CULLEN RESOURCES LIMITED — Capital/Financing Update 2024

Dec 12, 2024

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www.cullenresources.com.au ASX:CUL 13 December 2024

EXPLORATION UPDATE – WONGAN HILLS

RC drilling has commenced to test strong IP anomalies at the Wongan and Rupert Prospects (ASX: CUL; 8-4-2024). A program of 4-6 holes for 600-800m is anticipated, starting at the Wongan Prospect where harvesting has been completed. Drilling of the Rupert Target will follow, after further harvesting and subject to weather and fire risk management.

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Target
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Fig. 1 WONGAN - IP survey Chargeability and Resistivity sections ( ASX: CUL:8-4-24)

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Target
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Fig. 2 RUPERT – IP survey Chargeability and Resistivity sections (ASX: CUL:8-4-24)

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

Exploration Update – December 2024

WONGAN PROSPECT

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Ultramafic horizon
from air mag and
2km
air core drilling
IP Line
.
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• Fig. 3 The 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.

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Exploration Update – December 2024

RUPERT PROSPECT

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IP Line
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Fig. 4 Summary interpretation of bedrock geology, with position of the chargeability anomaly plotted – geology shown as previously reported – ASX: CUL; 28-1-2021.

Note: 23WHAC200 highly anomalous in base metals and pathfinders, including 17m @ 1286ppm Zn from 70m to EoH; 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;16-2-2022 and 16-4-2023).

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Exploration Update – December 2024

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 (Rox, Fortescue, Capella and Lachlan Star), 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 any iron ore production from the Wyloo project tenements, part of Fortescue’s Western Hub/Eliwana project; and, a 1% F.O.B. royalty on any iron ore production from the former Mt Stuart Iron Ore Joint Venture tenements.

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.

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.

Authorised for release to the ASX by: Chris Ringrose, Managing Director, Cullen Resources Limited.

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 : cringrose@cullenresources.com.au; www.cullenresources.com.au

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