CULLEN RESOURCES LIMITED — Interim / Quarterly Report 2018

Jan 30, 2018

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ABN 46 006 045 790 QUARTERLY REPORT for the period ended 31 December 2017 www.cullenresources.com.au ASX Symbol: CUL 31 January 2018

HIGHLIGHTS

1. Mt Eureka Project, NE Goldfields, W.A. (Fig.1)

• completed air core drilling (43 holes for 2630m) – assays pending;

• identified large, new, gold-in-soil anomaly north of Graf‟s Find prospect, along interpreted NW structures; and,

• on-going compilation, interpretation, and field studies mark significant progress.

2. Central Finland

new reservation application targeting cobalt and gold now registered.

3. New targets and tenement applications, W.A. (ASX: CUL, 16 Jan 2018).

• identified two new trends of VTEM anomalies from a review of geophysical database, Cue project ;

• made a new exploration licence application (ELA) near Lake King in south west Western Australia targeting supergene Ni-Co mineralisation; and,

• made a new ELA targeting an undrilled gold-in-auger soil anomaly near Norseman.

Information relating to the abovementioned Cue, Lake King and Norseman initiatives has recently been provided by Cullen Resources Limited (“Cullen” or the “Company”) via its “Exploration Update”, ASX announcement (ASX: CUL) of 16 Jan 2018.

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 Quarterly Report for the period ending 31 December 2017

MT EUREKA PROJECT - gold (Cullen 100%)

Galway-Southern - air core drilling, assays pending

Background

The Galway-Southern gold system was discovered in 2001 by air core drilling across a gold-in-lag anomaly. The mineralisation is concealed by 2-15m of transported cover, on the northern side of a major NW-SE alluvial channel and comprises an open-ended zone of discontinuous shears and contacts over a strike of ~1km.

Cullen‟s “working model” is one of gold mineralisation controlled by stratigraphic N-S contacts, NE and NW faults and a set of felsic intrusives. Gold mineralisation is related to both supergene zones and high-moderate angle, sheared contacts of felsic volcaniclastics/intrusives with mafics/ultramafics. Several sub-circular features (magnetic low) have been interpreted by Cullen‟s geophysical consultants to be caused by hydrothermal alteration or underlying felsic intrusives.

Air core and RC drilling to date have expanded the area of interest and refined the model of mineralisation. Numerous intersections of gold, several of high-grade, have been reported previously.

Objectives of recent air core drilling

Cullen‟s reconnaissance air core drilling program was completed in December 2017 over target areas outlined from a compilation of aeromagnetic and ground magnetics interpretation, previous drilling (Galway), historical geochemistry, and mapping of old prospecting pits to the north along the interpreted granitegreenstone contact. However as mentioned, surface alluvium/colluvium in the target areas (2-15m thickness) preclude complete reliance on surface geochemical data. Drilling comprised:

• One line at the northern limit of the Galway prospect – an extension to the east, and infill on some previous drilling as “scissor holes”, designed to identify any mineralised structures or contacts trending between the Galway and Southern prospects; and,

• Three lines testing the granite-greenstone contact to the west of the GalwaySouthern system and a interpreted parallel trend of mafic-ultramafic contacts and faults (see Fig. 2 and 3).

(Drilling at the Eureka NW target area is planned, pending further heritage surveying to allow broader air core traversing.)

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2017

Interpretation

Preliminary compilation of this drilling data indicates a prospective setting west of Southern marked by a coincidence of a transitional granite-greenstone contact, a broad shear zone, a marked increased depth to bedrock and a transition from highly foliated, mafic to felsic gneiss. “True” granite was not intersected in the drilling reported herein - Cullen‟s current interpretation is that granite occurs further west or is at depth in the target areas recently drill tested.

Infill drilling at Galway showed a sharp boundary between undeformed ultramafic and sheared ultramafic along the known gold mineralisation trend, with felsic intrusives a distinctive feature.

Next Steps

Assay results are expected in the near future, after which data will be compiled, interpreted and reported; thereafter further exploration drilling will be prioritised.

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Figure 1.

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2017

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Figure 2.

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2017

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Figure 3.

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2017

LIST OF ANGLED AIR CORE HOLES COMPLETED - Galway-Southern

Hole ID	Easting GDA94,Zone 51	Northing GDA94,Zone 51	Depth (m) (-60º dip)	Azimuth°
MEAC1701	353040	7056979	65	275
MEAC1702	353117	7056976	74	275
MEAC1703	353200	7056971	83	275
MEAC1704	353238	7056972	80	275
MEAC1705	353453	7056961	46	275
MEAC1706	353486	7056960	48	275
MEAC1707	353520	7056959	53	275
MEAC1708	353561	7056960	38	275
MEAC1709	353600	7056956	7	275
MEAC1710	353614	7056956	65	275
MEAC1711	353641	7056953	80	275
MEAC1712	353720	7056953	47	275
MEAC1713	353765	7056954	50	275
MEAC1714	353802	7056957	67	275
MEAC1715	353340	7056560	53	275
MEAC1716	353375	7056560	56	275
MEAC1717	353418	7056567	62	275
MEAC1718	353458	7056570	71	275
MEAC1719	353499	7056563	65	275
MEAC1720	353546	7056564	68	275
MEAC1721	353576	7056560	59	275
MEAC1722	353628	7056559	74	275
MEAC1723	353660	7056553	53	275
MEAC1724	353300	7056570	45	275
MEAC1725	354203	7056136	26	095
MEAC1726	354153	7056139	34	095
MEAC1727	354144	7056137	80	095
MEAC1728	354118	7056141	73	095
MEAC1729	354099	7056142	59	095
MEAC1730	354083	7056146	80	095
MEAC1731	354060	7056142	57	095
MEAC1732	354023	7056146	29	095
MEAC1733	353999	7056150	69	095
MEAC1734	353980	7056145	60	095
MEAC1735	353960	7056145	71	095
MEAC1736	353920	7056144	53	095
MEAC1737	353220	7056573	92	275
MEAC1738	353260	7056563	89	275
MEAC1739	353280	7056575	89	275
MEAC1740	353198	7057371	74	275
MEAC1741	353242	7057380	64	275
MEAC1742	353280	7057365	50	275
MEAC1743	353322	7057370	70	275

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2017

Graf’s Find Prospect - soil sampling

In September 2017, Cullen collected about 700 soil samples from the Graf‟s Find prospect area and the area northwards towards the Galway prospect targeting an interpreted unconformity boundary, structures and a large felsic intrusive body internal to the greenstone belt. Samples were collected on a triangular grid at 100 x 100m spacing.

Field studies of the complex regolith terrain indicated mixed surface sample types and as a first pass, 100m spaced samples from 500m spaced traverses along strike were analysed using the “Terraleach TM” partial leach technique.

The analytical results received to date (Fig. 4 below) are encouraging, and have outlined a large gold anomaly (~1 x 0.5 km) with a close spatial relationship to an interpreted NW-SE fault set. Based on these results, some further analyses of infill samples is underway, in conjunction with planned field mapping. The anomaly is largely undrilled – one line of historical RAB drilling across the southern part of the anomaly returned a drill hole maximum value of 0.4g/t Au.

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Figure 4.

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2017

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Figure 5.

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2017

CENTRAL FINLAND – cobalt, zinc, gold

Cullen has made an additional Reservation application of ~1000km [2] in central Finland, named Korvenkyla (registered in mid-December 2017 and valid for two years). This area surrounds a group of cobalt prospects under investigation by European Cobalt (ASX: EUC) and in Cullen‟s opinion the Korvenkyla area is prospective for cobalt, gold and/or zinc in volcanic-hosted massive sulphide-type (VHMS) deposits and veins given the regional and local geological setting. This new Reservation together with Anges and Sulkava ( see below ) gives Cullen a regional focus in Central Finland with compilation of existing public data, at a low cost, as a first step towards identifying prospects for further exploration

Anges, ~120 sq. km , surrounds a known zinc prospect at Rauhala (owned by Phyasalmi Mine Company) with has a reported, non-compliant resource of 1.7Mt @ 4.97 % Zn and 1.33% Cu. (see:www.tukes.fi and http://tupa.gtk.fi/karttasovellus/mdae/raportti/532_Rauhala.pdf.). Cullen‟s application covers ~3km of prospective stratigraphy along strike of this prospect.

Sulkava, ~ 400 sq. km , is centred on a previously mined zinc deposit (Kangasjarvi), and covers about 20km of prospective stratigraphy including other base metal prospects in a VHMS setting. This reservation application is centred ~35 km south of the active, Phyasalmi base metal mine owned by First Quantum Minerals Ltd.

http://tupa.gtk.fi/karttasovellus/mdae/raportti/548_Kangasj%C3%A4rvi.pdf

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2017

WONGAN HILLS – gold and base metals

Cullen has held further discussions with some key landowners and provided Draft access agreements for review. Agreements remain to be finalised.

CORPORATE

SHARE CAPITAL INFORMATION AND CASH POSITION

The issued capital of the company at 31 December 2017:

2,598,560,131 fully paid ordinary shares

20m unlisted options expiring 30 November 2020

Substantial shareholders are:

Perth Capital, Wythenshawe Pty Ltd and Associates – 19.65%.

Cash at 31 December 2017 was approximately $0.95M.

AGM, BOARD CHANGES AND CAPITAL RAISING

The Annual General Meeting was held on 21 November 2017 with all resolutions approved. Dr. Denis Clarke and Mr. Grahame Hamilton retired as Directors at the conclusion of the Annual General Meeting, as announced on 19 October 2017. The Board would like to sincerely thank Denis and Grahame for their valuable contributions to the Cullen board over many years.

The Company conducted a share purchase plan during the Quarter to raise $300,000 however the plan closed oversubscribed with 597m shares issued at $0.001 raising $597,000.

The Directors acknowledge and appreciate the support of shareholders who participated in the Share Purchase Plan.

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2017

SCHEDULE OF TENEMENTS (as at 31 December 2017)

REGION	TENEMENTS	TENEMENT APPLICATIONS	CULLEN **INTEREST **	COMMENTS
WESTERN AUSTRALIA
PILBARA
Wyloo North	E47/3342	ELA 47/3743	100%
Paraburdoo JV	E52/1667		100%	Fortescue can earn up to 80% of iron ore rights; Cullen 100% other mineral rights
North Pilbara	E 45/4626	ELA 45/4924	100%
NE GOLDFIELDS- Mt Eureka
Gunbarrel	E53/1299,1300+/ * E53/1635,1892, 1893	ELA 53/1958 - 1961	100%	+2.5% NPI Royalty to Pegasus on Cullen's interest (parts of E1299); *1.5% NSR Royalty to Aurora (other parts of E1299 and parts of E1300)
Irwin Well	E53/1637		100%
Irwin Bore	E53/1209	ELA 53/1957	100%
MURCHISON, Cue	E20/714		100%
YINNETHARRA	E09/2179		100%
WONGAN HILLS	E70/4882		90%
GREENBUSHES		ELA 70/4802
EASTERN GOLDFIELDS / SW W.AUSTRALIA
Killaloe Bromus Lake King	E63/1018, E63/1199	ELA 63/1882 ELA 70/5066	20% 20%	Matsa Resources Limited 80%
FORRESTANIA
Forrestania JV	M77/544		20%	Hannans Reward Ltd 80% Gold rights only
FINLAND
	Rita ,Kaatiala Outu, Vesikko (Risti) Anges ,Sulkava Korvenkylä		100% - Registered Reservations
TENEMENTS RELINQUISHED, SOLD and APPLICATIONS WITHDRAWN DURING THE QUARTER
	E47/4803	ELA 70/4957
	Surrendered	Withdrawn

Notes: 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. 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 is a 20% holder of the gold rights on M77/544 via the Forrestania Joint Venture with Hannans Reward Ltd, and as previously announced the proposed sale of its 20% share to Mine Builder Pty Ltd together with Hannans (see CUL:ASX 12 March 2015) via one agreement. Cullen is due to receive $200,000 cash as consideration via four instalments. Title to the gold rights will be transferred on receipt of the final instalment. $180,000 of this payment under this agreement has been received to date.

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2017

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, Hannans Reward, and Matsa), 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.

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

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.

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2017

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

	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. A total of 43 holes for 2630m 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.
	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 (eg „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.	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, four of such 1m samples were combined into one 4m 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 the 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.

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Quarterly Report for the period ending 31 December 2017

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 pulverized 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), Silver (Ag), Copper (Cu), Nickel (Ni), and Cobalt (Co) were analysed by Aqua Regia digest with ICP-MS finish. Gold levels over 500ppb would be 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.	No duplicate field samples of the 4m composites were taken.
	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 4m 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.

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Quarterly Report for the period ending 31 December 2017

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 any adjustment to assay data.	No adjustments are made to assay data other than the replacement of „less than detection limit‟ with a value of half of the respective detection limit.
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 AC drilling was composited into 4m intervals.

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2017

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 for the presence of gold mineralisation below transported cover. The drill orientation was westerly (275 degrees) or easterly (095 degrees) 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 any 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 which 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 and BHP Billiton limited (in Joint Venture with Cullen) since 2001 – appraised byCullen for drill targeting.
Geology		Deposit type, geological settings and style of mineralisation.	The targeted mineralisation is orogenic, shear-hosted gold mineralisation.
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

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2017

	·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

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2017

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.

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2017

Data description as required by the 2012 JORC Code - Section 1 and Section 2 of Table 1 Soil sampling programme – E53/1299 and E53/1209

Section 1 Sampling techniques and data

Section 1 Sampling techniques and data	Section 1 Sampling techniques and data	Section 1 Sampling techniques and data
Criteria	JORC Code explanation	Comments
Sampling technique	Nature and quality of sampling (eg 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.	Soil samples (200-300g) were collected with a hand tool from 0-0.1m depth on an approximately 100m x 100m triangular grid.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used	Sample locations were determined using a hand held GPS, with an estimated error is +/-5 m. Soil sample co-ordinates are in UTM grid (GDA94 Z51). Elevation was determined by hand held GPS and is approximate only. No measurement tools other than a hand held GPS were 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 (eg „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.	Soil samples were analyzed using Intertek's proprietary Terra Leach (TL1 MS) partial leach method and ICP-MS for 19 elements: Ag, Au, As, Bi, Cd, Co, Cu, La, Mo, Ni, Pb, Pd, Pt, Sb, Sn, Th, U, W and Zn. Intertek's laboratory QAQC includes standards, blanks and repeats. Precision and accuracy of the analyses, based on the available data, are acceptable
Drilling technique	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic etc) and details (eg 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).	No drilling used
Drill Sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed	No drilling used
	Measurements taken to maximise sample recovery and ensure representative nature of the samples.	No drilling used
	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.	No drilling used.

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Quarterly Report for the period ending 31 December 2017

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.	No drilling used
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel etc.) photography.	No geological/mineralogical descriptions of soil samples recorded.
	The total length and percentage of the relevant intersections logged	No drilling used
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.	Not applicable - no drilling used
	For all sample types, quality and appropriateness of the sample preparation technique.	All samples were dry at the time of sampling. Samples were dry sieved to -180µm by the laboratory. Sampling was carried out in accordance with Intertek's sampling protocols for “TERRA LEACH TM” partial digests.
	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	No field duplicates taken
	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.	No field duplicates taken
	Whether sample sizes are appropriate to the grain size of the material being sampled.	The sample size is considered adequate given the grain size of the material analyzed (-180µm).
	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	Soil samples were analyzed using Intertek's proprietary Terra Leach (TL1 MS) partial leach method and ICP-MS for 19 elements: Ag, Au, As, Bi, Cd, Co, Cu, La, Mo, Ni, Pb, Pd, Pt, Sb, Sn, Th, U, W and Zn. Terra Leach laboratory QAQC includes standards, blanks and repeats. Precision and accuracy of the analyses,based on the available data,are acceptable.

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Quarterly Report for the period ending 31 December 2017

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. No geophysical tools were used.
Quality of assay data and laboratory tests	Nature of quality control procedures adopted (egg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Intertek‟s laboratory QAQC includes standards, blanks and repeats. Precision and accuracy of the analyses, based on the available data, are acceptable
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	No applicable – no drilling used
	The use of twinned holes	No applicable – no drillingused
	Documentation of primary data, data entry procedures, data verification, data storage (physically and electronic) protocols.	All field location data are recorded manually on handheld GPS and transferred into digital format, Excel sheets.
	Discuss any adjustment to assay data.	No adjustments are made to assay data other than the replacement of „less than detection limit‟ with a value of half of the respective detection limit.
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.	Not applicable – soil sampling only.
	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 samples.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	Samples were collected on an approximately triangular 100 x 100m grid pattern. A subset of samples at 100m spacing on lines 500m apart was analyzed and is reported here. Data not used for Mineral Resource estimation. No sample compositingwas applied.
	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.	No drilling used
	Whether sample compositing has been applied.	No drilling used

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2017

Orientation	Whether the orientation of sampling	Due to the reconnaissance nature of the programme,
of data in	achieves unbiased sampling of possible	sampling was along lines perpendicular to the dominant
relation to	structures and the extent to which this	lithological strike of the greenstone sequence.
geological	is known, considering the deposit type.
structure		No drilling used.
	If the relationship between the drilling	No drilling used
	orientation and the orientation of key
	mineralised structures is considered to
	have introduced a sampling bias, this
	should be assessed and reported if
	material.
Sample	The measures taken to ensure sample	All samples are handled, transported and delivered to
security	security.	the laboratory by Cullen staff or Cullen contractors. All
		samples were accounted for. Samples were collected in
		individually numbered ziplock bags and packed in large
		plastic bags secured with cable ties.
Audits or	The results of and audits or reviews of	No audits or reviews of sampling techniques and data
reviews	samplingtechniques and data.	have been conducted to date.
	Section 2 Reporting of exploration results

Mineral	Type, reference name/number,	The sampling was located on E53/1299 and E53/1209,
tenements and	location and ownership including	each is 100% owned by Cullen Exploration Pty Ltd (a
land tenure	agreements or material issues with	wholly-owned subsidiary of Cullen Resources Limited).
status	third parties such as joint ventures,	Cullen has signed an agreement with the Wiluna
	partnerships, overriding royalties,	traditional owners who have determined native title over
	native title interest, historical sites,	the tenements. The area of sampling and access tracks
	wilderness or national park and	were cleared by the traditional owners prior to
	environmental settings.	commencement of these activities. There are no
		particular environmental settings.
	The security of the tenure held at the	The tenure is secure and in good standing at the time of
	time of reporting along with any	writing.
	known impediments to obtaining a
	licence to operate in the area.
Exploration	Acknowledgement and appraisal of	Previous surface geochemistry in the general survey
done by other	exploration by other parties.	area by other parties includes lag sampling by WMC
parties		Resources in 2002 (WAMEX report A66603)
Geology	Deposit type, geological settings and	The targeted mineralisation is orogenic, shear-hosted
	style of mineralisation.	gold mineralisation.
Drill hole	A summary of all information
information	material for the understanding of the	No drilling used
	exploration results including a
	tabulation of the following
	information for all Material drill
	holes:
	· E_asting and northing of the drill_
	hole collar	No drilling used
	·Elevation or RL (Reduced level-
	elevation above sea level in
	metres)and the drill hole collar

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2017

	·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.	No drilling used
Data aggregation methods	In reporting Exploration results, weighing averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually material and should be stated.	No drilling used
	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.	No drilling used
	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.	No drilling used
	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	No drilling used
	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‟)	No drilling used
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.	No drilling used – not applicable

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Cullen Resources Limited Quarterly Report for the period ending 31 December 2017

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.	No drilling used. All analytical results for gold by Terra Leach shown in report.
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.	A geological interpretation of aeromagnetic data by Terra Resources, Perth, is shown in the body of the announcement, for the area of the sampling.
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).	Further analyses of infill samples.
	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 figure.

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