Quarterly Report for the period ending 31 March 2022

www.cullenresources.com.au

ASX:CUL

28 April 2022

Mt EUREKA JV PROJECT centered ~130km east of Wiluna, NE goldfields, gold and base metals (Rox Resources Limited, "Rox", Earning 75%)

•  JV partner Rox has reported high-grade drill results including: MFRC075: 13m @ 6.81 g/t Au from 45m, including 9m @ 8.89g/t Au from 47m and 4m @ 2.59 g/t Au from 67m at the Galway prospect; and MRFC071: 3m @ 3.96 g/t Au from 35m, including 2m @ 5.52 g/t Au at the Southern prospect (ASX:RXL; 27-4-2022).

WONGAN HILLS PROJECT, WA - targeting Volcanic-Hosted Massive Sulphide (VHMS) Cu-Zn-Ag-Au and Ni-Cu-PGE mineralisation (Cullen 90%)

•  Reverse circulation (RC) and air core (AC) drilling, and a ground EM survey completed - RC drill holes, 22WHRC018 and 22WHRC019 tested two new ground EM conductors in April (ASX:CUL; 16-2; 31-3; 6-4-22).

•  RC018 intersected six sections (2-6m thick) of disseminated pyrite-pyrrhotite (~2-5%) in amphibolite schists (after ?sediments) between 125 and 193m down hole - interpreted to explain the modelled conductor plate C4 at 185m downhole at this drill position.

•  RC019 intersected two ultramafic units (20 and 60m thick downhole) and 4m thick carbonaceous shale (from 110m downhole) with ~10% disseminated pyrite-pyrrhotite, interpreted to be the modelled EM conductor C5 at 100-110m down hole - all assay data for RC018 and 019 is pending.

CATHO WELL IRON ORE ROYALTY

•  Cullen holds a 1% F.O.B. royalty on any iron ore production from the Catho Well deposit, which adjoins the Red Hill Iron Ore JV (RHIOJV) tenure immediately to the south. Cullen is encouraged by the planned development of the RHIOJV iron ore by Mineral Resources Limited (ASX:MIN) with JV Partners, Baowu, AMCI and POSCO, and the proposed haulage and port infrastructure as it could signal possible development of the nearby Catho Well, at some stage in the future.

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:cringrose@cullenresources.com.au

NORTH TUCKABIANNA PROJECT, W.A. E20/714 (Cullen 100%), centered ~30km east of Cue, in the Murchison Region, gold and base metals

•  30 Air Core holes (TNAC91-120 for 1547m) completed in January tested three new and reported regolith gold anomalies (3m @ 0.13 g/t Au from 60m to end of hole (EoH); and 4m @ 0.07 g/t Au from 52m) along sheared, lithological contacts at two targets along a NE-SW corridor targets (ASX:CUL:9-2-2022).

•  Follow-up air core and deeper RC drilling is planned to test four strike-extensive, stratigraphic-structural targets, where previous drilling has been either too shallow or failed to test bedrock below air core /RAB first refusal depth.

BARLEE PROJECT, WA - targeting Penny West - type Gold (Cullen 100%),

•  Soil sampling on a 400 x 100m, east-west grid returned an end-of-line gold and tellurium anomaly 7 ppb Au (background <1ppb) with 0.12 ppm Te (background <0.01 ppm) which together with historical anomalies nearby indicate target structures for mineralisation (ASX:CUL; 28-1-2022).

NORTHERN FINLAND, Katajavaara and Aakenus Joint Venture ("JV"), gold and copper-gold (Cullen 30%)

•  JV manager Capella Minerals Limited, (TSXV:CMIL; FRA:N7D2), "Capella" reported that a 200 square kilometer, high-resolution drone magnetic survey had commenced on the Katajavaara-Aakenus Joint Venture ("JV") project in northern Finland. The JV's initial focus will be on five main gold and/or copper targets (see ASX:CUL; 1-3-2022).

PIPELINE PROJECTS - Cullen 100%

•  Cullen plans to assess its Barlee and Bromus projects for lithium in pegmatites. Both present strike-extensive, granite-greenstone contact corridors for field review. Bromus is centered 20km south west of Norseman in the Eastern Goldfields of W.A. amongst regional occurrences of lithium pegmatites including Mt Deans located just to the north-east.

WONGAN HILLS PROJECT, WA - targeting Volcanic-Hosted Massive Sulphide (VHMS) Cu-Zn-Ag-Au and Ni-Cu-PGE mineralisation (Cullen 90%)

BACKGROUND

In January 2022, RC drilling further tested a strong ground EM conductor (Model C3) at Rupert and outlined a lensoidal (possibly intrusive) body of ultramafic with a best intersection of 30m @ 1161 ppm Ni, with 22ppm Cu, and 80ppm Co (WHRC14 from 115-145m) - similar to that in previous hole RC6 which contained trace nickel sulphides (ASX:CUL:16-9-2021;16-2-2022).

Also in January, air core hole WHAC148 500m south-southeast of RC6 returned 15m @ 1963 ppm Ni, with 227 ppm Co, from 5m - max 5m composite sample of 3021ppm Ni with 389ppm Co and, WHAC 151, 230m west on the same x-section, returned 17m @ 1802 Ni, 160 ppm Co from 20m to End of Hole,

These Ni-Co intersections partially overlie coincident, discrete, magnetic -VTEM anomalies at the northern tip of an untested strike-extensive (~3km) magnetic belt (Figs. 1 and 2), and together with area RC6 are interpreted to be part of a prospective mafic-ultramafic complex.

Cullen has previously reported that nickel sulphides were observed in percussion drill chips in Cullen's drill hole RC6 at the Rupert Prospect (ASX: CUL, 16-9-2021), following examination of samples in thin and polished section by a consultant petrologist (Minerex Services Pty Ltd). Sulphides identified include: pentlandite (iron-nickel sulphide), pyrite, pyrrhotite, bravoite (iron-nickel sulphide) and violarite (oxidized form of pentlandite-pyrrhotite); with niccolite - a nickel arsenide.

Significantly, the host to these sulphides is described as an "amphibolitised, former serpentinised komatiite" in a 30m thick (downhole) section of RC6 which averages 1150 ppm Ni from 5m composite samples. Note, the identification of ultramafic as komatiite is tentative given the relatively high-grade of metamorphism of the samples.

Re-assays of 5m composites from RC6 returned significant anomalies of palladium (Pd) to 101ppb, and platinum (Pt) to 26ppb in the regolith overlying the nickel-bearing ultramafics (ASX: CUL, 21-10-2021) and similar Pd and Pt levels were also reported for RC14 and RC16 (ASX:CUL:6-4-2022).

RC6 was positioned to test a modelled ground EM anomaly plate (C3) situated at 125m downhole for base metal mineralisation of the VHMS-type. A 2m semi massive to massive sulphidic (pyrite-pyrrhotite, 60-70%) BIF unit from 131m was interpreted to be the source of the EM anomaly.

Fig. 1. RC and AC target drilling completed Jan 2022 at Rupert with significant results highlighted (Drone Mag Image) - from ASX:CUL, 16-2-2022.

Also during the Quarter, Cullen completed a ground EM survey and defined three new conductors (ASX:CUL;31-3-2022) subsequently Cullen tested two new ground EM conductors in April with RC drill holes - 22WHRC018 and 22WHRC019 (Table 1);

•  RC018 tested conductor C4 and intersected six sections (2-6m thick) of disseminated pyrite-pyrrhotite (~2-5%) in amphibolite schists (after ?sediments) between 125 and 193m down hole - interpreted to explain the modelled conductor plate at 185m downhole at this drill position;

•  RC019 tested conductor C5 and intersected two ultramafic units (20-60m thick downhole) and a 4m thick carbonaceous shale (from 110-114m downhole) with ~10% disseminated pyrite-pyrrhotite, interpreted to be the modelled EM conductor targeted at 100-110m down hole - all assay data for RC018 and 019 is pending.

•  The lithologies of these two RC holes, indicate a strong stratigraphic difference between the Rupert and Rupert South prospects, and underline a further exploration to be focused on the ultramafic-bearing stratigraphy at Rupert and to the south and east.

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Fig. 2. Plan position of C4-C6 modelled ground EM plates on

VTEM and magnetics images

(Drone Mag) - drilling data ASX:CUL, 16-2-2022.

Table 1: Drill hole stats: RC018-RC019 (April, 2022)