CULLEN RESOURCES LIMITED — Capital/Financing Update 2019

Feb 7, 2019

==> picture [477 x 71] intentionally omitted <==

ABN 46 006 045 790

ASX ANNOUNCEMENT

ASX Symbol: CUL www.cullenresources.com.au 8 FEBRUARY 2019

NEW GOLD ANOMALIES FROM AIR CORE DRILLING AT Mt EUREKA, NE GOLDFIELDS, W.A.

Assay data has now been received and compiled for a reconnaissance air core drilling program completed in November 2018. Targets included both new and known, outlined from a compilation of: aeromagnetic and ground magnetics interpretation; previous drilling; soil geochemistry; and mapping. Drilling comprised 76 holes for 3,009m at: Eureka NW; Southern-Galway; Graf’s Find (gold) and Irwin Bore (nickel) prospect (Fig.1).

HIGHLIGHTS

• Gold anomalies were returned from each of the four target areas tested - best 15m @ 0.55 g/t Au and 5m @ 1.16g/t Au at Southern; and 5m @ 0.92 g/t Au at Eureka NW (5m composite samples)

• The results from Southern suggest some NW-SE structural control to gold mineralisation and follow-up deeper RC drill testing is warranted

• Results are consistent with recognition that the western granite-greenstone contact and associated structures, including Eureka NW, Southern - Galway and Graf’s Find prospects, is a key target region along ~10km of prospective strike

Eureka NW

Two traverses were completed spaced 50m along strike to the south of an historical intersection of 8m @ 2.9g/t Au from 70m (MERC055), and targeted the granite-greenstone contact which is locally marked with conglomerates (Fig. 2). Gold anomalies which include 10m @ 0.27 g/t Au and 5m @ 0.92 g/t Au , indicate an extension to the south of gold mineralisation in historical hole MERC055. Deeper drill testing along the granite-greenstone contact is warranted. Gold mineralisation is related to quartz veining and shearing in mafics and ultramafics with basement granite in some holes. The area south of MERC055 to YRC07, and the alteration zones interpreted in this corridor (which may relate to underlying intrusives) are a key target region (Fig.2).

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

Cullen Resources Limited Results of Air Core Drilling – February 2019

Southern – Galway

Aircore traverses targeted:

• an untested NE-SW fault and interpreted felsic intrusive to the south-east of Southern;

• a possible southern extension of the Galway mineralisation localised by an interpreted felsic intrusive and its bounding faults/shears; and,

 possible NW controlling faults at Southern (Fig. 3).

Gold intersections in drill holes MEAC18072 - 76 at Southern include 15m @ 0.55 g/t Au and 5m @ 1.16g/t Au. Mineralisation is interpreted to have a NE dip (~60°) along an interpreted NW - SE fault. The down-dip portion of this section (below ~60m vertically) also correlates with mineralised intervals in historical holes drilled both to the NW and vertically. RC drilling to test the deeper sections of NW-SE fault/shear zones, which may control mineralisation, is now a priority (Fig.4).

Drilling at Southern SE intersected a felsic intrusive in a structure between ultramafic and mafic rocks (from ground magnetics data). No gold anomalies were returned in the area of the fault, although arsenic is anomalous (312ppm over 5m to EoH in MEAC 18071).

Drillholes MEAC18011-26 to the SW of Southern and Galway ( Galway S .) intersected a broad felsic intrusive but did not return any gold anomalies.

Graf’s Find

Two traverses investigated an interpreted felsic intrusive along its western fault bounded contact and NW-SE faults in the vicinity of a “Terraleach TM” gold - insoil anomaly (as previously reported) - Fig.5. A single modest gold anomaly was returned from a chert ( MEAC18038 - 1m @ 0.12 g/t Au from 35m to end of hole ). This corridor is underexplored to the north and some further drilling focused on the chert is warranted (Fig.5).

Irwin Bore

Three traverse lines of drilling targeted stratigraphy along strike of VTEM conductors in nickel prospective terrain, where access allowed (Fig.6). Bedrock in holes MEAC18045-55 was dominantly mafic with a modest gold anomaly in MEAC 18047 (3m @ 0.22 g/t Au to end of hole) in chert. Holes MEAC18056-59 were drilled on the eastern granite-greenstone contact and returned 5m @ 0.15 g/t Au in a quartz-veined section of granite. No ultramafics were intersected and there were no significant nickel assays.

2

Cullen Resources Limited Results of Air Core Drilling – February 2019

==> picture [469 x 640] intentionally omitted <==

Figure 1.

3

Cullen Resources Limited Results of Air Core Drilling – February 2019

==> picture [8 x 2] intentionally omitted <==

----- Start of picture text -----

.
----- End of picture text -----

==> picture [469 x 481] intentionally omitted <==

Figure 2. Drilling completed at Eureka NW, November 2018

4

Cullen Resources Limited Results of Air Core Drilling – February 2019

==> picture [485 x 561] intentionally omitted <==

Figure 3. Drilling completed at Southern-Galway, November 2018.

5

Cullen Resources Limited Results of Air Core Drilling – February 2019

==> picture [469 x 495] intentionally omitted <==

Figure.4 Oblique x-section – with proposed RC drill holes

6

Cullen Resources Limited Results of Air Core Drilling – February 2019

==> picture [469 x 360] intentionally omitted <==

==> picture [468 x 272] intentionally omitted <==

Fig 5 top - Graf’s Find; and Fig. 6 - Irwin Bore (E53/1637)

7

Cullen Resources Limited Results of Air Core Drilling – February 2019

TABLE 1: Air core drill holes completed Nov. 2018, with gold intersections ( > 0.1 g/t Au over 1-5m)

Hole ID	Easting (m)	Northing (m)	Depth (m)	Dip (deg.)	Azimuth (degrees)	From (m)	To (m)	Thickness (m)	Au g/t
Southern SE MEAC18006	354675	7055895	51	-60	285	45	50	5	0.198
Graf’s Find MEAC18038	351953	7052504	36	-60	270	35	36	1 (EoH)	0.123
Irwin Bore MEAC18047	353654	7039835	48	-60	260	45	48	3 (EoH)	0.22
MEAC18056	354812	7040975	60	-60	270	40	45	5	0.155
Eureka NW MEAC18062	353497	7061442	57	-60	270	50	55	5	0.324
MEAC18063	353520	7061438	52	-60	270	20	25	5	0.117
						25	35	10	0.272
MEAC18065	353480	7061495	54	-60	270	5	10	5	0.92
MEAC18066	353499	7061492	50	-60	270	30	35	5	0.60
Southern MEAC18072	354094	7056495	58	-60	225	15	20	5	1.16
						40	45	5	0.76
						55	58	3 (EoH)	0.423
MEAC18073	354112	7056510	72	-60	225	25	30	5	0.28
						35	50	15	0.55
						60	65	5	1.04
MEAC18074	354132	7056540	36	-60	225	10	15	5	0.13
MEAC18075	354168	7056570	30	-60	225	25	30	5 (EoH)	0.267

1. Easting and Northing – GDA94 Zone 51

2. Au assays from 5m composite samples, ICP-MS from Aqua Regis digest (partial) 25g charge, no upper cut applied, 5m maximum internal dilution. Detection Limit for gold = 1ppb,

3. No significant result in holes not listed in Table 1 above – see Table 2 for listing of all holes.

4. Average value calculated as arithmetic average, rounded up or down

5. Downhole lengths of mineralisation are reported here, EoH = End of hole

8

Cullen Resources Limited Results of Air Core Drilling – February 2019

TABLE 2: List of angled (-60°) air core holes completed – E’s 53/1299, 1209, 1637.

HOLE ID	EAST	NORTH	Depth	Azimuth
MEAC18001	354360	7055997	45	285
MEAC18002	354398	7055987	45	285
MEAC18003	354623	7055907	27	285
MEAC18004	354656	7055899	57	285
MEAC18005	354698	7055888	57	285
MEAC18006	354675	7055895	51	285 Southern SE Prospect
MEAC18007	354583	7055926	15	285
MEAC18008	354544	7055939	25	285
MEAC18009	354523	7055946	19	285
MEAC18010	354504	7055952	30	285
MEAC18011	353919	7055592	54	105
MEAC18012	353896	7055602	20	105
MEAC18013	353877	7055608	3	105
MEAC18014	353837	7055624	1	105
MEAC18015	353776	7055648	45	105
MEAC18016	353739	7055657	14	105
MEAC18017	353699	7055672	44	105
MEAC18018	353664	7055686	7	105
MEAC18019	353630	7055696	42	105
MEAC18020	353596	7055710	9	105
MEAC18021	353587	7055711	24	105
MEAC18022	353545	7055727	17	105
MEAC18023	353520	7055737	51	105
MEAC18024	353494	7055749	41	105
MEAC18025	353475	7055757	33	105
MEAC18026	353530	7055734	45	105
MEAC18027	351900	7052005	35	270
MEAC18028	351876	7052006	28	270
MEAC18029	351836	7052008	40	270
MEAC18030	351817	7052005	36	270
MEAC18031	351797	7052006	60	270
MEAC18032	351919	7052000	33	270
MEAC18033	351959	7052004	33	270
MEAC18034	351982	7052006	42	270
MEAC18035	352001	7052008	33	270
MEAC18036	352050	7052009	24	270
MEAC18037	351905	7052506	15	270
MEAC18038	351953	7052504	36	270 Graf’s Find Prospect
MEAC18039	351999	7052503	63	270
MEAC18040	352051	7052502	54	270
MEAC18041	352089	7052504	54	270
MEAC18042	352135	7052500	57	270
MEAC18043	352180	7052498	48	270
MEAC18044	352271	7052506	35	270
MEAC18045	353605	7039829	16	260
MEAC18046	353641	7039835	56	260
MEAC18047	353654	7039835	48	260 Irwin Bore
MEAC18048	353678	7039837	6	260
MEAC18049	353720	7039850	60	260
MEAC18050	353763	7039858	60	260
MEAC18051	353796	7039866	54	260
MEAC18052	353687	7040144	45	260
MEAC18053	353718	7040147	48	260
MEAC18054	353801	7040178	48	260
MEAC18055	353829	7040168	45	260
MEAC18056	354812	7040975	60	270 Irwin Bore
MEAC18057	354774	7040973	22	270
MEAC18058	354761	7040971	6	270
MEAC18059	354793	7040977	43	270
MEAC18060	353481	7061440	62	270
MEAC18061	353460	7061441	45	270
MEAC18062	353497	7061442	57	270 Eureka NW
MEAC18063	353520	7061438	52	270 Eureka NW
MEAC18064	353543	7061436	50	270
MEAC18065	353480	7061495	54	270 Eureka NW
MEAC18066	353499	7061492	50	270 Eureka NW
MEAC18067	353517	7061484	50	270
MEAC18068	353491	7061540	56	270
MEAC18069	354431	7055969	48	285
MEAC18070	354459	7055968	48	285
MEAC18071	354512	7055950	60	285
MEAC18072	354094	7056495	58	225 Southern
MEAC18073	354112	7056510	72	225 Southern
MEAC18074	354132	7056540	36	225
MEAC18075	354168	7056570	30	225 Southern
MEAC18076	354194	7056599	13	225

9

Cullen Resources Limited Results of Air Core Drilling – February 2019

KEY POINTS

1. The results of the November 2018 air core programme underline the potential of the western granite-greenstone contact region (Graf’s Find to Eureka NW - Fig. 1) to host gold deposits, and further exploration for gold is warranted.

2. The vast majority of historical exploration drilling within this region has been broad-spaced and shallow (<80m), and only the potentially-economic gold mineralisation at the Southern - Galway has been the subject of semisystematic RC drilling ( ~20 holes ) and only two diamond holes. Further RC drilling is warranted at Southern - Galway guided by NW-SE faults which may control gold zones.

3. In addition, the eastern granite-greenstone contact and its major structural break (Fig.1) remains underexplored for gold, and is considered by Cullen to be prospective for nickel sulphides given its on-strike position north of the Camelwood discovery and associated nickel sulphide deposits being explored by Rox Resources Limited (ASX:RXL)

==> picture [377 x 334] intentionally omitted <==

Location of Mt Eureka Project, NE Goldfields, W.A

10

Cullen Resources Limited Results of Air Core Drilling – February 2019

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 (Fortescue and Liontown), 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 proposed Western Hub/Eliwana project, and will receive $900,000 cash if and when a decision is made to commence mining on a commercial basis – 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 tenements – E08/1135, E08/1330, E08/1341, E08/1292, ML08/481, and ML08/482 (former Mt Stuart Iron Ore Joint Venture – Baosteel/Aurizon/Posco/AMCI) 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 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.

11

Cullen Resources Limited Results of Air Core Drilling – February 2019

Data description as required by the 2012 JORC Code - Section 1 and Section 2 of Table 1 Air core drilling programme – E53/1299,1209,1637

	Section 1 Sampling techniques and data	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 meaningof sampling.	Sampling was by air core (AC) drilling testing depth of transported cover, bedrock type and interpreted geological and/or geophysical targets for gold mineralisation and/or nickel sulphides. A total of 76 holes for 3009m was completed.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used	The collar positions were located using handheld GPS units with an approximate accuracy of +/- 5 m. Drill rig cyclone and sampling tools cleaned regularly during drilling.
	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.	Mineralisation determined qualitatively from rock type, alteration, structure and veining observations. Air core drilling was used to obtain one metre samples delivered through a cyclone. The 1m sample was placed on the ground. From each drill spoil pile, a ~500g sample was then collected using a spear, five of such 1m samples were combined into one 5m composite sample. The composite samples (2-3kg) were sent to Perth laboratorySGSfor analysis.
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.).	Drilling was by air core using a 90mm diameter bit.
Drill Sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed	Sample recovery was assessed visually and adverse recovery recorded. The samples were generally dry, a very few were damp, and showed little (<10%) variation in volume.
	Measurements taken to maximise sample recovery and ensure representative nature of the samples.	The samples were visually checked for recovery, contamination and water content; the results were recorded on log sheets. Cyclone and buckets were cleaned regularly and thoroughly (between rod changes and after completion of each drill hole) to minimise cross contamination.
	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.	The holes were kept dry and there was no significant loss/gain of material introducing a sample bias. At the end of a few holes, where water flow was high, the hole was terminated.

12

Results of Air Core Drilling – February 2019

Cullen Resources Limited

Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	All samples were qualitatively logged by a geologist in order to provide a geological framework for the interpretation of the analytical data.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel etc) photography.	Logging of rock chips was qualitative (lithology, type of mineralisation) and semi-quantitative (visual estimation of sulphide content, quartz veining, alteration etc.).
	The total length and percentage of the relevant intersections logged	All drill holes were logged in full.
Sub- sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	Not applicable - no core taken.
	If non-core, whether riffles, tube sampled, rotary split, etc and whether sampled wet or dry.	One-metre samples were collected from a cyclone attached to the drill rig. Composite samples were taken using a sampling spear.
	For all sample types, quality and appropriateness of the sample preparation technique.	All samples are pulverised to produce a homogenous representative sub-sample for analysis. A grind quality target of 85% passing 75μm is established and is relative to sample size, type and hardness. Gold (Au), Arsenic (As), Bismuth (Bi) Copper (Cu), Nickel (Ni), Manganese (Mn), Antimony (Sb), Tin (Sn), and Tellurium (Te) was analyzed by Aqua Regia digest with ICP-MS finish. Gold levels over 500ppb were repeated by AAS.
	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	Duplicates certified reference materials and blanks are inserted by the laboratory and reported in the final assay report.
	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.	Duplicate field samples of the 5m composites were taken approximately every 50 samples.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	The sample size is considered appropriate for the purpose of this drilling programme, which is reconnaissance only and primarily aimed at establishing the depth to and type of bedrock beneath cover (which ranged from 2-20m).
	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	For all 5m composite samples, a 25g aliquot is digested using Aqua Regia. Analysis for gold and a range of other trace elements is by ICP-MS or AAS. The aqua regia digestion is considered partial depending on the host of the elements analyzed, but does provide an acceptable level of accuracy for an initial assessment of the contained target elements.

13

Results of Air Core Drilling – February 2019

Cullen Resources Limited

	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.	Not applicable, no geophysical parameters reported.
Quality of assay data and laboratory tests	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.	International standards, blanks and duplicates are inserted by the laboratory.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	Cullen staff (Managing Director) has visually inspected the samples and sampling procedures.
	The use of twinned holes	No twinned holes drilled.
	Documentation of primary data, data entry procedures, data verification, data storage (physically and electronic) protocols.	All primary geological data are recorded manually on log sheets and transferred into digital format.
	Discuss anyadjustment to assaydata.	No adjustments are made to assaydata aspresented..
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down- hole surveys), trenches, mine workings and other locations used in Mineral Resources estimation.	All drill collar surveys are by handheld GPS. Several measurements (2-3) at different times are averaged; the estimated error is +/-5 m.
	Specification of the grid system used.	The grid are in UTM grid GDA94, Zone 51
	Quality and adequacy of topographic control.	There is currently no topographic control and the RL is a nominal 500m for all drill holes.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	The drilling tested geological and geophysical targets, a few kilometers apart. Some of the targets were drilled along a traverse with holes spaced 40-100m apart, and upto 400m alongstrike.
	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.	The drilling was exploratory and not designed to satisfy requirements for mineral reserve estimations.
	Whether sample compositing has been applied.	The drill spoil generated by the air core drilling was composited into 5m intervals.

14

Cullen Resources Limited Results of Air Core Drilling – February 2019

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.	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	The drilling is exploratory only and designed to test geophysical and geological targets, to assist in mapping, and to test for gold mineralisation below transported cover. The drill orientation was generally westerly or easterly (105 - 285 degrees) utilizing existing grids lines where available, and at a dip angle of -60 degrees. No visible gold mineralisation has been encountered and hence it is unclear whether the sampling is unbiased or not.
	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.		The exact dip of the structures targeted has not been established yet but it is likely that the drilled intersections overestimate the true thickness of any intersected mineralisation.
Sample security	The measures taken to ensure sample security.		All samples are handled, transported and delivered to the laboratory by Cullen staff or Cullen contractors. All samples were accounted for.
Audits or reviews	The results of and audits or reviews of samplingtechniques and data.		No audits or reviews of sampling techniques and data have been conducted to date.
		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.	The drill targets are located on E53/1299,1209 and 1637 each is 100% owned by Cullen Exploration Pty Ltd (a wholly-owned subsidiary of Cullen Resources Limited). Cullen has signed an agreement with the Wiluna traditional owners who have determined native title over the tenement area. All drill sites and access tracks were cleared by the traditional owners prior to commencement of theses ground-disturbing activities. There are no particular environmental settings.
		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.	The tenure is secure and in good standing at the time of writing.
Exploration done by other parties		Acknowledgement and appraisal of exploration by other parties.	There has been previous drilling at the tested sites by Cullen and across the project area by WMC limited, Newmont and BHP Billiton limited (in Joint Venture with Cullen) since 2001 – appraised by Cullen for drill targeting.
Geology		Deposit type, geological settings and style of mineralisation.	The targeted mineralisation is orogenic, shear-hosted gold mineralisation and komatiite-hosted nickel.
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:
		· E_asting and northing of the drill_ hole collar	See included table – nominal 500m RL
		·Elevation or RL (Reduced level- elevation above sea level in metres)and the drill hole collar

15

Cullen Resources Limited Results of Air Core Drilling – February 2019

	·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 whythis is the case.	See included table
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.	See included table
	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.	See included table
	The assumptions used for any reporting of metal equivalent values should be clearlystated.	No metal equivalents used.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results.	Drilling was at -60 degree angles to test geophysical targets and prospective geological settings beneath transported cover. The stratigraphy encountered in drilling is variably dipping to the east at a high angle or is near vertical, and any mineralisation intercepts are likely to overstate the true width of mineralisation.
	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	The exact geometry of the mineralisation is not yet known.
	If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’)	See Table in report
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.	See included figures

16

Cullen Resources Limited Results of Air Core Drilling – February 2019

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.	See included Table
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations, geophysical survey results, geochemical survey results, bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or containingsubstances.	See included figures where current reported data shown together with interpretation of previous drill hole information and historic aeromagnetic and ground magnetic data. There are currently no other exploration data that appear meaningful in the context of the reported results.
Further work	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).	Further work, including air core and RC drilling, is planned.
	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, providing this information is not commerciallysensitive.	See included figures.

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 : cullen@cullenresources.com.au www.cullenresources.com.au

17