CULLEN RESOURCES LIMITED — AGM Information 2025

Nov 26, 2025

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ASX: CUL

✓ Yardilla Gold Project – Targeting Tropicana lookalike? ✓ Cullen carried in 3 active JV’s

P R E S E N T A T I O N N O V E M B E R 2 0 2 5 I © C U L L E N R E S O U R C E S L I M I T E D AGM PRESENTATION, NOVEMBER 2025

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DR CHRIS RINGROSE, MANAGING DIRECTOR
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Disclaimer

IMPORTANT NOTICE

This presentation has been prepared by Cullen Resources Limited ACN 006 045 790 (Cullen) for general information purposes only. The presentation is not and should not be considered as an offer or invitation to subscribe for or purchase any securities in Cullen, or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in Cullen will be entered into on the basis of this presentation.

FORWARD-LOOKING STATEMENTS

This presentation 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.

ATTRIBUTION – COMPETENT PERSON STATEMENT

Information in this presentation may reflect past exploration results, and Cullen’s assessment of exploration completed by past explorers, which was first prepared and disclosed under JORC Code 2004. It has not been updated since to comply with JORC Code 2012 on the basis that the information has not changed materially since it was last reported. 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 Company confirms that it is not aware of any new information or data which materially affects the information included in this presentation.

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Yardilla Gold Project Regional Setting

KEY GEOLOGICAL FACTORS

• Eastern margin, Yilgarn craton

• Proterozoic meta-mafic and granite overlying Archaean

• Proterozoic rocks thrust over Archaean

• Geological setting similar to the giant Tropicana gold deposit.

• ~350 sq.km project area

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Yardilla Gold Project Aeromagnetic mage Significant untested soil anomalies - aeromagnetic image

o Soil Anomalies up to: 5 x 1km at >14 to 86 ppb Au at Lila and Cleanthes Only tested by Historical RAB/AC drilling to date

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Yardilla Gold Project Significant untested soil anomalies

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Aeromagnetic
Images
Air mag image
Auger soils
Red : 14-35ppb Au
Auger soils
Red : 14-86 ppb Au
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Yardilla Gold Project

Gravity image

Significant untested soil anomalies

- gravity image

Soil Anomalies up to: 5 x 1km at >14 to 86 ppb Au Prospects Lila Lila West Ten Mile Rocks Cleanthes

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soil anomalies on thrust fault zone Yardilla Gold Project

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Lila
3 significant
Three Mile
soil
anomalies
Cleanthes
Gravity image
on air photo
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~ 25km of imbricate thrust sheets and crosscutting faults form the Yardilla *nappe within Proterozoic rocks along the Yilgarn craton margin

*Nappe: a nappe or thrust sheet is a large body of rock that has been moved above a thrust fault from its original position, often formed in compressional tectonic environments

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Trend of gold in RAB drilling

Yardilla Gold Project Gold in historical shallow drill tests

RAB Anomalies At Lila, trend of gold in RAB anomalies parallel to ~ NE-SW structures, along the Yardilla nappe boundary

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Yardilla Gold Project

Gold in historical shallow drill tests

Trend of gold in RAB drilling

RAB Anomalies At Cleanthes, RAB anomalies may reflect SE curving southern contact of the Yardilla nappe

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Yardilla Gold Project

Lila Ten Mile Rocks Cleanthes

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Soil anomalies
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Exploration Model Soil anomalies at Lila etc. may mark the top of Tropicana – like gold lodes

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Cullen RC drilling planned to follow

requested Heritage surveying, P.O.W. approved

Yardilla – Gold Project

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Good access
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Historical dill spoil
Existing tracks
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Wongan Hills Greenstone Belt Regional Setting

Aeromagnetics

▪ Just north of copper mineralisation defined by Caravel Minerals around the Wongan batholith. (ASX:CVV; 2-10-2024)

• Caravel: Possible porphyry-related mineralisation on batholith margin.

▪ Strong soil, laterite and drill multi-element geochemical anomalies in Cullen’s E4882– largely unexplained !

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Wongan Hills Greenstone Belt Three Main Sets of Faulting

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Wongan Prospect Copper-Gold Mineralisation Model

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Copper-Gold Mineralisation Model
Model for Cu-Au mineralisation
WHD001 150m
Clast of pyrrhotite-
pyrite-chalcopyrite
?Cu-Au
(125.6m)
Clast of pyrrhotite,
veinlet with ?
Pegmatite Targets
chalcopyrite (62.0m)
Schematic – X Section
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Rupert Prospect Eastern Margin of Greenstone Belt

▪ A gold in soils anomaly is interpreted to reflect NE faulting and is bound by late stage granitoid intrusives

500m

Solid Geology Interp.

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Bromus & Killaloe Projects Gold, Lithium & REE Targets

▪ At Bromus, E’s 2216,1894, air core drilling returned a significant REE anomaly of: 5m @ 9684ppm TREO in BSAC004 (composite 40-45m), with a best of: 15m at 1389 ppm TREO, from 35m – within a 400m wide palaeochannel.

▪ Killaloe JV with Lachlan Star (ASX:LSA), E63/1018, Cullen 20% FCI to DTM

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Northern Finland - Capella JV

– 4000m of Core Drilling planned in Emerging Gold Camp

• Tümad* Earn-In Option on Capella’s

70-80% interest in 5 Exploration licences

• Cullen 20-30% free carried

• Mandatory Year 1 commitment includes 4,000m of drilling on the Northern Finland Orogenic Au-Cu projects.

• Drilling expected to begin at Killero (5) (Northern Finland) winter 2025 / 2026.

▪ *Tümad currently produces 200,000 oz Au p.a. from two operations in western Türkiye (www.tumad.com.tr/en)

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Gold deposits Copper deposits
SIRKKA THRUST
1
2
KILLERO
5
4
3
~15km
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Cullen’s Iron Ore Royalty Catho Well Deposit

Mineral Resources Ltd announced first iron ore on ship for the Onslow Iron project, with its new West Pilbara haulage and port infrastructure. (ASX: MIN; 21-5-2024) Cullen retains a 1% royalty over the Catho Well deposit near the Onslow Iron project. Onslow Onslow IronIron Cullen - In August 2025 Cullen sold the Wyloo – API FMG royalty held since 2017 for $1.5M cash Royalty and will receive $900,000 from FMG upon commencement of mining

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New Projects; Drill Ready Targets; Carried JV’s; & Fe Royalty asset – Cu-Au, Base Metal, Gold, REE & Lithium

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New Projects, ▪ Yardilla Option to purchase 90% of E2463, and
Yilgarn Craton 100% E2487, Southeast Yilgarn Craton Margin
Margin W.A. ▪ Marymia (100%) Northern Craton Margin
▪ Wongan Hills (90%), West Yilgarn Province
Drill Ready
▪ Barlee (100%), SE of Youanmi
Targets &
▪ Bromus (100%), SW of Norseman
Early Stage
▪ North Tuckabianna (100%), Cue
▪ Mt Eureka JV , Hight Tech (HTM) – CUL 25%
Current Joint
▪ Killaloe JV , Lachlan Star (LSA) – CUL 20%
Ventures
▪ Finland Projects (Capella) – CUL 20-30%
▪
Iron Ore Potential future cash flow from:
Royalties – Catho Well Iron Ore Deposit (API)
West Pilbara ▪
Wyloo Royalty sold for $1.5M
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Corporate Snapshot Discovery Opportunities and active JV’s

✓ Greenfields Explorer ✓ Project Generator ✓ Focused in WA ✓ JV’s in WA & Finland Directors Dr Chris Ringrose, Managing Director John Horsburgh, Chairman 2025 Wayne Kernaghan, Company Secretary Major Shareholders Perth Capital + Associates ~ 15% Directors ~ 9% Top 20 ~ 51% Capital Number of Shares 693M Cash ~$1.3M (30 Sept 2025) Market Cap ~$5.5M (@ 0.8c)

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Further information & ASX releases for 2024-2025

Contact Dr Chris Ringrose, MD Registered Office Unit 4, 7 Hardy Street, South Perth, Western Australia 6151 Phone: 08 9474 5511 Mobile: 0439 843 756 Fax: 08 9474 5588 Email: cringrose@cullenresources.com.au cullenresources.com.au

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30-10-24 Quarterly Report ending 30 Sept 24 28-7-25 Killaloe JV – Progress Report
31-7-25 Quarterly Report – 30 June 25
21-11-24 AGM presentation – Nov 2024
25-8-25 Sale of the Wyloo Royalty
28-11-24 Yardilla – new Gold project
3-9-25 Exploration Update – Finland JV
13-12-24 Exploration Update – Wongan Hills
8-9-25 Wyloo Royalty Sale completed
16-1-25 Yardilla – Tropicana Model for gold 8-9-25 Killaloe JV – Progress Report
28-1-25 Amended Announcement - Yardilla 29-9-25 Annual Report
28-1-25 Wongan Hills RC Dilling 24-10-25 Notice of Annual General Meeting
6-2-25 Yardilla – Additional gold targets
Quarterly Activities/Appendix 5B
29-10-25 Cash Flow Report
25-2-25 Yardilla –Option Exercised
30-4-25 Quarterly Report – 30 March 25 Further drilling planned at Killaloe
24-11-25
(AASX:LSA)
19-5-25 Killaloe JV – progress Report
3-6-25 Cullen /Capella JV Update
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