© Cullen Resources Limited I November 2021 I www.cullenresources.com.au 1 Chris Ringrose, Managing Director November 25 2021 AGM PRESENTATION ASX: CUL Annual General Meeting Drilling Ahead for Au, Cu & Ni-Cu-PGE © Cullen Resources Limited I November 2021 I www.cullenresources.com.au 2 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 progr am, 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 pa st 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 t he 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 con text in which it appears. Disclaimer © Cullen Resources Limited I November 2021 I www.cullenresources.com.au 3 Location Plan Portfolio in Key Provinces > Active Projects, Funded Joint Ventures & Assets Projects, JV’s & Assets Iron Ore Royalties – West Pilbara ? Potential future cash flow from: ? Wyloo , in Fortescue’s Western Hub (Eliwana) ? Proposed West Pilbara Iron Ore Project Current Joint Ventures & Farm-ins ? Mt Eureka JV, Rox (RXL) ? Killaloe JV, Lachlan Star (LSA) ? Paraburdoo JV, Fortescue (FMG) ? Finland Projects (Capella) Drill Ready Targets: Gold – Base Metals W.A. ? North Tuckabianna, Cue ? Wongan Hills, West Yilgarn Province ? Barlee, South East of Youanmi Project Generation / Early Stage & / or Farm-Out ? Bromus, SE W.A. ? Yornup, SW W.A. © Cullen Resources Limited I November 2021 I www.cullenresources.com.au 4 Drilling programs > Key Projects – Wongan Hills, Barlee and North Tuckabianna Recently completed and programs ahead : SPP in progress to support these and following campaigns 2021 2022 November December January February March April Wongan Hills, Wheatbelt • AC + RC drilling + DHEM Planned – for Ni-Cu-PGE Barlee, SE of Youanmi • AC Drilling First pass completed – Au North Tuckabianna, Cue • AC Drilling Planned – for Au & Cu Follow -up Priorities To be planned AC – Air Core RC – Reverse Circulation DHEM – Down hole electromagnetic surveying © Cullen Resources Limited I November 2021 I www.cullenresources.com.au 5 According to Chalice Mining * , their world-class, Julimar PGE-Ni-Cu-Co- Au discovery is located in the: “new West Yilgarn Ni-Cu-PGE province which could deliver more major discoveries.” Cullen has two projects located within this province – at Wongan Hills and Yornup. *(ASX:CHN,15-9-2021) Wongan Hills Project > Located within the Mineralised West Yilgarn Craton Margin Terrane © Cullen Resources Limited I November 2021 I www.cullenresources.com.au 6 6 RC6 – Nickel Sulphides Occurrence An isolated RC hole testing an EM plate, has intersected an ultramafic with nickel sulphides – initial and significant evidence for prospectivity (ASX:CUL,16-9-2021) © Cullen Resources Limited I October 2021 I www.cullenresources.com.au Wongan Hills Project > Ni-Cu-PGE prospectivity © Cullen Resources Limited I November 2021 I www.cullenresources.com.au 7 Nickel sulphides in RC6 are hosted in serpentinite (a metamorphosed ultramafic – the same type of host rock to the Julimar deposit in part) and here interpreted to be a komatiite. This intersection implies ultramafics may occur more generally within the magnetic trend along the eastern greenstone boundary, previously interpreted to be BIF. Historical drilling by VAM Ltd (1970) reported up to: 7600ppm Ni with 2800 ppm Cr in hole 3466 from 16-18 feet (WAMEX A18337) – supporting the general presence of ultramafics. VAM targeted bauxite and Ni-Cu in the southern part of E4882. Wongan Hills Project > Strike-extensive, Untested Target Trend of Magnetic Anomalies © Cullen Resources Limited I November 2021 I www.cullenresources.com.au 8 RC6 at Rupert tested a ground EM anomaly plate C3. RC3 tested C2. RC4, 8 & 9 tested C1. No drilling to the south of RC6 by Cullen or others along the target string of magnetic anomalies (to 6590000mN), or to the north, except Cullen’s limited RC. (ASX:CUL, 29-4-2021 and 30-7-2021) Wongan Hills Project > Rupert Prospect – Further RC Drilling planned to test Ground EM plates © Cullen Resources Limited I November 2021 I www.cullenresources.com.au 9 Wongan Hills Project > Rupert Prospect – Detailed drone Mag survey centred on RC6 in progress Airmag. image VTEM image © Cullen Resources Limited I November 2021 I www.cullenresources.com.au 10 . Targets 1 & 2 Pd soil anomaly + mag + VTEM Target 3 Cu-Ni-Au soil anomaly and Ground EM plates surrounding RC6 Target 4 Cu-Ni soil anomaly, VTEM on mag, 3km south of RC6 1 2 3 4 Airmag. image Wongan Hills Project > Rupert Trend: Priority Ni-Cu-PGE Targets, 1-4 , all in wheat paddocks 3 2 1 4 © Cullen Resources Limited I November 2021 I www.cullenresources.com.au 11 Cullen has discovered a nickel sulphide – bearing ultramafic within a virtually-untested, strike-extensive (~25km) magnetic belt which includes trends of VTEM picks over discrete mag anomalies, some with Ni-Cu-Au +/- Pd soil anomalies. The case for immediate and comprehensive exploration is compelling: ? Detailed magnetics survey (Drone) in progress along eastern trend (BIF) ? Ground EM surveying of VTEM and/or Au-Ni-Cu +/- Pd soil anomalies ? Extending soil and/or auger survey north of Rupert RC 6 ? RC, DHEM and/or Diamond Drilling Ultramafic occurrences Wongan Hills Project > Summary of Ni-Cu-PGE Prospectivity Hole 3466 © Cullen Resources Limited I November 2021 I www.cullenresources.com.au 12 AC Traverse lines Barlee Project > First pass air core drilling completed – January reporting © Cullen Resources Limited I November 2021 I www.cullenresources.com.au 13 Geology E77/2606 Cu, Co, Ni, Zn, W, + Au, Ag As, Bi, Mo, Pb, Te Ag-Au 1 2 3 Barlee Project – further drilling planned > To target base metal & gold anomalies (ASX:CUL,8-3-21), centre of E2606 Mag image showing key geochem. targets Au to 11ppb Ag to 430ppb Targets determined from airmagnetics images Targets determined from elevated auger geochem. © Cullen Resources Limited I November 2021 I www.cullenresources.com.au 14 North Tuckabianna Project > Air core drilling planned to commence in December Mag. image with interpreted structures & targets Location AC drilling targeting immediately NE of the Hollandaire Cu-Au Resource (ASX:CYM) and the Eelya Felsic complex – greenstone contact striking NE- SW at intersection with N-S faults Eelya Felsics © Cullen Resources Limited I November 2021 I www.cullenresources.com.au 15 October 2020 September 2021 2c 4c Directors Dr Chris Ringrose, Managing Director Mr John Horsburgh, Chairman Mr Wayne Kernaghan, Company Secretary Capital Number of Shares 374M Cash ~$1.1M (30/9/2021) Market Cap ~$6.7M (@ 1.8c) Major Shareholders Perth Capital, Wythenshawe + Associates ~ 14% Directors ~ 7.1% Top 20 ~ 43% ? Greenfields Explorer ? Project Generator ? Focus in W.A. ? Eye on Finland Cullen Resources Limited > Corporate Snapshot © Cullen Resources Limited I November 2021 I www.cullenresources.com.au 16 Photomicrographs – Bravoite Cullen Resources Limited > Strong Investment Case for Au, Cu and Ni-Cu-PGE exploration Serpentinised Ultramafic Contact: Chris Ringrose: 0439 843 756 cringrose@cullenresources.com.au www.cullenresources.com.au
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