CULLEN RESOURCES LIMITED — Investor Presentation 2018

Oct 22, 2018

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Targeting Golden Grove - type VHMS Deposits at Wongan Hills, W.A.

Chris Ringrose – Managing Director I October 2018

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.

FORWARD-LOOKING STATEMENTS

This presentation may contain certain forward-looking statements which have not been based solely on historical facts but rather on Cullen's expectations about future events and on a number of assumptions which are subject to significant risks, uncertainties and contingencies many of which are outside the control of Cullen and its directors, officers and advisers. Forward-looking statements include, but are not necessarily limited to, statements concerning Cullen‟s planned exploration program, strategies and objectives of management, anticipated dates and expected costs or outputs. When used in this document, words such as “could”, “plan”, “estimate” “expect”, “intend”, “may”, “potential”, “should” and similar expressions are forward-looking statements. Due care and attention has been taken in the preparation of this document and although Cullen believes that its expectations reflected in any forward looking statements made in this document are reasonable, no assurance can be given that actual results will be consistent with these forward-looking statements. This document should not be relied upon as providing any recommendation or forecast by Cullen or its directors, officers or advisers. To the fullest extent permitted by law, no liability, however arising, will be accepted by Cullen or its directors, officers or advisers, as a result of any reliance upon any forward looking statement contained in this document.

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.

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WONGAN HILLS

Wongan Hills I Favourable Location

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Cullen holds 90% of granted EL 70/4882 (145 sq. km) and ELA 70/5162 (26 sq. km) with Tregor Pty Ltd (10%).

The project is very favourably located just 180km from Perth by road and 15km from the wheatbelt town of Wongan Hills offering roads access, power, housing, water and labour.

The project area also has rail connections to the ports of Fremantle and Geraldton.

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The tenure covers mostly freehold private farmland which will necessitate the signing of compensation agreements (currently being developed) to allow for surface

exploration, including drilling.

Geologically, the region hosts two very significant, world-class orebodies – at Boddington (gold) and Golden Grove (base metals).

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Wongan Hills I Known Au - Base Metal Mineralisation

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The WH region offers a prospective geology with interpreted BIFs, mafic and felsic volcanics and numerous known prospects and Cu-Pb-ZnAg-Au mineral showings including:

It is also notable that Caravel Minerals‟ Calingiri Project, lies just ~15-20 km to the south where 250Mt @ 0.34% Cu (Consolidated Indicated and Inferred Resource Estimate at

• Ninan

• Ninan North

• (0.25% cut-off) has been delineated.

• Bald Hill

• Area 2

www.caravelminerals.com.au

• Rogers & Follets gossans

• Mt Rupert

• Mt Matilda etc.

Geology from : Karajas, J., 2005. Swancove Enterprises Pty Ltd. Combined annual mineral exploration report – E70-2437 and E/70-2443, Wongan Hills. For the Year to 14 January, 2005. WAMEX report A70056.

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Golden Grove vs. Wongan Hills Greenstone Belts

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Golden Grove and the Wongan Hills projects are both located in Archaen greenstone belts, Yilgarn Block ,W.A.

Core of several overlapping geochem. anomalies: Sn, Au, Ag, Cu and others.

GOLDEN GROVE 20km

WONGAN HILLS 5km

Aeromagnetic Images

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Golden Grove vs. Wongan Hills Laterite Geochem. I CHI-3 Index

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Cullen‟s laterite samples from Wongan Hills, show tin (Sn) levels as high as the best anomalies at Gossan Hill deposit at Golden Grove, W.A. (117 vs. 95ppm).

The “CHI-3” geochem. index for laterite samples at WH also has high levels, equivalent to those at Gossan Hill and Scuddles. WH shows a compelling CHI-3 peak of 3787, vs. Golden Grove, 3945.

Note – there are open positions to anomalies beyond the limit of laterite at WH and in several directions.

GOLDEN GROVE

WONGAN HILLS

CHI-3 = As+3Sb+10Bi+10Cd+10In+3Mo+30Ag+30Sn

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Wongan Hills I Conclusions – Geochem.

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In summary, the Wongan Hills Project lies within an Archaean greenstone belt with known Cu-Au mineralisation and is in Cullen's opinion, a very favourable setting for the location of a Golden Grove-type, Volcanic-Hosted Massive Sulphide deposit (VHMS). Compelling laterite geochemistry with similarities to that of the 50Mt Golden Grove VHMS system, supports this premise.

Sn-As-Bi-Sb-Mo-W-Se-Ag +/- Cu-Au laterite geochem. with peak CHI - 3 geochemical index score of 3787 - compared to Golden Grove CHI - 3 score of 3945; and a +3km historical AuAg-Cu soil anomaly (“Louise”) adjacent to the multi-element laterite anomaly. There has been no previous drilling across the major parts of the multiple geochemical anomalies.

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Wongan Hills I Helicopter-borne VTEM survey

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To further investigate the area of multiple geochem. anomalies, Cullen flew an Airborne EM survey in June 2018.

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Wongan Hills I Geophysical Survey centered on geochem. anomalies

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Boundary of VTEM
Main CHI – 3 geochem.
E70/4882
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The helicopter-borne VTEM survey was centred on geochem. anomalies and comprised : 266 line km; 150m line spaced – preliminary data interpretation received.

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Wongan Hills I VTEM results on mag. image

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Core of several
overlapping geochem.
Multiple interpreted
anomalies:
bedrock conductors at
Sn, Au, Ag, Cu and others,
Wongan Hills project
site of VTEM survey
5km__
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Wongan Hills I Bedrock Conductors overlain on CHI-3 Index geochem.

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1 3
4
2
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View along cluster 1 from NNW
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The VTEM results highlight multiple clusters and trends of interpreted bedrock conductors.

In particular, five clusters of interpreted bedrock conductors, over strike lengths of ~0.4 to 1.5km which are coincident with significant CHI-3 geochemical index anomalies now define priority VHMS targets.

None of the multiple geochemical anomalies with interpreted bedrock conductors has been the target of previous drill testing.

CHI-3 = As+3Sb+10Bi+10Cd+10In+3Mo+30Ag+30Sn

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Wongan Hills I Prioritised bedrock conductor trends

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Multiple interpreted
Core of several
bedrock conductors at
1 overlapping geochem.
Wongan Hills project
anomalies:
1-5: Prioritised 4 Sn, Au, Ag, Cu and others,
interpreted bedrock 3
site of VTEM survey
conductors/CHI-3
2
anomalies for first-pass
air core drill testing
5km__
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Wongan Hills in Cullen’s Project Portfolio

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Cullen has 4

components to its portfolio – 2 project areas it manages

IRON ORE 1 ROYALTIES[+ ] – WEST PILBARA/Western Hub

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DRILL READY 2 TARGETS GOLD AND NICKEL

PROJECT/TARGET 3 GENERATION

• Royalties: with Fortescue at Wyloo; and, with Baosteel/AMCI/Posco/Aurizon as part of West Pilbara Iron Ore Project

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MT EUREKA

Mt Eureka Project I NE Goldfields, W.A. – Gold and Nickel

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CULLEN’S
~350 km [2]
MT EUREKA
PROJECT ~40 km strike
CUL – 100%
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Cullen‟s 100% owned Mt Eureka project is amongst prolific greenstone belts with long histories of exploration and discoveries yet it remains relatively underexplored for gold and nickel sulphide deposits.

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Mt Eureka Project I NE Goldfields, W.A. – Gold

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Main gold
prospects
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Gold mineralisation discovered to date is localised by a set of major fault zones (or Breaks) as evidenced by the distribution of >1.0 g/t Au in historical drilling (and not merely a reflection of the previous focus of these drilling programmes). These structures and gold zones are also coincident with unconformities between sediments and the mafic-ultramafic core to the greenstone belt - cf. Taipan and Eureka NW prospects. Such controls to gold mineralisation are evident in other greenstone belts in the North Eastern Goldfields of W.A. (such as Yamarna), and elsewhere in Archaean granite-greenstone terranes (see Bleeker, W., 2015). Further drilling to “flesh-out” known gold mineralisation at the known prospects in the Mt Eureka project - along strike, at depth, and down plunge - is clearly warranted.

Reference : Bleeker, W. 2015, Synorogenic gold mineralisation in granite-greeenstone terranes : the deep connection between extension, major faults, synorogenic clastic basins, magmatism, thrust inversion, and long-term preservation, In , Targeted Geoscience Initiative 4 : Contributions to the Understanding of Precambrian Lode Gold Deposits and Implications for Exploration, (ed.) B Dubé and P. Mercier –Langevin; Geological Survey of Canada, open File 7852, p.25-47

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Mt Eureka Project I Drilling results to date invite further investigation

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1m/14.29 5m/12.43
10m/4.74
5m/7.84
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FINLAND

Finland: Korvenkyla and Vesikko Projects I Co, Base Metals, Au

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Boulders of highly-altered Kumpu Group conglomerate at Vesikko in the SW corner of the Central Lapland Greenstone Belt. Targeting gold in faults/breaks bounding this stratigraphy - see www.aurionresources.com for ore model.

Studies to date have highlighted untested shear zone targets on margins of a central batholith and directly along strike from known cobalt mineralisation at “Jouhineva” Jouhineva: up to 5.55m@1.19% Co (www.europeancobalt.com)

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IN SUMMARY

At Wongan Hills, a VTEM survey has identified several clusters of interpreted bedrock conductors that are coincident with significant but undrilled, geochemical anomalies.

The compilation of geochem. data supports Cullen's contention that the area may contain an untested VHMS system similar in character to the Golden Grove deposit.

Cullen plans to drill test the anomalies at Wongan Hills, subject to successfully compensation agreements with landowners, and towards the end of the year after cropping.

Cullen is also planning reconnaissance air core drilling at its 100%-owned Mt Eureka project for Ni and Au; and is continuing “data mining” at the Korvenkyla and Veiskko Projects, in Finland.

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DIRECTORS

CORPORATE

• Dr Chris Ringrose – MD

• Mr John Horsburgh – Chairman

• Mr Wayne Kernaghan – Co Sec

CAPITAL

• Number of shares: 2598M

• Cash: ~ $0.43M (30/06/18)

• Market Cap: ~ $2.5M (@ 0.1c)

• Top 20: ~44%

MAJOR SHAREHOLDERS

• Perth Capital, Wythenshawe and Associates: ~22%

• Directors: ~5%

CONTACT Chris Ringrose 0439 843 756 cringrose@cullenresources.com.au www.cullenresources.com.au

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