CULLEN RESOURCES LIMITED — Investor Presentation 2014

May 13, 2014

RIU Sydney Resources Round-Up

Presentation May 2014 Chris Ringrose - Managing Director

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.

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CULLEN’S PROJECT PORTFOLIO - SUMMARY
1
Contributing 30%
IRON ORE RESOURCE
West Pilbara Iron Ore Project
TARGETTING NICKEL
3
2
SULPHIDES AND GOLD
PROJECT GENERATION
4
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7 Joint Ventures Managed by others

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Cullen - 30% owner of
98Mt @ 55% Fe Resource
(JORC,2004) part of proposed
WPIOP – Stage 1
in JV with Aquila/AMCI
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Catho Well CID ore – Alumina and Phosphorus levels attractive for blended product

APIJV (Aquila and AMCI 50:50) seeking to develop Anketell Port and rail infrastructure for their West Pilbara Iron Ore Project – proposed 30Mtpa operation, Stage 1

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API’s proposed
railway (282km)
and port (Anketell)
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Cullen owns 30% of the
Catho Well CID
Reserve of 70Mt
(JORC 2004) – one of 4
starter pits
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Major Proposed Development in the West Pilbara by APIJV
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Baosteel has a 19.8% holding in Aquila Resources

”the project is certainly springing into life”

The Western Australian government has secured a native title agreement that will allow the development of the largest export facility in the state at Anketell Port.

IMPLICATIONS FOR CULLEN IN THE WEST PILBARA?

• New momentum for West Pilbara Iron Ore Project concept

• Drafting of Native Title (land access) Agreements have been finalised to progress Mining lease applications for Cullen’s resource area tenements

• Cullen’s iron ore assets in West Pilbara have value - RFC Ambrian appointed by Cullen to assist in value realisation process

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MT STUART IRON ORE PROJECT AND OTHER WYLOO DOME JVs
WYLOO NORTH
PROSPECT
WYLOO
DOME
WYLOO SOUTH
PROSPECT
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 Great address

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 Under explored

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• Gold and nickel potential

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 massive nickel sulphides known from previous exploration : “ AK47” prospect , Mt Eureka (WMC – Cullen JV )

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Granitoid rocks
Greenstone belt
Sediments
Ultramafics
/ Nickel / Gold occurence
and prospects
Road, town
Cullen’s tenement
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YANDAL 121° 122°
HORSE WELL
N
Au 40 kilometres
JUNDEE
MT EUREKA
Wiluna AK47
CAMELWOOD
COLLURABBIE
MT
FISHER DUKETON
27°
Au + Ni
MT KEITH
CLIFFS MT McCLURE
BRONZEWING
MELROSE
YAKABINDIE
COSMOS ROSIE MOOLART
WELL
PERSERVERANCE
DARLOT
GARDEN WELL
28°
WATERLOO WILUNA
Ni
MT WINDARRA
Laverton
Leonora
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~ 40 strike km of ultramafics adjoining and north of Camelwood nickel sulphide discovery (Rox) – NE GOLDFIELDS

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Nickel deposit/prospect Gold deposit/prospect

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MT EUREKA GOLD TARGETS

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7m @ 9.0g/t Au, &
9m @ 6.2g/t Au
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7m @ 6.7g/t Au
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2012

ROX (CAMELWOOD)

Cullen - BHP BILLITON JV

Cullen – IGO JV

Cullen - WMC JV (AK47 PROSPECT) 2003

TENNECO

MINOPS 1969

…………………Persistence by Cullen justified at Mt Eureka because:

• The potential prize is right ;

• Deposits can be discovered late ; and

• New, nearby discoveries point to untested stratigraphy

– Previous discovery at AK47 PROSPECT 20cm @ 1.93 % Ni, 0.42% Cu, 0.7 g/t Pt+Pd (Hole GBD2)

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MASSIVE SULPHIDE ?
REMOBILIZED FROM
KOMATIITE
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“AK 47” NICKEL PROSPECT – X SECTION
basalt
komatiite
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MT EUREKA PROJECT – HISTORICAL DATA AND RECENT SURVEYS
Airborne EM Conductor
and/or Ni prospects Doyles
(Cullen) 11m @ 0.86% Ni
(40 - 51m)
“AK47” prospect
Limit of previous 0.2m @ 1.93% Ni
Airborne EM
surveying
Cullen project
Cullen VTEM
survey completed
over
new target area Camelwood
~10 km strike 1.6Mt @ 2.2% Ni
(Rox Resources)
N
5 kilometres
Ultramafic Belts Aeromagnetic Image
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MT EUREKA PROJECT
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~ 25km Ultramafic strike in Cullen’s project

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MT EUREKA PROJECT – SOUTHERN BOUNDARY

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DOYLES PROSPECT – GROUND AND DOWNHOLE EM

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No previous VETM or
drilling
2m @ 1.25% Ni
from 28m
(MERC 121)
3m @ 0.36% Ni
from 52m
(MERC 118)
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Interpreted bedrock conductor trend
broadly coincident with
nickeliferous ultramafic for further
drill testing at depth and long strike
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CULLEN CORPORATE

DIRECTORS

CAPITAL

Major Shareholders – Aquila (9.86%); Directors (5.4%); Wythenshawe (9.08%)

CONCLUSIONS

• COMPANY FOCUSED ON EXPLORATION IN AUSTRALIA – SOME PROGRAMS SUPPORTED BY R&D TAX REFUNDING AND STATE(S) DRILLING INCENTIVE SCHEMES

• DRILLING PLANNED TO TARGET MASSIVE NICKEL SULPHIDES, MT EUREKA PROJECT , W.A.

• DRILL READY TARGET AREA FOR GOLD, MT EUREKA PROJECT, W.A.

• RESOURCES OF IRON ORE IN TWO WEST PILBARA JV’S - WITH AQUILA/AMCI AND FORTESCUE

• 6 JVS IN WHICH CULLEN IS FREE CARRIED @20% (IRON, GOLD AND NICKEL)

MORE DETAIL AT BOOTH No 9

THANK YOU

Chris Ringrose 0439 843 756 cullen@cullenresources.com.au www.cullenresources.com.au

The Information in this presentation that relates to Exploration Results for the Mt Eureka project is extracted from Cullen’s ASX announcements of 22 and 30 of January 2014, and the 23 April 2014 entitled : “Strong EM conductors identified, Mt Eureka greenstone belt” ; “ Quarterly Report for the period ended 31[st] December 2013” and “ Quarterly Report for the period ended 31 March 2014” respectively. Information in this presentation may also reflect past exploration results, and Cullen’s assessment of exploration completed by past explorers, which was first prepared and disclosed under JORC Code 2004. It has not been updated since to comply with JORC Code 2012 on the basis that the information has not changed materially since it was last reported.

The information in this report that relates to Exploration Results is based on information compiled by Dr Chris Ringrose, Managing Director, Cullen Resources Limited who is a Member of the Australasian Institute of Mining and Metallurgy. Dr Ringrose is a full time employee of Cullen Resources Limited. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined by the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Ringrose consents to the report being issued in the form and context in which it appears.

The information in this announcement that relates to Mineral Resources for the Mt Stuart Iron Ore Joint Venture 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, Mt Stuart Iron Ore Joint Venture 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.