	10.99	0.041	0.019	9.30	28
CWRC0823	425997	7520802	242	0	8.0m@53.26% Fe	4.18	8.82	0.036	0.018	10.16	22
CWRC0824	426001	7519998	248	6	10.0m@53.88% Fe	3.56	10.05	0.038	0.022	8.74	34
CWRC0825	426006	7519948	244	0	12.0m@53.36% Fe	3.91	9.62	0.041	0.023	9.50	34
CWRC0826	426006	7521309	243	2	10.0m@52.66% Fe	3.91	10.53	0.042	0.013	9.40	28
CWRC0827	425997	7521196	248	2	12.0m@53.97% Fe	4.02	8.22	0.035	0.016	10.00	34
CWRC0828	425998	7521092	246	10	4.0m@53.74% Fe	3.15	9.87	0.041	0.016	9.50	28
CWRC0829	425986	7520598	241	0	10.0m@53.28% Fe	3.98	9.41	0.035	0.016	9.76	22
CWRC0830	425981	7520394	240	0	14.0m@54.46% Fe	4.29	7.55	0.037	0.019	9.55	22
CWRC0831	425996	7520306	240	2	16.0m@54.38% Fe	3.23	8.12	0.040	0.018	10.02	28
CWRC0832	426001	7520202	243	4	12.0m@54.51% Fe	3.66	8.72	0.041	0.016	9.03	28
CWRC0833	426002	7520090	248	4	10.0m@53.93% Fe	3.80	9.52	0.038	0.023	9.00	28
CWRC0834	426068	7519950	246	0	8.0m@55.48% Fe	3.59	7.73	0.037	0.021	8.42	22
CWRC0835	426104	7521357	244	2	8.0m@53.96% Fe	3.75	8.75	0.040	0.014	9.57	22
CWRC0836	426102	7519491	241	0	2.0m@52.46% Fe	3.71	8.04	0.017	0.009	11.70	38
CWRC0836	426102	7519491	241	8	4.0m@52.76% Fe	4.26	10.29	0.032	0.007	8.90	38
CWRC0836	426102	7519491	241	16	2.0m@53.18% Fe	3.54	9.15	0.029	0.012	10.40	38
CWRC0836	426102	7519491	241	20	2.0m@55.35% Fe	2.76	8.56	0.038	0.013	8.90	38
CWRC0837	426101	7519403	245	6	10.0m@53.83% Fe	3.21	8.93	0.031	0.013	9.98	26
CWRC0838	426106	7519301	245	0	14.0m@54.86% Fe	3.38	7.64	0.030	0.012	9.72	28
CWRC0839	426098	7519192	251	2	2.0m@52.28% Fe	4.23	9.74	0.030	0.015	10.20	16
CWRC0840	426097	7519085	248	2	4.0m@54.97% Fe	3.25	6.34	0.028	0.016	10.80	16
CWRC0841	426109	7518987	242	0	4.0m@53.32% Fe	4.76	6.97	0.029	0.015	11.05	22
CWRC0842	426108	7519240	250	6	6.0m@53.13% Fe	4.01	10.11	0.028	0.011	9.11	26
CWRC0842	426108	7519240	250	16	2.0m@52.75% Fe	2.47	11.15	0.027	0.015	10.20	26
CWRC0843	426111	7519140	250	0	4.0m@53.21% Fe	3.52	8.60	0.031	0.013	10.90	10
CWRC0844	426144	7519059	253		Res	ults below intercept cut-o		ff			22
CWRC0845	426147	7521394	240	2	2.0m@53.38% Fe	3.62	10.07	0.047	0.011	9.04	16

13

Cullen Resources Limited

Quarterly Report for the period ending 31 December 2014

CWRC0846	426149	7519948	247	2	2.0m@52.23% Fe	5.55	9.14	0.040	0.022	9.95	22
CWRC0846	426149	7519948	247	8	2.0m@53.21% Fe	4.01	8.50	0.041	0.019	10.80	22
CWRC0847	426155	7519459	241	18	2.0m@52.05% Fe	4.51	9.19	0.045	0.014	11.00	30
CWRC0848	426154	7519348	245	4	2.0m@53.47% Fe	4.50	8.85	0.031	0.013	9.08	28
CWRC0848	426154	7519348	245	10	6.0m@53.51% Fe	3.18	8.96	0.025	0.013	10.42	28
CWRC0849	426192	7520580	246	0	2.0m@54.79% Fe	3.50	5.84	0.022	0.026	11.80	10
CWRC0850	426196	7520805	247	2	2.0m@52.72% Fe	4.75	8.48	0.025	0.019	10.60	22
CWRC0851	426200	7519852	246	0	4.0m@53.24% Fe	3.85	9.42	0.037	0.021	10.04	16
CWRC0852	426203	7519555	241	0	2.0m@55.90% Fe	3.64	6.08	0.035	0.017	9.69	28
CWRC0852	426203	7519555	241	10	2.0m@53.01% Fe	2.65	10.17	0.039	0.018	10.20	28
CWRC0853	426208	7520691	245		Res	ults below intercept cut-o		ff			22
CWRC0854	426206	7521308	241		Res	ults below intercept cut-o		ff			16
CWRC0855	426191	7521197	247	0	12.0m@54.32% Fe	4.04	6.74	0.034	0.023	10.43	22
CWRC0856	426197	7521093	247	0	8.0m@52.96% Fe	5.11	7.84	0.032	0.016	10.35	22
CWRC0857	426196	7520997	247	4	2.0m@52.09% Fe	4.64	8.08	0.017	0.033	12.00	34
CWRC0858	426197	7520503	245	0	4.0m@54.26% Fe	3.78	7.21	0.029	0.022	10.85	16
CWRC0859	426197	7520400	241	0	8.0m@54.15% Fe	4.71	7.21	0.035	0.013	10.01	22
CWRC0860	426199	7520299	244	0	10.0m@53.15% Fe	4.11	9.09	0.030	0.019	10.25	22
CWRC0860	426199	7520299	244	14	2.0m@55.37% Fe	2.71	8.20	0.039	0.013	9.48	22
CWRC0861	426200	7520200	248	10	12.0m@52.65% Fe	4.18	10.41	0.037	0.015	9.34	28
CWRC0862	426191	7520110	242	2	6.0m@52.69% Fe	4.41	10.39	0.030	0.017	9.05	22
CWRC0863	426203	7520000	247		Res	ults below intercept cut-o		ff			22
CWRC0864	426204	7519902	248	4	2.0m@53.19% Fe	3.48	9.00	0.034	0.017	11.00	16
CWRC0865	426199	7520904	247	2	8.0m@53.05% Fe	5.07	7.77	0.032	0.033	10.40	22
CWRC0865	426199	7520904	247	14	2.0m@53.41% Fe	2.80	11.30	0.041	0.032	8.82	22
CWRC0866	426229	7521247	245	8	2.0m@52.23% Fe	4.45	10.86	0.033	0.016	9.00	22
CWRC0867	426251	7519954	247	12	6.0m@54.45% Fe	3.16	8.70	0.041	0.022	9.69	28
CWRC0868	426259	7521198	244		Res	ults below intercept cut-o		ff			16
CWRC0869	426295	7519384	236	0	4.0m@53.57% Fe	4.00	8.93	0.039	0.020	9.53	26
CWRC0870	426303	7519291	237	0	2.0m@53.28% Fe	5.56	8.91	0.031	0.017	8.50	38
CWRC0871	426296	7519201	239	0	6.0m@54.72% Fe	4.84	6.53	0.037	0.027	9.71	24
CWRC0872	426296	7519081	249	0	18.0m@55.15% Fe	2.77	8.13	0.031	0.018	9.62	28
CWRC0873	426300	7518998	244	0	16.0m@55.56% Fe	3.12	6.30	0.035	0.015	10.50	22
CWRC0874	426307	7518899	249	0	22.0m@54.24% Fe	2.99	8.00	0.034	0.017	10.63	28
CWRC0875	426315	7519718	234		Res	ults below intercept cut-o		ff			22
CWRC0876	426397	7520800	245		Res	ults below intercept cut-o		ff			22
CWRC0877	426402	7520694	245		Res	ults below intercept cut-o		ff			16
CWRC0878	426402	7520600	245		Res	ults below intercept cut-o		ff			16
CWRC0879	426403	7520490	250		Res	ults below intercept cut-o		ff			28
CWRC0880	426396	7520391	246		Res	ults below intercept cut-o		ff			22
CWRC0881	426400	7519300	236	2	6.0m@54.64% Fe	3.70	8.01	0.035	0.007	9.03	28
CWRC0882	426390	7520295	245	6	4.0m@52.96% Fe	4.38	9.80	0.038	0.016	9.51	28
CWRC0883	426398	7520203	248	0	2.0m@52.12% Fe	7.01	6.20	0.015	0.049	11.80	28
CWRC0883	426398	7520203	248	10	4.0m@53.81% Fe	3.37	10.06	0.033	0.020	9.04	28
CWRC0884	426402	7519995	244		Res	ults below intercept cut-o		ff			16
CWRC0885	426486	7519200	237	0	14.0m@53.52% Fe	2.99	9.75	0.034	0.009	9.88	34
CWRC0885	426486	7519200	237	32	2.0m@52.18% Fe	5.79	8.68	0.033	0.008	9.60	34
CWRC0886	426490	7519074	239	0	6.0m@53.74% Fe	2.68	8.26	0.030	0.015	10.31	22
CWRC0887	426501	7519101	238	8	2.0m@53.29% Fe	5.46	7.80	0.043	0.011	9.95	20
CWRC0888	426501	7519002	241	0	10.0m@56.08% Fe	3.48	5.01	0.039	0.064	10.75	30
CWRC0889	426498	7518904	245	0	6.0m@53.79% Fe	3.26	8.72	0.029	0.014	10.19	28
CWRC0889	426498	7518904	245	10	6.0m@53.47% Fe	2.20	10.05	0.025	0.009	10.31	28
CWRC0890	426500	7518798	248	4	2.0m@53.11% Fe	3.10	9.93	0.026	0.014	10.50	28
CWRC0890	426500	7518798	248	10	2.0m@52.11% Fe	3.14	11.38	0.031	0.010	10.20	28
CWRC0891	426527	7519812	249		Res	ults below intercept cut-o		ff			22
CWRC0892	426520	7518704	250	0	2.0m@52.93% Fe	2.94	7.45	0.032	0.017	11.90	16
CWRC0893	426564	7519108	238	0	6.0m@56.53% Fe	3.10	5.86	0.036	0.013	9.38	22
CWRC0893	426564	7519108	238	12	2.0m@53.10% Fe	3.89	8.10	0.047	0.006	11.10	22
CWRC0894	426596	7519903	254		Res	ults below intercept cut-o		ff			22
CWRC0895	426597	7520203	252		Res	ults below intercept cut-o		ff			28
CWRC0896	426598	7520396	247		Res	ults below intercept cut-o		ff			22
CWRC0897	426596	7520307	252		Res	ults below intercept cut-o		ff			22
CWRC0898	426596	7520111	251	14	2.0m@52.78% Fe	3.40	10.82	0.036	0.021	9.77	28
CWRC0899	426596	7519047	242	0	12.0m@53.99% Fe	3.30	8.76	0.037	0.008	9.89	22
CWRC0900	426588	7520604	249		Res	ults below intercept cut-o		ff			22
CWRC0901	426596	7520021	252		Res	ults below intercept cut-o		ff			22
CWRC0902	426705	7519104	235		Res	ults below intercept cut-o		ff			20
CWRC0903	426710	7518999	237		Res	ults below intercept cut-o		ff			20
CWRC0904	426707	7518880	246	0	8.0m@55.12% Fe	3.36	7.16	0.027	0.011	9.91	22
CWRC0905	426703	7518807	246	0	8.0m@53.55% Fe	2.60	10.37	0.024	0.011	9.69	20
CWRC0906	426697	7518696	245	0	6.0m@54.52% Fe	3.28	6.84	0.031	0.010	11.10	20
CWRC0907	426908	7518709	240	0	4.0m@55.17% Fe	2.80	6.63	0.029	0.007	10.13	22
CWRC0908	426902	7518608	246	6	8.0m@53.43% Fe	3.18	8.68	0.031	0.008	10.39	28
CWRC0908	426902	7518608	246	18	2.0m@52.65% Fe	3.41	8.42	0.031	0.005	11.80	28
CWRC0909	426910	7519003	246	4	6.0m@53.70% Fe	4.26	8.34	0.042	0.012	9.81	22
CWRC0910	426903	7518887	245	0	4.0m@53.99% Fe	4.10	7.88	0.036	0.013	9.60	22
CWRC0911	426932	7518819	245	0	4.0m@55.18% Fe	4.01	6.91	0.032	0.018	9.27	22
CWRC0911	426932	7518819	245	8	2.0m@52.32% Fe	3.24	11.71	0.026	0.011	9.47	22
CWRC0912	427007	7518350	251	0	4.0m@55.67% Fe	3.10	5.66	0.028	0.028	11.10	16
CWRC0913	427091	7518869	248	2	2.0m@52.59% Fe	3.83	9.54	0.036	0.012	10.50	34

14

Cullen Resources Limited

Quarterly Report for the period ending 31 December 2014

CWRC0914	427091	7518774	243	2	12.0m@53.98% Fe	4.44	7.09	0.039	0.015	10.22	26
CWRC0915	427109	7518690	248	0	8.0m@54.17% Fe	4.57	6.78	0.034	0.016	10.31	30
CWRC0915	427109	7518690	248	12	2.0m@54.36% Fe	2.54	7.77	0.042	0.010	11.00	30
CWRC0916	427100	7518597	244	0	6.0m@55.53% Fe	3.69	4.99	0.031	0.054	11.17	16
CWRC0917	427101	7518486	248	0	10.0m@54.25% Fe	3.45	7.21	0.030	0.014	10.79	26
CWRC0918	427105	7518393	250	0	10.0m@53.97% Fe	3.56	7.51	0.031	0.014	10.79	22
CWRC0919	427290	7518797	248		Res	ults below intercept cut-o		ff			34
CWRC0920	427292	7518714	251	0	6.0m@53.74% Fe	5.04	7.50	0.040	0.014	9.84	28
CWRC0921	427298	7518601	251	10	8.0m@52.45% Fe	5.44	8.02	0.044	0.011	10.36	28
CWRC0922	427301	7518496	252	0	10.0m@54.16% Fe	3.76	7.29	0.035	0.014	10.91	22
CWRC0923	427519	7518815	254		Res	ults below intercept cut-o		ff			28
CWRC0924	427502	7518747	252	0	2.0m@53.24% Fe	4.93	7.23	0.029	0.016	11.40	40
CWRC0925	427517	7518706	253	0	2.0m@52.37% Fe	6.28	8.05	0.034	0.017	9.94	40
CWRC926	422425	7523989	220	0	14.0m@54.18% Fe	2.70	8.38	0.037	0.015	10.16	58
CWRC926	422425	7523989	220	22	8.0m@52.58% Fe	3.39	10.10	0.041	0.006	10.10	58
CWRC927	422372	7523982	221	2	12.0m@56.21% Fe	2.33	6.50	0.043	0.016	9.87	40
CWRC928	422335	7523963	222	6	6.0m@54.95% Fe	1.98	8.75	0.037	0.021	9.76	28
CWRC929	422378	7523903	221	4	6.0m@54.62% Fe	1.78	8.17	0.038	0.019	10.53	36
CWRC930	422419	7523932	222	4	10.0m@56.46% Fe	2.05	5.33	0.039	0.018	10.54	40
CWRC930	422419	7523932	222	18	2.0m@57.74% Fe	1.06	3.19	0.028	0.013	12.20	40
CWRC931	422492	7523783	224	0	10.0m@56.10% Fe	2.17	6.26	0.037	0.014	10.32	28
CWRC932	422453	7523791	225	6	2.0m@56.69% Fe	1.57	6.26	0.039	0.022	10.20	28
CWRC933	422047	7524520	219	0	2.0m@52.26% Fe	3.81	11.13	0.033	0.016	9.49	40
CWRC934	422079	7524448	218		Res	ults below intercept cut-o		ff			28
CWRC935	422096	7524455	219		Res	ults below intercept cut-o		ff			22
CWRC936	422155	7524360	217		Res	ults below intercept cut-o		ff			28
CWRC937	422156	7524376	217		Res	ults below intercept cut-o		ff			22
CWRC938	422277	7524116	217		Res	ults below intercept cut-o		ff			16
CWRC939	422341	7524139	218	0	2.0m@52.26% Fe	3.78	11.68	0.030	0.013	8.99	28
CWRC940	422263	7524302	216	4	8.0m@53.44% Fe	2.23	10.94	0.031	0.015	9.56	22
CWRC941	422240	7524290	215	8	2.0m@53.96% Fe	2.21	9.56	0.034	0.008	9.67	28
CWRC942	422251	7524291	216	8	6.0m@52.60% Fe	2.29	10.22	0.035	0.009	10.33	28
CWRC943	422291	7524196	221		Res	ults below intercept cut-o		ff			22
CWRC944	422317	7524201	221		Res	ults below intercept cut-o		ff			22
CWRC945	422349	7524205	221		Res	ults below intercept cut-o		ff			34
CWRC946	422381	7524157	220	0	4.0m@54.31% Fe	3.15	8.86	0.037	0.025	9.62	22
CWRC947	422427	7524096	211	0	4.0m@55.29% Fe	2.19	8.49	0.032	0.013	9.64	28
CWRC947	422427	7524096	211	10	2.0m@55.51% Fe	1.78	5.60	0.020	0.013	12.20	28
CWRC947	422427	7524096	211	20	2.0m@52.16% Fe	3.07	10.04	0.077	0.003	11.20	28
CWRC948	422404	7524545	232	36	2.0m@54.01% Fe	3.83	6.35	0.035	0.006	11.90	52

All drill holes targeting CID were drilled vertically.

All co-ordinates are in MGA94 Zone 50.

Intercepts are true widths ≥ 2m thick and calculated using a 52% Fe cut-off.

15

Cullen Resources Limited Quarterly Report for the period ending 31 December 2014

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling	 Nature and quality of sampling (eg cut channels, random chips, or	Samples for analysis were collected every 2m down hole directly from
techniques	specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma	the cyclone after passing through a three tier riffle splitter mounted on the RC drilling rig. Each sample represented 12% (by volume) of the
	sondes, or handheld XRF instruments, etc). These examples should	drilling interval with an average weight of 4kg for a 2m interval.
	not be taken as limiting the broad meaning of sampling.	Standards and duplicates were inserted into the sample sequence at
	 Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	the rate of 1 in 50 samples, i.e. every 25th sample was a standard or a duplicate. These samples were used to test the precision and accuracy of the sampling method and laboratory analysis.
	 Aspects of the determination of mineralisation that are Material to the Public Report.	Sample analysis was completed by SGS Laboratories in Welshpool, WA. Samples were sent direct to the laboratory, sorted, dried and pulverised using a ring mill.
	 In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as	Samples were analysed for a suite of elements by X-Ray Fluorescence Spectrometry and gravimetrically for Loss on Ignition (LOI 1000° and LOI 371 °C). Assays were reported to API by email.
	where there is coarse gold that has inherent sampling problems.
	Unusual commodities or mineralisation types (eg submarine nodules)
	may warrant disclosure of detailed information.
Drilling	 Drill type (eg core, reverse circulation, open-hole hammer, rotary air	RC drilling utilised a 5 ¼” face sampling hammer.
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other
	type, whether core is oriented and if so, by what method, etc).
Drill sample	 Method of recording and assessing core and chip sample recoveries	Sample recoveries and quality were recorded for each sampling
recovery	and results assessed.  Measures taken to maximise sample recovery and ensure representative nature of the samples.	interval by the geologist as part of the digital logging system. Samples were classified as dry, damp or wet. Sample recoveries were based on estimates of the size of drill spoil piles and were recorded as a percentage of the expected total sample volume. The majority of
	 Whether a relationship exists between sample recovery and grade and	drilling was completed above the water table and sample recovery
	whether sample bias may have occurred due to preferential loss/gain	estimates of 100% were the norm. The cyclone was cleaned in
		between drill holes to minimise sample contamination. Previous

16

Cullen Resources Limited Quarterly Report for the period ending 31 December 2014

Criteria	JORC Code explanation	Commentary
	of fine/coarse material.	twinned hole studies (diamond vs RC) at API project areas indicate
		minimal sample bias using RC drilling techniques.
Logging	 Whether core and chip samples have been geologically and	All RC drill holes were sampled, assayed and geologically logged. All
	geotechnically logged to a level of detail to support appropriate Mineral	data and information was validated prior to being uploaded and
	Resource estimation, mining studies and metallurgical studies.	stored in the API SQL-based geological database in Perth.
	 Whether logging is qualitative or quantitative in nature. Core (or
	costean, channel, etc) photography.
	 The total length and percentage of the relevant intersections logged.
Sub-sampling	 If core, whether cut or sawn and whether quarter, half or all core taken.	Sample recoveries and quality were recorded for each sampling
techniques and sample preparation	 If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.  For all sample types, the nature, quality and appropriateness of the	interval by the geologist as part of the digital logging system. Samples were classified as dry, damp or wet. Sample recoveries were based on estimates of the size of drill spoil piles and were recorded as a percentage of the expected total sample volume. The majority of
	sample preparation technique.	drilling was completed above the existing water table and recoveries
		of 100% were therefore the norm.
	 Quality control procedures adopted for all sub-sampling stages to
	maximise representivity of samples.	Samples for analysis were collected every 2m down hole directly from
	 Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.  Whether sample sizes are appropriate to the grain size of the material being sampled.	the cyclone after passing through a three tier riffle splitter mounted on the RC drilling rig. Each sample represented 12% (by volume) of the drilling interval with an average weight of 4kg for a 2m interval. Duplicate samples were collected every 50thsample. Results were compared on receipt of results from laboratory.
Quality of	 The nature, quality and appropriateness of the assaying and laboratory	Sample analysis was completed by SGS Laboratories in Welshpool,
assay data and laboratory tests	procedures used and whether the technique is considered partial or total.  For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	WA. Standards and duplicates were inserted into the sample sequence at the rate of 1 in 50 samples, i.e. every 25th sample was a standard or a duplicate. These samples were used to test the precision and accuracy of the sampling method and / or laboratory analysis. All results show an acceptable level of accuracy and precision.
	 Nature of quality control procedures adopted (eg standards, blanks,
	duplicates, external laboratory checks) and whether acceptable levels
	of accuracy (ie lack of bias) and precision have been established.

17

Cullen Resources Limited Quarterly Report for the period ending 31 December 2014

Criteria	JORC Code explanation	Commentary
Verification	 The verification of significant intersections by either independent or	Laboratory performance was monitored by the submission of
of sampling and assaying	alternative company personnel.  The use of twinned holes.	analytical standards and the collection of duplicate samples. Standards and duplicates were inserted into the sample sequence at the rate of 1 in 50 samples, i.e. every 25th sample was a standard or
	 Documentation of primary data, data entry procedures, data	a duplicate. Results from the standard and duplicate samples were
	verification, data storage (physical and electronic) protocols.	monitored for any discrepancies throughout the drill programmes.
	 Discuss any adjustment to assay data.	QA/QC reports were routinely generated by API geological staff and any issues were addressed immediately. QA/QC reporting was
		completed by a Senior Geologist (API). No twinned holes were
		completed during the programme. No adjustments were made to any
		of the results. All data management procedures (field and office) are
		documented.
Location of	 Accuracy and quality of surveys used to locate drill holes (collar and	All drill holes are initially surveyed by handheld GPS and later
data points	down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	surveyed by differential GPS utilising an independent contractor (MGA, Zone 50). Drill hole collar co-ordinates were verified in
	 Specification of the grid system used.	MapInfo GIS software utilising aerial photography as part of API’s routine QA/QC procedures.
	 Quality and adequacy of topographic control.	Topographic coverage of all API projects has been established by
		aerial survey (LIDAR) with a vertical accuracy of ±0.15m.
Data spacing	 Data spacing for reporting of Exploration Results.	Drill hole spacing is sufficient for first pass and infill exploratory drilling
and distribution	 Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral	to establish geological and grade continuity.
	Resource and Ore Reserve estimation procedure(s) and classifications
	applied.
	 Whether sample compositing has been applied.
Orientation of	 Whether the orientation of sampling achieves unbiased sampling of	Ore bodies and the geology described at the RC drilling locations
data in	possible structures and the extent to which this is known, considering	described in this release are all flat lying. All drill holes were vertical.
relation to	the deposit type.	No sample biasing was observed.
geological	 If the relationship between the drilling orientation and the orientation of
structure	key mineralised structures is considered to have introduced a
	sampling bias, this should be assessed and reported if material.
Sample	 The measures taken to ensure sample security.	API and SGS communicate on a regular basis and standard chain of

18

Cullen Resources Limited Quarterly Report for the period ending 31 December 2014

Criteria	JORC Code explanation	Commentary
security		custody paperwork is used. Samples are despatched and transported to the laboratory on a regular basis.
Audits or	 The results of any audits or reviews of sampling techniques and data.	QA/QC procedures and rigorous database validation rules ensures
reviews		sampling and logging data is validated prior to being used by API
		Geologists.
		Independent audits of API’s sampling techniques and QA/QC data
		have been undertaken. Sampling procedures are consistent with
		industry standards. Any inconsistency within the QA/QC dataset were
		investigated and action taken as required. API monitors in house all
		QA/QC data as and when it is received from the laboratory.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	 Type, reference name/number, location and ownership including	The Australian Premium Iron Joint Venture (APIJV - between Aquila
tenement and	agreements or material issues with third parties such as joint ventures,	Steel Pty Ltd and AMCI (IO) Pty Ltd), the Red Hill Iron Ore Joint
land tenure status	partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.  The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	Venture (RHIOJV - between API and Red Hill Iron Limited) and the Mt Stuart Iron Ore Joint Venture (MSIOJV – between API and Cullen Exploration Pty Ltd) and the Yalleen Project (Helix Resources – royalty) collectively comprise the broader West Pilbara Iron Ore Project (WPIOP), with each joint venture managed by API
		Management Pty Ltd (API).
Exploration	 Acknowledgment and appraisal of exploration by other parties.	No other mineral exploration for iron ore has taken place by any other
done by other parties		parties on any of the project areas during the Quarter mentioned in this report. Exploration work completed by API prior to this report has been summarised in previous ASX releases.
Geology	 Deposit type, geological setting and style of mineralisation.	Work during the Quarter focussed on exploration for outcropping and
		buried Channel Iron Deposits (CID).
		o CID has been formed by the alluvial and chemical deposition of
		iron rich sediments in palaeo-river channels after erosion and
		weathering of lateratised Hamersley Group sediments.

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2014

Criteria	JORC Code explanation	Commentary
Drill hole	 A summary of all information material to the understanding of the	Drill hole information is attached in Table 2. All drill holes targeting
Information	exploration results including a tabulation of the following information for	CID were drilled vertically.
	all Material drill holes:
	o easting and northing of the drill hole collar
	o elevation or RL (Reduced Level – elevation above sea level in
	metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.
	 If the exclusion of this information is justified on the basis that the
	information is not Material and this exclusion does not detract from the
	understanding of the report, the Competent Person should clearly
	explain why this is the case.
Data	 In reporting Exploration Results, weighting averaging techniques,	Intercepts in “Table 1 – Better Drilling Intercepts Received –
aggregation methods	maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.	December 2014 Quarter” are shown are for intercepts ≥ 20m thick using a 52% Fe cut-off.
	 Where aggregate intercepts incorporate short lengths of high grade
	results and longer lengths of low grade results, the procedure used for
	such aggregation should be stated and some typical examples of such
	aggregations should be shown in detail.
	 The assumptions used for any reporting of metal equivalent values
	should be clearly stated.
Relationship	 These relationships are particularly important in the reporting of	Due to the shallow depth of drill holes and the horizontal stratigraphy
between	Exploration Results.	of the CID it was not considered a requirement to complete down
mineralisation widths and	 If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	hole orientation surveys. Mineralisation in each of the areas reported in flat lying and only true mineralisation widths are reported.
intercept lengths	 If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true
	width not known’).

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2014

Criteria	JORC Code explanation	Commentary
Diagrams	 Appropriate maps and sections (with scales) and tabulations of	Maps showing drill hole locations (where assay results are reported)
	intercepts should be included for any significant discovery being	were included in the body of the report.
	reported These should include, but not be limited to a plan view of drill
	hole collar locations and appropriate sectional views.
Balanced	 Where comprehensive reporting of all Exploration Results is not	Due to the amount of drilling data it is not practicable to report all
reporting	practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration	drilling results. Cut-off grades used for intercept reporting is generally based on a natural well-defined boundary that is consistent
	Results.	with how API has previously reported and modelled and reported CID
		mineralisation.
Other	 Other exploration data, if meaningful and material, should be reported	Meaningful and material API exploration data has previously been
substantive	including (but not limited to): geological observations; geophysical	reported and is publically available.
exploration data	survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential
	deleterious or contaminating substances.
Further work	 The nature and scale of planned further work (eg tests for lateral	Work will continue across the WPIOP area next Quarter.
	extensions or depth extensions or large-scale step-out drilling).
	 Diagrams clearly highlighting the areas of possible extensions,
	including the main geological interpretations and future drilling areas,
	provided this information is not commercially sensitive.

END OF MANAGER’S REPORT - MSIOJV

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2014

WEST PILBARA, W.A. – Iron

WYLOO JV – Iron Ore Rights JV with Fortescue Metals Group Ltd (Fortescue) - Fortescue has earned 51% and may earn 80%, then Cullen 20% (FCI to DTM). Cullen retains 100% of Other Mineral Rights - EL08/1393, ELs 47/1154, 1649, 1650, PL 08/556 and MLA 47/1490.

The Wyloo JV project lies just south east of the MSIOJV’s Catho Well Channel Iron Deposit. Fortescue has previously provided a maiden Resource Estimate of 16.9 Mt @ 57.11% Fe , for the Wyloo South Bedded Iron deposit, classified as Inferred and JORC 2004 compliant.

No exploration undertaken for the quarter.

PARABURDOO JV – Iron Ore Rights JV with Fortescue Metals Group Ltd (Fortescue), Cullen retains 100% of Other Mineral Rights - EL52/1667

Fortescue can earn up to an 80% interest in the iron ore rights on Cullen’s E52/1667 (Snowy Mountain), located ~25km south east of Paraburdoo in the Pilbara Region of Western Australia. The tenement includes potential for bedded iron deposits within the Brockman Iron Formation, along strike from the Paraburdoo and Channar Groups of iron deposits.

No exploration undertaken for the quarter.

ASHBURTON, W.A. – Gold / Iron

WYLOO DOME AREA – E08/2145 - Cullen 100%

Cullen‘s E08/2145 (Three Corner Bore) lies on the southern limb of the Wyloo Dome, some 35km south east of the Paulsens gold mine. On 2 October 2014 Cullen made an announcement to the ASX in regards to sampling and target generation on this tenement.

In summary, lag analyses up to 54.68% Fe identify a new iron ore target on E08/2145 with potential for a channel iron deposit (CID), and untested historic geochemical anomalies (AuAs-Sb) along a WNW structural trend within E08/2145 are considered by Cullen to be highly prospective for gold, and warrant drilling.

No exploration undertaken for the quarter.

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Cullen Resources Limited

Quarterly Report for the period ending 31 December 2014

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2014

MT EUREKA, NORTH EASTERN GOLDFIELDS, W.A. – Gold and Nickel

Cullen holds 100% of ELs 53/1299, 1300, 1209, 1630, 1635, 1637) in the Mt Eureka Greenstone Belt in the North Eastern Goldfields of Western Australia (approximately 500km[2] ) with multiple targets for nickel sulphides and gold. The high nickel prospectivity of Cullen’s ground is confirmed by the discovery of nickel sulphides by Rox Resources Limited (Rox) at Camelwood and Cannonball – Musket (Fisher East Project), located a few kilometres along strike to the south of Cullen’s tenement boundary (Rox ASX release, ASX: RXL of 4/9/2014 describes an updated mineral resource for their project).

The next phase of Cullen’s exploration for nickel sulphides - ground EM over the AK47 prospect and the “A3” bedrock conductors - is planned to commence in February, pending suitable weather and ground conditions.

In addition, assessment of ground access for planned traverses of air core drilling for gold (and nickel) will be undertaken. This planned drilling (~5000m) will target numerous structures under cover south of the Southern Prospect (see following figures).

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2014

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2014

MINTER, N.S.W – Tungsten

MINTER - EL6572 - Cullen 100%

Cullen successfully applied to the NSW Trade and Investment, Regional Infrastructure and Services Department, for a grant of funds under the New Frontiers Co-operation Drilling Program. Cullen has been awarded $36,250 towards a diamond and RC drilling program it has proposed to test its Doyenwae and Orr Trigg prospects at Minter.

No exploration undertaken for the quarter.

OTHER JOINT VENTURES MANAGED BY PARTNERS

ASHBURTON, W.A. – Gold and Uranium

KUNDERONG/SALTWATER POOL JV: EL 52/1892, Thundelarra and Lion One Metals Limited (ASX: LLO) - can earn 70%, Cullen 100%

No exploration undertaken for the quarter.

ASHBURTON, W.A. – Gold

HARDEY JUNCTION JV – ELs 08/1166, 1189, 1763, 1145; PL 08/546 Northern Star Resources Limited 80%, Cullen 20% free carried interest

No exploration undertaken for the quarter.

FORRESTANIA, W.A. – Gold

STORMBREAKER AND NORTH IRONCAP JV – ML 77/544 Hannans Reward Limited 80% and Manager, Cullen 20% free carried interest- gold rights only.

No exploration undertaken for the quarter.

EASTERN GOLDFIELDS, W.A. – Gold / Nickel

KILLALOE JV– EL63/1018, 1199 and PLs Matsa Resources Limited 80%; Cullen 20% free carried interest

On 22 January 2015, Cullen reported to the ASX in relation to the exploration activities completed by Matsa Resources Limited (Matsa), the JV Manager. The announcement described the intersection of 0.2m @ 0.58% Ni, 0.37% Cu from 111.3m in komatiite (drill hole “14KLDH06”) at the “Hanging Wall Gossan” (HWG) nickel prospect.

Matsa has also reported that drill hole “14KLDH06” did not intersect the interpreted basal contact target zone because of drill hole deviation due to faulting above the target. A new drill hole to test the predicted massive sulphide target at the base of the channel sequence remains untested and a new drill hole will commence as soon as possible on completion of down hole EM.

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2014

CORPORATE

SHARE CAPITAL INFORMATION

As announced on 14 October 2014, Cullen raised $538,700 through acceptances of Entitlements and applications for Shortfall Shares under the rights issue and issued 44,891,671 New Shares to eligible shareholders.

At the Annual General Meeting of the Company held on 21 November 2014 all resolutions were passed by shareholders.

On 1 December 2014 the Company issued 20M unlisted options exercisable at $0.016 expiring on 30 November 2017 to directors as approved by shareholders at the AGM.

Also on 31 December 2014, Cullen raised $363,000 (before expenses) through a placement of 60.5M shares at $0.006 to clients of Bell Potter.

The issued capital of the company at the end of the quarter is as follows:

• 1,143,864,514 fully paid ordinary shares

• 6m unlisted options expiring 31 May 2017

• 20m unlisted options expiring 30 November 2017

The substantial shareholders of Cullen are:

• Perth Capital, Wythenshawe Pty Ltd and Associates – 19.8%, and � Baosteel together with Aurizon – 9%

Cash at the end of the quarter is $0.63M.

Dr Chris Ringrose, Managing Director

29 January 2015

ABOUT CULLEN : Cullen is a Perth-based minerals explorer with a multi-commodity portfolio including projects managed through a number of JVs with key partners (Fortescue, APIJV (Baosteel/AurizonAMCI/Posco), Hannans Reward, Northern Star, Matsa and Thundelarra/Lion One Metals), and a number of projects in its own right. The Company’s strategy is to identify and build targets based on data compilation, field reconnaissance and early-stage exploration (particularly geochemistry), and to pursue further testing of targets itself or farm-out opportunities to larger companies. Projects are sought for most commodities mainly in Australia but with selected consideration of overseas opportunities.

Information in this report may also reflect past exploration results, and Cullen’s assessment of exploration completed by past explorers, which has not been updated to comply with the JORC 2012 Code. The Company confirms it is not aware of any new information or data which materially affects the information included in this announcement.

ATTRIBUTION: Competent Person Statement

The information in this report that relates to exploration activities 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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Cullen Resources Limited Quarterly Report for the period ending 31 December 2014

SCHEDULE OF TENEMENTS (as at 31 December 2014)

REGION	TENEMENTS	TENEMENT APPLICATIONS	CULLEN INTEREST	COMMENTS
WESTERN AUSTRALIA
ASHBURTON / PILBARA
Mt Stuart JV	E08/1135, E08/1330, E08/1341, E08/1292	MLA08/481, MLA08/482	30%	API has earned 70% of iron ore rights; Cullen 100% other mineral rights
Hardey Junction JV	E08/1145, 1166, 1189,1763, P08/546		20%	Northern Star Resources Limited 80%
Wyloo JV	E08/1393, E47/1154 E47/1649, 1650 P08/556	MLA47/1490	49%	Fortescue has earned 51%, can earn 80% of iron ore rights Cullen 100%other mineral rights
Paraburdoo JV	E52/1667		100%	Fortescue can earn up to 80% of iron ore rights; Cullen 100% other mineral rights
Tunnel Creek JV	E52/1892		100%	Thundelarra Exploration/Lion One can earn upto 70%
Wyloo SE	E08/2145		100%
NE GOLDFIELDS
Gunbarrel	E53/1299,1300 +/ * E53/1630,1635		100%	+2.5% NPI Royalty to Pegasus on Cullen's interest (parts of E1299); *1.5% NSR Royalty to Aurora (other parts of E1299 and parts of 1300)
Irwin Well	E53/1637		100%
Irwin Bore	E53/1209		100%
Wonganoo	E53/1611		100%
DUNDAS		ELA63/1673	0%
FRASER RANGE	E28/2470		100%
MURCHISON, Cue	E20/714		100%
GASCOYNE		ELA09/2108,2109	0%
EASTERN GOLDFIELDS
Killaloe	E63/1018, E63/1199, P63/1672 P63/1331-1333		20%	Matsa Resources Limited 80%
FORRESTANIA
Forrestania JV	M77/544		20%	Hannans Reward Ltd 80% Gold rights only
NEW SOUTHWALES
Minter	EL6572		100%
TENEMENTS RELINQUISHED and APPLICATIONS WITHDRAWN DURING THEQUARTER – 100%
	E08/2227	E30/466 E25493,25494	0%

REGISTERED OFFICE : Unit 4, 7 Hardy Street, South Perth WA 6151. Telephone: +61 8 9474 5511 Facsimile:+61 8 9474 5588 CONTACT: Dr. Chris Ringrose, Managing Director. E-mail : cullen@cullenresources.com.au

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