CULLEN RESOURCES LIMITED — Capital/Financing Update 2025

Aug 12, 2025

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www.cullenresources.com.au

ASX: CUL 13 August 2025

KILLALOE JOINT VENTURE, E63/1018 - Progress Report

(Cullen 20% - Free carried interest to Decision to Mine,)

Joint Venture Manager, Lachlan Star Ltd has today made an announcement in regards to exploration at Killaloe:

“NEW PHASE OF DRILLING PLANNED AT KILLALOE FOLLOWING RECEIPT OF FINAL ASSAYS”

(ASX: LSA; 13-8-2025).

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 (High Tech Metals, 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 iron ore production from the Wyloo project tenements, part of Fortescue’s Western Hub/Eliwana project, and will receive $900,000 cash if and when a decision is made to commence mining on a commercial basis – from former tenure including 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 former Mt Stuart Iron Ore Joint Venture (Baowu/MinRes/Posco/AMCI) tenements – E08/1135, E08/1330, E08/1341, E08/1292, ML08/481, and ML08/482 (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.

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 : 089 474 5511; FAX : 089 474 5588 Contact : Dr. Chris Ringrose, Managing Director: email: cringrose@cullenresources.com.au

ASX Announcement Date 13 August 2025

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NEW PHASE OF DRILLING PLANNED AT KILLALOE FOLLOWING RECEIPT OF FINAL ASSAYS

HIGHLIGHTS

• Final tranche of assay results received from Lachlan Star’s maiden Reverse Circulation (RC) and Aircore (AC) drill program at the Killaloe Gold Project in the Norseman region of Western Australia.

• These new reconnaissance AC results continue to expand the extensive, shallow gold system identified surrounding Duke Prospect, with assays including:

• 4m @ 0.43g/t Au from 20m (KAC0075)

• 4m @ 0.22g/t Au from 12m and 4m @ 0.15g/t Au from 28m (KAC0074)

• These results are in addition to previously reported significant gold intercepts[1] from RC and reconnaissance AC at Duke Prospect, including:

• 9m @ 2.11g/t Au from 81m, including 2m @ 8.60g/t Au from 83m (KRC007)

• 6m @ 2.33g/t Au from 48m to EOH, including 1m @ 4.79g/t Au from 52m (KAC0135)

• 12m @ 0.50g/t Au from 8m (KAC0001)

• The combined results of the maiden AC and RC drill program underscore the potential of the Killaloe Project to host significant gold mineralisation and support immediate followup drilling.

• The Company is now preparing a program of deeper RC and Diamond drilling to further test the high-grade areas of the Duke and Duchess Prospects, along with reconnaissance AC drilling across the broader Project, to evaluate additional high-potential targets.

Lachlan Star Limited (ASX: LSA, Lachlan Star or the Company ) is pleased to report that all gold assay results have now been received from its maiden Aircore (AC) and Reverse Circulation (RC) drill program at the Company’s Killaloe Gold Project ( Killaloe or the Project ), located in the Norseman region of the Eastern Goldfields of Western Australia.

The latest results further extend and strengthen the new gold mineralised zones identified through reconnaissance AC drilling ( Figure 1 ), validating the Company’s belief that Killaloe has the potential to contain significant new gold discoveries in an under-explored area of the prolific Norseman gold region.

Additionally, drilling results from within the Duke Main Gold Zone continue to support the presence of a robust shallow oxidised gold system containing high-grade feeder structures, over a defined

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1 See ASX Announcement dated 19 June 2025

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strike length of 425 metres. The Duke Main Zone remains open up-dip, down-dip and along strike to the north.

Significant broad and high-grade intercepts from Lachlan Star’s maiden drill program include:

• 9m @ 2.11g/t Au from 81m , including 2m @ 8.60g/t Au from 83m in KRC007

• 24m @ 0.70g/t Au from 8m, including 4m @ 1.39g/t Au from 28m in KAC0039

• 22m @ 0.65g/t Au from 8m, including 2m @ 1.28g/t Au at Bottom-of-Hole in KAC0050

• 10m @ 0.70g/t Au from 32m, including 2m @ 1.50g/t Au at Bottom-of-Hole in KAC0051

• 14m @ 0.45g/t Au from 16m in KAC045

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Figure 1: Plan view map of the Duke Prospect area underlain by GSWA magnetics-greyscale, showing distribution of drill collars with maximum gold grade-in-hole. Historic (white) and Lachlan Star (dark blue) significant gold intersections shown[2] . Lachlan Star holds 80% and Cullen Resources Ltd hold 20% interest in E63/1018.

2 See ASX Announcement dated 26 February 2025, 19 June 2025 and 28 July 2025

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M ANAGEMENT COMMENT

Lachlan Star CEO Andrew Tyrrell said: “ In reviewing the results received to date, clear trends are emerging across the Duke and Duchess areas that point to fertile, gold-bearing structural zones identified through widely-spaced reconnaissance drilling. These early patterns are highly encouraging and highlight the potential for the Killaloe Gold Project to deliver significant new gold discoveries, located on the doorstep of major producers such as Westgold and Pantoro.

“On the strength of these results, we are accelerating preparations for the next phase of work, which will include follow-up in-fill Reverse Circulation and Diamond drilling. This targeted program will aim to better define the mineralised trends and advance our understanding of the Project’s broader discovery potential.”

KILLALOE PROJECT, WA

The Killaloe Project, which comprises two Exploration Licences (E63/1018 (LSA: 80%) & E63/1713), one Mining Licence (M63/177) and two Exploration Licence Applications (E63/2516 & E63/2517), is located approximately 20-30km north-east of the Norseman mining centre in Western Australia’s Eastern Goldfields.

The Project overlies a highly prospective greenstone belt, interpreted as the southern extension of the Kambalda Domain, home to major gold-producing districts including Gold Fields Limited’s (JSE: GFI) St Ives and Westgold Resources Limited’s (ASX: WGX) Higginsville operations ( Figure 6 ).

Despite its favourable geological and structural setting, the Project remains largely under-explored, with minimal modern systematic exploration or drill testing. This under-explored nature, coupled with multiple defined gold targets, represents an exciting opportunity for a significant gold discovery.

DUKE PROSPECT

The Duke Prospect is located in the north-western portion of the Project area and was prioritised as a compelling gold target due to its combination of significant historical drill intercepts, an underexplored geological setting, and the potential for substantial exploration upside.

All assay results have now been received from the Company’s maiden program of AC (4,212m) and in-fill RC (1,578m) drilling across the Duke Main Gold Zone and the broader Duke Regional target area

Duke Regional Drilling Results

The latest AC results were returned from widely spaced reconnaissance drill-holes on the northernmost line within the broader Duke area. Drilling intersected a sequence of ultramafic host rock locally intruded by gabbro and granodiorite, with patchy silica–chlorite–magnetite alteration ( Figure 2 ).

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Significant intercepts include:

• 4m @ 0.43g/t Au from 20m in KAC0075

• 4m @ 0.22g/t Au from 12m and 4m @ 0.15g/t Au from 28m in KAC0074

• 4m @ 0.12g/t Au from 4m in KAC0072

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Figure 2: Schematic cross-section (A-A’) looking north through the north-western area of the Regional Duke AC line 6,464,060mN, with significant Lachlan Star gold intercepts highlighted.

These results are in addition to previously reported significant intercepts from the area[3] , including:

• 6m @ 2.33g/t Au from 48m to EOH , including 1m @ 4.79g/t Au from 52m in KAC0135

• 12m @ 0.50g/t Au from 8m in KAC0001

• 8m @ 0.44g/t Au from 48m in KAC0006

• 4m @ 0.25g/t Au from 24m in KAC0134

• 4m @ 0.20g/t Au from 28m in KAC0137

This maiden reconnaissance program across the Duke Regional area has confirmed that goldbearing structures extend beyond the immediate Duke Main Zone. These new zones are continuous along strike, strongly correlate with coherent elevated gold-in-soil anomalies, and are spatially associated with a structural flexure/jog in the aeromagnetic trend.

The mineralised zones remain open along strike and present clear targets for follow-up in-fill AC and deeper RC/DD drilling below higher-grade intercepts such as 6m @ 2.33g/t Au to EOH (KAC0135) ( Figure 3 ).

3 See ASX Announcement dated 19 June 2025 and 28 July 2025

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Figure 3: Schematic cross section (B-B’) looking north through the eastern area of the Regional Duke AC line 6,463,900mN, with previously reported[4] significant Lachlan Star gold intercepts highlighted.

Duke Main Gold Zone Drilling Results

Results have also been received for outstanding RC holes at the southern end of the Duke Main Zone, supporting previous interpretations of broad, near-surface gold mineralisation within the oxidised-to-transitional saprolite profile (e.g., 22m @ 0.65g/t Au including 2m @ 1.28g/t Au at EOH – KAC0050), and underlain by higher-grade feeder shoots that continue to depth (e.g., 9m @ 2.11g/t Au including 2m @ 8.60g/t Au – KRC007) ( Figure 4 & 5 ).

Gold mineralisation is associated with multiple broad zones comprising silica-sericite-pyrite alteration and quartz veining within a sequence of ultramafic and basalt host rock, locally intruded by gabbro and granodiorite.

The Duke Main Zone remains open in multiple directions, including up-dip towards surface, where broad zones of gold mineralisation have been intersected within the oxidised saprolite profile; down-dip, where high-grade shoots continue at depth; and along strike to the north, where drilling has extended these shoots by more than 130m.

The known strike length of mineralisation at the Duke Main Zone is now over 425m.

4 See ASX Announcement dated 19 June 2025 and 28 July 2025

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Figure 4: Schematic oblique cross-section (C-C’) looking northwest through the central area of the Duke Prospect Main Gold Zone, with previously reported[5] significant gold intercepts (historic – white, Lachlan Star – dark blue) highlighted.

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Figure 5: Schematic oblique cross-section (D-D’) looking northwest through the northern area of the Duke Prospect Main Gold Zone, with previously reported[5] significant Lachlan Star gold intercepts highlighted.

5 See ASX Announcement dated 19 June and 28 July 2025

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Figure 6: Location map showing Lachlan Star tenements (Granted licences E63/1018 (80%), E63/1713 (100%), M63/177 (100%) and Applications E63/2516 (100%) and E63/2517 (100%)) within the Eastern Goldfields of Western Australia. Major operations and neighbouring tenement holders also shown. Note, gold endowment presented in the figure is sourced from the relevant Company public domain reports.

This ASX announcement has been authorised for release by the Board of Lachlan Star Limited.

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For further information, please contact:

For media inquiries, please contact:

Andrew Tyrrell, Chief Executive Officer Nicholas Read Lachlan Star Limited Read Corporate info@lachlanstar.com info@readcorporate.com.au Telephone +61 8 6556 8880 Telephone: +61 8 9388 1474

Competent Person’s Statement

The Information in this report that relates to Exploration Results is based on and fairly represents information and supporting documentation prepared by Mr Alan Hawkins, who is a Competent Person, Member (3869) and Registered Professional Geoscientist (10186) of the Australian Institute of Geoscientists (AIG). Mr Hawkins is the Exploration Manager, a shareholder and a full-time employee of the Company and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Hawkins consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The Information in this Release that relates to previous Exploration Results for the Killaloe Project is extracted from:

• “Significant Gold Results Highlight Potential of Killaloe Project, Norseman WA” dated 26 February 2025,

• “Significant Gold Intersected at Killaloe Project, Norseman WA” dated 19 June 2025, and

• “High-Grade Gold Intersected at Killaloe Gold Project, Norseman WA” dated 28 July 2025

which are available at www.lachlanstar.com.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the above original market announcements and that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Forward Looking Statements

This report contains forward-looking statements which involve a number of risks and uncertainties. These forward-looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectation, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions provide incorrect, actual results may vary from the expectations, intentions and strategies described in this report. No obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

About Lachlan Star Limited

Lachlan Star Limited (ASX: LSA) is focused on the discovery of gold and copper resources across a portfolio of early-stage high-potential exploration projects located in central New South Wales and Western Australia. The Company has three projects situated within the highly endowed Lachlan Fold Belt mineral province of New South Wales and includes North Cobar, Bauloora North and Junee, and the Killaloe Project situated within the Eastern Goldfields of Western Australia.

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Appendix A

Table 1 – Table of Significant RC Drilling Intercepts

Prospect	Hole ID	From(m)	To(m)	Length(m)	Gold(g/t)
Duke Main	KRC018 Inc.	66 66	71 67	5 1	0.27 1.13

• Significant Intercepts for RC are reported using 0.1g/t Gold lower edge cut-off grade and maximum of 4 metres of internal dilution, using 1m composite samples. Intervals >1g/t Gold are reported using 1g/t Gold edge cut-off with NIL internal dilution.

• Intervals are reported as downhole widths (lengths), true widths are yet to be established at this early stage of exploration.

Table 2 – Table of Significant AC Drilling Intercepts

Prospect	Hole ID	From(m)	To(m)	Length(m)	Gold(g/t)
Duke Regional	KAC0072	4	8	4	0.12
	KAC0074	12 28	16 32	4 4	0.22 0.15
	KAC0075	20	24	4	0.43
Cashel	KAC0173	12 40	16 44	4 4	0.17 0.11
	KAC0180	24	32	8	0.14
	KAC0186	40	44	4	0.24

• Significant Intercepts for AC are reported using 0.1g/t Gold lower edge cut-off grade and maximum of 4 metres of internal dilution, using 4m composite samples, unless otherwise noted.

• Intervals are reported as downhole widths (lengths), true widths are yet to be established at this early stage of exploration.

Table 3 – Table of Drilling Information

Hole_ID	North_MGA94Zone51	East_MGA94Zone51	DTM RL(m)	Dip	MagAzi	Depth(m)
KRC017	6463293	398292	257	-60	50	136
KRC018	6463338	398216	287	-60	60	124
KAC0069	6464055	398571	251	-60	90	12
KAC0070	6464057	398502	255	-60	90	17
KAC0071	6464059	398411	254	-60	90	20
KAC0072	6464057	398331	253	-60	90	23
KAC0073	6464055	398255	250	-60	90	22
KAC0074	6464057	398168	250	-60	90	34
KAC0075	6464060	398092	252	-60	90	38
KAC0076	6464053	398019	250	-60	90	16
KAC0170	6465740	397604	257	-60	90	48
KAC0171	6457337	404872	271	-60	75	48
KAC0172	6457342	404801	281	-60	90	48
KAC0173	6457333	404704	279	-60	90	48
KAC0174	6457352	404649	285	-60	90	48
KAC0175	6457338	404547	275	-60	90	48
KAC0176	6457508	404801	293	-60	90	48
KAC0177	6457497	404798	284	-60	90	48
KAC0178	6457480	404625	270	-60	90	54
KAC0179	6457484	404522	287	-60	90	54
KAC0180	6457490	404475	287	-60	90	90
KAC0181	6457658	404785	280	-60	90	54
KAC0182	6457653	404708	278	-60	90	48
KAC0183	6457666	404638	284	-60	90	54
KAC0184	6457673	404544	280	-60	90	54
KAC0185	6457665	404458	281	-60	90	54
KAC0186	6457658	404376	277	-60	90	54
KAC0187	6457670	404316	283	-60	90	84

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Appendix B: JORC Code, 2012 Edition Table 1 Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

• Criteria JORC Code explanation Sampling • Nature and quality of sampling (e.g. cut channels, random chips, or techniques specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sounds, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.

• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

• 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 1 m samples from which 3 kg was pulverised to produce a 30 g 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 (e.g. submarine nodules) may warrant disclosure of detailed information.

Commentary

• The sampling noted in this release has been carried out using Aircore (AC) and slim line Reverse Circulation (RC) drilling at the Killaloe Gold Project.

• AC Holes were drilled at -60 degrees to 050 and 090 (unless otherwise stated) with minor vertical holes depending on target and access parameters.

• AC drill holes are primarily spaced 20 to 40 metres apart along drill lines through the Duke Main area, with regional east-west lines being 80 to 160 metres apart. RC holes were not at set spacings.

• Sampling and QAQC protocols as per industry best practice with further details below.

• AC samples were collected from the cyclone at 1m intervals and laid out in rows of 10m or 20m (10 to 20 samples) on the ground. Composite 4m samples (or 2m / 3m at EOH, if not a multiple of four) were collected by scoop sampling the 1m piles to produce a 2 to 3 kg bulk sample, which was sent to the ALS Perth Malaga laboratory for analysis. Samples were dried, crushed (CRU-31) and pulverised (PUL25a), and split to produce a 25g sample for Au analysis by Aqua Regia ICPMS (Au-TL44).

• The least oxidised chips from the last metre of the hole are selected by the geologist for gold and multi-element (ME) analysis. The chips are cleaned of mud and any quartz veining present is excluded (where possible) to produce a clean sample for litho-geochemical classification. The samples are sent to the ALS Perth, Malaga laboratory for gold by ALS method Au-ICP22 (Fire assay, 50g ICPOES/MS) and ME analysis by ALS method ME-MS61L + HYP-PKG + pXRF -34 Fusion/4-acid digest and ASD/pXRF.

• RC samples were collected from the cyclone at 1m intervals, a duplicate reference sample was also collected (from the cyclone) and left on the pad for future reference. Remaining material was collected in green bags and arranged in rows of 50m (50 samples) on the ground. The 1m samples were sent to the ALS Perth Malaga laboratory for gold by ALS method Au-ICP22 (Fire assay, 50g ICP-OES/MS).

• • All historical exploration drilling results referred to in this release were taken from the relevant publicly available Annual Technical Reports for the Company’s documented in the JORC Table 1 of ASX release, ‘Significant gold results highlight potential of Killaloe project, Norseman, WA’, dated 26th February 2025.

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Drilling techniques	• 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.).	• AC drilling was conducted by Strike Drilling using an approximate 78mm diameter blade drill bit, which collects samples through an inner tube to minimise contamination. AC drilling continues to blade refusal, terminating in fresh rock. In harder rock, such as alteration (silicification) and quartz veining, a hammer drill bit was utilised for greater penetration. RC drilling was also conducted by Strike using the same rig with an approximate 127mm diameter face-sampling drill bit, utilising an auxiliary booster.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Method of recording and assessing core and chip sample recoveries and results assessed. • 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 majority of the samples collected from the AC and RC programs were dry. • Sample recovery size and sample condition (dry, moist, wet) were recorded. • Recovery of samples is estimated to be 80 -100%. • Drilling with care (e.g. clearing the hole at the start of the rod, regular cyclone cleaning) if water is encountered to reduce sample contamination. • Insufficient sample population to determine whether a relationship exists between sample recoveryandgrade.
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. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. • The total length and percentage of the relevant intersections logged.	• Detailed logging of regolith, lithology, structure, mineralisation, and recoveries is recorded for each hole by a qualified geologist, whilst or immediately after drilling of the hole. • Logging is carried out by sieving the sample cuttings, washing in water and storing in a plastic chip tray for future reference. • Magnetic susceptibility measurements were recorded on the last sample interval of each AC hole and on every metre of all RC holes. • All drill holes are logged in their entirety (100%).
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all subsampling stages to maximise representivity of samples. • 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. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• AC composite samples of 4m were collected by scoop sampling 1m intervals into pre-numbered calico bags for a bulk 2-3kg sample. • The last interval of each hole is a 1m sample and the second last composite sample can vary between 1 to 4m. • The calico samples were collected in polyweave bags at the drill site and transported to ALS Perth in a bulka bag via courier. • The sample preparation of the AC and RC samples follows industry best practice, as described above in ‘Sampling techniques’. • Standards were inserted approximately every 100 samples. Blanks inserted every 50 samples. Field duplicate samples were collected at the geologist’s discretion between every 40 to 60 samples. • The remaining drill spoil is retained at the drill site so it can be used as a reference and for check sampling.

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Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • 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. • 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.	• AC samples were dried, crushed (CRU-31) and pulverised (PUL23 / PUL25a), and split to produce a 25g sample for Au analysis by Aqua Regia ICP-MS (Au-TL44). RC samples were dried, crushed (CRU-31) and pulverised (PUL25a), and split to produce a 25g sample for Au analysis by Aqua Regia ICP-MS (Au-TL44). Refer to ‘_Sampling techniques’_above for additional detail. • The lab procedures for sample preparation and analysis are considered industry standard. • Magnetic susceptibility measurements were recorded using a KT-10. Measurements were taken on the sample bag to industry standard practice. • Quality control processes and internal laboratory checks demonstrate acceptable levels of accuracy and precision. At the laboratory, regular assay repeats,lab standards,checks,and blanks,were analysed.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• Significant intersections are verified by the Exploration Manager. • No holes were twinned. • Drill samples are physically inspected and geologically logged in the field using Geotic software on Panasonic Toughbooks. Sampling records are captured digitally in Geotic after drilling and prior to logging. Field technicians record supporting data such as GPS coordinates and photographs using QField on Samsung Tab Active Tablets, with all data collected to an accuracy of <3 m. • All data is exported as CSV, QAQC'd and validated by the in-field geologist and Exploration Manager, backed up to cloud storage (SharePoint) and third-party databases (currently DataShed, transitioning to Plexer). • Assay files are received electronically from the laboratory (ALS), stored on the ALS platform, and uploaded into the Company’s third-party database. Original sample records are also stored in cloud and third-party storage environments. • There has been no adjustment to the assay data. The primary Au field reported by the laboratory is the value used for plotting, interrogating, and reporting. • No adjustments were made to the assaydata.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and downhole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• Drill hole positions were surveyed using a hand-held Garmin GPS with an accuracy of +/-5m. No downhole surveys were completed on AC holes. All RC holes were subsequently downhole surveyed using an AXIS ChampGyro™ north seeking Gyro by a multi-shot survey. • Various RL’s for drillhole collars were recorded as a nominal 100mRL for historic drilling and more recently as a nominal 280mRL. Lachlan Star has pinned collar coordinates to a DTM for greater accuracy (+/-3m). • Co-ordinate grid system across all projects is GDA94 MGA Z51. • A field check was carried out for various collars at the Duke Prospect in January 2025.

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Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• The data spacing is appropriate for the stage of exploration and results presented. • The drilling data presented in this report have not been used to establish or support a Mineral Resource under the classifications applied in the JORC Code 2012.
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. • 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.	• It was noted during the mapping and rock chipping campaign that there are a series of vein orientations which may have a control on the distribution of high- grade material. Further work into the vein paragenesis is underway, but this observation doesn’t appear to impact the broad supergene nature of the oxide mineralisation observed but will need to be considered for future deep hypogene testing.
Sample security	• The measures taken to ensure sample security.	• All samples were collected and handled in the field by Lachlan Star employees or direct contractors. All samples were cable tied and labelled in polyweave bags as soon as was possible after collection and delivered to Hogan P&L Transport in Norseman by Lachlan Star employees. Dispatch by Hogan P&L Transport was tracked through consignment note, with chain of custody maintained through deliveryto the ALS laboratoryin Perth.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• All results of this drill program were reviewed by the Exploration Manager and CEO. No specific site audits or reviews have been conducted.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section)

Criteria	JORC Code explanation	Commentary
Mineral tenement 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 interests, historical sites, wilderness or national park and 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.	• Lachlan Star Ltd acquired the Killaloe Project from LRL (Aust) Pty Ltd (a wholly owned subsidiary of Liontown Resources Ltd). The project includes tenements (E63/1018, E63/1713 and M63/177). E63/1713 and M63/177 are 100% owned by Lachlan Star Ltd, whereas E63/1018 is subject to an agreement between Lachlan Star Ltd and Cullen Exploration, whereby Cullen hold 20% and Lachlan Star Ltd 80% of E63/1018. Lachlan Star currently has two (100%) Exploration Licence Applications in progress (E63/2516 & E63/2517). There is a 1% NSR for all minerals produced by Lachlan Star payable to Liontown Resources Limited. Private company, Xplore Pty Ltd, holds a Net Profits Interest (7.5%) on all future production (on all minerals) from E63/1018. The Tenements are covered by the Ngadju Determined Native Title Claim(WCD2014/004). Liontown established an

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		Access Agreement with the Ngadju on 10thNovember 2020, which also applies to Lachlan Star’s exploration activities via a Deed of Assignment and Assumption, dated 6thApril 2021.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• The Killaloe tenements have been explored extensively for base metals, less extensively for gold, and recently by Liontown Resources for lithium. • A summary of historic exploration is documented in the JORC Table 1 of ASX release, ‘Significant gold results highlight potential of Killaloe project, Norseman, WA’, dated 26th February 2025. • Significant historic assay results referred to for context in this report have been previous reported, refer to ‘High-Grade Gold Intersected at Killaloe Gold Project, Norseman WA’,dated 28 July2025.
Geology	• Deposit type, geological setting and style of mineralisation.	• The deposit type, geological setting and style of mineralisation is documented in the JORC Table 1 of ASX release, ‘Significant gold results highlight potential of Killaloeproject,Norseman,WA’,dated 26th February2025.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • 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 why this is the case.	• Refer to Appendix A Tables 1, 2 & 3 for a complete list of the reported RC interceptions, AC interceptions and full collar details, respectively.
Data aggregation methods	• In reporting Exploration Results, weighting 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. • 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. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	• All reported AC results are initial 4m composite samples, unless otherwise stated. All RC results are 1m samples. • Where mineralised intersections were composed of a combination of 4m / 3m / 2m composites and 1m splits, the following weighted averaging technique was used: >0.1ppm Au edge cut-off Maximum of 4m of internal dilution of material <0.1ppm Au For example, the intersection of 10m @ 0.7g/t Au, from 32m to EOH (inc. 2m @ 1.5g/t Au, from 40m) in KAC0051, has been calculated as follows: (4×0.466+4×0.533+1×1.85+1×1.155) / (4+4+1+1) = 0.7001; and (1×1.85+1×1.155) / (1+1) = 1.5025

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			Using	the following data range:	the following data range:
			Hole_ID	Depth_From(m)	Depth_To(m)	Interval_Length(m)	**Au_ppm **
			KAC0051	28	32	4	0.087
			KAC0051	32	36	4	0.466
			KAC0051	36	40	4	0.533
			KAC0051	40	41	1	1.85
			KAC0051	41	42	1	1.155
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to _this effect(e.g. ‘down hole length, true width not known’). _		• Drillhole intersections are reported as down hole widths, true widths are yet to be established.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should 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.		• Refer to Figures in the body of this release. • “Mineralisation Envelope” within Duke Main Gold Zone cross sections is defined by alteration and anomalous gold mineralisation (>50ppb) of the host rock.
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.		• Significant assay results are provided in Appendix A Table 1 (RC) and Table 2 (AC). • All historical exploration drilling data, including collar location and survey data, were taken from the publicly available Annual Technical Reports listed in Section 2 titled,_‘Exploration done by otherparties’_above.
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 contaminating substances.		• The current AC program reported on in this release also contained 17 holes for 936m from the Cashel prospect, with results >0.1g/t Au shown in Table 2 of Appendix A. Collar details for these holes can be seen in Table 3 of Appendix A. For context, the location of the Cashel prospect in relation to the Duke and Duchess prospects can be seen in the following figure:

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• Next steps and further work will include:

• Further work • The nature and scale of planned further work (e.g. tests for lateral Next steps and further work will include: extensions or depth extensions or large-scale step-out drilling). • Integration of all assay results with existing geological interpretations and

• • Diagrams clearly highlighting the areas of possible extensions, including geochemical/geophysical datasets; the main geological interpretations and future drilling areas, provided • Assessment of litho-structural framework and pathfinder element associations this information is not commercially sensitive. to determine controls on gold mineralisation; • Planning for follow-up RC/DD drilling across priority target areas under existing approvals and permits;

• • Planning and permitting approvals for new AC reconnaissance areas and strike extensions; and

• • Planning for acquisition of geophysical datasets to aid targeting i.e. ground gravity.