CULLEN RESOURCES LIMITED — Investor Presentation 2012

Oct 14, 2012

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Investor Update - October 2012

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.

This presentation may contain certain forward-looking statements which have not been based solely on historical facts but rather on Cullen's current expectations about future events and on a number of assumptions which are subject to significant uncertainties and contingencies many of which are outside the control on Cullen and its directors, officers and advisers. Due care and attention has been taken in the preparation of this presentation. However, the information contained in this presentation (other than as specifically stated) has not been independently verified for Cullen or its directors and officers, nor has it been audited. Accordingly, the company does not warrant or represent that the information contained in this presentation is accurate or complete. To the fullest extent permitted by law, no liability, however arising, will be accepted by Cullen or its directors, officers or advisers, for the fairness, accuracy or completeness of the information contained in the presentation.

Cullen’s Fundamentals

Number of shares : 693M Unlisted options : 22M Cash ~ $2.4M (30/06/12) Market Cap: ~ $14M (@ 2.0c) Top 20 : ~47%

Dr Denis Clarke - Chairman Dr Chris Ringrose - Managing Director Mr Grahame Hamilton - Non Exec Mr John Horsburgh - Non Exec Mr Wayne Kernaghan - Non Exec/Co Sec

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Why Invest? ASX: CUL

• Several key opportunities within Cullen’s portfolio:

• •

• Copper - gold prospects (EM anomalies) – Murchison, W.A.

• Base Metals discovery – British Columbia

• Iron ore Reserve – West Pilbara, W.A.

• Copper - REE aeromagnetic targets – Namibia

• � Graphite advanced prospects (EM and drill results) – Finland

• Tungsten discovery – N.S.W.

• Gold targets from air core drill results – Gunbarrel , W.A.

• “Discovery stage drilling ” at four of these projects

• Filled project pipeline – diversified in geography and

• commodities

Cullen’s Key Properties, JVs and Pipeline

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North Tuckabianna, Murchison, WA

• Proven region for gold

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

• Prospective for base metal, VMS deposits

• Previous exploration mostly shallow drilling

• Hollandaire Discovery by Silver Lake Resources Ltd (ASX:SLR) – 9.3 m @ 15.4% Cu, 2.0 g/t Au and 29.0 g/t Ag

• Cullen drilling program to target EM conductors near Hollandaire

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North Tuckabianna – untested VTEM anomalies

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, ,
x Drill holes completed 6,982,500 mN GRANITE
April – Sept 2012
Cullen tenement x [x]
Colonel
NT 3
Strong VTEM anomaly
(drilled)
Moderate VTEM anomaly Mt Eelya
E20/714
Weak VTEM anomaly
FELSIC EELYA
NT 1
EM conductors
(SLR’s Quarterly 17/1/2012) COMPLEX xx
x
VTEM anomalies Rapier x
to be tested NT 2
Hollandaire
9.3 m @ 15.4% Cu
~3km
GREENSTONE
Open file aeromag image GRANITE
E20/714
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NT1-3 Strong VTEM anomaly (drilled)

Significant Discovery in B.C. , Canada

“TL Property” Cullen earning 80%

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TL Property , B.C.

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• Recognised, in BC, as one of the best “greenfields” discoveries in BC in 2011

• Advanced, innovative discovery technique - Biogeochemical sampling from helicopter

• Known base metal province - possible Ruddock Creek - type

• Impressive gossan exposed by Cullen trenching

• Cullen HeliTEM airborne survey, indicates trench base metal mineralisation is a part of a much larger EM conductor, ~ 6km long

• First pass diamond drill program completed in late September/October, 2012, sulphides intersected – assays pending

TL Property – Major EM anomaly

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TL Property – EM target at trench site

• Coincident magnetic and electromagnetic anomalies

Trenches with massive sulphide 3m @ 9% Zn channel samples

• Diamond Drilling completed September 2012

Summary of features – trench site drilling

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Tr e nches with
Massive Sulphide and
EM Conductor ‘C-03'
3m @ 9% Zn - 5 DD H s completed
Diamond hole completed
Trend of magnetic and
5 zinc-in-soils anomalies
4
+ Gossan float on track
3
1, 2
6
Ah Soil Samples + [+] [+]
(Zn ppm)
<46
46 - 51
51 - 58
58 - 71
71 - 90 N
90 - 134 EM Conductor 100 metres
134 - 432 C-03
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TL Property – Drilling from “C-03” EM target (assays pending)

DDH 03

Diamond drill core – TL Property “DDH04” (assays pending)

SemiMassive sulphide : pyritepyrrhotite - sphalerite

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Copper and REE in Namibia - targeting KCB and Tsumeb - type pipes

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Cullen’s
Tenements
TSUMEB
72 Mt @ 4.3% Cu produced
SABRE DISCOVERY
107M @ 1.15% Cu
KLEIN Aub
5.5 Mt @2% Cu,
50g/t Ag Produced
Cullen Tenure
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Graphite and Gold prospects in Finland

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Graphite prospects in Finland – significant historic drill intersections

VIISTOLA PROSPECT Historic Drillhole R430 14.6m @ 31.8% C from 48.5m

5cm

West Pilbara Iron Ore Project (API) Major Proposed Development in the West Pilbara API seeking to develop Anketell Port. RFC Ambrian appointed by Cullen for possible transaction on Cullen’s asset.

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Cullen’s asset.
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Minter Tungsten Project, NSW

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PROSPECT LOCATIONS
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DOYENWAE upto
24m @ 0.32% WO3
from 4m (air core)
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Gunbarrel gold project, NE Goldfields

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32m @ 0.2 g/t Au Connermara
• Eureka
Proven region for gold , NE
Northwest
Goldfields WA – Yandal Belt to
west, Duketon Belt to south east
• Strong aircore / RAB gold 9m @ 6.2 g/t A u + + + ++ +
+ + + + +
anomalies – Southern, Eureka + + + + + +
+ + + + + +
+ + +
NW, Taipan prospects indicate potential So u thern + ++
24m @ 1.0 g/t Au
• Multilayered dataset from 12m (inc. 8m
@ 2.8 g/t Au)
•
Previous exploration mostly B oa
shallow drilling (<80m)
Jake - Rattle
• Cobra
Cullen drilling planned to test
NE trending structures and Graf´s Fin d
aircore intersections
Taipan
N Taipan South
5 kilometres
7,060,000 mE
7,050,000 mE
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Moving Forward - Near Term Activities

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• Shareholder Share Purchase Plan (SSPP) closes on 19[th] October 2012

• Drill results from TL Property discovery in Canada (3-4 weeks) could lead to interest from major regional exploration/development companies

• Finland Graphite Portfolio of 7 advanced prospects historical drilling includes 99m @ 12.1 %C and 7.6m @ 34.8%C. Cullen seeking industrial graphite company, preferably based in Europe, for partnership in exploration and development of these opportunities

• Investigating value realisation transaction for Cullen’s Iron Ore Reserve : Corporate Advisors – RFC Ambrian Ltd appointed

• Preparing to implement drill programs at both Tuckabianna (copper – gold) and Gunbarrel (gold)

• Advancing Pipeline Projects : Namibia (Copper); Queensland (Coal); Sweden (Iron); Finland (Gold) seeking partnerships and/or sales as opportunities arise

• Drill programs completed and planned to deliver solid newsflow over the coming 12 months

CONCLUSIONS

• Cullen controls significant assets, some of which have been drill tested in a first-pass over the past 6 months. Further drilling is required to establish the full potential of these exciting projects.

• High priority now given to the copper/gold and gold projects in the Murchison and North Eastern Goldfields, respectively, due to their potential.

• Some assets, e.g., graphite in Finland (presence of flake graphite and substantial drilling database), have the potential to be rapidly advanced.

• Other overseas assets, such as the TL base metals discovery, may be marketed to a Canadian producer for cash or a future cash flow via a royalty agreement.

• Cullen is at the cusp of advancing its exploration efforts on several fronts to a concluding stage . It offers the investor exposure to a number of exciting discovery opportunities and development scenarios.

Attribution - Competent Person Statements

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 2004 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 information in this announcement, insofar as it relates to iron ore exploration activities for the Mt Stuart JV, is based on information compiled by Mr Stuart Tuckey who is a member of the Australasian Institute of Mining and Metallurgy, and who has more than five years experience in the field of activity being reported on. Mr. Tuckey 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 2004 Edition of the "Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Tuckey consents to the inclusion in the report of the above matters, based on their information in the form and context in which it appears.

The information in this announcement that relates to Mineral Resources has been supervised by Mr Stuart Tuckey and Mr Richard Gaze who are both Members of the Australasian Institute of Mining and Metallurgy. Mr Tuckey is a full-time employee of Australian Premium Iron. Mr. Gaze is a full-time employee of Golder Associates Pty Ltd. Messrs Tuckey and Gaze have 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 Persons as defined in the 2004 Edition of the ‘Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Tuckey and Mr Gaze consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

The information in this release that relates to Ore Reserves is based on information compiled by Mr. Steve Craig, Managing Director of ORElogy (Mining Consultants). Mr Craig is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Craig consents to the inclusion of the matters based on his information in the form and context in which it appears in this release.