Ann: Change in substantial holding, page-50

Summary of Reasons for renewed interest - since June 3rd presentation

1) NEW RESOURCE ‐ 161Mt @ 54.4% Fe March 2015 ‐ FS in progress
MT STUART IRON ORE JOINT VENTURE

Reason: Feasibility Study complete and positive outcome for low cost production

2) DRILL READY TARGETS FOR Au, Cu and W at Mt Eureka

Reason: are they mobilising drill rigs or have they already started to drill??

3) Potential for left field announcement Tech backdoor listing - this should double or tripe current share price depending on the technology - if already in the market and generating revenue then could get interesting in terms of volume

4) 6 Joint ventures managed by others Gold , Tungsten , Nickel, Iron and copper
Baosteel‐Aurizon own 8.4% of Cullen; AMCI own 4.2% of Cullen)

5) Hollandaire Discovery by Silver Lake Resources Ltd (ASX:SLR)
– 9.3 m @ 15.4% Cu, 2.0 g/t Au and 29.0 g/t - high grade


SUMMARY
DVANCING EXPLORATION FOR
NICKEL AND GOLD AT 100% OWNED MT EUREKA PROJECT – FRONTIER GREENSTONE BELT , NE YILGARN
DIRECTORS
CULLEN PART OF PROPOSED WEST PILBARA IRON ORE PROJECT ‐ Stage 1
VIA ITS 30% INTEREST IN MSIOJV (CATHO WELL CID)

TARGETING UPDATE TO RESERVE ESTIMATE and FS CATHO WELL CID (2015)

FREE CARRIED INTEREST IN SEVERAL JVs (Fe,Au,Ni) MANAGED BY OTHERS AND PROJECTS FOR FARM‐OUT (Cu and W)
Major Shareholders : Baosteel‐Aurizon (8.4%) Perth Capital, Wythenshawe and Associates (21.86%) Directors (5%);
CAPITAL


What can it be - the mind boggles


thoughts please