CULLEN RESOURCES LIMITED — Investor Presentation 2015

Nov 16, 2015

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WELL POSITIONED FOR RE‐RATING

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INVESTOR PRESENTATION ‐ NOVEMBER 2015 Chris Ringrose – Managing Director

Cullen Resources Limited

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DISCLAIMER

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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 Resources Limited

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OBJECTIVES GOING FORWARD 2016

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1. MAINTAIN 30% EQUITY POSITION ‐ Mt STUART IRON ORE JV (MSIOJV)

1. DRILL GOLD TARGETS – Mt EUREKA

2. DRILL NICKEL SULPHIDE TARGETS – Mt EUREKA

3. DIVEST COPPER (Cue) and TUNGSTEN (NSW) PROJECTS

4. PROGRESS TARGETING FOR Ni, Au and Li. NEW, EARLY STAGE PROJECTS : DUNDAS (ALBANY‐FRASER REGION) – Ni and Au; and, CENTRAL PILBARA – Li

5. ON‐GOING PROJECT GENERATION

6. 1:2 RIGHTS ISSUE OFFER AT 0.2c IN PROGRESS TO RAISE up to ~$1.38M (CLOSING 24 NOVEMBER 2015)

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Cullen Resources Limited

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CULLEN’S PROJECT PORTFOLIO – 4 KEY ELEMENTS

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1

2 3

4 DRILL TARGETS ‐ NICKEL SULPHIDES AND GOLD TARGET GENERATION Cullen Resources Limited

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CULLEN’S PROJECT PORTFOLIO : Fe RESERVE AND DRILL‐READY TARGETS

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1

NEW RESERVE (ASX, 16 S ept 2015) 83Mt @ 55.1% Fe ‐ FS in progress Mt STUART IRON ORE JOINT VENTURE

TWO NEW BEDROCK CONDUCTORS AT AK47 Ni PROSPECT; RC PROPOSED AT GALWAY GOLD PROSPECT

2

4

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OTHER DRILL READY TARGETS ‐ FOR Au, Cu and W

3

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Cullen Resources Limited

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PROPOSED WEST PILBARA IRON ORE PROJECT (WPIOP – Stage 1)

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Cullen has a key stake (30% contributing interest) in the Mt Stuart Iron Ore JV (MSIOJV) as part of the proposed WPIOP – Sta g e 1 ( 40Mt p a ) Entry of Baosteel with Aurizon has added momentum to development scenario for WPIOP Other development partners include AMCI and POSCO (Baosteel‐Aurizon own 7.4% of Cullen; AMCI own 3.7% of Cullen)

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Cullen Resources Limited

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CATHO WELL CID ORE – Al O 2 3 and P LEVELS ATTRACTIVE FOR BLENDING

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MSIOJV owns Catho Well CID now 83Mt @ 55.1% Fe (ASX : 16 Sept 2015) Cullen ‐ 30% owner of C atho Well Channel Iron deposit (CID) part of proposed WPIOP – Stage 1 in JV with API (Cullen ‐ ~25 Mt attributable)

API ‐ shareholders via APIJV are: Baosteel ‐ major Chinese steel producer Aurizon ‐ major Australian infrastructure developer

AMCI ‐ one of the world’s leading, privately owned natural resources companies POSCO ‐ major Korean steel producer

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Cullen Resources Limited

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NE YILGARN : FRONTIER GREENSTONE BELTS FOR GOLD AND NICKEL

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DRM NST CULLEN’S Mt EUREKA PROJECT AMONGST BELT OF ACTIVE RXL EXPLORATION AND DISCOVERIES – RRL – JUNDEE (Au) ASX:NST GOR GRUYERE (Au) – ASX:GOR ROSIE (Ni) – ASX:DKM CAMELWOOD (Ni) – ASX:RXL – JULIUS (Au) ASX;EAR HORSE WELL (Au) – ASX: AYR/DRM DUKETON BELT (Au) – ASX:RRL

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Cullen Resources Limited

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Mt EUREKA – DRILL READY PROSPECTS FOR GOLD AND NICKEL

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NICKEL

“AK47” p ros p ect and ~40 strike km of ultramafics adjoining and north of Camelwood nickel sulphide discovery (Rox Resources)

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GOLD

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Southern to Grafs Find prospects ‐ structural complexity, interpreted intrusives, geochemical anomalies, lightly explored under cover, possible analogies to Gruyere (GOR), Ju ius EAR l ( )?

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Ju ius EAR l ( )?
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Cullen Resources Limited

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AK47 TARGET AREA ‐ NICKEL

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PREVIOUS DISCOVERY AT – AK47 PROSPECT

0 . 2M @ . 1 93 % Ni , . 0 42% Cu , 0.7 g/t Pt+Pd (Hole GBD2)

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MASSIVE SULPHIDE

• ? REMOBILISED FROM NEARBY SOURCE

KOMATIITE

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Cullen Resources Limited

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AK47 NEW GROUND EM SURVEY COMPLETED

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GBD 2‐7
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ground EM survey completed, mid‐2015 – 2 x 1km

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VTEM Conductor AK47 Possible off-line MLTEM Conductor Recent Ground EM survey 2003 MLTEM lines (WMC)

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Cullen Resources Limited

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NICKEL: AK47 PROSPECT ‐ SCHEMATIC X SECTION

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Re‐mobilised “pinch
out” massive sulphides
(Cu, PGE rich)
GBD4
0.2m @ 1.79% Ni,
0.19% Cu, 0.66g/t Pt+Pd
GBD5
0.05m @ 0.94% Ni
0 05% Cu. , .3 42 g/t Pt+Pd
PRIME
TARGET :
Channel facies
“ore prism”
? Along strike
or down dip of
Over turned sequence
AK47
Episodically emplaced
mineralisation
Thin flows
“flanking environment”
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Cullen Resources Limited

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AK47 and “AK47EAST” ‐ TWO NICKEL SULPHIDE TARGET TRENDS

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Anomalous
LAG LAG SAMPLE SAMPLE
Pt 57ppb, Pd 12 ppb
R ecen t groun d EM –
2 x 1km –
Ni > 1% over 0.1‐0.2m
two new bedrock
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Ni > 1% over 0.1‐0.2m in holes GBD 2,3 and 4

two new bedrock conductors for drilling testing

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GBD 2‐7
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Area of historic drilling - (GBD2-7) at AK47

Area of ground EM survey VTEM anomalies /”picks” – 2009 survey

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Target trend of ultramafics and VTEM anomalies

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Two bedrock conductors from ground EM survey

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Cullen Resources Limited

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NICKEL: AK47 AREA PROPOSED RC DRILLING

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LINE 7057410mN

LINE 7058300mN

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MODEL – s 1 t r ik e ex t en t 60 m, depth extent ~200‐250m, dip 30‐60° east ‐ AK47 trend

MODEL – s 2 t r ik e ex t en t 60 m, depth extent ~280‐330m, dip 30‐60°east ‐ On “ AK47 EAST ” trend

TWO NEW BEDROCK CONDUCTORS

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Cullen Resources Limited

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Mt EUREKA GOLD : SOUTHERN – GRAFS FIND TARGET AREA

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7m @ 9 0g/t Au . , &
Camp sca e gol ld target structura / l
9m @ 6.2g/t Au
complexity / on‐strike anomalies/cover
7m @ 6.7g/t Au
Limited drilling
through transported
cover
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First pr ori ity arget ts – NE shears and NW‐SE shears/thrusts

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Cullen Resources Limited

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TARGETING REGIONAL‐SCALE STRUCTURAL/LITHOLOGICAL ANOMALY IN BELT

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•
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• FOUR LINES OF AIR CORE COMPLETED IN OCTOBER 2015 – PRIORITISED GALWAY FOR RC DRILLLING

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• FURTHER AIR CORE DRILL TRAVERSES PLANNED

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Cullen Resources Limited

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GALWAY GOLD PROSPECT – RC DRILLING PROPOSED

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Cullen Resources Limited

TARGETS SURROUNDING GALWAY GOLD PROSPECT – AIR CORE DRILLING PROPOSED

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Cullen Resources Limited

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Mt EUREKA BEDROCK GEOLOGY

INTERPRETED SOLID GEOLOGY OF GOLD TARGET AREA : SOUTHERN TO GRAF’S FIND DISPLAYS KEY “INGREDIENTS” FOR SIGNIFICANT GOLD MINERALISATION : • STRUCTURAL COMPLEXITY • LITHOLOGICAL VARIATION • GOLD MINERALISATION FROM SHALLOW DRILLING AND PROSPECTING

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Cullen Resources Limited

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TARGET TRENDS OF GOLD ANOMALIES FOR FURTHER DRILLING

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Southern
Galway
Previous
RAB/air
core drill
traverses
Grafs Find RAB
anomaly Target
Trend
Grafs Find
(East) RAB
anomaly Target
Trend
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Cullen Resources Limited

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Mt EUREKA GOLD : SOUTHERN – GRAFS FIND TARGET AREA

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Gold prospect
Nugget patches
Air core anomaly trends
(max Au >0.1g/t in hole)
Gold target area
Major north-south shears
(airmag interp)
Major north-east shears
Linking? thrust/shear
Cullen Resources Limited
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EXPLORATION TARGET AREA FOR LITHIUM

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CULLEN HAS EXPLORATION LICENCE APPLICATION ELA 45/4626 – CENTRAL PILBARA APPROXIMATELY 30 km NE OF PILGANGOORA LITHIUM DEPOSIT

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Cullen target
area for Li in
–
pegmatites
new ELA
30km
PILGANGOORA
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ALONG BELT OF PEGMATITE OCCURRENCES (GREEN DOTS)

(Aeromagnetics image – from “GEOVIEW “ website with mineral occurrences mapped )

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Cullen Resources Limited

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SUMMARY AND CULLEN CORPORATE ASX:CUL

ADVANCING EXPLORATION FOR NICKEL AND GOLD AT 100% OWNED Mt EUREKA PROJECT – FRONTIER GREENSTONE BELT , NE YILGARN

DIRECTORS

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Dr Denis Clarke ‐ Chairman Dr Chris Ringrose ‐ MD Mr Grahame Hamilton ‐ Non Exec Mr John Horsburgh ‐ Non Exec Mr Wayne Kernaghan ‐ Co Sec

CULLEN PART OF PROPOSED WEST ‐ PILBARA IRON ORE PROJECT Stage 1 VIA ITS 30% INTEREST IN MSIOJV (CATHO WELL CID)

CAPITAL

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 Number of shares : 1378M  Cash ~ $0 . 51M (30/09/15)

UPDATED FS IN PROGRESS ‐ CATHO WELL CID (2015 2016)

 Market Cap: ~ $4M (@ 0.3c)

• Top 20 : ~37%

FREE CARRIED INTEREST IN JVs (Fe Au Ni) MANAGED BY OTHERS, , , IRON ORE ROYALTY (upon any mining at WYLOO) , Cu and W PROJECTS FOR FARM‐OUT

 1:2 Rights Issue offer at . 0 2c in progress to raise up to ~$1.38M

Major Shareholders : Baosteel‐Aurizon (7.6%) Perth Capital, Wythenshawe and Associates (20 48%). Directors (5%);

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Cullen Resources Limited

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T h an k you

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

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ATTRIBUTION – COMPETENT PERSON STATEMENT

Information in this presentation may 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 t h e sty e o l f m nera i li sat on an i d types o f d epos ts un i d er cons id erat on, an i d to t h e act v ty w i i hi c h h as b een un d erta k en, to qua lif y as a C ompetent Person as d e fi ne d b y t h e 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.

Cullen Resources Limited