Cullen Resources : 2025 Annual Report

About this update from Cullen Resources Limited

2 0 2 5 A N N U A L R E P O R T CULLE N RESOURCES LIMITED CULLEN RESOURCES LIMITED CONTENTS PAGE CORPORATE DIRECTORY ABN: 46 006 045 790 Directors John Horsburgh (Non-executive Chairman) Chris Ringrose (Managing Director) Wayne Kernaghan (Non-executive) Secretary Wayne Kernaghan Registered and Principal Office Unit 4 7 Hardy Street South Perth WA 6151 Telephone +61 (8) 9474 5511 Facsimile +61 (8) 9474 5588 Solicitors HWL Ebsworth Level 20 240 St Georges Terrace Perth WA 6000 Auditors In.Corp Audit & Assurance Pty Ltd Level 1, Lincoln House 4 Ventnor Avenue West Perth WA 6005 Bankers Westpac 7 Queen Street, Fremantle WA 6160 Securities Quoted Australian Stock Exchange Limited Home Exchange - Sydney ASX Code: CUL Share Registry Computershare Investor Services Level 3, 60 Carrington Street Sydney NSW 2000 Telephone (02) 8234 5000 https://www.computershare.com Email [email protected] Company Website https://www.cullenresources.com.au Chairman's Report 2 Company Assets and Key Projects 3 Exploration Review 4 Directors' Report 20 Auditor's Independence Declaration 28 Corporate Governance Statement 29 Consolidated Statement of Financial Position 32 Consolidated Statement of Changes in Equity 33 Consolidated Statement of Profit or Loss and 34 Other Comprehensive Income Consolidated Statement of Cash Flows 35 Notes to the Financial Statements 36 Consolidated Entity Disclosure Statement 51 Directors' Declaration 52 Independent Audit Report 53 Shareholder Information 57 1 Entrance to Yardilla CHAIRMAN'S REPORT Dear Fellow Shareholder The past year has seen some major upgrades to Cullen's exploration portfolio, with new projects added, and an uplift in funding and activities by JV partners, focused on gold in Western Australia, and copper-gold in Finland. Our carried interests in key JV projects, which evolved from our project generator business strategy, allow Cullen's participation in drilling of significant targets in several prospective terranes. Firstly, I would like to highlight two new projects focussing on the Yilgarn Craton margin guided by significant ore deposit models. The Yardilla Project (90% option, WA) is on the southern margin of the Craton, along strike from the world-class Tropicana gold deposit, in high-grade metamorphic gneissic terrane, now considered prospective for gold. Despite strongly anomalous soils and shallow bedrock in open-file reports, there has been no follow-up, deeper drilling in this highly prospective setting. The second one, the Marymia Project, is on the northern Craton margin encompassing a favourable setting of granite-gneisses of the Archaean Marymia Dome, adjacent Catalyst's Hermes Gold deposits. Cullen proposes to target soil anomalies and favourable geological settings identified from previous historical exploration, but not adequately tested with drilling. At Killaloe (WA), JV manager Lachlan Star undertook initial drilling with encouraging gold intersections to date; and at Mt Eureka, JV Manager High-Tech Metals completed acquisition of Rox's 51% equity and has plans for a substantial drilling across its Mt Fisher-Mt Eureka projects. In Finland, Capella Minerals Limited is funding all JV activities until PFS, and plans drilling key Cu-Au targets, in the Central Lapland Greenstone Belt (Finland), in partnership with Turkish Mining Company Tümad. On Cullen's wholly-owned projects there are new targets for follow-up drilling. At Wongan Hills, a review of geological, geochemical, and other geophysical data has identified untested structural targets at both Rupert and Wongan prospects. At North Tuckabianna, Cue (WA), favourable structures, with gold potential, have been outlined for further testing, along a trend where shear zone-related, low-grade gold mineralisation has been discovered to date. At Bromus South (WA), granite-greenstone boundary structures are to be tested for gold and lithium-in-pegmatite. First pass air core drilling has defined a significant REE anomaly (5m @ 9684ppm TREO) for followup. Similarly, at the large, virtually-unexplored Barlee project (WA), there is scope for further prospecting for gold. Finally, the commencement and advancement of mining at Mineral Resources' Onslow Iron project (WA) during the year, has brought the spotlight onto our two West Pilbara Iron Ore Royalties, resources very close to Onslow Iron. These are potentially valuable assets which offer scope for either future cash flow, or monetisation. In concluding, I am pleased to report that Cullen has maintained and advanced its projects with a small but efficient team and I look forward to the next round of exploration programmes. Finally, I would like to acknowledge the work of CEO Dr Chris Ringrose, my fellow director, consultants and contractors for their valuable contributions throughout the year. John Horsburgh, Chairman 2 ANNUAL REPORT 2025 COMPANY ASSETS & KEY PROJECTS WESTERN AUSTRALIA | Project Location Map FINLAND | Project Location Map N o r w a y 5 Exploration Permits (Cu - Au) S w e d e n Oulu F I N L A N D R u s s i a HELSINKI 3 CULLEN RESOURCES LIMITED WONGAN HILLS PROJECT - Cullen 90% Gold, Base Metals and Lithium The Wongan Hills Project, located ~200km north east of Perth in the western Yilgarn province, hosts substantial laterite and soil base metal geochemical anomalies in a greenstone belt considered prospective for Volcanic Hosted Massive Sulphide (VHMS) mineralisation. These geochemical anomalies remain largely unexplained by historical and Cullen's own exploration to date (E70/4882). Following completion of trial 2D DDIP (Two-dimensional Dipole-Dipole Induced Polarisation and Resistivity) that defined two significant, chargeability anomalies, at the Wongan and Rupert prospects a program of RC drilling was completed in December 2024. Drilling intersected barren sulphide zones at Rupert, but did not fully explain the IP anomaly at Wongan (ASX:CUL; 28-1-2025). It is currently proposed that positive geological, geochemical, and other geophysical data support the idea that hydrothermal fluids related to underlying, felsic intrusions may have generated Cu-Au-(Zn-Ag) mineralisation along faults, and further drill testing of this model is warranted. At the Wongan Prospect, on the western side of the Wongan Hills Greenstone Belt, (WHGB) a trend of VTEM anomalies lies within a ~ 4 x 1km target area comprising: Ag-in-BLEG, hydrothermally-altered adamellite with trace chalcopyrite (Cullen drilling), and is marginal to historical copper occurrences in small diggings. The nearest deep drilling is Cullen's WHDDH001, ~400m NE of the chargeability anomaly, which intersected minor chalcopyrite-pyrite, sphalerite and pyrrhotite clasts in a hydrothermally-altered metasediment/mafic sequence. The Wongan Prospect is ~15km north of the Bindi copper resource (ASX:CVV) in a similar geological setting for copper mineralisation of this type viz: high strain zones; late stage granites; fault zones as fluid conduits (as in WHDDH001); and broad areas of geochemical anomalies including Cu, Ag, Sb, and As, as seen in Cullen's surface sampling and drilling. These anomalies are indicators of a mineralising system. At the Rupert Prospect, on the eastern side of the WHGB, a strong chargeability anomaly coincident with a resistivity low and a magnetic high overlies an interpreted Banded Iron Formation (BIF) close to a mafic contact in the vicinity of interpreted granitic intrusives, and within a 2 x 0.5km target area of historical Au-in-BLEG and anomalous Au, Ag, Sb, Pb, Te, and Zn in Cullen air core drilling. The overall setting, close to the greenstone belt-granitic gneiss contact, is also broadly analogous to the Bindi copper resource setting. Interpreted NW-SE faults at both the Wongan and Rupert Prospects anomalies are prime targets in favourable geological settings and further drilling is planned. 4 ANNUAL REPORT 2025 WONGAN HILLS PROJECT Gold, Base Metals and Lithium Regional setting of Wongan Hills Project showing location of copper mineralisation defined by Caravel Minerals around the Wongan batholith - some geological features shown, are extracted from Caravel's Annual Report (ASX:CVV; 2-10-2024). 5 CULLEN RESOURCES LIMITED WONGAN HILLS PROJECT Gold, Base Metals and Lithium Bedrock geology, Rupert Prospect . An interpreted NE-SW fault line crosses a major magnetic unit, interpreted as BIF-ultramafic Rupert Prospect: Shell BLEG survey WAMEX A17145 and A26695, 6 (ASX:CUL;22-6-2020) showing an elongate anomaly trending NE-SW. ANNUAL REPORT 2025 YARDILLA PROJECT - Cullen 90% - 100% Gold and Nickel - PGE Sulphide Mineralisation During the year, Cullen Metals Pty Ltd, a wholly owned subsidiary of Cullen Resources Limited, exercised an Option to Purchase up to a 90% interest in Exploration Licence Application E63/2463 (~ 150 sq. km) in the Eastern Goldfields of Western Australia. Approval of applications process is substantially complete. Cullen Exploration Pty Ltd, a wholly owned subsidiary of Cullen Resources Limited, holds granted licence E63/2487 (100%), which is not part of the Option-to-Purchase, to create a substantial combined land package of ~ 325 sq. km - the Yardilla Project . It is centered about 90 km east of Norseman and is readily accessible from the Eyre Highway. These tenements will form a key target project area going forward with a number of defined, substantial geochemical anomie to be drill tested as a priority. 7 Regional geological map of the Albany-Fraser Orogen with respect to the eastern margin of the Yilgarn Craton, W.A. The position of the Yardilla project tenements is shown (figure modified after Spaggiari et al., 2011: The geology of the East Albany-Fraser Orogen: a field guide; GSWA Record 2011/23.) CULLEN RESOURCES LIMITED YARDILLA PROJECT - Cullen 90% - 100% Gold and Nickel - PGE Sulphide Mineralisation Compilation of historical data (ASX: CUL; 16-1;28-1; 6-2-2025) has been completed and indicates: Yardilla includes two substantial gold prospects "Lila" and "Cleanthes" , defined by gold-in-calcrete soil anomalies up to 5 x 1km at >14 to 86 ppb Au from historical, systematic, high standard exploration Other historical exploration outlined gold soil anomalies at Lila and Lila West , using a MMI assaying technique, and at Ten Mile Rocks using BLEG (Bulk Leach Extractable Gold) of drainage samples The Lila, Lila West, Ten Mile Rocks and Cleanthes Prospects combined form a target trend of ~25km of imbricate thrust sheets and cross-cutting faults/thrusts at the Proterozoic and Archaean boundary The geological setting of the Yardilla target trend is similar to that at the giant Tropicana gold deposit, which may serve as a useful model for Cullen's gold exploration. Historical RAB drilling has only tested the Lila and Cleanthes Prospects in the regolith but intersected multiple zones greater than 0.1g/t Au and several greater than 1g/t Au, with anomalous Cu, Ag and W Neither Lila West nor the Ten Mile Prospect has ever been drilled and all four anomalies remain open along strike and at depth . Cullen concludes that the two substantial gold-in-calcrete anomalies, "Lila" and "Cleanthes" , may be markers to the top of mineralisation along stacked thrust sheets. The Mordicus PGE-Ni Prospect lies on a differentiated, ovoid-shaped mafic intrusion (in plan) on the Jimberlana dyke with historical rock chip results up to: 50-56% Fe; 582ppb Pd, 115 ppb Pt, and 5277 ppm Ni . Access has been field checked and is excellent, providing a project-wide network of good tracks. Exploration at Yardilla will focus on these untested and shallowly-tested gold prospects, with early drilling, and further investigation of the Mordicus mafic intrusion and its structural setting where previous rock chip sampling has been limited. ANNUAL REPORT 2025 8 YARDILLA PROJECT - Cullen 90% - 100% Gold and Nickel - PGE Sulphide Mineralisation Gravity image (from WAMEX A99973) superimposed on mag image underlines focus of soil anomalies along the thrusted boundary between low density Proterozoic granitic gneiss, and the Archaean to the north, west and south. Black faults and thrusts are extracted from Geoview: "1;500,000 linear structures layer" Red dashed lines are cross faults/thrusts interpreted by Cullen, which may control the location of some soil anomalies. 9 CULLEN RESOURCES LIMITED MARYMIA PROJECT - Cullen 100% Gold Cullen has applied for two new Exploration Licences ( ELA's 52/4477 and 4478, ~ 75 sq. km in total) in the granite-greenstone terrane of the Marymia Inlier, centered about 120km north of Meekatharra in Western Australia and ~50km south west of the Plutonic Mine. The Marymia Inlier is characterised as a terrane of reworked Archaean, including granitic gneisses and amphibolites, and includes the Hermes gold deposit . Cullen notes that Catalyst Metals Ltd has reported some very significant gold intersections below three of the deposits at Hermes (including: 13m @ 11.4 g/t Au, Hawkeye pit; and 16m @ 10.6 g/t Au, Klinger pit , see AXS:CYL; 23-5-25). Application 52/4478 lies just 8km to the east of Catalyst Metals Ltd Hermes gold deposit; and ELA 52/4477 lies about 15km to the north east. AIC Mines Ltd completed RC drilling in the area of ELA52/4477 and tested: "a gold in soil anomaly found over an interpreted intercalated mafic amphibolite, sediment and granite settings at the Hermes North Target , analogous to the Hermes Mine" "While the program intersected narrow intervals of amphibolite, sediment and granite, no significant gold results were returned" (ASX:AIM;23/05/2022). Cullen's preliminary interpretation of historical mapping (in WAMEX A51988) indicates several prospective, underexplored, Hermes-like geological settings (sheared mafic -granite - sediment contacts) may occur within Cullen's new E52/4477 application. Evaluation of historical data is continuing with Cullen's initial exploration to include: field investigations, soil sampling, and mapping to generate drill targets. ANNUAL REPORT 2025 10 MARYMIA PROJECT - Cullen 100% Gold Bedrock Geology - Hermes to Plutonic Mines 11 Aeromagnetic Image - Hermes to Plutonic Mines CULLEN RESOURCES LIMITED BARLEE PROJECT - Cullen 100% Gold and Lithium During the year, the company rationalised its tenure to retain a focus on gold targets on the southern part of the project (E77/2606) and lithium-in-pegmatites in two small parts of E77/1135. Regional lithium potential has been underlined by positive exploration results reported by Rox Resources Ltd and Venus Metals Corp (see below). Geology Map and Lithium Prospectivity (aerial mag image) Northern section of Cullen's Barlee Project: Rock chips to 4.6% Li2O, reported by Venus Metals Corp. (ASX:VMC; 18-9-2023) and, subsequent RC drilling (ASX:VMS; 25-3-24) confirmed a high grade lithium discovery ( up to 24m @ 1.71% Li2O ) at its Deep South prospect. A soil sampling survey reported by Rox Resources (ASX:RXL; 31-1-2024, and 4-4-2024) delinated a large-scale lithium anomaly streching to the south - east of Venus's Deep South Prospect within Rox's E57/1123, just to the west Cullen's Barlee Project. Rox's strike extensive lithium anomalous trend may continue south-east into Cullen's E2606 tenement. 12 ANNUAL REPORT 2025 BARLEE PROJECT - Cullen 100% Gold and Lithium In addition, gold propectivity is suggested by granite-greenstone contacts and E-W to NE-SW structures with gold and silver soil anomalies from limited and broad spaced soil sampling. Recent re-assaying of retained soil sample pulps indicates some prospectivity for Ni-Cu-PGE mineralisation within the mafic stratigraphy Geochemical anomalies in the southern section of the Barlee Project (ASX: CUL; 13 8-3-2021) along interpreted, gold-prospective Youanmi Shear Zone corridor (yellow arrow), cut by east-west breaks. Pt+Pd assays towards base of ultramafic (ASX:CUL;30-10-2024). BROMUS SOUTH PROJECT - Cullen 100% Gold and Lithium-in-Pegmatites Previous air core drilling to test lithium and rare element soil anomalies returned a significant anomaly of 9684 ppm TREO (BSAC004, 5m composite, 40-45m) -(ASX:CUL;18-1-2024). Further exploration to test palaeochannel sediments around this intersection for further REE in lake clays, fine quartz sandstone with diagenetic pyrite, and basal lignite is warranted. The project also includes gold lode targets on sheared, strike-extensive, granite-greenstone contacts; interpreted buried felsic intrusion(s), and NE faults within an emerging lithium corridor. BROMUS SOUTH PROJECT | Regional Location Map (E63/1894, E63/2216) Magnetics Image from https://geoview.dmp.wa.gov.au/geoview ANNUAL REPORT 2025 14 KILLALOE JV - Cullen 20% FCI to DTM Gold and Nickel JV Manage Lachlan Star Ltd , "Lachlan", has highlighted the project's gold potential (ASX:LSA;26-2-2025) including broad, shallow supergene gold mineralisation at the Duke Prospect, with mineralisation open at depth and along strike. Key historical intercepts include: 24 metres at 2.15g/t Au from 4 metres. Lachlan has also announced, subsequent to the end of the Quarter (ASX: LSA; 28-7-2025), significant RC and Air core drill results including high-grade intercepts along with broader zones of strong gold mineralisation within the Duke Main Gold Zone as follows: 9m @ 2.11g/t Au from 81m, incl. 2m @ 8.60g/t Au from 83m (KRC007) 24m @ 0.70g/t Au from 8m, incl. 4m @ 1.39g/t Au from 28m (KAC0039) 22m @ 0.65g/t Au from 8m, incl. 2m @ 1.28g/t Au from 28m (KAC0050) 10m @ 0.70g/t Au from 32m, incl. 2m @ 1.50g/t Au from 40m (KAC005) MT EUREKA JV PROJECT - Cullen 49% FCI to PFS Gold, Nickel and VHMS Follow-up exploration drilling at Killaloe is anticipated. Rox Resources Limited ("Rox" - 51 %, earning 75%) announced the sale of its 51% interest in the Mt Eureka Project (ASX:RXL; 24-2-2025) to High-Tech Metals (ASX:HTM; 26-2-2025). High-Tech Metals thereafter announced (ASX: HTM; 10-4-2025) that it had completed a review of exploration potential within the Mt Eureka and is progressing approvals and aggressively expanding its exploration footprint to test significant targets, with plans to commence 15,000m of exploration and resource extension drilling campaigns across Mt Fisher - Mt Eureka projects (Rox acquisition achieved, ASX:RXL;30-5-2025). 15 CULLEN RESOURCES LIMITED FINLAND JV - Cullen 30% FCI to PFS Gold, Copper and Lithium Cullen Finland Oy (Capella Minerals Limited, 70%; Cullen 30%) has five granted Exploration Permits in the Central Lapland Greenstone Belt (CLGB). Capella, as JV Manager, initially proposes the evaluation of potential extensions to Outokumpu Oy's former Saattopora gold-copper mining operation ("Saattopora W. permit"), together with diamond drill testing of the historical gold-copper Bottom - of - Till ("BoT") geochemical anomalies defined by Anglo American plc in the Killero area ("Killero E. permit"). With respect to these five exploration permits, Capella has granted Strategic partner Tümad, three phases of earn-in rights on its 70% ownership of Cullen Finland Oy, following successful completion of due diligence and a Definitive Agreement. (Tümad currently produces approximately 200,000 ounces of gold per annum from two mining operations located in western Türkiye.) Phase 1 (Earn-In to 30% shareholder of the 70% license holder company) - Tümad will be required to invest USD 1,250,000 in exploration expenditures (including a minimum 4,000m of core drilling) during the First Year after the signing of the Binding Agreement. This investment is deemed to be the minimum investment commitment. Should Tümad then elect not to continue on to Phase 2, Tümad's interest in the project will revert to a 1% NSR. Phase 2 (Earn-in to 51% shareholder of the 70% license holder company)(Optional) -Tümad will be required to invest a further USD 2,500,000 in exploration expenditures, and which is expected to include an additional 8,000m of infill and step-out drilling. Phase 3 (Earn-in to 80% of Capella's 70% interest in the license holder company) (Optional) - by funding of Feasibility-level technical studies. Subsequent to the completion of Phase 3, Capella will either be required to contribute to future exploration and development costs on a pro-rata basis or will dilute out to a 1.5% NSR. Tümad will hold a buy-back right on the 1.5% NSR for USD 5,000,000 until anytime up to the commencement of commercial production. ANNUAL REPORT 2025 16 WEST PILBARA - IRON ORE ROYALTIES Cullen Exploration Pty Ltd, a wholly-owned subsidiary of Cullen Resources Limited, holds a 1% F.O.B. royalty over any future production from the Catho Well Channel Iron Deposit* which adjoins Onslow Iron at its southern boundary (ASX: MIN). A 1% F.O.B. royalty also applies to any iron ore production from the former Mt Stuart Iron Ore JV tenements (ASX: CUL; 4-4-2017) - the Payer of any royalty is API Management Pty Ltd. *Catho Well has an in situ, Mineral Resource estimate of 161Mt @ 54.40% Fe (ASX: CUL 10-3-2015). Location of Cullen's iron ore royalty tenements, West Pilbara, W.A. - none of which are part of Onslow Iron. Subsequent to the end of the financial year, Cullen Resources Limited signed a binding Royalty Sale and Purchase Agreement (RSPA) among its wholly owned subsidiary, Cullen Exploration Pty Ltd, Cullen and Vox Royalty Australia Pty Ltd (Vox) , a wholly owned subsidiary of Vox Royalty Corp. (NASDAQ & TSX:VOXR), for the sale of the Wyloo Royalty for A$1.5M cash (ASX:CUL;25-8-2025). Cullen retains its prior disclosed rights to a $900,000 cash payable by FMG when any decision is made to commence mining on a commercial basis at Wyloo (ASX:CUL;3-8-2015) 17 CULLEN RESOURCES LIMITED REGION/PROJECT TENEMENTS TENEMENT APPLICATIONS CULLEN INTEREST COMMENTS WESTERN AUSTRALIA NE GOLDFIELDS - Mt Eureka JV Gunbarrel E53/1299,+/* E53/1893, E53/1957, E53/1958, E53/1959, E53/1961, E53/2052 E53/2063 EL53/2101 E53/2354, E53/2355, E53/2356, E53/2358 49% High Tech Metals 51%, now is earning 75%. 2.5% NPI Royalty to Pegasus on Cullen's interest (parts of E1299); *1.5% NSR Royalty to Aurora (other parts of E1299, E1893, E1957, E1958, E1959 and E1961). High-Tech Metals Ltd has announced acquisition of Rox's 51% of Mt Eureka JV ASX:HTM;30-5-25). Irwin Well E53/1637 49% HTM has earned 51%, now earning 75%. Irwin Bore E53/1209 49% HTM has earned 51%, now earning 75%. MURCHISON Cue E20/714 100% Barlee E77/2606, E57/1135 100% WHEATBELT AND SW Wongan Hills E70/4882 90% MARYMIA E52/4477, E52/4478 100% EASTERN GOLDFIELDS Killaloe JV E63/1018 20% Cullen retains 20% FCI to DTM, with Lachlan Star (ASX: LSA) managing. Yardilla E63/2463, E63/2487 100% O p t i o n t o p u r c h a s e 9 0 % ELA63/2463, ELA63/2487 Cullen 100%. Bromus South E63/1894, E63/2216 100% Ballot (2nd) ELA63/2379 FINLAND Central Lapland Greenstone Belt (CLGB) - JV 5 Exploration Permits JV with Capella Minerals Limited (see ASX:CUL;21-8-2021) Cullen Resources retains 30% Tumad earning-in to Capella's 70% interest (subject to successful due diligence) SCHEDULE OF TENEMENTS (30 June 2025) ANNUAL REPORT 2025 18 JOINT VENTURE TENEMENTS (30 June 2025) SUMMARY TABLE Joint Venture (farm out) Commodity Focus JV Partner JV Partner Earning (Earned) Cullen's FCI Actual or (Available) Cullen's NSR (possible) Comment Killaloe Gold, Nickel Lachlan Star (80%) 20% 2% FCI to DTM Mt Eureka Gold, Base Metals Rox Resources 75% (51%) (25%) 2.5% FCI to PFS Finland Copper - Gold Capella Minerals (70%) 30% 2% FCI to PFS DTM = Decision to Mine FCI = Free Carried Interest NSR = Net Smelter Return PFS = Pre Feasibility Study Competent Person Statement 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 information in this report may also include review and interpretation of historical and previous exploration by Cullen. The Company confirms that it is not aware of any new information or data which materially affects the information included in this report. This document 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. 19 CULLEN RESOURCES LIMITED CULLEN RESOURCES LIMITED - ANNUAL REPORT 2025 DIRECTORS' REPORT Your directors submit their report for the year ended 30 June 2025. Directors The names and details of the company's directors in office during the financial year and until the date of this report are as follows. Directors were in office for this entire period unless otherwise stated. Current Directors John Horsburgh BSc, MSc, FAIMM (Non-Executive Chairman) (Appointed 1 April 1999) Mr John Horsburgh, a graduate of the Royal School of Mines, has over 40 years industry experience including 11 years with Solomon Pacific Resources NL. Prior to this he gained extensive experience in Australia and overseas with Getty Oil Development Co., Billiton and RTZ Group. Mr Horsburgh was a co-founder and Non-Executive Chairman of AIM and TSX listed public company Mariana Resources Limited, prior to its takeover by Sandstorm Gold Ltd. Mr Horsburgh has had no other directorships of ASX listed companies in the last three years. Dr Chris Ringrose BSc, PhD, MBA, MAIMM, MAICD (Managing Director) (Appointed 19 June 2003) Dr Chris Ringrose has been an exploration geologist based mainly in Western Australia since he completed his geology degrees in Scotland in 1982. His career has included experience with EZ, Chevron and Aztec, and prior to joining Cullen, he was Exploration Manager with Troy Resources Limited for nine years. Dr Ringrose has also completed an MBA at Deakin University and brings to the Company significant management, exploration and project evaluation experience gained both in Australia and overseas. Dr Ringrose has had no other directorships of listed companies in the last three years. Wayne John Kernaghan BBus, ACA, FAICD, ACIS (Non-Executive Director and Company Secretary) (Appointed 11 November 1997) Mr Wayne Kernaghan is a member of the Institute of Chartered Accountants in Australia with a number of years experience in various areas of the mining industry. He is also a Fellow of the Australian Institute of Company Directors. During the past three years Mr Kernaghan has held, and is currently a director and holds, the following listed company directorships: - Cassius Mining Limited (from 30 June 2005 to present) Principal Activities The principal activity for the Consolidated Entity comprising Cullen Resources Limited ("the Company") and its controlled entities (together "the Consolidated Entity") during the course of the financial year was mineral exploration. There was no significant change in the nature of the Consolidated Entity's activities during the year. Results The loss attributable to the Consolidated Entity for the financial year was $902,321 (2024: loss $1,141,386). No income tax was attributable to this result (2024: $Nil). Dividends The directors do not recommend the payment of a dividend for this financial year. No dividend has been declared or paid by the Company since the end of the previous financial year. Significant Changes in the State of Affairs In the opinion of the directors there were no significant changes in the state of affairs of the Consolidated Entity that occurred during the financial year under review not otherwise disclosed in this report or the consolidated financial statements. - 20 - CULLEN RESOURCES LIMITED - ANNUAL REPORT 2025 Review of Operations Cullen is a mineral exploration company currently focused on a search for gold, lithium-in-pegmatites, base metals and nickel-copper-PGE deposits, either in its own right, or in Joint Ventures managed by partners. During the year under review, the Company's mineral exploration has included: project generation; database reviews; field mapping and prospecting; geochemical surveying; and drilling. Field activities were focused on exploration for gold, lithium, and base metals at Wongan Hills, Bromus South Cue and Barlee projects, and RC drilling was completed at Wongan Hills. The Company has farmed out its Finland interests to Capella Minerals Limited who anticipate the commencement of drilling of key targets for Cu-Au later in 2025. Exploration, including joint operations, is in Western Australia and in Finland. Current Key Projects and Joint Ventures are: Wongan Hills (gold, base metals, rare element pegmatites and Ni-Cu- PGE) - Wheatbelt, WA Barlee (gold and rare element pegmatites) - Murchison, WA Bromus South (gold and rare element pegmatites) - Eastern Goldfields, WA Mt Eureka JV (gold, VHMS and nickel) - North Eastern Goldfields, WA Killaloe JV (gold and nickel) - Eastern Goldfields, WA Finland JV (copper-gold) Cullen also has exercised an Option to Purchase 90% of Exploration Licence Application (ELA) 63/2463, located ~90km east of Norseman, W.A. where historical data delineates four substantial gold-in-soil anomalies A total of $617,949 (2024: $731,897) was spent on exploration by Cullen during the year, with Joint Venture Partners contributing further exploration funds on Cullen tenements. Cullen will continue to identify and evaluate both advanced and "grass roots" opportunities throughout Australia and Finland. Cullen's portfolio is under continual evaluation to focus on projects likely to result in discovery of an economic mineral deposit. Corporate At 30 June 2025 available cash totalled $7,380 (2024: $91,931). Refer note 1 (a) to the Financial Statements for discussion on going concern basis of preparation. After Balance Date Events There has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors, to affect the operations of the Consolidated Entity, the results of those operations or the state of affairs of the Consolidated Entity in the subsequent financial years other than: On 25 August 2025, the Consolidated Entity sold its 1.5 % F.O.B. royalty on up to 15 Mt of iron ore production from Wyloo project tenements, for $1.5m to Vox Royalty Corp. The $1.5m has been received by the Consolidated Entity. The Consolidated Entity is still entitled to receive $900,000 cash from FMG Pilbara Pty Ltd within 60 days of when any decision is made to commence mining on a commercial basis at Wyloo. Likely Developments and Future Results Other than as referred to in this report, further information as to likely developments in the operations of the Consolidated Entity and the expected results of those operations would, in the opinion of the directors, be speculative and not in the best interests of the Consolidated Entity. - 21 - CULLEN RESOURCES LIMITED - ANNUAL REPORT 2025 Environmental Regulation The exploration activities of the Consolidated Entity in Australia are subject to environmental regulation under the laws of the Commonwealth and the States in which those exploration activities are conducted. The environmental laws and regulations generally address the potential impact of the Consolidated Entity's activities in the areas of water and air quality, noise, surface disturbance and the impact upon flora and fauna. The directors are not aware of any environmental matter which would have a materially adverse impact on the overall business of the Consolidated Entity. Options As at the date of this report the Company has 18,000,000 (2024: 18,000,000) options which were outstanding. During the year Nil (2024: 18,000,000) options were issued and Nil (2024: 18,000,000) options expired. Refer to Note 11 of the financial statements for further details of the options outstanding. During the year no fully paid ordinary shares were issued by virtue of the exercise of options (2024: Nil). Since the end of the financial year no shares have been issued by virtue of the exercise of options (2024: Nil). Directors' Interest At the date of this report, the interest of the directors in the shares and options of the company were: 2025 Direct Indirect Fully Paid Shares Options Fully Paid Shares Options J. Horsburgh - - 28,371,053 3,000,000 C. Ringrose 14,738,760 12,000,000 - - W. Kernaghan - - 27,344,823 3,000,000 Directors' Meetings During the year the Company held four meetings of directors. The attendance of the directors at meetings of the Board were: No. of meetings attended Maximum possible eligible to attend* J. Horsburgh 4 4 C. Ringrose 4 4 W. Kernaghan 4 4 *Number of meetings eligible to attend while a director. Indemnification and insurance of Directors and Officers The Company has entered into deeds of indemnity with the Directors indemnifying them against certain liabilities and costs to the extent permitted by law. The Company has paid premiums totalling $14,251 (2024: $14,671) in respect of Directors and Officers Liability Insurance and Company reimbursement policies, which covers all Directors and Officers of the Company. The policy conditions preclude the Company from any detailed disclosures. Indemnification of Auditors To the extent permitted by law, the Company has agreed to indemnify its auditors, In.Corp Audit & Assurance Pty Ltd, as part of the terms of its audit engagement agreement against claims by third parties arising from the audit (for an unspecified amount). No payment has been made to indemnify In.Corp Audit & Assurance Pty Ltd during or since the financial year. Employees The Consolidated Entity employed one employee as at 30 June 2025 (2024: one). Corporate Governance In recognising the need for the highest standard of corporate behaviour and accountability, the directors of Cullen Resources Limited support and have adhered to the principles of good corporate governance. The Company's corporate governance statement is on page 29. Auditor Independence The directors have received the auditor's independence declaration for the year ended 30 June 2025 which is on page 28 and forms part of this directors' report. For the year In.Corp Audit & Assurance Pty Ltd have provided non-audit services to the Consolidated Entity in the amount of $Nil (2024: $Nil). - 22 - CULLEN RESOURCES LIMITED - ANNUAL REPORT 2025 REMUNERATION REPORT (AUDITED) This report details the nature and amount of remuneration for each director of Cullen Resources Limited. This remuneration report outlines the director and executive remuneration arrangements of the Consolidated Entity in accordance with the requirements of the Corporations Act 2001 and its Regulations. For the purposes of this report, key management personnel (KMP) of the Consolidated Entity are defined as those persons having authority and responsibility for planning, directing and controlling the exploration activities of the Consolidated Entity, directly or indirectly, including any director (whether executive or otherwise) of the parent company. Only directors of the Consolidated Entity meet the definition of key management personnel as the executive role is performed by the executive director. Details of key management personnel: Directors J. Horsburgh Chairman (Non-Executive) C. Ringrose Managing Director W. Kernaghan Director (Non-Executive) Remuneration Policy The remuneration policy of Cullen Resources Limited has been designed to align director objectives with shareholder and business objectives by providing a fixed remuneration component and offering specific long-term incentives. The board of Cullen Resources Limited believes the remuneration policy to be appropriate and effective in its ability to attract and retain the best executives and directors to run and manage the Company as well as create goal congruence between directors and shareholders. The Board's policy for determining the nature and amount of remuneration for Board members is as follows. The remuneration policy, setting the terms and conditions for the executive director was developed by the Board. The executive receives a base salary on factors such as length of service and experience, superannuation, options and incentives. The Board reviews executive packages annually by reference to executive performance and comparable information from industry sectors and other listed companies in similar industries. The Board policy is to remunerate non-executive directors at market rates for comparable companies for time, commitment and responsibilities. The Board determines payments to the non-executive directors and reviews their remuneration annually, based on market practice, duties and accountability. Independent external advice is sought when required. The maximum aggregate amount of fees that can be paid to non-executive directors is subject to approval by shareholders at the Annual General Meeting. Fees for non-executive directors are not linked to either long term or short-term performance of the Consolidated Entity. However, to align directors' interest with shareholder interests, the directors are encouraged to hold shares in the Company. There is a specified aggregate directors fees of $250,000 for non-executive directors which was approved by shareholders at a general meeting of the Company. The $250,000 excludes other services outside of non-executive directors' fees. No remuneration consultants have been engaged during the current and prior years. Remuneration Incentives Director and executive remuneration is currently not linked to either long term or short-term performance conditions. The Board feels that the expiry date and exercise price of options when issued to the directors and executives are sufficient to align the goals of the directors and executives with those of the shareholders to maximise shareholder wealth, and as such, has not set any performance conditions for the directors or the executives of the Company. The Board will continue to monitor this policy to ensure that it is appropriate for the Company in future years. - 23 - CULLEN RESOURCES LIMITED - ANNUAL REPORT 2025 Group performance and shareholder wealth Below is a table summarising key performance and shareholder wealth statistics for the Consolidated Entity over the last five years. Financial Year Loss After Tax $ EPS Cents Share Price Cents 30 June 2021 1,346,651 (0.44) 2.6 30 June 2022 1,379,364 (0.35) 1.2 30 June 2023 1,166,070 (0.25) 0.9 30 June 2024 1,141,386 (0.21) 0.7 30 June 2025 902,321 (0.13) 0.4 Employment Contract - Managing Director Pursuant to an agreement Dr Ringrose will provide managing director services to the Company. The term of this arrangement is from 1 November 2006 and will continue thereafter unless terminated on not less than three months' notice given at any time. Effective from 1 July 2021 Dr Ringrose's salary is $210,000 pa. The position of the director will become redundant under this agreement in the limited circumstances where the employment of the Managing Director is terminated as a result of a takeover or merger of the Company. The Company will pay the Managing Director the equivalent of four weeks per year of service or part thereof of his base salary as a redundancy payment. As part of Dr Ringrose's employment package he was issued with 12,000,000 options on 21 December 2023 with the following terms. The options will expire on the earlier of the date which is one month after the Director to whom the options are issued ceases to be a Director of the Company (or such longer period as determined by the Board of Directors) or at 5.00 pm on 30 November 2026 ("the Expiry Date") with an exercise price of $0.0138 which vested on issue. Nil (2024:12,000,000) options were issued to Dr Ringrose in the current financial year. During the year the Board paid a discretionary bonus of Nil (2024: Nil) to Dr Ringrose. Non-Executive Directors The non-executive directors were issued with 3,000,000 options each on 21 December 2023 with the following terms. The options will expire on the earlier of the date which is one month after the Director to whom the options are issued ceases to be a Director of the Company (or such longer period as determined by the Board of Directors) or at 5.00 pm on 30 November 2026 ("the Expiry Date") with an exercise price of $0.0138 which vested on issue. Nil ( 2024:3,000,000) options were issued to each of the Non-Executive Directors in the current financial year. Directors' and Executives' Remuneration Details of remuneration provided to directors for the year ended 30 June 2025 are as follows: Directors Short Term Post Employment Long Term Share Based Payments Total $ Performance Related % Director Fees $ Salary/ Consulting $ Bonus $ Non Monetary Benefits $ Superannuation $ Long Service Leave $ Options $ J. Horsburgh 27,500 - - - 3,162 - - 30,662 - C. Ringrose - 210,000 - * 5,417 24,150 3,868 - 243,435 - W. Kernaghan 25,000 **30,500 - - 2,875 - - 58,375 - Total 52,500 240,500 - 5,417 30,187 3,868 - 332,472 - * This relates to the provision of a motor vehicle. **Consultancy payments were made to Mosman Corporate Services Pty Ltd totalling $30,500 which is a company controlled by Mr W Kernaghan. There was $8,375 outstanding at 30 June 2025. - 24 - CULLEN RESOURCES LIMITED - ANNUAL REPORT 2025 Details of remuneration provided to directors for the year ended 30 June 2024 are as follows: Directors Short Term Post Employ- ment Long Term Share Based Payments Total $ Performance Related % Director Fees $ Salary/ Consulting $ Bonus $ Non Monetary Benefits $ Superannuation $ Long Service Leave $ Options $ J. Horsburgh 27,500 - - - 3,162 - 8,640 39,302 21.98 C. Ringrose - 210,000 - * 5,417 24,150 3,508 34,560 277,635 12.45 W. Kernaghan 25,000 **32,125 - - 2,875 - 8,640 68,640 12.06 Total 52,500 242,125 - 5,417 30,187 3,508 51,840 385,577 13.34 * This relates to the provision of a motor vehicle. **Consultancy payments were made to Mosman Corporate Services Pty Ltd totalling $32,125 which is a company controlled by Mr W Kernaghan. There was $3,125 outstanding at 30 June 2024. Shares issued on exercise of remunerated options During the financial year nil (2024: Nil) remunerated options were exercised. During the financial year Nil (2024: 18,000,000) options were issued and Nil (2024: 18,000,000) options expired. The directors exercised nil (2024: Nil) options during the year. Options granted as part of remuneration for the year ended 30 June 2025 Directors Value of options granted during the year $ Value of options exercised during the year $ Value of options expired during the year $ Total value of options granted, exercised and expired during the year $ J. Horsburgh - - - - C. Ringrose - - - - W. Kernaghan - - - - Options granted as part of remuneration for the year ended 30 June 2024 Directors Value of options granted during the year $ Value of options exercised during the year $ Value of options expired during the year $ Total value of options granted, exercised and expired during the year $ J. Horsburgh 8,640 - (19,800) (11,160) C. Ringrose 34,560 - (79,200) (44,640) W. Kernaghan 8,640 - (19,800) (11,160) Option holdings of directors Balance at beginning of Options Options Balance at end of year Vested and exercisable at year 1 July 2024 issued lapsed 30 June 2025 Total 30 June 2025 Directors Number Number Number Number Number Number J Horsburgh 3,000,000 - - 3,000,000 3,000,000 3,000,000 C Ringrose 12,000,000 - - 12,000,000 12,000,000 12,000,000 W Kernaghan 3,000,000 - - 3,000,000 3,000,000 3,000,000 Total 18,000,000 - - 18,000,000 18,000,000 18,000,000 The outstanding options are exercisable at $0.0138 and have an expiry date of 30 November 2026. These options had a weighted average exercise price of $0.0138 and a weighted average remaining contractual life of 1.42 years. - 25 - CULLEN RESOURCES LIMITED - ANNUAL REPORT 2025 Balance at beginning of year Options Options Balance at end of year Vested and exercisable at 1 July 2023 issued lapsed 30 June 2024 Total 30 June 2024 Number Number Number Number Number Number Directors J Horsburgh 3,000,000 3,000,000 (3,000,000) 3,000,000 3,000,000 3,000,000 C Ringrose 12,000,000 12,000,000 (12,000,000) 12,000,000 12,000,000 12,000,000 W Kernaghan 3,000,000 3,000,000 (3,000,000) 3,000,000 3,000,000 3,000,000 Total 18,000,000 18,000,000 (18,000,000) 18,000,000 18,000,000 18,000,000 The outstanding options are exercisable at $0.0138 and have an expiry date of 30 November 2026. These options had a weighted average exercise price of $0.0138 and a weighted average remaining contractual life of 2.42 years. Shareholdings of directors Directors Balance Options Net Change Balance 1 July 2024 Exercised Purchase 30 June 2025 Number Number Number Number J Horsburgh 21,459,597 - 6,911,456 28,371,053 C Ringrose 11,054,070 - 3,683,690 14,738,760 W Kernaghan 20,508,617 - 6,836,206 27,344,823 Total 53,022,284 - 17,431,352 70,453,636 Directors Balance 1 July 2023 Options Exercised Net Change Purchase Balance 30 June 2024 Number Number Number Number J Horsburgh 17,930,186 - 3,529,411 21,459,597 C Ringrose 7,524,659 - 3,529,411 11,054,070 W Kernaghan 16,979,206 - 3,529,411 20,508,617 Total 42,434,051 - 10,588,233 53,022,284 The directors' shareholdings are held directly and indirectly. There were no loans to KMP's and their related parties. During the year each of the directors have made loans of $20,000 each (2024:Nil) which are interest free and repayable by 31 December 2025. There were no loans repaid during the year (2024: Nil). At 30 June 2025 the amount of loans outstanding is $20,000 (2024:Nil) for each director. Other transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated. Consultancy payments were made to Mosman Corporate Services Pty Ltd totalling $ 30,500 (2024: $32,125) which is a company controlled by Mr W Kernaghan. There was $ 8,375 outstanding at 30 June 2025(2024:$3,125). End of Remuneration Report - 26 - CULLEN RESOURCES LIMITED - ANNUAL REPORT 2025 Signed in accordance with a resolution of the directors C. Ringrose Director Perth, WA 29 September 2025 - 27 - AUDITOR'S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 In.Corp Audit & Assurance Pty Ltd ABN 14 129 769 151 To the directors of Cullen Resources Limited: As lead auditor of the audit of Cullen Resources Limited for the year ended 30 June 2025, I declare that, to the best of my knowledge and belief, there have been: no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and no contraventions of any applicable code of professional conduct in relation to the audit. This declaration is in respect of Cullen Resources Limited and the entities it controlled during the year. Level 1 6-10 O'Connell Street SYDNEY NSW 2000 Suite 11, Level 1 4 Ventnor Avenue WEST PERTH WA 6005 GPO BOX 542 SYDNEY NSW 2001 T +61 2 8999 1199 E [email protected] W incorpadvisory.au In.Corp Audit & Assurance Pty Ltd Volha Romanchik Director 29 September 2025 Liability limited by a scheme approved under Professional Standards Legislation CULLEN RESOURCES LIMITED - ANNUAL REPORT 2025 CORPORATE GOVERNANCE STATEMENT In recognising the need for the highest standards of corporate behaviour and accountability, the directors of Cullen Resources Limited have adhered to the principles of corporate governance and this statement outlines the main corporate governance practices in place throughout the financial year. The ASX Corporate Governance Council have released the fourth edition of Corporate Governance Principles and Recommendations. Having regard to the size of the Company and the nature of its enterprise, it is considered that the Company complies as far as possible with the spirit and intentions of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations. Unless otherwise stated, the practices were in place for the entire year. Board of Directors The Board of Directors of the Company is responsible for the corporate governance of the Company. The Board guides and monitors the business and affairs of the Company on behalf of the shareholders by whom they are elected and to whom they are accountable. As the Board acts on behalf of shareholders, it seeks to identify the expectations of shareholders, as well as other ethical expectations and obligations. In addition, the Board is responsible for identifying areas of significant business risk and ensuing arrangements are in place to adequately manage those risks. The primary responsibility of the Board includes: formulation and approval of the strategic direction, objectives and goals of the Company; monitoring the financial performance of the Company, including approval of the Company's financial statements; ensuring that adequate internal control systems and procedures exists and that compliance with these systems and procedures is maintained; the identification of significant business risks and ensuring that such risks are adequately managed; the review of performance and remuneration of executive directors; and the establishment and maintenance of appropriate ethical standards. The responsibility for the operation and administration of the Company is carried out by the directors, who operate in an executive capacity, supported by senior professional staff. The Board ensures that this team is suitably qualified and experienced to discharge their responsibilities, and assesses on an ongoing basis the performance of the management team, to ensure that management's objectives and activities are aligned with the expectations and risks identified by the Board. The Directors of the Company are as follows: John Horsburgh Dr Chris Ringrose Wayne Kernaghan For information in respect to each director refer to the Directors' Report. - 29 -

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