Cullen Resources : Quarterly Report for the period ending 31 December 2024

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www.cullenresources.com.au ASX:CUL 31 January 2025 QUARTERLY REPORT ENDING 31 December 2024 YARDILLA PROJECT Binding Term Sheet signed (ASX:CUL;28-11-24,) to acquire up to a 90% interest in Exploration Licence Application ELA63/2463 (~ 150 sq. km) in the Eastern Goldfields of Western Australia, centered about 90km east of Norseman and 50km southwest of the Nova Nickel Mine. Adjoining ground ( ELA63/2487 - Cullen 100% ), but not part of the Option- to-Purchase, creates a substantial combined land package of ~ 325 sq. km along the highly-prospective SE margin of the Yilgarn craton. The combined project area captures a 30km strike length of prospective target trend. Priority targets identified to date by systematic, high standard, historical exploration in thick regolith include two gold-in-calcrete soil anomalies, up to 5 x 1km at >14 to 86ppb Au (ASX:CUL;16-1-25;28-1-25). Historical RAB drilling of these anomalies discovered multiple mineralised zones, >0.1g/t Au and several >1g/t Au , some in pyritic, biotitic and/or sericitic mafic and/or felsic bedrocks supported by Cu, Ag and W anomalies. The RAB anomalies remain open along strike and at depth and were not tested by RC drilling. They present compelling targets for further AC and follow-up RC drilling. Geological setting is reworked, metamorphosed and altered Archaean, granitic gneisses and amphibolites similar to that at the Tropicana gold deposit (380km NE), a useful model for Cullen's gold exploration. 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. Evaluation of the extensive project data base is continuing, together with initial field investigations and advancing the Native Title process towards grant of the Yardilla tenements. 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 - Dec 24 Cullen's Managing Director, Dr. Chris Ringrose, commented : Yardilla is a very rare example of substantial Greenfields gold anomalies that have not been fully tested along strike and at depth by previous explorers. These significant geochemical anomalies are in a favorable geological setting, and are to be explored using a Tropicana-type deposit model. The Yardilla project presents exciting drill- ready targets, underexplored targets, and extensive unexplored areas offering significant scope for discoveries." WONGAN HILLS RC drilling completed in December 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). These IP anomalies are supported by positive geological, geochemical, and other geophysical data where targets remain to be tested. TARGET GENERATION and OTHER PROJECTS Reconnaissance soil sampling was completed over new targets at each of the Barlee , North Tuckabianna (Cue), and Bromus South Projects. These surveys did not return any significant anomalies of gold, base metals or lithium for follow-up exploration (Tables 1-3). 2 Quarterly Report - Dec 24 Cullen plans to orderly divest its interests in the Barlee, Bromus South, Cue and Yornup Projects, to maintain a focus on Yardilla, and Wongan Hills. Project generation in Australia and Finland for gold and copper is being maintained. 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 Q1, 2025 - six granted Exploration Permits. Cullen anticipates a payment of US$100,000 shortly, as per agreement. MT EUREKA JV : Rox has reported (ASX:RXL;28-1-2025) : "During the quarter a small RC drill program was successfully conducted at the Mt Fisher/ Mt Eureka prospects on tenements E53/1299*, E53/1209*, E53/1061 and E53/1637*. The program drilled gold, PGE and nickel targets over the tenure. The RC assays remain outstanding with results expected in January. The Company continues to progress opportunities to monetise the Mt Fisher -Mt Eureka Project." Note: * are Mt Eureka JV tenements, Cullen 49%. 3 Quarterly Report - Dec 24 WONGAN HILLS PROJECT, W.A. A program of RC drilling was completed to test IP anomalies defined at the Wongan and Rupert Prospects (ASX: CUL; 8-4-2024). In summary, the results (ASX:CUL;28-1-2025) suggest that pyritic cherty BIF is the likely source of the IP response at Rupert whereas the Wongan IP response is unexplained. However, the low level of precious and base metal assays does not justify deeper driller of either IP target at this stage. Soil anomalies with interpreted faults, adjacent to the Rupert IP anomaly, and interpreted faults focussing VTEM anomalies at Wongan are targets that remain to be drill tested (Figs 1-3). Fig. 1. Interpreted target structure at Wongan disrupts stratigraphy and is the focus of several VTEM anomalies, a possible sulphidic target zone. 4 Quarterly Report - Dec 24 VTEM anomalies Current RC Previous RC Fig. 2. Bedrock geology , Rupert Prospect. An interpreted NE-SW fault line crosses a major magnetic unit, interpreted as BIF-ultramafic. E4882 Fig. 3. Geochem data from Shell BLEG survey WAMEX A17145 and A26695. (ASX:CUL;22-6-2020) showing an elongate anomaly trending NE-SW. 5 Quarterly Report - Dec 24 NORTH TUCKABIANNA, CUE, W.A.: E20/714 - Gold ( Cullen 100%) Reconnaissance soil sampling (113) was completed on an untested, structurally- complex, shear zone gold target, close to the granite-greenstone boundary at the south-eastern margin of the tenement (Figs. 4-6). There were no significant anomalies for elements of interest (Table 1) although thick transported cover and/or regolith may have inhibited the effectiveness of soil sampling. Fig. 4. Location of recently completed soil sampling program - aerial photo base (see Figs. 5 and 6). 6 Quarterly Report - Dec 24 Fig.5. S ampling area (outlined in yellow) on air magnetics image (from VTEM). Fig. 6. Geology interpreted from air magnetics - sampling program - blue square. 7 Quarterly Report - Dec 24 BARLEE PROJECT: E57/1135, E's 77/2606, 2967, 2688 and 3118 (Cullen 100%) - centered ~40km south of the Penny Gold Mine. Soil sampling (56) was completed to test a prominent, strata-parallel magnetic feature cut by a set of E-W faults and/or dykes, close to the granite-greenstone boundary at the southern end of E77/2606 (Fig.7). There were no anomalies of gold, base metals or lithium (see Table 2). E77/2606 Fig. 7. Location of recently completed soil sampling program - air magnetics image Magnetics Image from https://geoview.dmp.wa.gov.au/geoview 8 Quarterly Report - Dec 24 BROMUS SOUTH, W.A.: Gold and lithium E63/1894, 2216 (Cullen 100%). Soil sampling (76) was completed in December for gold and/or lithium-in- pegmatites (Figs. 8 and 9). The assays results did not include any significant results for elements of interest (Table 3). It is not clear whether the type of regolith is prohibitive for soil sampling to be an effective tool - there has been no drilling to bedrock in the areas sampled. However, the favourable regional and structural setting of the project suggests further investigation is warranted. 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). 9 Quarterly Report - Dec 24 Fig. 9. Location of recently completed soil sampling program -over faults (black); and, priority targets from air magnetics interpretation (red boxes). 10

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