CULLEN RESOURCES LIMITED — Investor Presentation 2012

May 10, 2012

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Cullen Resources Limited

Investor Update May 2012

Eelya Felsic Complex, Murchison Western Australia

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

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Number of shares : 693M Unlisted options : 22M Cash ~ $3.1M (31/03/12) Market Cap: ~ $18 M (@ 2.6c) 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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Cullen’s Properties

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Cullen Profile

Discovery Opportunities

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JV Assets

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Near-term Multi-Commodity Exploration Project Pipeline Activities

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Extensive Pipeline of Projects & Active JVs

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West Pilbara Iron Ore Project – Stage 1

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Proposed development of Channel Iron Deposits (CIDs)

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West Pilbara Iron Ore Project – Stage 1

Mt Stuart Iron Ore JV (Cullen 30% - APIJV 70%) Owns 98Mt @ 55% Fe Resource - Catho Well CID Part of West Pilbara Iron Ore Project - Stage 1 Managed by API JV = 50:50 JV Aquila/AMCI DFS in progress for WPIOP - 30 Mt pa operation Mt Stuart JV tenements Cullen : 30% of -

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Tonnes	Fe (%)	SiO2 (%)	Al2O3 (%)	P (%)	LOI (%)
(Mt)
70.0	54.81	7.22	3.23	0.037	10.31

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WYLOO Fortescue JV – Iron Ore

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Gold & Base Metals Targets - Murchison, WA

Cullen’s North Tuckabianna Project Along strike of Tuckabianna gold deposits

Prospective for base metal, VMS deposits, explored in mid-1970s

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Previous exploration: mostly shallow drilling

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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

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RC drill testing of EM targets – May 2012

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Cullen has completed Geotech airborne survey (VTEM) across Eelya Felsic Complex on Cullen’s ground

3 Strong EM anomalies delineated

EM anomalies coincide with broad geochem anomalies (in laterite and vegetation)

Two of the strong EM features lie ~ 3km east of Hollandaire Discovery

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Hollandaire
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RC drill testing of EM targets – May 2012

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Hollandaire
Prelim.
VTEM
Image
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Cullen has completed Geotech airborne survey (VTEM) across Eelya Felsic Complex on Cullen’s ground

3 Strong EM anomalies delineated

EM anomalies coincide with broad geochem anomalies (in laterite and vegetation)

Two of the strong EM features lie ~ 3km east of Hollandaire Discovery

TL Property, BC, Candada - Cullen earning 80%

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Targeting Base Metals In South East BC

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TL Property – Geochem Survey & Trenching Completed

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TL Property – Biogeochemical Anomaly

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TL – Base Metal Gossan Exposed in Trench

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TL Property - HeliTEM Data

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TL Property - HeliTEM Data

Image : -150m depth slice

COAL : Queensland - Galilee Basin

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Cullen’s tenement applications –

 On-strike from known deposits, Galilee Basin  Frontier position in newly-recognised Millungera Basin  Targeting Eromanga coals in Lovelle depression Drilling planned - Northern Margin of Galilee Basin near Hughenden

Queensland Coal – Galilee Basin

CULLEN

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Cullen – Proposed Key Activities 2012

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IRON
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Receive and Review
Mining Feasibility Study
Catho Well CID
(Cullen 30%)
COAL
Drilling
Near Hughenden
Queensland
(Cullen 100%)
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ZINC
Drilling EM
Anomalies
British Columbia
(Cullen earning 80%)
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COPPER
,GOLD
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Drilling EM Drilling EM
Anomalies Anomalies
North Tuckabianna, WA British Columbia
(Cullen 100%) (Cullen earning 80%)
COPPER
GOLD
Geochemical Geochemical
Prospecting Surveying
Namibia Finland
(Cullen 100%) (Cullen 100%)
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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 Australian 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 Australian 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.

The information in the report to which this statement is attached that relates to Mineral Resources and Exploration Results at Wyloo is based on information compiled by Mr Stuart Robinson and Mr Mark Glassock who are Members of The Australian Institute of Mining and Metallurgy. Mr Stuart Robinson is a full-time employee of Fortescue Metals Group Ltd and Mr Glassock recently resigned from the company. Both people provided geological interpretations for Mineral Resource calculations and compiled the exploration results. Mr Robinson, who is a Fellow of The Australian Institute of Mining and Metallurgy, and Mr Glassock, who is a Member of The Australian Institute of Mining and Metallurgy have sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Robinson and Mr Glassock consent to the inclusion in this report of the matters based on this information and in the form and context in which it appears.