CULLEN RESOURCES LIMITED — Investor Presentation 2015

Jan 19, 2015

==> picture [175 x 540] intentionally omitted <==

ZEROING IN……

FOR GOLD AND NICKEL DISCOVERIES

MT EUREKA, NE YILGARN - A FRONTIER GREENSTONE BELT

CULLEN RESOURCES LIMITED INVESTOR UPDATE - JANUARY 2015 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.

Several Joint Ventures Managed by others

==> picture [498 x 441] intentionally omitted <==

CULLEN’S MT EUREKA PROJECT AMONGST BELT OF ACTIVE EXPLORATION AND DISCOVERIES –

GRUYERE (Au) – ASX:GOR ROSIE (Ni) – ASX:DKM CAMELWOOD (Ni) – ASX:RXL JULIUS (Au) – ASX:EAR HORSE WELL (Au) – ASX: AYR/DRM

NICKEL

==> picture [479 x 424] intentionally omitted <==

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

GOLD Southern prospect - structural complexity, interpreted intrusives, geochemical anomalies, drill intersections, and only lightly-explored under cover

NICKEL - PLANNED EXPLORATION

==> picture [115 x 47] intentionally omitted <==

----- Start of picture text -----

AK 47
Nickel Prospect
----- End of picture text -----

==> picture [125 x 24] intentionally omitted <==

Ground EM at “AK47” prospect, over “A3” bedrock conductor, and targetting base of ultramafics along strike of Camelwood (RXL)

==> picture [87 x 64] intentionally omitted <==

----- Start of picture text -----

Central
Ultramafic
Package
----- End of picture text -----

==> picture [125 x 23] intentionally omitted <==

==> picture [125 x 52] intentionally omitted <==

==> picture [92 x 148] intentionally omitted <==

– Previous discovery at AK47 PROSPECT 0.2M @ 1.93 % Ni, 0.42% Cu, 0.7 g/t Pt+Pd (Hole GBD2)

==> picture [347 x 262] intentionally omitted <==

==> picture [202 x 117] intentionally omitted <==

----- Start of picture text -----

MASSIVE SULPHIDE
? REMOBILISED FROM
NEARBY SOURCE
KOMATIITE
----- End of picture text -----

==> picture [442 x 205] intentionally omitted <==

==> picture [336 x 16] intentionally omitted <==

----- Start of picture text -----

Ni > 1% over 0.1-0.2m in holes GBD 2,3 and 4
----- End of picture text -----

==> picture [116 x 188] intentionally omitted <==

==> picture [207 x 114] intentionally omitted <==

==> picture [123 x 85] intentionally omitted <==

----- Start of picture text -----

Proposed
ground EM –
2 x 1km
----- End of picture text -----

GOLD – PROPOSED EXPLORATION

Systematic RAB/air core and focused RC drilling south from Southern under cover, targeting interface/buried laterite for geochem sample and bedrock for geology, alteration and geochem

==> picture [290 x 476] intentionally omitted <==

==> picture [253 x 58] intentionally omitted <==

----- Start of picture text -----

(Camp scale gold targets / structural
complexity / geochem / cover)
----- End of picture text -----

==> picture [297 x 355] intentionally omitted <==

==> picture [53 x 79] intentionally omitted <==

==> picture [264 x 56] intentionally omitted <==

----- Start of picture text -----

First priority targets – NE shears and
NW-SE shears/thrusts under channel
----- End of picture text -----

Limited drilling through transported cover

 Cullen has a key stake (30% contributing interest) in the

Mt Stuart Iron Ore JV as part of WPIOP – Stage 1

 Entry of Baosteel with Aurizon adds further credibility to development scenario for WPIOP

• Other development partners include AMCI and POSCO

• MOU ANZ Bank/WPIOP partners signed 17-11-14

==> picture [444 x 29] intentionally omitted <==

----- Start of picture text -----

Major Proposed Development in the West Pilbara by APIJV
----- End of picture text -----

Aurizon seeking to develop an infrastructure solution for the West Pilbara Iron Ore Project – Stage 1 - (a proposed 40Mtpa operation, being developed by the APIJV (Baosteel – Aurizon 50% / AMCI – POSCO 50%))

==> picture [449 x 384] intentionally omitted <==

==> picture [172 x 76] intentionally omitted <==

----- Start of picture text -----

Proposed railway
(282km) and port
(Anketell)
----- End of picture text -----

==> picture [190 x 115] intentionally omitted <==

----- Start of picture text -----

Cullen owns 30% of the
Catho Well CID
– one of 8 proposed
Stage 1 mines
----- End of picture text -----

Catho Well CID

Cullen - 30% owner of Catho Well Channel Iron deposit (CID) part of proposed WPIOP – Stage 1 in JV with API

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

==> picture [80 x 41] intentionally omitted <==

==> picture [204 x 39] intentionally omitted <==

----- Start of picture text -----

2015
TRANSFORMATIONAL YEAR
----- End of picture text -----

==> picture [80 x 41] intentionally omitted <==

==> picture [701 x 308] intentionally omitted <==

----- Start of picture text -----

Revenue
Generation
2014 2015 2016 from mining
operations
IFA between Baosteel, AMCI, Resource Mine-gate sale price
Posco & Aurizon announced Estimation estimate based on
for development of WPIOP +/- 15% InfraCo Tariff
infrastructure solution Beneficia tion
Test-work Feasibility Study
Updated 14-15 Budget
approved for MSIOJV to Mine-gate sale price
advance towards estimate based on Development Proposal
development and mining +/- 25% InfraCo Tariff
Decision to Mine
Complete Catho Well RC Mine Planning & 2+ Year InfraCo
Drilling programme Reserve Estimate Construction Phase
Complete Catho Well Draft Feasibility 1 Year Mining Pre-strip
Diamond core drilling Study Update and ramp-up Phase
Spe Otc Nov Dec Jna bFe Mar liApr May Jenu lJyu Agu Spe Otc Nov Dec
----- End of picture text -----

INVESTMENT SUMMARY AND CULLEN CORPORATE ASX:CUL

DIRECTORS

THANK YOU

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

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 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.