CULLEN RESOURCES LIMITED — Investor Presentation 2014

Feb 18, 2014

INVESTOR UPDATE - FEBRUARY 2014

EXCITING EM CONDUCTORS IN PRIME GEOLOGICAL SETTING

TARGETING MASSIVE Ni SULPHIDES MT EUREKA PROJECT, NE GOLDFIELDS, WA

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“AK47” NICKEL PROSPECT CORE

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 i n d ucement to ma k e an o ff er or i nv tat on i i w t i h respect to t h ose secur t es. i i N o agreement to subscribe for securities in Cullen will be entered into on the basis of this presentation.

Thi s presen a t ti on may con a n t i cer a n t i f orwar d - oo l ki ng s a emen s t t t w hi c h h ave no t b een 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 a d v sers. i D ue care an d a tt en ti on h as b een t a k en i n th e prepara ti on o f thi s 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 th a t th e i n orma f ti on con a ne t i d i n thi s presen a t ti on i s accura e t or comp e e. l t T o th e f u ll es t 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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OPPORTUNITIES IN 2014

 FIVE DRILL-READY EM CONDUCTORS FOR NICKEL . MT EUREKA PROJECT, W.A PART OF POSSIBLE NEW NICKEL PROVINCE NEAR RECENT DISCOVERIES (ROX)  DRILL-READY TARGETS FOR GOLD MT EUREKA PROJECT W A. . , GREENSTONE BELT PARALLEL TO YANDAL BELT  RESOURCES OF IRON ORE IN TWO WEST PILBARA JV’S  HISTORICALLY LOW MKT CAP

ASX:CUL

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MT EUREKA PROJECT

• Great address

• Under explored

• Gold and nickel potential

• Close to new nickel sulphide discovery at Camelwood ( b y Rox Resources)

• “AK47” massive nickel sulphide prospect , Mt Eureka

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Granitoid rocks
Greenstone belt
Sediments
Ultramafics
/ Nickel / Gold occurence
and prospects
R oad, t o wn
tenement
Cullen s
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121° 122°
HORSE WELL
N
YANDAL Au 40 kilometres
JUNDEE
MT EUREKA
Wiluna
AK47
DOYLES
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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MT EUREKA PROJECT

Airborne EM Conductor and/or Ni prospects (Cullen) VTEM Conductor “AK47” prospect (Rox Resources) 0.2m @ 1.93% Ni Limit of previous Airborne EM surveying Cullen project

Doyles 11m @ 0.86% Ni (40 - 51m) “AK47” prospect 0.2m @ 1.93% Ni Cullen completed ground EM over VTEM anomalies Cullen completed VTEM survey over new target area ~10 km strike Camelwood N 5 kilometres Ultramafic Belts Aeromagnetic Image

Previous discovery at AK47 PROSPECT (WMC/Cullen JV) 20cm @ 1.93 % Ni, 0.42% Cu, 0.7 g/t Pt+Pd (Hole GBD2) indicates fertility for Ni sulphide

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CULLEN’S PLANNED DRILLING

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 SILVERBARK NORTH NICKEL PROSPECT MT EUREKA PROJECT , W.A. – interpreted by Cullen to be along strike from nickel sulphide discoveries (ROX)

 DOYLES NICKEL PROSPECT MT EUREKA PROJECT , W.A. – two strong EM conductors in ultramafic sequence, with anomalous nickel geochemistry in historic drilling in nearby ultramafic horizon

ASX:CUL

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SILVERBARK NORTH NICKEL PROSPECT

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Aeromagnetic Image
1 [st] order VTEM conductor trend
(Cullen) – not yet drill tested
Trend of 1 [st] order VTEM conductors
Regards
partially drill tested (Cullen)
2 [nd] order VTEM Conductor
and/or Ni prospects (Cullen)
VTEM Conductor/Ni prospects
(Rox Resources)
Cullen Mt Eureka project area
Cullen’s 1 [st] priority drill target
SILVERBARK NORTH Ni PROSPECT
1km trend of ground EM conductors
Silverbark
Camelwood
2.5km
Cannonball - Musket
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SCHEMATIC CROSS SECTION – CULLEN’S SILVERBARK NORTH NICKEL TARGET (~1km ground EM conductor trend)

Planned RC hole W Regolith E Previous RC holes (2) abandoned in chert UM Felsic/ sediment ? ? Mafic Mafic M a f ic - - - ~100m Proposed +100m drill hole extension to intersect conductor – massive nickel sulphide target

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DOYLES NICKEL PROSPECT – HISTORIC DATA

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Compilation of historical exploration data around Doyles Prospect with up to 11m @ 0.86% Ni (on Aeromagnetic Image)

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DOYLES NICKEL PROSPECT – RECENT GROUND EM

Main geological units on EM image showing 3 conductors – C1 to C3

MLTEM time slice image (linear colour stretch – channel 25)

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SCHEMATIC GEOLOGY PLAN – DOYLES NICKEL PROSPECT GROUND EM CONDUCTORS C1, C2 and C3

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Mafic
‘C3’
UM
UM
Ultramafic with ?disseminated nickel sulphide
UM
‘C2’
‘C1’ Possible nickel
Sulphide lenses
Felsic BIF BIF?
BIF BIF
Felsic/sediment ?
~1000 m
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SCHEMATIC CROSS SECTION –
DOYLES NICKEL TARGETS, Conductors C1 and C2
Planned RC hole
W Regolith E
Felsic/
sediment
Felsic?
Mafic Mafic
UM UM
BIF
~100m
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MT EUREKA GOLD TARGETS COMPILED HISTORIC DATA

Fi t i it rs pr or y target NW-SE structures under channel

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

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Pipeline of Projects & Multiple Active JVs

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Cullen contributing
@ 30%
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CONCLUSIONS

 CULLEN FOCUSED ON: EXPLORATION IN AUSTRALIA

SOME PROGRAMS SUPPORTED BY R&D TAX REFUNDING AND STATE GOVERNMENT DRILLING INCENTIVE SCHEMES

• FIVE DRILL READY TARGETS FOR MASSIVE NICKEL SULPHIDE

• DRILL READY TARGETS FOR GOLD

• CULLEN OWNS RESOURCES OF IRON ORE IN TWO WEST PILBARA JV’S

 HISTORICALLY LOW CURRENT MKT . CAP vs ASSET BASE AND POSSIBLE DISCOVERIES

ASX:CUL

Attribution - Competent Person Statements

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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 entitled : “Strong EM conductors identified, Mt Eureka greenstone belt” and “ Quarterly Report for the period ended 31 December 2013 ” 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.

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