GULLEWA LIMITED — AGM Information 2011

Nov 29, 2011

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Presentation to Shareholders Gullewa Limited AGM 30 November 2011

Year of Significant Progress

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• Kilmain Project: commenced drilling

• Intersected 3.1m Castor/Pollux seam

• Now 200Mt target

• Back Creek Project: commenced drilling

• Intersected 7.6m cumulative coal in Bulwer and Condamine seams

• Confirms 80Mt target

• Townsville Project: drilling proved presence of carbonaceous strata

• Tenements

• Four new tenements granted

• Acquired Mintovale MDL138

• Lodged nine new applications

• Pre-IPO Funds of $2.5 million raised for continuation of operations

• IPO: planned for early 2012

Year of Significant Issues for Coal

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• High valuation of coal properties by the Investment Sector

• Rapid expansion of coal exploration and mine development in Queensland

• Flooding in Queensland

• Strategic Cropping Land

• Urban Restricted Areas (“URA”)

• South east Queensland ban on new exploration

• Carbon Tax approved

• MRRT to be introduced

Kilmain Project Underground: coking/PCI/low ash thermal coal

• Drilled three holes and intersected full suite of Rangal Coal Measures

• Intersected 3.1m Castor/Pollux Seam

• All seams cored with coal quality and gas concentrations analyses underway

• New target of 200Mt (previously 100Mt)

• Further drilling in 2012 on land already with access agreement in place

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• Drilling planned to elevate to JORC Resource status

• Underground project with limited negative impacts from either flooding or Strategic Cropping Land

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Seam Section KL001
RANGAL CM
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Back Creek Project Open Cut: low ash thermal coal

• Drilled holes in northern area; intersected 7.2m of coal within Bulwer and Condamine Seams

• Confirmation of 80Mt target

• Cored seam sections undergoing analysis

• Further drilling to the south in the Barakula State Forest

• Cultural heritage clearance obtained for all sites

• Flora and fauna surveys underway

• Access for drilling to be gained in 2012

• Drilling planned to raise to JORC Inferred Resource basis

• No Strategic Cropping Land within the tenement

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35.2 Mt
289 Mt
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Townsville Project Underground: coking/PCI/low ash thermal coal

• Proven historical presence of coal seams

• Further exploration under consideration

• Affected by URA

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New Exploration Tenements Granted

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 Pinetree EPC 1875 (Laura Basin)

• Normanby EPC 1874 (Hodgkinson Basin)

• Cedar Creek EPC 2278 (Surat Basin)

 Mobs Creek EPC 2309 (Surat Basin)

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Mintovale MDL 138 Acquired

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• Acquired from Cockatoo Coal Ltd in December 2010 based on a royalty only basis

• Queensland government introduces south east Queensland restrictions

• Scenic Rim Council lobbying for complete ban on mining

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Tenement Applications

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12 current tenement applications

9 new applications Fleetwood South EPCA 2698 Non-competing Fleetwood East EPCA 2699 Mt. Marrow EPCA 2374 Priority Sandy Creek EPCA 2251 Competing Dingo EPCA 2281 Palmeria EPCA 2474 Corsia EPCA 2592 Galium EPCA 2634 Mayaca EPCA 2644	9 new applications Fleetwood South EPCA 2698 Non-competing Fleetwood East EPCA 2699 Mt. Marrow EPCA 2374 Priority Sandy Creek EPCA 2251 Competing Dingo EPCA 2281 Palmeria EPCA 2474 Corsia EPCA 2592 Galium EPCA 2634 Mayaca EPCA 2644	9 new applications Fleetwood South EPCA 2698 Non-competing Fleetwood East EPCA 2699 Mt. Marrow EPCA 2374 Priority Sandy Creek EPCA 2251 Competing Dingo EPCA 2281 Palmeria EPCA 2474 Corsia EPCA 2592 Galium EPCA 2634 Mayaca EPCA 2644	3 existing applications	3 existing applications	3 existing applications
Fleetwood South	EPCA 2698	Non-competing	Parapi	EPCA 2154	Competing
Fleetwood East	EPCA 2699		Lilyvale	EPCA 2182
Mt. Marrow	EPCA 2374	Priority	North Texas	EPCA 2132	Secondary
Sandy Creek	EPCA 2251	Competing
Dingo	EPCA 2281
Palmeria	EPCA 2474
Corsia	EPCA 2592
Galium	EPCA 2634
Mayaca	EPCA 2644

Project & Tenement Details

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Project Name	Basin	Tenement Number	Number of Sub Blocks	Surface Area km2	Grant Date	Coal Type	Deposit
Back Creek	Surat	EPC 1297	20	68	22 Mar 2010	Thermal	Open cut
Kilmain	Bowen	EPC 1298	16	50	7 Apr 2009	Coking/thermal	Open cut/Underground
		EPC 1917	2	6	22 Mar 2010	Coking/thermal	Open cut/Underground
Calen	Calen	EPC 1631	52 (48)	161	5 Nov 2009	PCI	Open cut/Underground
		EPC 1820	17 (11)	53	19 Feb 2010	PCI	Open cut/Underground
Lochaber	Mulgildie	EPC 1672	47 (38)	146	18 Dec 2009	Thermal	Open cut
Connemarra	Bowen	EPC 1296	40	138	7 Apr 2009	Thermal	Open cut
Townsville	Northern Bowen	EPC 1492	154 (68)	494	21 May 2010	Coking/thermal	Open cut/Underground
		EPC 1617	65	202	6 Aug 2009	Coking/thermal	Open cut/Underground
Normanby	Hodgkinson	EPC 1874	86	267	19 Apr 2011	Low vol PCI	Open cut
Pinetree	Laura	EPC 1875	217	670	19 Apr 2011	Low vol PCI/thermal	Open cut
Cedar Creek	Surat	EPC 2278	12	36	31 May 2011	Thermal	Open cut
Mobs Creek	Surat	EPC 2309	28	96	27 July 2011	Thermal	Open cut
Mintovale	Moreton	MDL 138	n/a	244ha	22 Mar 2010	Thermal	Open cut
Total			756 (651)	2,389

NB: Sub-block numbers in brackets, eg. “756 (651)”, are amounts after relinquished sub-blocks currently lodged with Department of Mines and Energy

The Year Ahead

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• Exploration

• Kilmain & Back Creek: raise resources to Inferred JORC status

• Tenements

• Maintain all tenements in good standing

• Look at farm-out potential for lesser priority tenements such as Lochaber, Calen and Pinetree

• Seek accretive tenements that add value to potential resources on existing tenements

• IPO

• Following raising of pre-IPO $2.5 million, IPO planned in early 2012

Pre-IPO Funds

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• Raised $2.5 million for continuation of operations

• Pre-IPO shares at 15 cents each with 1 free option for every 3 shares exercisable at $0.25

• Shareholding on completion of pre-IPO

Gullewa Limited	70 %	100 million shares
C.Randall and Associates	18 %	25 million shares
New shareholders	12 %	17 million shares
Total	100 %	142 million shares

Kilmain Project Drill Hole Geophysical Logging for Coal

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Kilmain Drilling

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Hole KL002
Showing 3m Castor-Pollux Seam
Indicated by the Geophysical response Hole KL001 – Rangal Coal Measures
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