Cullen Resources : Quarterly Report for the Period ending 30 June 2025

About this update from Cullen Resources Limited

‌ www.cullenresources.com.au ASX:CUL 31 July 2025 QUARTERLY REPORT ENDING 30 June 2025 HIGHLIGHTS Drilling programs planned and/or completed by Joint Venture Partners (Cullen free-carried) on priority targets including high grade historical drill intersections in highly prospective terranes - Mt Eureka; Killaloe, W.A.; and in Finland . At the Yardilla Gold project (Cullen 90 - 100%) - similar geological setting to that at the giant Tropicana gold deposit - ELA 63/2487 (Exploration Licence Application ) is now approved and terms for a Heritage Protection Agreement for the second project ELA have been agreed . On-ground exploration at Yardilla is anticipated to commence in September. Marymia Gold project (Cullen 100%) - two new ELA's centered about 120km north of Meekatharra and ~50km south west of the Plutonic Mine, may include similar geological settings to the Hermes gold deposit - a useful model for Cullen's gold exploration. Mt Eureka JV (Cullen 49% FCI to PFS) High-Tech Metals has plans to commence 15,000m of Air core, Reverse Circulation and Diamond Core exploration and resource extension drilling campaigns across its Mt Fisher and Mt Eureka projects having completed acquisition from Rox Resources Limited (ASX:HTM; 10-4-2025; 30-5-2025). Killaloe JV (Cullen 20%, FCI to DTM - E63/1018) " Further significant gold results from Lachlan Star's drilling continue to identify multiple zones of gold mineralisation at the Killaloe Gold Project in the Norseman region of Western Australia" (ASX:LSA:28-7-2025). Finland JV (Cullen 30% FCI to PFS) Capella Minerals Limited has announced a strategic partnership with leading mining company Tümad ( https://www.tumad.com.tr/en ) allowing Tümad to earn-in to Capella's 70% interest in Cullen Finland Oy's five exploration permits in the Central Lapland Greenstone Belt targeting gold-copper deposits (TSXV:CMIL; 2-6-2025).Cullen received US$25k cash of US$50k due as final payment for 70% acquisition of Cullen Finland Oy - the final $25k cash anticipated shortly. DTM = Decision to Mine; FCI= Free Carried Interest; PFS = Pre-Feasibility Study REGISTERED OFFICE : Unit 4, 7 Hardy Street, South Perth WA 6151 Telephone: 089 474 5511; FAX: 089 474 5588 Contact: Dr. Chris Ringrose, Managing Director: email: [email protected] New Projects MARYMIA (new) Gold YARDILLA (new) PROJECT LOACTION MAP - WESTERN AUSTRLIA PROJECTS BACKGROUND YARDILLA PROJECT (Cullen 90 - 100%) Yardilla (Fig.1) 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 (ASX: CUL;16-1-2025 and 28-1-2025). 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 (ASX:CUL;6-2-2025) 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 (Fig.2). 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 (ASX: CUL;16-1-2025 and 28-1-2025). 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. Cullen has exercised the Option to Purchase (ASX:CUL; 25-2-2025) and Approval of applications process is substantially complete. 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. YARDILLA PROJECT SETTING Fig.1 . 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.) YARDILLA PROJECT (90 - 100%) REVIEW of HISTORICAL EXPLORATION - PGE-Ni Prospect Exploration by AngloGold Ashanti Australia Ltd (WAMEX A96135) ("Anglo") includes mapping, rock chip sampling and EM surveying of a Proterozoic, differentiated mafic-ultramafic dyke, possibly the Jimberlana dyke, that hosts the Mordicus PGE-Ni prospect (Figs. 2, and 3 from WAMEX A96135). Anglo's airborne geophysical survey (AEM) comprised 481 line km with a line spacing of 250m to collect electromagnetic, total field magnetic, radiometric and elevation data (SPECTRUM Air Ltd - Survey Registered with the Department of Mines and Petroleum - No. 70738). Anglo concluded the AEM survey had identified some: "weak to moderately anomalous zones" but no "late-time conductors", and no drilling was completed. A total of 122 rock chip samples were collected across the Mordicus Prospect and assayed for Pt, Pd, base metals, gold and a suite of other elements (fire assay and/or four acid digest ICP-MS or ICP-OES). The results included several anomalous Fe assays of 50-56%; and up to 582ppb Pd, 115 ppb Pt, and 5277 ppm Ni (see Table 1). The Mordicus prospect lies on an ovoid shaped mafic intrusion which offers scope for further investigation beyond previous rock chip sampling for PGE-Ni mineralisation. YARDILLA PROJECT BACKGROUND Cullen Metals Pty Ltd, "Cullen" or "the Company," a wholly owned subsidiary of Cullen Resources Limited, has signed a Binding Term Sheet (ASX:CUL;28-11-24) to acquire up to a 90% interest in Exploration Licence Application E63/2463 (~ 150 sq. km) in the Eastern Goldfields of Western Australia ("Application" or "Tenement"). 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 PROTEROZOIC Mordicus Prospect Fig. 2. 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. Fig.3. Yardilla Project - Map of Mordicus Prospect, on the Jimberlana Dyke (Figure from WAMEX A 96135). Location of rock chip samples on Figures 4 and 5 below. ELA 63/2463 Fig.4 Rock chip sample locations as reported in WAMEX A96135 , and listed in Table 1 , shown on the magnetics image of ELA 63/2463. Fig.5 Location of Rock chip assay >100ppb Pd as reported in WAMEX A96135 , Table 1 , shown on the magnetics image of ELA 63/2463. Table 1: Assay for rock chips samples, from WAMEX A96135 (Figs. 4 and 5) SampleID Northing Easting Rock Ag (ppm) As (ppm) Au (ppb) Co (ppm) Cr (ppm) Cu (ppm) Fe (%) Mg (ppm) Ni (ppm) Pb (ppm) Pd (ppb) Pt (ppb) S (ppm) Sr (ppm) Zn (ppm) 65007001 6473262 463515.8 Serpentinised Gabbroid X X 1 318 3178 41 50 1260 1689 10 28 18 115 58 108 65007002 6473260 463516 Serpentinised Gabbroid X X X 96 2130 61 6.32 144406 972 X 64 23 X 28 61 65007003 6473253 463517.4 Serpentinised Gabbroid X X X 306 2163 13 6.17 138766 1259 X 62 14 X 34 57 65007004 6473246 463520.6 Serpentinised Gabbroid X X X 633 4173 48 8.96 122355 5277 X 66 35 1263 89 263 65007005 6473242 463520.4 Serpentinised Gabbroid X X X 317 1855 39 32.86 1226 1421 5 16 15 148 28 94 65007006 6473234 463524.9 Serpentinised Gabbroid X X X 324 3386 101 50 1141 1793 6 20 19 136 26 183 65007007 6473224 463523.3 Serpentinised Gabbroid 0.6 X X 143 5763 70 50 881 728 10 3 4 387 19 102 65007008 6473218 463526.6 Serpentinised Gabbroid X X X 228 7503 195 31.98 5861 2352 9 76 75 821 46 128 65007009 6472732 462822 Serpentinised Gabbroid X X 2 59 1985 37 6.23 142725 414 X 7 6 X 23 57 65007010 6470955 459741.2 Serpentinised Gabbroid X X X 65 2437 6 5.99 170316 395 X 34 115 X 22 49 65007011 6470999 459748.5 Serpentinised Gabbroid X X X 65 2632 13 6.07 169105 514 X 6 9 X 19 57 65007012 6471050 459748.5 Serpentinised Gabbroid X 41 X 63 2890 24 7.04 151626 760 X 20 38 X 21 69 65007013 6471106 459803.8 Serpentinised Gabbroid X X X 71 1695 12 5.96 160230 541 X 9 62 X 52 50 65007014 6471050 459808.3 Serpentinised Gabbroid X X X 79 1926 9 6.93 170260 585 X 10 31 X 36 55 65007015 6471005 459810 Serpentinised Gabbroid X X X 81 1802 11 6.41 162553 573 X 15 26 X 16 59 65007016 6470948 459796.3 Serpentinised Gabbroid X 17 3 73 2224 9 6.26 160197 665 X 8 16 X 17 54 65007017 6471002 459851.6 Serpentinised Gabbroid X X X 91 1716 15 6.75 162234 685 X 7 55 138 24 59 65007018 6471001 459947.8 Serpentinised Gabbroid X X 1 79 1212 12 7.66 148772 445 X 582 72 119 48 57 65007019 6470998 460005 Serpentinised Gabbroid X X 1 78 1414 7 8.13 150816 434 X 265 32 70 48 62 65007020 6470999 460049.8 Serpentinised Gabbroid X X 1 80 1713 7 7.89 154433 433 X 157 39 X 54 62 65007021 6471011 460105.4 Serpentinised Gabbroid X X X 80 1640 12 8.14 151457 430 X 235 65 X 50 63 65007022 6470998 460150 Serpentinised Gabbroid X X X 74 1692 9 7.57 153922 419 X 19 101 114 54 59 65007023 6471009 460216.9 Serpentinised Gabbroid X X X 73 1882 8 7.04 161648 429 X 11 30 58 50 57 65007024 6470938 460174.8 Serpentinised Gabbroid X X X 60 1815 9 5.72 154405 400 X 6 9 X 41 49 65007025 6470956 460148.3 Serpentinised Gabbroid X X X 70 2106 13 6.62 164390 440 X 9 28 94 41 57 65007026 6470952 460097.6 Serpentinised Gabbroid X X X 77 1855 8 7 165583 475 X 8 66 X 40 57 65007027 6470964 459996.6 Serpentinised Gabbroid X X X 81 1824 6 7.28 162898 503 X 13 56 80 42 58 65007028 6467137 461463 Muscovite Schist X X X 1 48 9 1.4 4555 9 22 X X 219 210 28 65007101 6473294 462592.1 Serpentinised Gabbroid X X X 56 2409 X 4.92 165731 635 X 6 18 X 46 32 65007102 6473245 462600.3 Serpentinised Gabbroid X X X 48 2783 32 5.04 154933 810 X 7 28 78 39 44 65007103 6473153 462596.9 Serpentinised Gabbroid X X X 16 623 24 3.33 37519 179 10 2 6 68 140 29 65007104 6473107 462595.7 Serpentinised Gabbroid X X X 70 2557 13 5.65 177857 604 X 14 8 X 29 46 65007105 6473054 462595.5 Serpentinised Gabbroid X X X 61 2398 3 4.31 162816 655 X 14 48 X 35 31 65007106 6473003 462588.2 Serpentinised Gabbroid X X X 54 2648 X 4.79 165969 666 X 5 19 X 51 28 65007107 6473302 462547.7 Serpentinised Gabbroid X X 1 66 2736 17 6.11 183031 599 X 11 13 X 22 51 65007108 6473250 462558.3 Serpentinised Gabbroid X X X 61 2395 12 5.88 178700 596 X 29 26 X 34 49 65007109 6473196 462547.1 Serpentinised Gabbroid X X X 56 2477 10 5.84 173353 552 X 9 6 X 26 48 65007110 6473099 462556.3 Serpentinised Gabbroid X X X 64 2585 15 5.68 177007 538 X 19 24 X 31 44 65007111 6473051 462552.3 Serpentinised Gabbroid X X 6 60 2584 17 6.03 173220 509 X 11 10 X 25 47 65007112 6473005 462552.3 Serpentinised Gabbroid X X X 69 2530 8 5.85 180784 641 X 37 42 X 25 51 65007113 6472911 462502 Serpentinised Gabbroid X X X 67 2097 18 6.09 175454 587 X 13 33 X 24 51 65007114 6472952 462502.1 Serpentinised Gabbroid X X 2 66 2135 12 6.11 171278 527 X 4 15 X 28 52 65007115 6473009 462504.5 Serpentinised Gabbroid X X X 72 2068 17 6.06 168848 604 X 27 39 X 24 50 65007116 6473050 462504.8 Serpentinised Gabbroid X X X 65 1998 13 5.97 169875 480 X 13 9 X 33 47 65007117 6473106 462508.4 Serpentinised Gabbroid X X X 69 1956 10 6.01 175174 524 X 16 19 X 34 51 65007118 6473259 462483.2 Serpentinised Gabbroid X 12 X 66 1938 13 6.16 170454 477 X 22 48 X 27 51 65007119 6473301 462503.8 Serpentinised Gabbroid X X X 64 2168 14 6.22 169626 497 X 7 21 X 28 52 65007120 6473349 462504.8 Serpentinised Gabbroid X X X 66 2515 15 6.2 175931 546 X 7 13 X 30 55 65007121 6472798 462451.8 Serpentinised Gabbroid X X X 77 2358 12 6.14 176670 616 X 7 17 X 33 55 65007122 6472855 462450.8 Serpentinised Gabbroid X X X 68 2180 17 5.87 177275 545 X 15 30 X 29 50 65007123 6472901 462458.4 Serpentinised Gabbroid X X X 71 2185 12 6.11 172563 536 X 8 25 X 34 53 65007124 6472998 462448.4 Serpentinised Gabbroid X X 1 68 1896 22 6 169351 477 X 99 44 X 30 50 65007125 6473051 462451.1 Serpentinised Gabbroid X X 1 74 1809 12 6.26 175815 489 X 59 28 X 29 54 65007126 6473102 462459.5 Serpentinised Gabbroid X X X 3 99 4 0.9 5848 19 X 2 1 X 2 2 65007127 6473214 462454.2 Serpentinised Gabbroid X X X 64 1809 15 6.45 173211 473 X 7 16 X 31 55 65007128 6473297 462451.7 Serpentinised Gabbroid X X X 64 2031 15 6.09 167274 475 X 9 19 X 30 51 65007129 6473352 462448 Serpentinised Gabbroid X X X 70 2237 11 6.41 166710 520 X 7 13 X 35 58 65007130 6473401 462443.5 Serpentinised Gabbroid X X X 59 1981 17 5.9 161307 451 X 33 53 X 34 50 65007131 6472846 462326.8 Serpentinised Gabbroid X X X 70 2069 23 6.72 164645 471 X 224 64 X 59 57 65007132 6472751 462384.5 Serpentinised Gabbroid X X X 61 2260 17 5.97 176066 562 X 12 23 X 32 49 65007133 6472797 462401.4 Serpentinised Gabbroid X X X 64 2163 13 6.07 174286 447 X 10 17 X 37 55 65007134 6472852 462399.1 Serpentinised Gabbroid X X X 77 2225 11 6.07 170067 511 X 13 52 X 40 51 65007136 6472901 462403.1 Serpentinised Gabbroid X X X 70 1854 17 6.15 169182 509 X 25 103 X 27 55 65007137 6473034 462391.9 Serpentinised Gabbroid X X 1 71 1697 20 6.57 167251 449 X 106 38 X 38 57 65007138 6473187 462401 Serpentinised Gabbroid X X 2 60 1143 78 7.68 90257 474 X 9 10 577 185 74 65007139 6473237 462393.5 Serpentinised Gabbroid X X X 69 1962 14 6.18 174483 471 X 27 42 X 32 57 65007140 6473350 462401.8 Serpentinised Gabbroid X X X 65 2333 20 6.05 168976 475 X 16 32 X 32 54 65007141 6473445 462400 Serpentinised Gabbroid X X X 60 2480 24 5.7 166572 496 X 7 63 X 44 49 65007142 6473491 462386.8 Serpentinised Gabbroid X X X 64 2182 41 5.7 159518 523 X 8 19 69 35 57 65007143 6473607 462273.1 Serpentinised Gabbroid X X X 62 1814 20 5.73 141727 464 X 25 14 X 20 55 65007144 6473116 462248.3 Serpentinised Gabbroid X X X 32 282 28 3.36 58653 158 X X 2 91 191 22 65007145 6473040 462242.7 Serpentinised Gabbroid X X X 27 198 13 2.59 45392 102 X X 3 X 305 15 65007146 6473005 462245 Serpentinised Gabbroid X X X 35 438 8 3.16 69986 154 X 3 2 X 189 19 65007147 6472935 462261.3 Serpentinised Gabbroid X X 2 37 672 164 3.3 64373 231 X 3 4 63 221 23 65007148 6472805 462350.9 Serpentinised Gabbroid X X X 74 2012 22 6.5 171743 503 X 36 32 X 49 59 65007149 6472759 462349.9 Serpentinised Gabbroid X 12 X 86 2175 16 6.36 169985 663 X 11 24 X 38 56 65007150 6472850 462348.6 Serpentinised Gabbroid X X 1 76 2148 15 6.92 171186 495 X 103 38 X 41 62 65007151 6473215 462344.4 Serpentinised Gabbroid X X 2 70 2083 34 5.91 152848 563 X 90 111 X 37 51 65007152 6473300 462350.9 Serpentinised Gabbroid X X X 71 2072 15 6.44 163604 462 X 27 95 X 36 55 65007153 6473136 462190 Serpentinised Gabbroid X X X 43 218 31 4.14 67224 150 X 1 2 X 203 29 65007154 6473101 462194 Serpentinised Gabbroid X X 2 37 174 19 3.57 57260 134 X 2 5 X 270 24 65007155 6473054 462189 Serpentinised Gabbroid X X X 36 177 13 3.8 57312 126 X 1 2 X 254 28 65007156 6473013 462193.1 Serpentinised Gabbroid X 13 X 38 192 8 3.93 58886 120 X 1 3 X 254 26 65007157 6472951 462184.8 Serpentinised Gabbroid X 29 X 41 231 7 4.69 61897 156 X 1 4 X 256 29 65007158 6472798 462390.1 Serpentinised Gabbroid X X X 58 2516 12 5.93 173632 498 X 17 25 X 47 50 65007159 6472801 462378.2 Serpentinised Gabbroid X X X 61 2591 16 6.1 172205 489 X 35 75 X 38 53 65007160 6472797 462369.1 Serpentinised Gabbroid X X X 66 2630 14 6.14 171613 498 X 41 61 X 45 56 65007161 6472809 462369.3 Serpentinised Gabbroid X X X 78 2033 19 6.33 168980 505 X 53 28 X 45 56 65007162 6472810 462379.3 Serpentinised Gabbroid X X X 73 2042 14 6.04 170222 482 X 90 83 X 45 52 65007163 6472811 462399.8 Serpentinised Gabbroid X X X 73 1985 10 6.14 171707 545 X 108 67 70 43 56 65007164 6472813 462409.4 Serpentinised Gabbroid X X X 62 2079 12 5.88 178905 463 X 22 48 X 34 56 65007166 6472810 462421.4 Serpentinised Gabbroid X X X 65 2140 5 5.58 170887 422 X 6 15 X 19 49 65007167 6472800 462420.8 Serpentinised Gabbroid X X X 58 2319 10 5.95 167642 498 X 10 20 146 55 55 65007168 6472804 462409.1 Serpentinised Gabbroid X X X 59 2279 12 6.02 171211 559 X 14 15 X 35 55 65007169 6472791 462413.3 Serpentinised Gabbroid X X X 62 2192 16 5.91 174513 359 X 6 5 X 42 49 65007170 6472788 462401.3 Serpentinised Gabbroid X X X 62 2311 9 5.83 173197 506 X 7 7 80 34 55 65007171 6472791 462390.9 Serpentinised Gabbroid X X X 58 2432 16 5.83 167752 470 X 14 16 X 44 49 65007172 6472792 462380.1 Serpentinised Gabbroid X X X 60 2450 10 6.12 167102 510 X 31 93 X 42 53 65007173 6472792 462370.6 Serpentinised Gabbroid X X 3 62 2148 14 5.92 169872 525 X 25 47 X 51 53 65007174 6472809 462389 Serpentinised Gabbroid X X X 74 1923 12 5.87 170194 499 X 36 21 X 45 52 65007176 6472846 462590.2 Serpentinised Gabbroid X X X 70 948 47 8.32 85970 558 X 7 8 X 96 45 65007183 6474176 464931.3 Serpentinised Gabbroid X X X 61 1931 23 6.47 142472 420 X 11 9 58 27 65 65007184 6474130 464929.5 Serpentinised Gabbroid X X X 68 2243 56 5.49 161638 871 X 14 9 X 64 52 65007185 6474080 464916.2 Serpentinised Gabbroid X 14 X 62 1274 11 6.47 120919 435 X 7 5 74 142 60 65007186 6474109 464868 Serpentinised Gabbroid X X X 67 1350 14 6.34 136968 512 X 16 11 X 27 53 65007187 6474187 464752 Serpentinised Gabbroid X X X 58 1936 17 5.27 174297 551 X 17 7 X 26 45 65007188 6474165 464758.8 Serpentinised Gabbroid X X X 61 1737 19 5.28 173301 575 X 9 14 X 26 43 65007189 6474138 464758 Serpentinised Gabbroid X X 3 59 2171 20 5.51 170784 599 X 13 13 X 25 48 65007190 6474114 464709.4 Serpentinised Gabbroid X X 4 59 2201 4 5.57 173886 629 X 45 11 X 32 49 65007191 6473263 463717.8 Serpentinised Gabbroid X 33 X 134 10308 135 50 4350 2024 12 7 14 681 105 106 65007192 6473224 463611.3 Serpentinised Gabbroid X X X X 1439 12 2.25 2910 22 7 2 1 128 16 19 65007196 6473266 463521.6 Serpentinised Gabbroid X X X 64 410 64 4.16 51976 621 X 2 1 60 773 49 65007197 6473265 463521.6 Serpentinised Gabbroid X X X 61 288 45 4.36 48966 591 X 2 X 70 707 48 65007198 6473251 463527.2 Serpentinised Gabbroid X 14 X 328 3830 95 49.54 1200 2116 X 15 12 284 32 192 65007199 6473249 463530.4 Serpentinised Gabbroid X X X 338 2140 26 41.79 2188 1671 6 18 13 85 26 133 65007200 6473249 463532.9 Serpentinised Gabbroid X X X 315 4217 133 50 990 2128 X 22 10 149 15 192 MARYMIA PROJECT (Cullen 100%) - Northern boundary Yilgarn craton Cullen Exploration Pty Ltd, 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 (Figs. 6 and 7), 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. Cullen's Managing Director, Dr. Chris Ringrose, commented : "Our new exploration licence applications near the Hermes gold deposit offer exciting greenfield gold exploration opportunities in geological settings that have not been fully tested by previous explorers using the Hermes model. This project presents extensive unexplored areas offering significant scope for discoveries." Fig. 6 and 7: Bedrock geology and aeromagnetic image - Hermes to Plutonic Mines KILLALOE JV (E63/1018) - Cullen 20% FCI to DTM Lachlan Star Ltd JV manager at Killaloe, east of Norseman has previously 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 (BUX86). Lachlan Star Limited 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) Magnetics Image from https://geoview.dmp.wa.gov.au/geoview Fig. 8. Location of Cullen's tenure and JV interest in the immediate Norseman area (E63/2216, 1894 and 1018). BROMUS SOUTH, W.A.: Gold and lithium E63/1894, 2216 (Cullen 100%). MT EUREKA JV - Cullen 49% FCI to PFS 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). FINLAND JV - Cullen 30% FCI to PFS 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. WONGAN HILLS (Cullen 90%) RC drilling has tested IP chargeability anomalies at two prospects ( ASX:CUL; 8-4-2024) and intersected barren sulphide zones at Rupert but did not fully explain the anomaly at Wongan (ASX:CUL; 28-1-2025). IP anomalies at Rupert are supported by positive geological, geochemical, and other geophysical data where NE-SW structural targets remain to be tested (Figs 9 and 10 below). VTEM anomalies Current RC Previous RC Fig. 9. Bedrock geology , Rupert Prospect. An interpreted NE-SW fault line crosses a major magnetic unit, interpreted as BIF-ultramafic. E4882 Fig. 10. Geochem data from Shell BLEG survey WAMEX A17145 and A26695. (ASX:CUL;22-6-2020) TARGET GENERATION and OTHER PROJECTS Cullen may consider divesting its interests in the Barlee, Bromus South, and Cue Projects as opportunities arise, to maintain a focus on new porjects Yardilla and Marymia, and Wongan Hills. Project generation in Australia and Finland for gold and copper is being maintained. WEST PILBARA IRON ORE ROYALTIES Cullen holds two iron ore royalty interests that may offer potential for future cash flow or monetisation: A 1.0% F.O.B. royalty over any future production from the Catho Well Channel Iron Deposit, that borders the Onslow Iron project (ASX: MIN); and, A 1.5% F.O.B. royalty with FMG over up to 15Mt of any future iron ore production from the Wyloo Project. CORPORATE Exploration expenditure for the Quarter was $107,000 which included on-going data compilation, report compilation and project generation. Payments to related parties of the Company. The company paid executive director salary and statutory superannuation together with non-executive directors' fees and statutory superannuation of $73,000 for the quarter Loans from Directors. During the June quarter, the three directors each loaned the company $20,000. The loans are unsecured, interest free and repayable no later than 31 December 2025. Since the end of the June quarter each of the directors have loaned the company an additional $20,000. These loans are also unsecured, interest free and repayable no later than 31 December 2025. Further Information - Cullen 2024 and 2025 ASX Releases 8- 1-2024: Rock Chip assay results - Three Projects 15-1-2024: First Pass Air Core Drilling Results - Bromus 18-1-2024: First Pass Air Core Drilling Results - REE Bromus 25-1-2024: Gold Assays, air core drilling - Bromus 31-1-2024: Quarterly Report to December 2023 28-2-2024: Exploration Update, Bromus and Wongan Hills 8-4-2024: Two IP Chargeability anomalies, Wongan Hills 19-4-2024: Quarterly Report to March 2024 4-6-2024: Investor Presentation 18-7-2024: Quarterly Report to June 2024 22-7-24 : Non-Renounceable Issue 22-7-24 : Proposed Issue of Securities 22-7-24 : Rights Issue Offer Document 22-7-24 : Cleansing Notice 24-7-24 : Finland JV Progress Report 30-7- 24 : Dispatch of Rights Issue Offer Document 23-8-24: Results of Non-Renounceable Rights Issue 26-8-24: Top 20 Security Holders 27-9-24 :Annual Report 2024 27-9-24 : Appendix 4G 30-10-24 : Quarterly Report for the period ending 30 September 2024 30-10-24 : Appendix 5B for the Quarter ending 30-9-24 21-11-24 : AGM Presentation 28-11-24: Yardilla - New Gold Project 1-12-24: Exploration Update - Wongan Hills 16-1-2025: Yardilla - Tropicana Model for Gold Exploration 28-1-2025: Amended Announcement - Yardilla 28-1-2025: Exploration Update - RC drilling Wongan Hills. 31-1-2025: Quarterly Report, period ending 31Dec 2024 31-1-2025: Amended announcement - Wongan Hills RC Drilling 6-2-202 : Yardilla - Additional Untested Gold Anomalies 25-2-2025: Yardilla project Option Exercised 30-4-2025: Quarterly Report period ending 31 March 2025 19-5-2025: Killaloe JV - Progress Report 3-6-2025: Cullen/ Capella JV Update 19-6-2025: Killaloe JV progress Report References WAMEX A51988 ; Field, T., Three Rivers Project, Annual Report 1996-97; July 1997. WAMEX A6281. Smit,R., 1989 : Wongan Hills project, BHPG-Otter Joint Venture, 1988 Annual report, Regional BLEG Soil Sampling WAMEX A26695 Lipple,S.L., 1982/4 : Geology of the Wongan Hills, GSWA Record. WAMEX A17145. Lee, S.D ., 1979: Annual Exploration progress Report, Wongan Hills prospect, Shell, WAMEX A 25468: Shakesby, S. 1988: Final Technical report, Exploration, 24-8-87 to 28-6-88, Ten Mile Rock E63/124, Newmont Holdings Pty Ltd WAMEX A99973 : Williams, K.; Final Surrender Report for the Period 21 June 2006 to 23 September 2013, Woodline Project, E63/1005, Sipa Exploration NL. WAMEX A101539 : Parkinson, C.; Final Surrender Report for the period 14-4-2009 to 6-2-2014, Woodline Project, Tenement E63/1043, Sipa Exploration NL. WAMEX A68081 : Jones M G; Annual Report for the period 3/01/2003-2/01/2004, Avoca -Karonie Project, E63/691, Gold Fields Australasia Pty Ltd. WAMEX A81566 : Hawkins, A., and Eisenhor, M.; Combined Annual Report on Exploration, March 2009, Woodline Project, Newmont Asia. WAMEX A117891 : Hedger,D.; Annual report, E63/1813, West Resources Ventures Pty Ltd, 2017-2018. WAMEX A 97859 : Brauhart, C.: Annual Report for the period 2012-2013, Woodline project, Sipa Exploration NL WAMEX A96135: Eddison, F.J., and Fairall, C., Combined Annual report; 1-10-2011 to 50-9-2012; Viking Project (inc. E 63/1355), 2012, ANGLOGOLD ASHANTI AUSTRALIA. SCHEDULE OF TENEMENTS (as at June 30 2025) REGION/ PROJECT TENEMENTS TENEMENT APPLICATIONS CULLEN INTEREST COMMENTS WESTERN AUSTRALIA NE GOLDFIELDS - Mt Eureka JV Gunbarrel E53/1299, +/ * 1893, 1957 - 1959, 1961, 2052, 2063 E53/2101 E53/2354,55,56,58 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 Barlee E20/714 E77/2606, E57/1135 100% 100% WHEATBELT Wongan Hills E70/4882 90% MARYMIA E52/4477;4478 100% EASTERN GOLDFIELDS Killaloe JV Yardilla E63/1018 E63/2463; 2487 20% Cullen retains 20% FCI to DTM, with Lachlan Star (ASX: LSA) managing. Option to purchase 90% ELA63/2463, ELA63/2487 Cullen 100%. Bromus South E63/1894, 2216 100% 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) TENEMENTS RELINQUISHED and APPLICATIONS WITHDRAWN DURING THE QUARTER E77/2688, E52/1667 Surrendered Data description as required by the 2012 JORC Code - Section 1 and Section 2 of Table 1 Yardilla project, ELA 63/2463 - historical exploration results, A96135. Section 1 Sampling techniques and data Criteria JORC Code explanation Comments Sampling technique Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. Lila, Lila West and Ten Mile rocks Gold Prospects (WAMEX A68081). Mordicus Prospect - 122 rock chip samples reported herein as in WAMEX A 96135. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used No drilling reported herein. Aspects of the determination of mineralisation that are material to the Public report. In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1m samples from which 3kg was pulverised to produce a 30g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. The rock chip samples (A96135) were submitted to Genalysis Laboratory Services in Perth for multi-element analysis. Standards and blanks were routinely submitted every 100 samples a part of quality control. Samples were prepared to industry standards including pulverized to nominal -75 microns. Lead collection fire assay followed by ICP-MS was used for gold, platinum, and palladium on either a 25g or 50g charge. Four acid digest, 25 g charge, ICP-OE for multi-elements reported herein. Drilling technique Drill type (e.g., core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method etc.). No drilling reported herein. Drill Sample recovery Method of recording and assessing core and chip sample recoveries and results assessed No drilling reported herein. Measurements taken to maximise sample recovery and ensure representative nature of the samples. No drilling reported herein. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. No drilling reported herein. Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining and metallurgical studies. No drilling reported herein. Whether logging is qualitative or quantitative in nature. Core (or costean, channel etc.) photography. No drilling reported herein. The total length and percentage of the relevant intersections logged No drilling reported herein. Sub-sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. No drilling reported herein. If non-core, whether riffles, tube sampled, rotary split, etc. and whether sampled wet or dry. No drilling reported herein. For all sample types, quality and appropriateness of the sample preparation technique. No drilling reported herein. No comment on appropriateness of sample prep. technique recorded, but is industry standard. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. No drilling reported herein. Standards and blanks were routinely submitted every 100 samples a part of quality control (rock chip sampling). Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. No drilling reported herein. No information about any duplicate sampling recorded. Whether sample sizes are appropriate to the grain size of the material being sampled. No drilling reported herein. No comments about rock chip sample size appropriateness recorded. Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. Not recorded in WAMEX reports referenced here. For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Airoborne Electromagnetic Survey (AEM) reported in WAMEX A96135. No images used herein, conclusions on AEM results quoted herein from WAMEX A96135. Client: ANGLOGOLD ASHANTI Contractor - SPECTREM, Air Ltd 2011 Line spacing - 250m , 481 line km Transmitter Height - 91m (EM) Scintrex CS2 Sensor (Magnetics). Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. Not recorded in WAMEX reports reviewed for this report. Verification of sampling and assays The verification of significant intersections by either independent or alternative company personnel. Not recorded in WAMEX report reviewed for this report. The use of twinned holes No drilling reported herein. Documentation of primary data, data entry procedures, data verification, data storage (physically and electronic) protocols. Not recorded. Discuss any adjustment to assay data. Not recorded. Location of data points Accuracy and quality of surveys used to locate drill holes (collar and downhole surveys), trenches, mine workings and other locations used in Mineral Resources estimation. Not recorded. Specification of the grid system used. The grids are in UTM grid GDA94, Zone51. Quality and adequacy of topographic control. Not recorded. Data spacing and distribution Data spacing for reporting of Exploration Results. No drilling reported herein. Rock sampling not gridded, samples reported historically are plotted on figures. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Reserve and Ore Re4serve estimation procedure(s) and classifications applied. No drilling reported herein. Whether sample compositing has been applied. Rock chip sampling comprise compositing of chips, but number not recorded in the WAMEX report review. Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. No drilling reported herein. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. No drilling reported herein. Any broad relationship of rock chip sampling to possible structures not discussed in WAMEX reports reviewed herein. Some comments in the reports reviewed, which relate to structure, have been included in this report's text. Sample security The measures taken to ensure sample security. Not recorded. Audits or reviews The results of and audits or reviews of sampling techniques and data. Not recorded. Section 2 Reporting of exploration results Mineral tenements and land tenure status Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interest, historical sites, wilderness or national park and environmental settings. Data compiled for this report relates to former tenement E63/1355. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. Cullen's interest in the Yardilla Project is held via an option to purchase scheme over EL application 63/2463. Granting of the tenement is a process currently underway and is a requirement to initiating Cullen's exploration. Cullen's E63/2487 also an application. Exploration done by other parties Acknowledgement and appraisal of exploration by other parties. This report is based on appraisal of the data in the referenced WAMEX reports. Geology Deposit type, geological settings and style of mineralisation. No drilling reported herein. Drill hole information A summary of all information material for the understanding of the exploration results including a tabulation of the following information for all Material drill holes: No drilling reported herein. · E asting and northing of the drill hole collar · Elevation or RL (Reduced level- elevation above sea level in metres)and the drill hole collar · Dip and azimuth of the hole · Down hole length and interception depth · Hole length If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. No drilling reported herein. Data aggregation methods In reporting Exploration results, weighing averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually material and should be stated No drilling reported herein. Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. No drilling reported herein. The assumptions used for any reporting of metal equivalent values should be clearly stated. No drilling reported herein. Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration Results. No drilling reported herein. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. No drilling reported herein. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known') No drilling reported herein. Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts would be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. No drilling reported herein. Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. No drilling reported herein. Further work The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). Further work is proposed: to include reconnaissance rock and soil sampling. at the Mordicus Prospect. Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, providing this information is not commercially sensitive. See included figures. ATTRIBUTION: Competent Person Statement The information in this report that relates to exploration activities 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. Information in this report may also reflect past exploration results, and Cullen's assessment of exploration completed by past explorers, which has not been updated to comply with the JORC 2012 Code. The Company confirms it is not aware of any new information or data which materially affects the information included in this announcement. ABOUT CULLEN: Cullen is a Perth-based minerals explorer with a multi-commodity portfolio including projects managed through a number of JVs with key partners (High Tech Metals,Capella and Lachlan Star), and a number of projects in its own right. The Company's strategy is to identify and build targets based on data compilation, field reconnaissance and early-stage exploration, and to pursue further testing of targets itself or farm-out opportunities to larger companies. Projects are sought for most commodities mainly in Australia but with selected consideration of overseas opportunities. Cullen has a 1.5% F.O.B. royalty up to 15 Mt of iron ore production from the Wyloo project tenements, part of Fortescue's Western Hub/Eliwana project, and will receive $900,000 cash if and when a decision is made to commence mining on a commercial basis - from former tenure including E47/1649, 1650, ML 47/1488-1490, and ML 08/502. Cullen has a 1% F.O.B. royalty on any iron ore production from the following former Mt Stuart Iron Ore Joint Venture (Baowu/MinRes/Posco/AMCI) tenements - E08/1135, E08/1330, E08/1341, E08/1292, ML08/481, and ML08/482 (and will receive $1M cash upon any Final Investment Decision). The Catho Well Channel Iron Deposit (CID) has a published in situ Mineral Resources estimate of 161Mt @ 54.40% Fe (ML 08/481) as announced by Cullen to the ASX - 10 March 2015. FORWARD - LOOKING STATEMENTS 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 have 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. Authorised for release to the ASX by: Chris Ringrose, Managing Director, Cullen Resources Limited. REGISTERED OFFICE : Unit 4, 7 Hardy Street, South Perth WA 6151. Telephone: +61 8 9474 5511 Facsimile:+61 8 9474 5588 CONTACT: Dr. Chris Ringrose, Managing Director. E-mail: [email protected] https://www.cullenresources.com.au ‌Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Cullen Resources Limited ABN Quarter ended ("current quarter") 46 006 045 790 30 June 2025 Consolidated statement of cash flows Current quarter $A'000 Year to date (12 months) $A'000 1. Cash flows from operating activities 1.1 Receipts from customers - - 1.2 Payments for (a) exploration & evaluation (107) (711) (b) development - - (c) production - - (d) staff costs (15) (60) (e) administration and corporate costs (36) (207) 1.3 Dividends received (see note 3) - - 1.4 Interest received - 3 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (158) (975) 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities - - (b) tenements - - (c) property, plant and equipment - - (d) exploration & evaluation - - (e) investments - - (f) other non-current assets - - Consolidated statement of cash flows Current quarter $A'000 Year to date (12 months) $A'000 2.2 Proceeds from the disposal of: (a) entities - - (b) tenements 37 117 (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities 37 117 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) - 739 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - (26) 3.5 Proceeds from borrowings - Advances from Directors 60 60 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities 60 773 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 68 92 4.2 Net cash from / (used in) operating activities (item 1.9 above) (158) (975) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 37 117 4.4 Net cash from / (used in) financing activities (item 3.10 above) 60 773 Consolidated statement of cash flows Current quarter $A'000 Year to date (12 months) $A'000 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 7 7 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A'000 Previous quarter $A'000 5.1 Bank balances 7 68 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 7 68 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 73 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. 7. Financing facilities Note: the term "facility' includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A'000 Amount drawn at quarter end $A'000 7.1 Loan facilities 60 60 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities 60 60 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. $20,000 loans from each of the three directors which are unsecured, interest free and repayable no later than 31 December 2025. 8. Estimated cash available for future operating activities $A'000 8.1 Net cash from / (used in) operating activities (item 1.9) (158) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (158) 8.4 Cash and cash equivalents at quarter end (item 4.6) 7 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 68 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 0.04 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as "N/A". Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: Yes 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: The company always monitors its cash position and it expects funding will be forthcoming via either equity, borrowings or sale of non-core assets should it be required. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Yes the company expects to be able to continue its operations and meet its business objectives. Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. This statement gives a true and fair view of the matters disclosed. Date: ..........................31 July 2025......................................................... Authorised by: .......................Wayne Kernaghan - Director..................................... (Name of body or officer authorising release - see note 4) Notes This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [ name of board committee - eg Audit and Risk Committee ]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee". If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

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