Cullen Resources : Quarterly Report for the period ending 30 September 2024

About this update from Cullen Resources Limited

www.cullenresources.com.au ASX:CUL 30 October 2024 QUARTERLY REPORT ENDING 30 September 2024 WONGAN HILLS Drilling is planned to commence in December following wheat harvesting to test strong IP chargeability anomalies at two prospects ( ASX:CUL ;8-4-2024). These IP anomalies are supported by positive geological, geochemical, and other geophysical data indicating volcanic-hosted gold/base metals and/or i ntrusion-related copper prospectivity at both prospects. BARLEE : Soil sampling and mapping targeting gold are planned for a November start (E2606) prior to possible first pass air core drilling at Trainers Rock lithium-in-pegmatite prospect. Re-assays for Au, Pt and Pd of 17 retained sample pulps from Cullen's 2020 auger soil sampling program, returned Pt+Pd assays of 21, 56 and 65ppb. These results, from an ultramafic unit with elevated Ni, Cu and Co as previously reported (ASX: CUL;8-3-21), suggests strike-extensive mafic/ultramafic stratigraphy E77/2606, may have Ni-Cu-PGE prospectivity. NORTH TUCKABIANNA : Subsequent to the end of the Quarter, soil sampling was completed on an untested, structurally-complex shear zone gold target, with assays pending. BROMUS SOUTH: Soil sampling and mapping are planned prior to air core drilling of: untested granite-greenstone boundary structures for gold and/or lithium-in- pegmatites; and a significant REE anomaly (5m @ 9684ppm TREO). CORPORATE During the quarter, the company conducted a rights issue which raised $739,372 (before expenses). 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] Quarterly Report - ending 30 September 2024 WEST PILBARA IRON ORE ROYALTIES A 1% F.O.B. royalty over any future production from the Catho Well Channel Iron Deposit, near Onslow Iron (ASX: MIN); and a 1.5% F.O.B . royalty with FMG on up to 15Mt of any future iron production from Wyloo Project offer potential future cash flow or monetisation opportunities. CARRIED INTERESTS IN JV PROJECTS FINLAND JV : Capella Minerals Limited (70%) is funding JV activities until PFS (Cullen 30%), and plans to commence drilling key Cu-Au targets, Central Lapland Greenstone Belt (CLGB), in Q4, 2024 - six granted Exploration Permits. Cullen anticipates a payment of US$100,000 shortly, as per agreement. MT EUREKA JV : Several moderate to strong chargeability anomalies along gold corridors scheduled for future drill testing by Manager Rox Resources (ASX: RXL; 14-2-2024). PROJECT GENERATION ON-GOING - W.A. AND FINLAND 2 Quarterly Report - ending 30 September 2024 WONGAN HILLS PROJECT W.A.: E70/4882, 5162, 5414 centered ~20km north-west of Wongan Hills (Cullen 90%) - IP anomalies for drill testing A program of trial 2D DDIP (Two-dimensionalDipole-Dipole Induced Polarisation and Resistivity) surveying defined two significant, undrilled chargeability anomalies , at the Wongan and Rupert prospects (ASX:CUL;8- 4-24) see Figs. 1-4. At the Wongan Prospect, on the western side of the Wongan Hills Greenstone Belt, (WHGB) the chargeability anomaly lies on a ultramafic/mafic sediment contact, aligns with a trend of VTEM anomalies and is 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 broadly analogous to the Bindi copper resource setting. This chargeability anomaly is open along strike N and S, aligns with a trend of VTEM anomalies but has not been tested by either historical deep drilling or previous Cullen RC drilling. Again, there are multiple, coincident indicators of a mineralising system. The Wongan and Rupert chargeability anomalies are prime targets in favourable geological settings and planning for initial drill testing is well underway - RC drilling with holes to 200-250m depth is anticipated. 3 Quarterly Report - ending 30 September 2024 Fig. 1 Position of the Wongan and Rupert prospects in the regional setting showing the 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). Approximate position of Cullen's IP traverses/Prospects (white arrows) shown on magnetics image. The Wongan Prospect (western arrow) sits in a high strain, NNE-SSW zone in the aureole to a tear-shaped granitoid (red dashed). The Rupert Prospect (eastern arrow) lies on a major greenstone belt flexure and close to the greenstone-gneiss contact. https://geoview.dmp.wa.gov.au/geoview/?Viewer=GeoVIEW . 4 Quarterly Report - ending 30 September 2024 (2) Fig. 2 Local position of prospects: IP traverses (white arrows) shown on magnetics image draped on regional gravity image (1VD) . Prominent, circular gravity high in the SW of Cullen's project area (maroon colour, denser rock), surrounds a tear-shaped,non-magnetic granitoid (red dashed). The Wongan Prospect (western arrow) sits in a high strain zone in the aureole to this tear- shaped granitoid. The Rupert Prospect (eastern arrow) lies on a major greenstone belt flexure and close to the greenstone-gneiss contact. Several other, late stage granitoids crop out or have been interpreted from air magnetics data to occur within the greenstones stratigraphy (red dashed outline (2) for example). https://geoview.dmp.wa.gov.au/geoview/?Viewer=GeoVIEW . 5 Quarterly Report - ending 30 September 2024 Ultramafic horizon from air 2km mag and air core IP Line . Fig. 3 The Wongan chargeability anomaly at 463200mE lies directly west of WHAC45 on the contact of the interpreted ultramafic unit, shown on air mag image. Green square at IP chargeability anomaly. LEGEND : Small black circles = Cullen's 2019 air core drillholes Larger black circle, yellow margin = VTEM picks, survey flown by Cullen (ASX:CUL, 10-8-2018) Faults (blue dashed) and outline of ultramafic (yellow-red dashed line) shown. 6 Quarterly Report - ending 30 September 2024 Fig. 4. Summary interpretation of bedrock geology, with position of the Rupert chargeability anomaly - geology shown as previously reported, ASX: CUL; 28-1- 2021. Air core drilling near the chargeability anomaly has not been deep enough (averaging 60m depth at -60°) to test this IP target. The most anomalous of Cullen's air core holes are close to an interpreted granite intrusive/BIF contact (Fig.4) : hole 23WHAC200 is highly anomalous in base metals and pathfinders, including 17m @ 1286ppm Zn from 70m to EoH (ASX:CUL:17-4-2023); and air core hole 22WHAC166 includes 5m composite assays up to; 0.11 g/t Au, 1.04 ppm Ag and 468ppm Pb (ASX:CUL; 6-4-2022). 7 Quarterly Report - ending 30 September 2024 WEST PILBARA IRON ORE ROYALTIES 1) Royalty with API Management Pty Ltd (see Fig.5): 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) - Fig.5. New regional infrastructure may increase the likelihood of development of iron ore deposits such as Catho Well *. 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 (see Fig. 6). Onslow Iron Fig. 5. Location of Cullen's iron ore royalty tenements, West Pilbara, W.A. none of which are part of Onslow Iron . *Catho Well has an in situ, Mineral Resource estimate of 161Mt @ 54.40% Fe (ASX: CUL 10-3-2015), and a Reserve of 83Mt @ 55.1% Fe (ASX: CUL 16-9- 2015 ) - M08/481. 8 Quarterly Report - ending 30 September 2024 Fig. 6 from: https://www.apijv.com.au/west-pilbara-iron-ore-project Note: APIJV tenements includes: Catho Well deposit and former **Mt Stuart Iron Ore Joint Venture, an APIJV-Cullen JV: E08/1135, E08/1341, E08/1292, ML08/481, ML08/482, part of the West Pilbara Iron Ore Project (WPIOP). 2) Royalty with FMG (see Fig.5): Cullen Exploration Pty Ltd also holds a 1.5% F.O.B. royalty on up to 15Mt of iron ore production from the Wyloo Project (ASX: CUL; 3-8-2015), part of Fortescue's Western Hub/Eliwana project, and $900,000 cash if and when a decision is made to commence mining on a commercial basis. The Wyloo North , Bedded Iron Deposit (BID), located just east of the Paulsen's East iron ore deposit (ASX: SRK), has a Mineral Resource estimate of 101Mt @ 60.4% Fe (ASX: FMG;17-8-2018, M47/1567 ). 9 Quarterly Report - ending 30 September 2024 BROMUS SOUTH, W.A.: Gold and lithium E63/1894, 2216 (Cullen 100%). Reconnaissance air core drilling ( 49 holes for 1674m) of five targets defined by structure and/or soil anomalies returned a significant REE anomaly of 5m @ 9684ppm TREO in BSAC004. Two adjacent holes also recorded strongly anomalous intersections of REE with a best of 15m at 1389 ppm TREO , from 35m. These holes, traverse a 400m wide palaeochannel open in both directions with REE anomalies concentrated in clay zones above basal black clays (ASX: CUL; 15-1;18-1 202; 25-1-2024, and 28-2-24). Gold and lithium-in-pegmatites targets remain untested and further drilling and soil sampling is proposed (Targets 6 and 7, Fig.8). Fig. 7 Location of Bromus South Project Magnetics Image from https://geoview.dmp.wa.gov.au/geoview . 10

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