Project Overview
Location of Cullen's Projects with Dominant Commodity Focus
Cullen Resources Limited, through its wholly-owned subsidiaries Montrose and Cullen Exploration, holds exploration tenements and applications in several well-endowed, highly prospective, mineralized regions across Australia:
PRE DEVELOPMENT (resources) - Definitive Feasibility Study
Western Australia
- West Pilbara - Mt Stuart Iron Ore Joint Venture
ADVANCED PROJECTS (drill targets)
Western Australia
- Wyloo JV - iron
- Paraburdoo JV - iron
- Catho Well JV - iron
- Gunbarrel - gold
- Woodcutters - gold
- Hardey Junction JV - gold;
- Agnew - gold
- Forrestania JV - nickel
New South Wales
- Lachlan Fold Belt - tungsten (Minter)
Queensland
- Duchess/Tick Hill - gold,copper
EARLY STAGE - Targeting in progress
Western Australia
- Canning Basin - coal
- Ashburton - iron and - uranium (, Kunderong);
- Northeastern Yilgarn - nickel, gold, uranium (Gunbarrel JV, Irwin Bore, Wonganoo, Stirling)
- Eastern Goldfields - nickeland uranium (Killaoe, Rason, Cundeelee)
Joint Ventures
| Joint Venture | Commodity | JV Partner | Earning (Earned) | Cullen’s FCI | Cullen’s NSR | Partner profile and synergy |
|---|---|---|---|---|---|---|
| Gunbarrel Nickel | Nickel | BHP Billiton Ltd | (75%) | 25% | 1.5%* | Australia's premier nickel explorer and producer with significant exploration interests in the North Eastern Goldfields of WA |
| Paraburdoo | Iron Ore | FMG Ltd | 51%+ 29% |
49-20% | 1.5% | FOB Royalty capped to 20Mt |
| Hardey Junction | Gold | Intrepid Mining Ltd | 70% | 30% | 2% | Intrepid is mining the Paulsen's gold deposit, located ~15km north of Cullen's tenements; production of gold started in mid 2005 |
| Mt. Stuart | Iron Ore | API (50% owned by Aquila) | (70%) | None+ | 50c per tonne royalty | API has commenced a definitive feasibility study of its regional interest |
| Tunnel Creek | Uranium | Thundelarra/ Element 92 |
70% | 20% | 2% | |
| Wyloo | Iron Ore | FMG Ltd | 51%+ 29% | 49-20% | 1.5% | FOB Royalty capped to 15Mt |
| Forrestania | Nickel, Gold | Hannans Reward Ltd | (80%) | 20% | 2.5% |
FCI = Free carried interest
FOB = Free on board
NSR = Net smelter return
*Subject to Pegasus Royalty
+ Contributing at 30%