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
- Canning Basin - coal
- Gunbarrel - gold
- Forrestania JV - nickel
- Cue - copper, gold
New South Wales
- Lachlan Fold Belt, Minter - tungsten
EARLY STAGE - Targeting in progress
Western Australia
- Eastern Goldfields- nickel and gold (Killaloe)
- Ashburton - uranium (Kunderong);
- Northeastern Yilgarn - nickel, gold (Gunbarrel/ Irwin Bore)
Joint Ventures Managed By Other Parties - Summary Table
| Joint Venture | Commodity Focus |
JV Partner | JV Partner Earning (Earned) |
Expenditure required and time | Cullen’s FCI to DTM |
Cullen’s NSR | Comment |
|---|---|---|---|---|---|---|---|
| Paraburdoo | Iron Ore | Fortescue Metals Group Ltd | 80% | - | 20% | - | 1.5% FOB Royalty capped to 20Mt |
| Hardey Junction |
Gold | Northern Star Resources Ltd | 80% | - | 20% | 2% | Intrepid sold its Paulsen's gold mine, including its interest in the Hardey Junction JV to Northern Star Resources Ltd in July 2010. Cullen currently diluting to 30% |
| Mt. Stuart | Iron Ore | API JV (50% owned by Aquila, 50% AMCI) | (70%) | - | - | - | API has completed Feasibility study of its regional interests. Cullen contributing at 30% in Mt Stuart JV, 50ยข/tonne royalty |
| Tunnel Creek/Saltwater Pool | Uranium | Thundelarra Exploration Limited/ U3O8 Limited |
70% | $1.5M /5 years | 20% | 2% | Exploration has commenced in 2009 following signing of a heritage agreement |
| Wyloo | Iron Ore | Fortescue Metals Group Ltd | 80% | - | 20% | - | 1.5% FOB Royalty capped to 15Mt |
| Forrestania | Nickel, Gold | Hannans Reward Ltd | (80%) | - | 20% | 2.5% | Part of a large project position held by Hannans |
| Canning Basin | Coal | Advaita Canning Resources Pty Ltd | 75% | $1.5M/2.3 yrs | 20% | - | For coal rights only |
| Killaloe | Gold, Nickel | Matsa Resources Ltd | 70% |
Joint Ventures Managed By Cullen Resources Ltd - Summary Table
| Joint Venture | Commodity Focus |
JV Partner | CULLEN Earning (Earned) |
Expenditure required and time |
JV Partner’s FCI to DTM |
JV Partner’s NSR | Comment |
|---|---|---|---|---|---|---|---|
| TL Property, Canada | Base metals | TL Syndicate | 80 |
DTM = Decision to Mine
FOB = Free on Board
FCI = Free Carried Interest
NSR = Net Smelter Return
∞ = Iron ore rights only
NPI = Net Profits Interest