Cullen Resources : Investor Presentation – June 2023

Disclaimer

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. The Company confirms that it is not aware of any new information or data which materially affects the information included in this presentation.

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CULLEN RESOURCES

Corporate Snapshot

New discovery opportunities

✓Greenfields Explorer

✓Focused in WA

✓Project Generator

✓JV's in WA & Finland

1.5c

1.0c

Directors

Dr Chris Ringrose, Managing Director

Mr John Horsburgh, Chairman

Mr Wayne Kernaghan, Company Secretary

Capital
Number of Shares	504M
Cash	~$0.83M (31/3/2023)
Market Cap	~$5M (@ 1.0c)

Major Shareholders
Perth Capital + Associates	~ 11%
Directors	~ 7.1%
Top 20	~ 43%

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PORTFOLIO IN KEY PROVINCES

W.A. Focus: Cu-Au, Au & Li Targets

Wongan Hills - Bromus South - Barlee

Drill-Ready Targets

Drill-Ready Targets /

Early Stage

(100%)

Current Joint

Ventures

Iron Ore Royalties

• West Pilbara

North Tuckabianna (100%), Cue

Wongan Hills (90%), West Yilgarn Province Barlee (100%), SE of Youanmi

Bromus South, SE W.A.

Yornup, West Yilgarn Province

Central Wheatbelt, East of Wongan Hills

Mt Eureka JV, Rox (RXL) - to 75% Killaloe JV, Lachlan Star (LSA) - 80%

Potential future cash flow from:

Wyloo, in Fortescue's Western Hub (Eliwana) Catho Well Iron Ore Deposit (API)

+ Finland JV Projects for Li and Cu-Au(Capella Minerals 70%; Cullen 30%)

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YOUANMI REGION - WESTERN AUSTRALIA

Barlee Project - Au & Li

~50km of underexplored shear zones in granite-greenstone terrane, SE of Youanmi

Targeting Penny-type Au & lithium in pegmatites

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