Presentation to ShareholdersGullewa Limited AGM

30 November 2011

Year of Significant Progress

Kilmain Project: commenced drilling• Intersected 3.1m Castor/Pollux seam• Now 200Mt target

Back Creek Project: commenced drilling• Intersected 7.6m cumulative coal in Bulwer and Condamine seams• Confirms 80Mt target

Townsville Project: drilling proved presence of carbonaceous strata

Tenements• Four new tenements granted• Acquired Mintovale MDL138• Lodged nine new applications

Pre-IPO Funds of $2.5 million raised for continuation of operations• IPO: planned for early 2012

Year of Significant Issues for Coal

High valuation of coal properties by the Investment Sector

Rapid expansion of coal exploration and mine development in Queensland

Flooding in Queensland

Strategic Cropping Land

Urban Restricted Areas (“URA”)

South east Queensland ban on new exploration

Carbon Tax approved

MRRT to be introduced

Kilmain ProjectUnderground: coking/PCI/low ash thermal coal

Drilled three holes and intersected full suite of RangalCoal Measures

Intersected 3.1m Castor/Pollux Seam All seams cored with coal quality and gas concentrations

analyses underway New target of 200Mt (previously 100Mt) Further drilling in 2012 on land already with access

agreement in place Drilling planned to elevate to JORC Resource status Underground project with limited negative impacts from

either flooding or Strategic Cropping Land Seam Section KL001

RAN

GA

L C

M

Back Creek ProjectOpen Cut: low ash thermal coal

Drilled holes in northern area; intersected 7.2m of coal within Bulwer and Condamine Seams

Confirmation of 80Mt target

Cored seam sections undergoing analysis

Further drilling to the south in the Barakula State Forest

Cultural heritage clearance obtained for all sites

Flora and fauna surveys underway

Access for drilling to be gained in 2012

Drilling planned to raise to JORC Inferred Resource basis

No Strategic Cropping Land within the tenement

35.2 Mt

289 Mt

Townsville ProjectUnderground: coking/PCI/low ash thermal coal

Proven historical presence of coal seams

Further exploration under consideration

Affected by URA

New Exploration Tenements Granted

Pinetree EPC 1875 (Laura Basin)

Normanby EPC 1874 (Hodgkinson Basin)

Cedar Creek EPC 2278 (Surat Basin)

Mobs Creek EPC 2309 (Surat Basin)

Mintovale MDL 138 Acquired

Acquired from Cockatoo Coal Ltd in December 2010 based on a royalty only basis

Queensland government introduces south east Queensland restrictions

Scenic Rim Council lobbying for complete ban on mining

Tenement Applications

9 new applications 3 existing applications

12 current tenement applications

Fleetwood South EPCA 2698

Fleetwood East EPCA 2699

Mt. Marrow EPCA 2374 Priority

Sandy Creek EPCA 2251

Competing

Dingo EPCA 2281

Palmeria EPCA 2474

Corsia EPCA 2592

Galium EPCA 2634

Mayaca EPCA 2644

Parapi EPCA 2154Competing

Lilyvale EPCA 2182

North Texas EPCA 2132 Secondary

Secondary Application

Project & Tenement Details

Project Name BasinTenement Number

Number of Sub Blocks

Surface Area km2 Grant Date Coal Type Deposit

Back Creek Surat EPC 1297 20 68 22 Mar 2010 Thermal Open cut

Kilmain BowenEPC 1298 16 50 7 Apr 2009 Coking/thermal Open cut/Underground

EPC 1917 2 6 22 Mar 2010 Coking/thermal Open cut/Underground

Calen CalenEPC 1631 52 (48) 161 5 Nov 2009 PCI Open cut/Underground

EPC 1820 17 (11) 53 19 Feb 2010 PCI Open cut/Underground

Lochaber Mulgildie EPC 1672 47 (38) 146 18 Dec 2009 Thermal Open cut

Connemarra Bowen EPC 1296 40 138 7 Apr 2009 Thermal Open cut

Townsville Northern BowenEPC 1492 154 (68) 494 21 May 2010 Coking/thermal Open cut/Underground

EPC 1617 65 202 6 Aug 2009 Coking/thermal Open cut/Underground

Normanby Hodgkinson EPC 1874 86 267 19 Apr 2011 Low vol PCI Open cut

Pinetree Laura EPC 1875 217 670 19 Apr 2011 Low vol PCI/thermal Open cut

Cedar Creek Surat EPC 2278 12 36 31 May 2011 Thermal Open cut

Mobs Creek Surat EPC 2309 28 96 27 July 2011 Thermal Open cut

Mintovale Moreton MDL 138 n/a 244ha 22 Mar 2010 Thermal Open cut

Total 756 (651) 2,389

NB: Sub-block numbers in brackets, eg. “756 (651)”, are amounts after relinquished sub-blocks currently lodged with Department of Mines and Energy

The Year Ahead

Exploration• Kilmain & Back Creek: raise resources to Inferred JORC status

Tenements• Maintain all tenements in good standing• Look at farm-out potential for lesser priority tenements such as

Lochaber, Calen and Pinetree• Seek accretive tenements that add value to potential resources

on existing tenements

IPO• Following raising of pre-IPO $2.5 million, IPO planned in early 2012

Pre-IPO Funds

Raised $2.5 million for continuation of operations

Pre-IPO shares at 15 cents each with 1 free option for every 3 shares exercisable at $0.25

Shareholding on completion of pre-IPO

Gullewa Limited 70 % 100 million sharesC.Randall and Associates 18 % 25 million sharesNew shareholders 12 % 17 million sharesTotal 100 % 142 million shares

Kilmain ProjectDrill Hole Geophysical Logging for Coal

Kilmain Drilling

Hole KL002Showing 3m Castor-Pollux SeamIndicated by the Geophysical response Hole KL001 – Rangal Coal Measures