CULLEN RESOURCES LIMITED — Interim / Quarterly Report 2019

Jul 22, 2019

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

Quarterly Report for the period ending 30 June 2019

www.cullenresources.com.au ASX : CUL 23 July 2019

HIGHLIGHTS

• Newly-discovered sulphide mineralisation, from air core drilling (36 holes for 1350m) at Wongan Hills targeting Volcanic-Hosted Massive Sulphides (VHMS) base metal and Boddington-type copper-gold mineralisation with best intersections of:

• 1m @ 3.72% Cu with 0.3 g/t Au, 28 ppm Ag (19WAC64 , 36-37m)

• 1m @ 3.40% Cu with 1.5 g/t Au, 32 ppm Ag (19WAC48, 55-56m) with 937ppm Bi, 45 ppm Mo and 1669 ppm Zn

• 5m @ 0.20% Cu (19WAC66, 45 - 50m)

• Gold and base metal prospectivity enhanced at the North Tuckabianna project, close to the Hollandaire copper resource (held by Cyprium Metals, ASX:CYM), following reconnaissance air core drilling (23 holes for 1217m):

• 15m @ 274ppm Cu from 65m, with 11m @ 493ppm Zn from 75m to EoH (TNAC54)

• 4m @ 1348 ppm Zn from 45 to EoH (TNAC53)

• 5m @ 762ppm Cu from 70m (TNAC60)

• 5m @ 0.17 g/t Au from 45m and 20m @ 571ppm Cu from 15m (TNAC61)

• 5m @ 0.31 g/t Au from 15m and 5m @ 421 ppm Cu from 40m to EoH (TNAC68)

• Recent announcement by Fortescue Metals Group (ASX: FMG, 5 July 2019) has confirmed the start of construction of its Eliwana rail and mine development project in the West Pilbara. This new project brings Cullen’s significant West Pilbara royalties back in focus, as does the recent lift in iron ore prices

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 – June 2019

WONGAN HILLS, E’s 70/4882, 5162 and 5201, (Cullen 90% - Tregor Pty Ltd 10%): ~180 km north-east of Perth, base metals and gold project

Background

In January 2019, Cullen Resources Limited (“Cullen “or “the Company”) completed first pass air core drilling (Phase I - 47 holes for 1,940m) that intersected a sequence of mafic rocks and metasediments overlain by buried laterite (ASX: CUL, 21 Feb 2019). In March 2019, Cullen completed further air core drilling (Phase II - 5 holes for 290m, 19WAC48-52) below some of the better copper anomalies from the Phase I air core programme. As in the January programme, the drilling encountered transported clay, a buried laterite horizon (+/pisolites) and saprolitic bedrock above fresh, variably laminated quartz-amphibole rocks (interpreted to be mafics and/or metasediments).

Assays from these programmes defined a significant copper +/- multi-element trend in weathered bedrock, copper >300ppm in 5m composite or 1m samples, open in both directions along strike and coincident with a trend of interpreted VTEM bedrock conductors (“Prospective Corridor”).

Hole 19WAC48, drilled within the Prospective Corridor in March 2019, returned the most significant result of 5m @ 0.82% Cu, 0.34 g/t Au with 215 ppm Bi from 55m, composite sample. 1m re-sampling returned – 1m @ 3.40% Cu with 1.5 g/t Au from 55m . The VTEM response around this drill hole was modelled by Southern Geoscience Consultants (SGC ) as SSE striking along the Prospective Corridor over ~150m, and from a vertical depth of 150m. The magnetic model in this area is slightly displaced from the VTEM model, with a similar strike and interpreted steep dip but from a shallow (~30m) depth.

Air core drilling programme completed in the late June, (Phase III - 36 holes for 1350m, 19WAC 53-88) tested below drill hole 19WAC48, and along strike and across the extensive CHI-3 laterite anomaly in the area south-east of all previous drilling to date ( Figs. 2 and 3 ). The results (Tables 1 and 2 and X-section, Fig.4 ) highlight occurrences of sulphides in bedrock, copper and gold mineralisation, sections of hydrothermal alteration, and interpreted felsic intrusives in the Prospective Corridor and nearby.

In Summary:

• Copper-gold mineralisation (veinlets and/or disseminations of pyrite – chalcopyrite + gold) has now been intersected in air core holes 800m apart along strike in bedrock within the previously defined Prospective Corridor;

2

Cullen Resources Limited Quarterly Report – June 2019

• Best intersections to date (max 87m depth, angled downhole) include:

• 1m @ 3.72% Cu with 0.3 g/t Au, 28 ppm Ag from 36m (Hole 19WAC64)

• 1m @ 3.40% Cu with 1.5 g/t Au, 32 ppm Ag from 55m (Hole 19WAC48) with 937ppm Bi, 45 ppm Mo and 1669 ppm Zn

• 5m @ 1996 ppm Cu from 45m (Hole 19WAC66)

• Holes 19WAC65 and 68 intersected a quartz-veined quartzite/chert unit with elevated levels of Ag, As, Bi, Cu and W close to a VTEM anomaly (see Figs. 2, 3 and Tables 1 and 2). This resistive unit, identified from the VTEM data by the Southern Geoscience Consultants, lies entirely within the Prospective Corridor and is a strong vector for VHMS mineralisation ;

• The Prospective Corridor as defined by bedrock copper and VTEM anomalies now stretches for approximately 2.5km along strike;

• Associated hydrothermal alteration assemblages intersected include epidote /diopside/quartz/pyrite; pyrite/pyrrhotite +/- chalcopyrite; and magnetite , hosted predominantly by mafic amphibolite;

• Visual inspection of drill chips indicates sections of meta-andesite may be part of the stratigraphy. A petrological report is pending, and interrogation and analysis of the extensive geochemical database is on-going;

• Mafic amphibolite is locally hornfelsed by interpreted felsic intrusives within the Prospective Corridor;

• There are coincident magnetic/VTEM anomalies beneath the three strong, interpreted, west dipping drilled zones of copper anomalies and pyrite – chalcopyrite +/- gold mineralisation around hole 19WAC48 ( Figs.4 and 5 );

• In Cullen’s opinion, the newly-discovered sulphide mineralisation, hydrothermal alteration and geological characteristics along the Prospective Corridor enhance the prospectivity of the Wongan Hills Project to host VHMS base metal and/or Boddington-type copper-gold deposits; and,

3

Cullen Resources Limited Quarterly Report – June 2019

• Deeper drilling (RC/diamond, ~1000m) is a priority to test the following targets:

• On-section of the interpreted, west dipping copper zones in drillholes (package true thickness ~75m) around 19WAC48 ( Fig.4 )

• The VTEM/Mag anomalies interpreted to be at depth further to the west ( Fig.5 ) - VTEM model at ~150m depth; magnetic model steeply dipping, east or west, from ~30m depth

• The chert horizon and nearby VTEM anomaly, at 19WAC65 and 68

• The area of high-grade copper and on-strike hydrothermal alteration around drill hole 19WAC64

==> picture [371 x 432] intentionally omitted <==

.

Fig .1 Geology of the Wongan Hills greenstone belt and location of drilling to date (red box) targeting the” Prospective Corridor”.

4

Cullen Resources Limited Quarterly Report – June 2019

==> picture [442 x 601] intentionally omitted <==

Fig. 2 Air core traverses completed to date along the ”Prospective Corridor”

Note: The VTEM and Mag responses around 19WAC48 modelled by Southern Geoscience Consultants (SGC) are parallel to the strike of the Prospective Corridor, with the magnetic model slightly displaced from the VTEM model (Fig.5).

5

Cullen Resources Limited Quarterly Report – June 2019

==> picture [363 x 656] intentionally omitted <==

Fig. 3 June Air core traverses targeted the” Prospective Corridor” and the core of the major laterite geochemical anomaly.

CHI-3 = As+3Sb+10Bi+10Cd+10In+3Mo+30Ag+30Sn

6

Cullen Resources Limited Quarterly Report – June 2019

==> picture [470 x 646] intentionally omitted <==

Fig. 4 East – West X - section, 6,593,100mN.

Notes – “Laterite” includes transported and in-situ layers; and, early diamond drilling would be optimal to provide key structural information.

7

Cullen Resources Limited Quarterly Report – June 2019

==> picture [457 x 591] intentionally omitted <==

Fig. 5 East - West X-section, 6,593,100mN showing approximate position of Mag and VTEM responses, VTEM dip is uncertain, Mag steep dip.

8

Cullen Resources Limited Quarterly Report – June 2019

NORTH TUCKABIANNA PROJECT, E20/714 - Cullen 100%

Background

Cullen holds E20/714 centered ~30km east of Cue, in the Murchison Region of Western Australia. The tenement lies north along strike of historical gold deposits that make up the “Tuckabianna Gold Trend”, and is on-strike of the Hollandaire copper resource (see ASX:CYM, 18-7-2019) and ( Fig.6 ).

Cullen has previously completed airborne EM surveying and RC drill testing of strong VTEM anomalies for VHMS deposits, and limited exploration for gold along interpreted shear zones. This work revealed black shales were the likely conductors where tested, and some low level gold anomalies. Despite several historical air core drilling campaigns by Cullen and other, in Cullen’s opinion, large tracts of prospective stratigraphy and strike extensive shear zones remain to be fully tested.

Recently, Cullen reviewed its data compilation, and a short scout air core drilling program (23 holes for 1217m) was completed in May 2019, to confirm the existing bedrock interpretation, the position and character of target shear zones, and to prioritise further exploration.

Air Core Drilling Summary

The drilling intersected a sequence of felsic schists, derived from intermediate and felsic lavas and tuffs, along strike of the Hollandaire copper resource, and mafic schists after basalt and dolerite, in the eastern stratigraphy ( Fig. 7 ). The assay data returned highly elevated geochemistry in several holes including:

• 20m @ 228ppm Cu from 35m and 15m @ 274ppm Cu from 65m, with 11m @ 493ppm Zn from 75m to EoH in TNAC54;

• 4m @ 1348 ppm Zn from 45 to EoH in TNAC53;

• 5m @ 762ppm Cu from 70m in TNAC60 ;

• 5m @ 0.17 g/t Au from 45m and 20m @ 571ppm Cu from 15m TNAC61; and

• 5m @ 0.31 g/t Au from 15m and 5m @ 421 ppm Cu from 40m to EoH in TNAC68 (see Tables 3 and 4).

These geochemical anomalies highlight the prospectivity for both base metals within the felsic rocks (VHMS) and for gold along shears zones with the eastern more mafic package (Tuckabianna Gold Trend), as the regional geological setting predicts. The abovementioned elevated Cu and Zn values occur within the same meta-andesitic package (as per GSWA 1:100,000 Reedy Sheet mapping , Fig. 7 ) that hosts the Hollandaire copper resource, located approximately 1.5km along strike to the south-west, and there are untested weak VTEM anomalies nearby. The low level gold values are associated with sheared mafics and/or quartz veining along the Tuckabianna Gold Trend. Follow-up work is clearly warranted, which may include ground EM surveying and further, deeper drill testing.

9

Cullen Resources Limited Quarterly Report – June 2019

==> picture [469 x 688] intentionally omitted <==

Fig. 6

10

Cullen Resources Limited Quarterly Report – June 2019

==> picture [456 x 598] intentionally omitted <==

Fig .7

11

Cullen Resources Limited Quarterly Report – June 2019

==> picture [456 x 411] intentionally omitted <==

Fig .8 Location of air core drilling, North Tuckabianna, May 2019 .

12

Cullen Resources Limited Quarterly Report – June 2019

IRON ORE ROYALTIES

A recent announcement by Fortescue Metals Group (ASX: FMG, 5 July 2019) has confirmed construction of their Eliwana rail and mine development project in the West Pilbara has commenced. This new Fortescue project brings Cullen’s potentially lucrative Wyloo North iron ore royalty and the West Pilbara Region in general, back into focus, as does the recent lift in iron ore prices as follows:

Cullen holds 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 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 holds a 1% F.O.B. royalty on any iron ore production from the former Mt Stuart Iron Ore Joint Venture – E08/1135, E08/1330, E08/1341, E08/1292, ML08/481, and ML08/482 – part of the West Pilbara Iron Ore Project owned by the APIJV (Aquila/Baosteel, Posco, AMCI) and the RHIJV (Red Hill Iron Limited –APIJV). Cullen 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 (ASX :CUL 10-3-2015), and a Reserve of 83Mt @ 55.1% Fe (ASX:CUL 16-9-2015) - ML08/481.

==> picture [484 x 336] intentionally omitted <==

Fig. 9. Location of Cullen’s iron ore royalties, West Pilbara, W.A.

13

Cullen Resources Limited Quarterly Report – June 2019

PIPELINE PROJECTS - Cullen 100%

Cullen continues to review and select new tenure for further exploration, mainly in WA and in Finland, with a view to undertaking relatively low-cost, early exploration and attract partnership in Joint Ventures. Cullen has participated successfully in several Joint Ventures previously under this “Project Generator Model.”

Two new projects areas are under review as follows:

1. Bromus -Targeting untested gold-in-auger soil anomaly near Norseman, W.A. (Cullen 100%)

Cullen holds E63/1894 of approximately 100 sq. kms centred 20km south west of Norseman in the Eastern Goldfields of W.A. ( Fig.10 ). The tenement includes the “Bromus” gold prospect within a mixed granite-greenstone terrane (as interpreted by Cullen from aeromagnetic images) and is prospective for greenstone-hosted gold, and lithium in pegmatites.

(see:https://geoview.dmp.wa.gov.au/GeoViews/?Viewer=GeoVIEW.)

The low-level gold-in-auger anomaly at “Bromus” (to 8.4ppb), is 4.6km long and up to 600m wide as determined by previous explorers (see References below). This anomaly appears to parallel a granite-greenstone contact and possibly an ultramafic unit, as suggested by aeromagnetics images, and the nearby “Bromus North” nickel prospect is located along strike. This gold anomaly is supported by elevated As, Mo, Bi and Te values (important gold pathfinder elements) and is undrilled. In Cullen’s opinion, “Bromus” is worthy of further investigation. The target area is also prospective for lithium in pegmatites as supported by the regional occurrences and the presence of strike-extensive granite contacts ( Fig.10 ).

REFERENCES:

BAXTER, C., 2014: Annual Report for EL63/1368 Bromus South for the Period 3 August 2013 to 2 August 2014 (WAMEX report – A103452)

CRYAN, G., 2015: Final Surrender Report for EL63/1368 Bromus South Project for the period 3 August 2010 to 2 August 2015 (WAMEX report – A107016)

14

Cullen Resources Limited Quarterly Report – June 2019

==> picture [469 x 395] intentionally omitted <==

Fig. 10. Bromus E63/1894 centered ~20km south-west of Norseman. Cullen considers this area is prospective for gold, and lithium in pegmatites. The red dotted line marks approximate position of gold-in-auger soil anomaly (historical exploration but undrilled); green dots highlight lithium-pegmatite occurrences in the region. Background aeromagnetics image (1VD, from “Geoview”) suggests Bromus licence overlies granite-greenstone terrane, rather than granite as published maps show.

2. Targeting gold in shear zones, ELA 77/2606 - (Cullen 100%)

Cullen has made an Exploration Licence application covering ~30km of sheared granite which stretches from the north-west tip of the Diemals greenstone belt, NNW towards the Youanmi greenstone belt.

There are several elongate, magnetic features interpreted to be amphibolite remnants of greenstone within and parallel to the target shear zones. The extensive regolith of mainly colluvium and sheetwash may have deterred any detailed exploration previously.

15

Cullen Resources Limited Quarterly Report – June 2019

SCHEDULE OF TENEMENTS (as at 30 June 2019)

REGION/ PROJECT	TENEMENTS	TENEMENT APPLICATIONS	CULLEN INTEREST	COMMENTS
WESTERN AUSTRALIA
PILBARA
Paraburdoo JV	E52/1667		100%	Fortescue can earn up to 80% of iron ore rights; Cullen 100% other mineral rights
North Pilbara		E45/4924 E45/5540	100%
NE GOLDFIELDS -Mt Eureka
Gunbarrel	E53/1299,+/ * 1893, 1957 -1959, 1961	E53/2052 E53/2063	100%	+2.5% NPI Royalty to Pegasus on Cullen's interest (parts of E1299); *1.5% NSR Royalty to Aurora (other parts of E1299, E1893, E1957,E1958,E1959and E1961).
Irwin Well	E53/1637		100%
Irwin Bore	E53/1209		100%
MURCHISON	E20/714	E77/2606	100%
WONGAN HILLS	E’s 70/4882, 5162, 5201		90%
GREENBUSHES		E70/4802
EASTERN GOLDFIELDS
Killaloe	E63/1018		20%	Sale of Matsa’s 80% interest to Liontown Resources Limited announced, 20 August 2018 –Cullen retains 20% FCI to DTM.
Bromus	E63/1894		100%
FINLAND
	Korvenkylä		100% - Registered Reservations
TENEMENTS RELINQUISHED, SOLD and APPLICATIONS WITHDRAWN DURING THE QUARTER
	E53/1300 E59/2305 E53/1960 Anges, Sulkava		0%	Surrendered Finnish Reservations lapsed

16

Cullen Resources Limited Quarterly Report – June 2019

ATTRIBUTION: Competent Person Statement

The information in this report that relates to exploration activities is based on information compiled by Dr. Chris Ringrose, Managing Director, Cullen Resources Limited who is a Member of the Australasian Institute of Mining and Metallurgy. Dr. Ringrose is a full-time employee of Cullen Resources Limited. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined by the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr. Ringrose consents to the report being issued in the form and context in which it appears.

Information in this report may also reflect past exploration results, and Cullen’s assessment of exploration completed by past explorers, which has not been updated to comply with the JORC 2012 Code. The Company confirms it is not aware of any new information or data which materially affects the information included in this announcement.

ABOUT CULLEN: Cullen is a Perth-based minerals explorer with a multi-commodity portfolio including projects managed through a number of JVs with key partners (Fortescue and Liontown), and a number of projects in its own right. The Company’s strategy is to identify and build targets based on data compilation, field reconnaissance and early-stage exploration, and to pursue further testing of targets itself or farm-out opportunities to larger companies. Projects are sought for most commodities mainly in Australia but with selected consideration of overseas opportunities. Cullen has a 1.5% F.O.B. royalty up to 15 Mt of iron ore production from the Wyloo project tenements, part of Fortescue’s Western Hub/Eliwana project, and will receive $900,000 cash if and when a decision is made to commence mining on a commercial basis – E47/1649, 1650, ML 47/1488-1490, and ML 08/502. Cullen has a 1% F.O.B. royalty on any iron ore production from the following tenements – E08/1135, E08/1330, E08/1341, E08/1292, ML08/481, and ML08/482 (former Mt Stuart Iron Ore Joint Venture – Baosteel/Aurizon/Posco/AMCI) and will receive $1M cash upon any Final Investment Decision. The Catho Well Channel Iron Deposit (CID) has a published in situ Mineral Resources estimate of 161Mt @ 54.40% Fe (ML 08/481) as announced by Cullen to the ASX – 10 March 2015.

FORWARD - LOOKING STATEMENTS

This document may contain certain forward-looking statements which have not been based solely on historical facts but rather on Cullen's expectations about future events and on a number of assumptions which are subject to significant risks, uncertainties and contingencies many of which are outside the control of Cullen and its directors, officers and advisers. Forward-looking statements include, but are not necessarily limited to, statements concerning Cullen’s planned exploration program, strategies and objectives of management, anticipated dates and expected costs or outputs. When used in this document, words such as “could”, “plan”, “estimate” “expect”, “intend”, “may”, “potential”, “should” and similar expressions are forward-looking statements. Due care and attention has been taken in the preparation of this document and although Cullen believes that its expectations reflected in any forward looking statements made in this document are reasonable, no assurance can be given that actual results will be consistent with these forward-looking statements. This document should not be relied upon as providing any recommendation or forecast by Cullen or its directors, officers or advisers. To the fullest extent permitted by law, no liability, however arising, will be accepted by Cullen or its directors, officers or advisers, as a result of any reliance upon any forward looking statement contained in this document.

17

Cullen Resources Limited Quarterly Report – June 2019

Table 1 - Location of drill holes, E70/4882, Wongan Hills, June 2019.

Hole ID	easting	northing	Depth	Azi	RL
19WAC53	463848	6592378	38	270	322.5
19WAC54	463899	6592386	41	270	323.1
19WAC55	463933	6592370	38	270	325.1
19WAC56	464012	6592371	35	270	327.7
19WAC57	464060	6592360	36	270	330
19WAC58	464115	6592363	39	270	332.1
19WAC59	464158	6592364	20	270	333.2
19WAC60	464175	6592354	24	270	336.7
19WAC61	464196	6592341	9	270	338.1
19WAC62	464203	6592341	39	90	338.2
19WAC63	464144	6592246	69	90	340.1
19WAC64	464177	6592277	41	90	338.9
19WAC65	463981	6592367	62	270	326
19WAC66	463800	6593100	87	90	306.3
19WAC67	463802	6593105	60	270	306.4
19WAC68	463986	6592374	54	270	326
19WAC69	463727	6591651	58	300	318.1
19WAC70	463748	6591630	71	300	318.4
19WAC71	463771	6591618	60	300	319.9
19WAC72	463790	6591617	49	300	320.4
19WAC73	463814	6591620	51	300	320.4
19WAC74	463827	6591640	61	220	323.1
19WAC75	463839	6591655	46	220	323.9
19WAC76	463852	6591674	55	220	324.5
19WAC77	463865	6591697	51	220	325.1
19WAC78	463940	6591793	7	220	333
19WAC79	463970	6591830	18	220	334.1
19WAC80	464000	6591862	6	130	337
19WAC82	464002	6591862	37	220	338.1
19WAC81	464023	6591072	19	130	338.1
19WAC83	464048	6591881	8	220	339.1
19WAC84	464083	6591889	5	220	341.2
19WAC85	463984	6591536	3	270	324.9
19WAC86	464010	6591540	3	270	328.6
19WAC87	463951	6591512	16	270	324.4
19WAC88	463914	6591486	34	270	324.7

GDA94 Zone 50, all drilled -60°

18

Cullen Resources Limited Quarterly Report – June 2019

Table 2 - Assay data from Wongan Hills air core, June 2019.

Lab Elements			Ag	As	Au	Bi	Co	Cu	Mo	Ni	Pb	Sb	Te	W	Zn	Cu
Unit Codes			ppm	ppm	ppb	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm
LDETECTION			0.01	0.5	1	0.01	0.1	0.5	0.05	0.2	0.2	0.5	0.01	0.05	2	10
UDETECTION			100	10000	4000	10000	10000	10000	10000	10000	10000	10000	500	10000	10000	500000
Hole ID	from	to	AR25	AR25	AR25	AR25	AR25	AR25	AR25	AR25	AR25	AR25	AR25	AR25	AR25	MA41
19WAC53	0	5	0.06	5.4	5	2.2	14.4	110.2	0.83	30.8	6.4	0.8	<0.01	0.16	21
	5	10	0.05	4.7	3	0.54	1.3	28.1	0.93	3.7	2.1	0.6	<0.01	0.08	2
	10	15	0.13	13.2	5	1.15	2.1	81	0.69	5.4	2.6	0.7	0.02	0.12	4
	15	20	0.2	41	3	1.02	2.2	83	0.54	7.8	3.8	1.4	0.08	0.27	4
	20	25	0.19	48.3	5	0.54	5.3	320.2	0.25	23.1	11.2	0.6	0.04	0.22	24
	25	30	0.15	38.9	3	0.78	18.3	219.2	0.2	26.3	8.2	0.6	0.02	0.22	30
	30	35	0.07	12.4	5	0.33	74.4	136.5	0.18	60.8	3	0.6	0.01	0.41	89
	35	38	0.05	6.5	18	0.27	50.1	56.3	0.13	47.2	1.3	<0.5	<0.01	0.3	61
19WAC54	0	5	0.2	9.9	5	1.69	4.2	68.2	1.14	9.4	4.9	1	<0.01	0.08	7
	5	10	0.15	33.9	10	1.04	4.6	127.7	0.49	7.3	4	0.8	<0.01	0.11	7
	10	15	0.15	57.7	3	0.51	3.2	117.6	0.16	9.7	6.3	0.8	0.03	0.21	4
	15	20	0.19	46.4	3	0.62	12.8	390	0.32	25.2	9.2	1.1	0.09	0.19	24
	20	25	0.52	14.1	5	0.36	235	421.8	0.5	124.6	8.4	0.5	0.01	0.09	107
	25	30	0.4	17.4	7	1.83	118	448.9	0.46	64.3	7.1	1	0.05	0.06	59
	30	35	0.52	23.4	2	0.7	51.7	398.2	0.5	94.2	4.6	1	0.02	0.21	98
	35	40	0.03	7.9	10	0.37	40.9	165.6	0.21	83.8	7.9	<0.5	0.01	0.12	108
	40	41	0.09	9.8	2	0.39	48.6	163.5	0.24	88.8	2.8	<0.5	0.01	0.1	114
19WAC55	0	5	0.09	15.2	5	0.51	5.7	102	0.87	12.4	6.4	1	0.03	0.15	15
	5	10	0.02	30.2	<1	0.12	5.2	105.8	0.18	9.3	4.1	<0.5	0.03	0.12	11
	10	15	0.04	27.1	<1	0.96	2.2	91	0.29	8.9	3.8	0.7	0.04	0.35	86
	15	20	0.08	34.4	1	0.65	16.7	112	0.34	23.1	5.9	1	0.04	0.59	42
	20	25	0.16	32.7	2	0.36	47.2	194.7	0.33	95.7	9.7	1.9	0.02	0.14	95
	25	30	0.5	76.4	4	2.1	7.7	180.2	0.62	60.1	3.9	2.4	0.01	0.23	49
	30	35	0.07	64.4	3	2.22	44.6	88.4	0.36	184.2	4.7	2.2	0.03	0.97	119
	35	38	0.04	29.3	6	0.27	77.6	47.4	0.24	257.3	2.1	0.8	0.01	0.48	85
19WAC56	0	5	0.11	27.4	4	1.13	6.9	127.7	0.6	16.8	8.3	0.8	0.01	0.1	13
	5	10	0.18	39.4	2	1.81	4.2	210.5	0.49	16	6.1	1	<0.01	0.09	20
	10	15	0.08	30.7	4	2.96	6.1	267.9	0.29	27.8	10.4	0.8	0.06	0.2	37
	15	20	0.21	19.3	2	0.37	17.7	241	0.34	57.4	7.1	0.6	0.03	<0.05	68
	20	25	0.07	24.2	1	0.55	99	83.5	0.2	209.7	3.6	<0.5	0.03	0.06	312
	25	30	0.03	25	4	0.23	82.7	11.7	0.28	186.3	2.4	<0.5	<0.01	<0.05	187
	30	35	0.02	8.7	3	0.15	36.1	11	0.15	71.2	1.2	<0.5	<0.01	<0.05	82
19WAC57	0	5	0.14	18.3	4	1.01	8.7	188.7	0.54	19.1	8.7	0.8	0.02	0.14	14
	5	10	0.06	10.8	<1	0.55	5.4	145.1	0.19	16.5	5.4	0.5	0.05	0.05	33
	10	15	0.07	12.8	<1	0.4	6.4	321.2	0.29	25.9	7.9	0.7	0.05	0.1	40
	15	20	0.21	10.4	1	0.55	10.8	224.9	0.28	59.4	4.2	1.1	0.04	0.08	80
	20	25	0.02	16.9	<1	0.71	14.1	140.1	0.31	78.5	3.6	1.8	0.05	0.14	109
	25	30	0.06	10.5	1	0.57	20.8	124.4	0.26	59.2	16.6	1.3	0.06	0.08	67
	30	35	0.03	3.6	9	0.19	30.5	220.8	0.09	94.4	2	<0.5	<0.01	<0.05	88
	35	36	0.21	6.4	10	0.12	79.9	227.1	0.14	153.7	2.1	<0.5	<0.01	<0.05	106
19WAC58	0	5	0.25	28.9	4	0.49	10	197.2	0.6	26.4	7.3	1.5	0.04	<0.05	21
	5	10	0.03	23.9	1	0.3	7	404.9	0.41	28.7	6.8	1.1	0.04	0.08	29
	10	15	0.12	9.2	<1	0.28	5.3	298.5	0.4	35.8	4.1	1.4	0.02	<0.05	27
	15	20	0.08	14.5	<1	0.35	20	283.7	0.3	52	2.1	0.7	0.02	<0.05	25
	20	25	0.29	10.7	7	0.3	117	207.2	0.51	336.8	3.4	<0.5	0.02	<0.05	159
	25	30	0.03	3.5	10	0.22	58.8	118.3	0.07	379.8	1.5	<0.5	<0.01	<0.05	197
	30	35	0.04	2.7	2	0.24	61.3	201.9	0.05	399.7	2.9	0.6	0.01	<0.05	158
	35	39	0.05	7.6	4	0.2	36.8	179.4	0.05	259.7	3	0.6	<0.01	<0.05	102
19WAC59	0	5	0.08	37.9	4	0.35	7.8	358.1	0.45	27.8	8.7	0.9	0.04	0.08	26
	5	10	<0.01	12	<1	0.28	15.2	309.7	0.39	46.9	10	0.5	0.07	<0.05	36
	10	15	0.01	2	<1	0.28	11	209.8	0.22	32.5	4.3	0.6	0.02	<0.05	29

19

Cullen Resources Limited Quarterly Report – June 2019

				Ag	As	Au	Bi	Co	Cu	Mo	Ni	Pb	Sb	Te	W	Zn	Cu
		15	20	0.04	10.4	6	0.29	40.5	503.2	0.33	67.7	1.7	0.6	0.04	0.14	78
19WAC60		0	5	0.03	23.9	2	0.54	7.8	426.4	0.24	24.1	7.5	0.9	0.02	<0.05	34
		5	10	0.06	10	<1	0.48	8.7	344.8	0.28	32.2	9.4	0.8	0.06	<0.05	54
		10	15	0.08	15.8	<1	0.45	35.4	352.3	0.35	73	6.1	1.7	0.16	<0.05	200
		15	20	0.16	36.5	15	0.76	126	392.4	0.63	168.1	35.3	0.6	0.61	0.08	390
		20	24	0.05	37.5	15	0.24	22.9	442.7	0.17	67.6	6.8	0.7	0.11	<0.05	186
19WAC61		0	5	0.02	28.3	2	0.24	7.4	308.6	0.42	15	8.2	0.6	0.02	<0.05	25
		5	9	<0.01	2.3	2	0.03	14.6	319.3	0.28	32.3	4.1	<0.5	0.01	<0.05	58
19WAC62		0	5	0.04	11.8	4	0.17	18.2	262.6	0.54	28.6	4.4	0.6	0.02	0.06	42
		5	10	0.03	2.1	5	0.03	30.2	220.1	0.75	31.7	0.8	<0.5	0.01	0.18	57
		10	15	0.06	9.9	7	0.02	37.5	271.7	0.8	40.8	0.6	<0.5	0.02	0.35	65
		15	19	0.06	4.6	4	0.05	26.3	194.1	0.96	29.8	0.8	<0.5	0.02	1.36	64
		19	20	0.1	16.1	6	0.91	18.1	154.8	1.17	18.8	6.6	0.7	0.04	2.19	24
		20	21	0.11	7.9	5	0.36	15.1	152.9	0.93	18	4	<0.5	0.02	1.95	94
		21	22	0.32	18	9	0.89	21.2	397.1	0.97	23.8	9.3	1.2	0.06	2.36	27
		22	23	0.2	5	8	0.58	20.7	308.1	1.04	26.6	1.5	<0.5	0.03	1.9	40
		23	24	0.16	10.2	8	0.46	21.6	254.2	1.01	20.8	2.2	<0.5	0.03	2.35	32
		24	25	0.18	2.7	4	0.21	26	247.3	0.92	32.2	1.6	<0.5	0.02	1.39	56
		25	26	0.08	1.1	2	0.19	25.1	126.1	0.99	55	1.3	<0.5	0.01	1.03	56
		26	27	0.23	6.5	10	0.18	22.3	342.3	1.08	32.8	3.3	<0.5	0.03	3.32	77
		27	28	0.19	2.8	4	0.08	25.3	249.7	0.99	37.3	2.9	<0.5	0.01	1.03	70
		28	29	0.23	3.3	2	0.19	20.8	296.1	0.79	34.9	2.2	<0.5	<0.01	1.44	76
		29	30	0.11	12.5	4	0.4	23.9	159.7	0.82	34.5	1.9	<0.5	0.02	1.21	61
		30	31	0.44	22.3	4	0.06	25.1	605.3	0.99	24.2	3.3	<0.5	0.02	1.51	98
		31	32	0.15	3.5	2	0.06	23.6	182.2	0.74	38.3	2.9	<0.5	0.01	1.5	73
		32	33	0.22	2.6	5	0.06	20.3	249.7	0.87	32.4	2.8	<0.5	0.02	1.87	64
		33	34	0.14	9	<1	0.11	24	169.5	0.78	36.4	2.4	<0.5	0.02	1.45	69
		34	35	0.16	2.9	2	0.06	26.3	207.9	0.89	43.1	3.3	<0.5	<0.01	1.85	85
		35	36	0.16	7.9	2	0.07	31.8	211.8	0.91	46.4	4.6	<0.5	<0.01	1.33	144
		36	37	0.17	4.9	1	0.08	26	220.8	0.84	42.5	2.8	<0.5	0.01	1.75	77
		37	38	0.12	0.6	2	0.05	22	144.1	0.86	36.2	2.7	<0.5	<0.01	1.46	76
		38	39	0.14	2.3	3	0.05	22.2	189.9	0.78	34.5	4.4	<0.5	<0.01	1.3	73
19WAC63		0	5	0.1	21.7	<1	2.62	28.7	1040	0.65	81.1	10.1	1.3	0.06	0.1	61
		5	10	0.02	7.7	<1	0.89	13.8	422.4	0.31	72.6	8	1.1	0.03	<0.05	45
		10	15	0.05	8.6	2	0.51	39.9	243.7	0.34	173.7	3.3	0.6	0.02	<0.05	85
		15	20	0.05	7.6	<1	0.28	131	330.2	0.2	280.4	2.9	0.7	0.01	0.22	172
		20	25	0.02	12	<1	0.28	144	879.2	0.29	256.5	1.7	0.8	0.04	0.07	147
		25	30	0.04	7	13	0.11	36.8	36.1	0.81	70	0.8	<0.5	<0.01	0.07	45
		30	35	0.11	3.8	3	0.13	20.6	177.3	1.2	28.8	1.8	<0.5	0.01	0.44	41
		35	40	0.12	24.7	2	0.13	39.7	171.4	1.4	41	4	<0.5	0.02	1.5	48
		40	45	0.09	7.4	4	0.1	27.7	177.1	1.4	63.4	1.5	<0.5	0.01	0.7	50
		45	50	0.18	3.7	8	0.16	35.4	359	1.27	82.3	0.9	<0.5	0.06	1.69	33
		50	55	0.1	4.7	4	0.13	27.9	162.1	1.09	40.5	0.6	<0.5	0.03	1.78	42
		55	60	0.17	2.1	5	0.13	28.3	248.3	1.16	34.8	1.3	0.5	0.03	1.83	43
		60	65	0.23	3	4	0.11	22.6	316.6	1.2	29.7	1.9	0.6	0.03	1.95	45
		65	69	0.16	1.5	4	0.08	22.1	222.3	0.98	33.3	1.2	<0.5	<0.01	1.68	43
19WAC64		0	5	<0.01	17.5	<1	0.37	9.5	636.2	0.5	29.6	4.6	0.7	0.03	<0.05	21
		5	10	<0.01	8.6	<1	0.25	9	312.5	0.37	50.9	2.8	0.6	0.01	0.05	84
		10	15	0.04	2.3	5	1.95	36	202.4	0.61	62.6	1.1	<0.5	0.61	<0.05	58
		15	20	0.02	5.7	7	0.16	37.9	396.6	0.72	65	0.9	<0.5	0.04	0.07	48
		20	25	0.05	7.9	7	0.18	39.6	212.1	0.75	55.8	0.7	<0.5	0.06	0.17	49
		25	30	0.14	2.1	3	0.13	22.6	222.1	1.39	35.1	0.9	0.9	0.04	1.2	46
		30	35	0.17	2.1	4	0.17	22.7	250.4	1.07	29.8	1.1	1	0.04	1.97	39
		35	36	0.06	1.6	2	0.18	19.4	79.6	1.2	24.3	1	0.6	0.01	2.17	43
		36	37	28.57	122.5	297	9.03	367	>10000.0	0.93	106.3	2.2	0.6	0.39	1.14	317	37245
		37	38	0.24	1.1	2	0.19	19.8	306	1.22	24.2	2.6	0.5	0.02	2.18	49
		38	39	0.18	1.1	3	0.09	18.4	231	1.21	23	2.3	<0.5	<0.01	2.33	45
		39	40	0.14	0.9	3	0.08	22	187.8	1.1	31.7	1	<0.5	0.01	2.18	50
		40	41	0.15	1	3	0.1	25.2	218.7	1.11	33	1	0.8	0.01	2.67	55

20

Cullen Resources Limited Quarterly Report – June 2019

				Ag	As	Au	Bi	Co	Cu	Mo	Ni	Pb	Sb	Te	W	Zn	Cu
19WAC65		0	5	0.13	24.7	4	0.82	3.9	118.8	0.91	12	7.3	1.3	0.02	0.2	9
		5	10	0.03	43.7	2	1.3	9.9	119.1	0.55	15.1	2.7	0.8	0.03	0.37	9
		10	15	0.21	32.6	1	6.02	30.1	214.7	0.32	30.8	6.2	<0.5	0.03	0.11	29
		15	20	0.61	80.4	2	2.63	18.5	345.8	0.97	40.2	21.8	1.7	0.15	0.48	34
		20	25	0.09	14.5	1	0.34	30.6	213.5	0.42	91	10.5	<0.5	0.22	0.25	58
		25	30	0.02	7.2	3	0.26	23	205.8	0.31	82.8	3.5	<0.5	0.22	<0.05	97
		30	35	<0.01	3.6	2	0.33	36.7	184.3	0.12	141.2	3.2	<0.5	0.36	<0.05	162
		35	40	0.07	12.2	4	0.25	87.5	174.6	0.2	197	5	<0.5	0.13	<0.05	222
		40	45	0.05	20.7	30	0.56	49.5	438.9	1.13	102.2	2.2	1.1	0.37	0.22	128
		45	50	0.04	1.8	2	0.42	17.4	56.4	0.56	37.2	0.6	<0.5	0.73	0.94	30
		50	55	0.07	1	5	0.29	45.9	109.9	0.32	86	0.7	<0.5	0.25	0.15	70
		55	60	0.07	<0.5	3	0.26	34	92.4	0.48	68	0.6	<0.5	0.23	0.17	54
		60	62	0.1	0.8	5	0.23	29.6	160.5	0.79	61.6	0.6	<0.5	0.29	0.33	47
19WAC66		0	5	0.03	1.2	2	1.5	2.7	24.9	0.8	15.6	7.6	0.6	<0.01	0.15	<2
		5	10	0.16	17.7	4	3.14	2.3	74.5	0.46	6.7	3.6	0.5	<0.01	0.07	6
		10	15	0.2	22.1	3	2.37	7.4	186	0.34	23.8	8.1	<0.5	0.03	0.15	11
		15	20	0.38	22.5	2	1.62	10.8	331.4	0.11	47	9	<0.5	0.03	<0.05	87
		20	25	0.11	7.2	7	0.26	27	84.3	0.63	42.7	1.3	<0.5	0.02	0.11	61
		25	30	0.08	10.3	8	1.33	29.4	181.4	0.74	56.3	5	<0.5	0.03	1.16	86
		30	35	0.1	5.8	5	0.36	15.5	123.4	0.98	34.6	2.4	<0.5	0.02	1.43	135
		35	40	0.04	8	4	0.31	15.7	49.1	0.81	37.8	1.6	<0.5	0.02	0.78	72
		40	45	0.08	16	3	0.65	27	122.1	0.83	55.6	1.5	<0.5	0.02	2.19	121
		45	50	1.6	22.5	54	34.92	24.5	1997	1.78	49	9.9	<0.5	0.06	417.55	161
		50	55	0.18	5.7	5	1.23	19.6	114.4	1.01	44.5	2.1	<0.5	0.02	4.85	64
		55	60	0.1	20.8	2	0.41	28.5	199.9	0.87	56	2.2	<0.5	0.01	3.09	74
		60	65	0.12	20.5	4	1.7	25.7	212.8	1.15	49.7	2.2	<0.5	0.03	2.2	70
		65	70	0.13	7.4	5	2.76	19.8	170.8	1.62	39.8	3.7	<0.5	0.02	2.17	56
		70	75	0.32	16.9	36	9.15	19.7	411.9	1.83	38.3	2.9	0.7	0.07	100.71	62
		75	80	0.15	9.3	6	1.83	16.5	151.6	2.21	35.5	4.6	0.7	0.02	7.84	57
19WAC66		80	81	0.36	14.3	9	4.37	32.9	524	2.62	46.3	5.8	0.8	0.03	8.69	65
		81	82	0.71	10.5	12	1.59	26.1	831	2.07	36.2	5.8	0.8	0.03	1.99	38
		82	83	0.15	5.7	9	0.97	17.2	218	1.92	35.2	4	0.6	0.01	1.35	53
		83	84	0.07	5.2	4	0.6	17.4	91.2	2.03	35.4	4.5	<0.5	0.01	1.18	71
		84	85	0.16	2.4	6	1.04	7.1	240.7	1.67	20.9	6.1	0.6	<0.01	0.68	44
		85	86	0.07	3.2	5	0.88	10.1	86.2	4.14	24.1	5.6	0.6	<0.01	0.66	31
		86	87	0.06	14	4	1.55	6.1	76.8	1.95	19.1	7.2	0.7	<0.01	2.52	12
19WAC67		0	5	0.1	3.5	8	2.36	2.4	43.3	0.83	9.8	5.8	0.6	0.01	0.19	4
		5	10	0.11	25.1	2	3.42	1.9	66.9	0.81	6.8	3.7	0.8	<0.01	0.15	3
		10	15	0.24	18.3	11	2.05	4.8	96.7	0.4	13.8	5.2	<0.5	0.02	0.15	4
		15	20	0.27	26.1	8	3.96	5.1	354.6	0.16	25.4	9.2	0.9	0.03	0.19	18
		20	25	0.33	18.4	5	2	6.3	307.6	0.14	24.8	13.1	<0.5	0.03	0.14	32
		25	30	0.32	10.5	6	1.49	7.4	397.9	0.12	34.1	18	<0.5	0.03	0.09	56
		30	35	0.81	25.4	4	0.77	10.4	510.9	0.11	48.6	16.1	<0.5	0.02	0.06	95
		35	40	0.45	25.2	3	0.76	29.2	339.3	0.21	89.4	7	<0.5	0.02	<0.05	179
		40	45	0.06	9.8	6	0.32	27.9	178.2	0.23	69.3	3.5	<0.5	0.02	0.45	115
		45	50	0.07	4.8	6	0.91	21.2	115.7	1	47.6	2.3	<0.5	0.02	1.37	52
		50	55	0.03	2	1	0.17	19.3	51.4	0.97	41.9	2	<0.5	0.02	0.74	50
		55	60	0.12	5.2	4	0.67	17.2	94.2	0.94	37	12.8	<0.5	0.02	5.43	74
19WAC68		0	5	0.08	10.5	4	0.57	5.1	89.4	0.7	12.6	6.9	0.6	<0.01	0.05	11
		5	10	0.05	24.8	1	0.6	10.9	99.8	0.41	15.6	4.6	0.7	0.02	0.28	21
		10	15	0.05	31.2	<1	4.19	4.9	157.9	0.24	21.6	5.7	1	0.06	0.06	18
		15	20	0.29	15.1	2	0.54	3.9	231.4	0.39	25.8	8.8	0.6	0.02	0.05	28
		20	25	0.64	41.9	6	47.2	172	822.1	1.13	125.7	6.4	0.9	0.21	20.21	184
		25	30	0.15	22.2	2	17.21	103	278.9	0.49	160.2	5.7	0.6	0.04	0.13	151
		30	35	0.02	12.1	43	1.76	64.7	222.3	0.27	183.1	2.6	<0.5	0.02	0.18	179
		35	40	0.04	14.5	20	4.74	24.2	192.4	0.27	75.8	2.9	<0.5	0.03	0.36	95
		40	45	0.08	39.7	8	1.65	19.3	142	0.55	53.7	1.8	<0.5	0.03	0.75	54
		45	50	0.11	11.5	5	1.32	22.5	123.3	0.6	53.4	1.4	<0.5	0.03	0.8	51
		50	54	0.03	2.3	3	0.26	18.8	27.3	0.72	42.2	1.1	<0.5	0.01	0.96	43

21

Cullen Resources Limited Quarterly Report – June 2019

				Ag	As	Au	Bi	Co	Cu	Mo	Ni	Pb	Sb	Te	W	Zn	Cu
		50	54	0.03	2.3	3	0.29	18.1	26.4	0.73	39.8	1.3	<0.5	0.02	0.99	41
19WAC69		0	5	0.03	0.8	4	0.43	2.7	23.8	0.79	10.9	9.5	<0.5	<0.01	<0.05	<2
		5	10	0.13	2.8	4	0.26	2.3	47	0.51	5.6	5.6	<0.5	<0.01	<0.05	6
		10	15	<0.01	1.6	<1	0.12	1.9	45	0.3	6.9	1.6	<0.5	0.03	<0.05	13
		15	20	<0.01	2	<1	0.19	1	71.3	0.18	5.8	2.3	<0.5	0.07	<0.05	11
		20	25	<0.01	1.5	<1	0.16	1.4	53.4	0.11	7.6	3.2	<0.5	0.06	0.09	13
		25	30	<0.01	1.9	<1	0.15	2.6	105.2	0.16	7.8	4.6	<0.5	0.03	0.3	13
		30	35	0.07	2	<1	0.12	5.9	232.8	0.39	20.1	9.7	<0.5	0.03	<0.05	17
		35	40	0.05	1.8	2	0.17	27.2	204.4	0.44	71.2	3.5	<0.5	0.03	0.11	72
		40	45	0.1	0.7	2	0.15	98.8	150.5	0.31	102.7	3.5	<0.5	0.03	0.39	109
		45	50	<0.01	0.6	3	0.14	51.1	111.4	0.19	95.8	2.1	<0.5	0.01	0.24	66
		50	55	<0.01	0.5	2	0.1	26.6	60.6	0.11	53.5	0.9	<0.5	0.01	0.16	41
		55	58	0.15	0.9	3	0.09	57.1	100.4	0.23	55.4	0.8	<0.5	0.01	1.09	36
19WAC70		0	5	0.1	2.3	4	0.45	2.7	37.4	0.68	11.6	6.9	0.6	<0.01	<0.05	6
		5	10	0.03	2.2	12	0.15	2.5	28.8	0.19	4.6	2.2	<0.5	0.01	<0.05	<2
		10	15	<0.01	1.8	5	0.08	1.6	27.5	0.2	2.8	1	<0.5	0.02	<0.05	2
		15	20	<0.01	1.7	2	0.08	1.6	30.5	0.14	6.4	2	<0.5	0.02	<0.05	3
		20	25	<0.01	0.9	3	0.07	1.3	12	0.08	2.9	1.6	<0.5	<0.01	<0.05	<2
		25	30	<0.01	2.4	1	0.03	1.6	24.5	0.22	9.6	2.4	<0.5	<0.01	<0.05	3
		30	35	0.1	3.1	2	0.12	4.9	110.8	0.34	19.9	19.9	<0.5	0.03	0.06	15
		35	40	0.03	2.5	4	0.15	14.5	128.6	0.35	67.9	7.2	<0.5	0.04	<0.05	44
		40	45	0.03	2.3	12	0.11	51	58	0.28	67.5	2.5	<0.5	0.03	<0.05	42
		45	50	0.1	1.8	11	0.13	205	120.4	0.4	177.1	2.6	<0.5	0.04	<0.05	116
		50	55	0.02	<0.5	4	0.11	49.1	75.6	0.1	223.6	1.1	<0.5	0.02	<0.05	148
		55	60	<0.01	<0.5	1	0.1	43.5	74.1	0.09	138.6	1	<0.5	0.03	<0.05	60
		60	65	<0.01	0.6	<1	0.07	29.7	67.5	0.07	84.9	0.5	<0.5	0.03	<0.05	39
		65	70	<0.01	1.1	<1	0.08	33.8	77.1	0.12	83.2	0.7	<0.5	0.03	0.16	41
		70	71	<0.01	<0.5	<1	0.05	21.3	50.7	0.09	101	0.6	<0.5	0.02	0.14	31
19WAC71		0	5	0.09	2.4	3	0.37	3.3	42.2	0.41	8.6	5.2	<0.5	<0.01	<0.05	4
		5	10	0.1	1.9	3	0.31	3.6	78	0.09	4.1	2.1	0.6	<0.01	0.07	4
		10	15	<0.01	3.8	3	0.32	2.4	108.7	0.25	6.2	3.4	0.7	0.04	<0.05	13
		15	20	<0.01	4	2	0.08	3.3	49.1	0.09	6.8	2.2	<0.5	0.01	0.05	3
		20	25	0.11	2.7	11	0.11	32	125.4	0.43	18.5	42.6	<0.5	0.01	0.25	18
		25	30	0.1	10.3	4	0.26	28.5	169.1	0.39	34.2	29.4	0.6	0.03	0.2	24
		30	35	0.09	5.2	1	0.22	130	224	0.59	57.3	12.2	<0.5	0.03	<0.05	50
		35	40	0.02	2.8	9	0.16	74.4	147.5	0.16	89.7	2.2	<0.5	0.02	0.12	94
		40	45	<0.01	2.3	4	0.13	29.2	127.3	0.1	47.2	1	<0.5	0.02	<0.05	58
		45	50	<0.01	4.4	3	0.14	35.3	179.6	0.13	69.7	1.5	<0.5	0.02	0.1	64
		50	55	<0.01	2.9	2	0.14	31.3	129.1	0.25	63.8	0.9	<0.5	0.01	0.37	45
		55	60	0.04	2.2	2	0.1	32.2	129.7	0.15	51.7	1	<0.5	0.01	0.26	52
19WAC72		0	5	0.08	1.3	2	0.76	4.1	55	0.84	11.3	5.2	0.8	<0.01	0.06	4
		5	10	0.08	12.1	2	2.22	4.3	96	0.52	7.8	4.6	1.9	0.12	0.19	4
		10	15	0.01	6.6	<1	0.39	2.6	45.5	0.19	6.5	2.6	0.8	0.02	0.21	4
		15	20	<0.01	2.4	<1	0.22	1.5	49.9	0.11	6.9	3.5	0.9	0.02	0.16	18
		20	25	0.03	2.7	<1	0.26	14.7	115.2	0.15	26.5	3.3	0.8	0.01	<0.05	20
		25	30	0.03	7.4	2	0.23	27	135	0.35	26.4	44.6	0.7	0.02	0.13	25
		30	35	0.02	5.7	3	0.19	258	69	0.31	91.7	4.3	<0.5	0.01	<0.05	107
		35	40	<0.01	5.8	3	0.21	46.6	32.3	0.14	110.7	3.2	<0.5	0.01	<0.05	93
		40	45	<0.01	3	5	0.18	46.3	57.2	0.13	83	1.5	<0.5	0.01	<0.05	77
		45	49	0.01	2	1	0.12	52.7	103.2	0.15	75.5	1.4	<0.5	<0.01	0.06	73
19WAC73		0	5	0.15	4.6	5	0.32	4.3	68.7	0.42	6	5.6	0.7	<0.01	0.07	4
		5	10	0.07	5.4	10	0.15	5.8	60.7	0.13	11.5	3.1	<0.5	<0.01	0.11	8
		10	15	0.02	6.1	4	0.31	5.9	100.3	0.11	12	5	1.1	<0.01	0.37	9
		15	20	0.01	6.7	3	0.44	4.3	147.1	0.16	11	7.7	1.1	0.01	0.14	4
		20	25	0.01	8.1	2	0.4	5.7	170.1	0.13	17.2	4.4	1	<0.01	<0.05	8
		25	30	0.07	26.4	1	0.54	6.8	284.5	0.29	26.3	7.4	0.5	0.02	<0.05	10
		30	35	0.01	18.8	1	0.45	29.7	300	0.21	82	2.1	<0.5	0.02	<0.05	50
		35	40	<0.01	3.4	<1	0.28	78.7	143.6	0.15	93	2	<0.5	0.01	<0.05	111
		40	45	0.27	2.3	5	0.16	82.7	143.7	0.37	109.9	2.4	<0.5	0.01	0.06	101

22

Cullen Resources Limited Quarterly Report – June 2019

				Ag	As	Au	Bi	Co	Cu	Mo	Ni	Pb	Sb	Te	W	Zn	Cu
		45	50	0.01	1.3	1	0.13	49.4	127.4	0.15	106.8	1.9	<0.5	0.01	<0.05	87
		50	51	<0.01	1.5	1	0.07	19.6	90.1	0.19	33	1	<0.5	0.02	0.16	38
19WAC74		0	5	0.11	4.7	11	0.27	4.1	106.6	0.47	5.4	2.8	0.7	0.02	0.27	7
		5	10	0.04	3.2	4	0.29	2.9	68.2	0.25	4.5	2.7	0.7	0.03	0.1	5
		10	15	<0.01	1.9	<1	0.28	2.8	90.1	0.15	7.6	3.9	0.9	0.02	0.08	9
		15	20	0.01	2.7	3	0.24	4.3	138.4	0.18	9.1	8.3	0.7	0.02	0.39	5
		20	25	<0.01	6	<1	0.3	4.2	60.2	0.07	17.3	6.5	0.7	0.02	0.09	9
		25	30	0.03	25.1	1	0.43	6.3	78.3	0.11	28.6	6.7	1.1	0.05	0.17	13
		30	35	0.03	19.2	4	0.57	8.2	100.4	0.14	39.9	7.4	1.1	0.06	0.12	18
		35	40	0.31	22.2	4	0.52	161	140.7	0.4	151.8	3.8	<0.5	0.06	0.08	85
		40	45	0.09	8.7	4	0.22	143	35.2	0.21	258.5	3.2	<0.5	0.02	0.07	199
		45	50	0.06	3.4	<1	0.17	57.5	15.8	0.13	207.5	1.3	<0.5	0.01	<0.05	68
		50	55	0.04	2.4	<1	0.16	52	35.6	0.09	160	0.7	<0.5	0.01	0.09	54
		55	60	0.03	4.7	<1	0.21	36.9	57.4	0.08	128.3	0.7	<0.5	0.03	0.09	55
		60	61	0.07	10	<1	0.22	38.9	86.7	0.11	117.3	0.7	<0.5	0.02	0.26	49
19WAC75		0	5	0.03	4.4	3	0.44	10.6	138.7	0.32	21.3	3.7	0.6	0.03	<0.05	13
		5	10	0.02	2	<1	0.28	2.9	93.5	0.1	11.7	1.9	<0.5	0.04	<0.05	13
		10	15	<0.01	1.2	<1	0.27	1.9	77.4	0.11	11.8	2.5	0.7	0.03	0.09	8
		15	20	0.04	2	<1	0.28	3.1	72.9	0.11	22.4	4.6	<0.5	0.02	0.57	24
		20	25	0.17	1.8	<1	0.29	2.5	134.9	0.19	25.7	6.6	0.8	0.04	<0.05	13
		25	30	0.02	6.3	<1	0.83	5.9	109.6	0.08	31.4	4.5	0.9	0.1	<0.05	18
		30	35	0.05	8.8	<1	0.57	8.6	220.1	0.13	35.6	4.5	<0.5	0.06	<0.05	17
		35	40	0.17	35.7	9	0.7	27.8	303.8	0.71	97.3	4	1.1	0.09	<0.05	32
		40	45	0.15	32	15	0.33	34.9	218.3	0.38	154.1	2.1	0.7	0.04	0.13	90
		45	46	0.27	13.7	6	0.04	32.2	232.6	0.14	107.4	1	0.5	0.03	0.06	109
19WAC76		0	5	0.01	4.2	2	0.56	4.7	67.2	0.27	28.9	3	0.8	0.06	0.08	21
		5	10	<0.01	3.4	<1	0.57	1.8	50.6	0.12	23.3	1.8	0.9	0.07	<0.05	21
		10	15	<0.01	2.8	<1	0.74	1.4	32.4	0.2	27.1	2.7	0.8	0.08	<0.05	23
		15	20	0.04	1.7	<1	0.41	0.9	66.4	0.08	12.8	3.1	0.9	0.04	<0.05	15
		20	25	0.06	9.6	<1	0.48	1.9	207.3	0.21	23.3	7.4	0.5	0.06	<0.05	27
		25	30	0.11	20.1	2	0.57	1.7	201.6	0.22	20.4	12.1	1	0.04	0.45	14
		30	35	0.1	19.6	10	0.42	11.7	200	0.17	48.4	9.6	0.5	0.04	<0.05	31
		35	40	0.05	14.8	9	0.41	42.4	250.7	0.12	124.5	2.2	<0.5	0.04	<0.05	129
		40	45	0.13	15	20	0.36	55.2	88.8	0.32	100.7	4.1	0.7	0.03	0.08	73
		45	50	0.04	4.5	1	0.2	30.8	89.2	0.12	70	1.1	<0.5	0.03	<0.05	51
		50	55	0.07	3.4	3	0.09	21.5	109.9	0.1	50.4	0.7	<0.5	0.03	0.33	37
19WAC77		0	5	0.02	5	<1	0.2	4.9	77.1	0.22	14	6.1	0.8	0.04	<0.05	17
		5	10	0.02	2.4	<1	0.3	2	67.1	0.11	9.7	4.8	0.8	0.04	0.08	12
		10	15	0.02	2.7	<1	0.35	1.6	130.8	0.16	8.1	3.8	0.7	0.03	0.1	13
		15	20	0.02	5.9	<1	0.92	1.5	137.5	0.21	11.2	10.9	1	0.06	0.85	10
		20	25	0.05	8.6	<1	0.6	1.3	135.1	0.18	10.8	9.2	0.9	0.02	<0.05	9
		25	30	0.08	34.7	<1	1.07	2.1	172.3	0.54	26.2	16.5	1.5	0.04	0.08	22
		30	35	0.27	52.2	17	1.56	13.6	348	0.38	72.2	9.9	1.9	0.04	0.23	60
		35	40	0.11	12	8	0.78	59.8	246.9	0.15	121.3	2.9	0.8	0.02	<0.05	119
		40	45	0.1	6.9	2	0.38	62.2	126	0.13	135	3.1	0.5	0.02	0.07	117
		45	50	0.16	5.1	3	0.33	30.3	73.4	0.17	50.9	3.6	0.5	0.02	0.28	49
		50	51	0.02	2.2	2	0.08	12.4	56.8	0.13	19.9	0.7	<0.5	0.02	0.18	26
19WAC78		0	5	0.03	5.9	9	0.6	11.2	148.8	0.29	23.6	6.2	0.6	0.03	0.14	17
		5	7	0.01	1.5	<1	0.26	6.3	76.2	0.13	8.2	3.4	<0.5	0.02	0.07	11
19WAC79		0	5	0.02	8.1	3	0.64	22.1	134.4	0.36	32	5.8	0.5	0.03	0.15	34
		5	10	0.01	2.4	<1	0.52	24.1	181.9	0.1	29	1.3	<0.5	0.04	<0.05	56
		10	15	<0.01	1.2	2	2.92	19.8	146.8	0.14	20.9	1.3	<0.5	0.06	0.09	45
		15	18	<0.01	1.2	12	0.23	27.9	171.3	0.46	31.7	1.2	<0.5	0.03	0.22	54
19WAC80		0	5	0.03	7.4	3	0.35	23.6	117.8	0.33	75.4	5	0.5	0.03	<0.05	43
		5	6	0.02	1.3	<1	0.27	19.6	109.3	0.12	70.6	2.7	0.6	0.03	<0.05	38
19WAC82		0	5	0.02	11	8	0.5	13.7	127.6	0.49	37.3	6.3	0.7	0.04	0.07	26
		5	20	<0.01	10.4	<1	0.41	31.8	384	0.18	153.6	1.8	0.8	0.04	<0.05	69
		10	15	0.02	4.2	<1	0.59	15.5	958.8	0.11	57.6	2.4	<0.5	0.11	<0.05	46
		15	20	0.02	3.4	7	0.28	71	343.5	0.09	90.9	1.7	<0.5	0.1	<0.05	62

23

Cullen Resources Limited Quarterly Report – June 2019

				Ag	As	Au	Bi	Co	Cu	Mo	Ni	Pb	Sb	Te	W	Zn	Cu
		20	25	0.05	2.5	4	0.28	35	139.7	0.05	89.7	1.9	<0.5	0.09	<0.05	47
		25	30	0.08	3.8	4	0.16	31.8	82.1	0.13	104.6	1.6	<0.5	0.03	<0.05	55
		30	35	0.25	7.5	5	0.53	32.4	278	0.14	125.5	2.7	<0.5	0.1	<0.05	76
		35	37	0.42	4.8	5	0.12	16.3	41.6	0.11	68.5	0.9	<0.5	0.01	<0.05	37
19WAC81		0	5	0.05	19	4	0.58	23.8	108	0.46	76.9	7.2	<0.5	0.04	<0.05	48
		5	10	0.02	2.2	<1	0.28	28.6	50.1	0.18	125.7	2.4	0.7	0.05	<0.05	68
		10	15	<0.01	13.5	<1	0.44	27.5	164.2	0.14	106.5	2.4	<0.5	0.06	<0.05	82
		15	19	<0.01	24.2	5	0.53	28.4	297.5	0.16	101.2	2.8	<0.5	0.08	<0.05	95
19WAC83		0	5	0.02	31.8	10	0.28	41.1	187.9	0.3	60.8	3.9	<0.5	0.03	<0.05	56
		5	8	<0.01	18.4	2	0.15	16.3	87.6	0.13	57.8	1.1	<0.5	0.01	<0.05	40
19WAC84		0	5	0.02	15.6	5	1.34	33.9	162.3	0.5	53.3	5	0.6	0.02	0.1	42
19WAC85		0	3	0.01	5.3	4	0.21	20.7	72.9	0.45	29	3.5	<0.5	0.02	0.11	12
19WAC86		0	3	<0.01	3.2	2	0.28	30.8	74.2	0.27	46.9	3.5	<0.5	0.02	0.23	17
19WAC87		0	5	0.03	2.8	3	0.21	5.4	62.7	0.3	11.6	6.7	<0.5	0.01	<0.05	5
		5	10	<0.01	3.6	1	0.15	1.7	43.3	0.17	4.4	1.8	0.7	0.01	0.15	2
		10	15	<0.01	14.8	2	0.12	6.7	174.6	0.2	12.7	9.1	<0.5	0.02	0.23	6
		15	16	<0.01	2.1	8	0.05	9.9	80.6	<0.05	18.4	1.7	<0.5	<0.01	<0.05	15
19WAC88		0	5	0.16	4.3	4	0.22	4.8	65.5	0.31	5.7	4	0.5	<0.01	<0.05	4
		5	10	0.09	3.3	3	0.18	3.3	63.9	0.19	5.5	2	<0.5	<0.01	<0.05	4
		10	15	0.04	5	4	0.19	2.6	52	0.12	2.7	1.7	<0.5	<0.01	0.06	5
		15	20	0.04	20	2	0.09	1.6	49.7	0.25	9.3	4.7	<0.5	0.02	<0.05	<2
		20	25	0.14	13.3	<1	0.19	5.6	107.8	0.16	15.7	7.5	<0.5	0.01	<0.05	18
		25	30	0.05	26	<1	0.18	173	112.3	0.59	54.8	4.3	<0.5	0.02	5.27	53
		30	34	0.04	10.9	3	0.12	64.3	81.7	0.16	37.3	2.1	<0.5	0.01	0.27	61
Repeats and 1m's
19WAC66		80	81	0.52	17.7	16	7.25	25.9	644.1	2.32	39.6	6.9	0.8	0.05	10.36	84
19WAC48		55	56	32.16	51.1	1497	937.2	211	>10000.0	45.19	258.5	40.6	<0.5	6.36	2.23	1669	33958
		56	57	0.16	2.7	14	6.48	21.1	170.1	0.55	39.1	1.4	<0.5	0.04	1.33	57
		57	58	0.19	0.9	31	12.23	22.1	335.1	0.81	47	1.4	<0.5	0.07	1.65	67
		58	59	0.21	3.1	14	6.21	15.2	49	0.75	13.4	3.5	<0.5	0.04	1.44	18
		59	60	0.05	3.5	28	8.62	44.9	81.2	0.69	30.2	5.2	<0.5	0.04	1.79	23

Notes : Assays by aqua regia 25g, with ICP - MS finish (“AR25”), except copper over limit by four acid digest with ICP - OES finish (MA41).

24

Cullen Resources Limited Quarterly Report – June 2019

Table 3 – Location of air core drilling, May 2019, North Tuckabianna, E20/714.

Air Core E20/714	Air Core E20/714
Hole ID	Easting	Northing	Depth(m)	Azimuth
TNAC46	618118	6974722	42	260
TNAC47	618199	6974716	40	260
TNAC48	618278	6974712	42	260
TNAC49	618357	6974705	46	260
TNAC50	618440	6974694	57	260
TNAC51	618519	6974682	47	260
TNAC52	618600	6974672	43	260
TNAC53	618680	6974665	49	260
TNAC54	610588	6974591	86	260
TNAC55	619682	6974562	45	260
TNAC56	619770	6974556	71	260
TNAC57	619015	6973894	61	300
TNAC58	619088	6973853	54	300
TNAC59	619054	6973875	55	300
TNAC60	618978	6973917	76	300
TNAC61	618932	6973942	65	300
TNAC62	618892	6973965	69	300
TNAC63	618842	6974000	72	300
TNAC64	618960	6973384	17	300
TNAC65	619002	6973355	36	300
TNAC66	619041	6973330	48	300
TNAC67	619065	6973320	51	300
TNAC68	610105	6973284	45	300
Total(m)			1217
GDA94 Zone 50, all drilled -60°

25

Cullen Resources Limited Quarterly Report – June 2019

Table 4 – Assays, air core drilling, E20/714.

Lab Elements			Ag	As	Au	Bi	Co	Cu	Mo	Ni	Pb	Sb	Te	W	Zn
Unit Codes			ppm	ppm	ppb	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm
LDETECTION			0.01	0.5	1	0.01	0.1	0.5	0.05	0.2	0.2	0.5	0.01	0.05	2
UDETECTION			100	10000	4000	10000	10000	10000	10000	10000	10000	10000	500	10000	10000
Hole ID	From	to
TNAC46	0	5	<0.01	1.8	3	0.36	8.1	29.6	0.62	13.5	6.7	<0.5	0.08	4.35	21
	5	10	<0.01	<0.5	2	2.99	5	14.5	0.51	7.2	3.7	<0.5	0.07	3.64	6
	10	15	<0.01	<0.5	<1	0.39	0.5	1.3	0.15	1	4.3	<0.5	0.01	0.2	<2
	15	20	<0.01	<0.5	<1	1.53	0.5	1.5	0.17	0.9	9.5	<0.5	0.02	0.13	3
	20	25	0.02	<0.5	<1	12.4	0.8	32.5	4.26	1.1	6.8	<0.5	0.19	2.09	4
	25	30	0.05	<0.5	<1	1.1	1.9	41.2	1.58	2	9.1	<0.5	0.13	0.33	23
	30	35	0.06	<0.5	<1	5.76	4.9	87.9	0.34	3.5	7.2	<0.5	0.08	0.34	104
	35	40	0.06	<0.5	<1	0.72	9.7	63.1	0.74	7.4	4.7	<0.5	0.16	2.15	167
	40	42	0.05	<0.5	5	0.89	11.3	24.7	1.16	8.5	3.2	<0.5	0.04	10.38	59
TNAC47	0	5	<0.01	3.3	<1	0.79	6.6	26	1.57	12.4	7.1	<0.5	0.08	3.08	24
	5	10	<0.01	0.5	<1	0.62	10.6	26.5	0.38	8.2	4.8	<0.5	0.03	3.21	60
	10	15	<0.01	<0.5	<1	0.35	14.1	14.4	0.52	8	6.2	<0.5	0.08	3.71	74
	15	20	<0.01	<0.5	1	0.26	29.6	7	0.91	7.3	3.6	<0.5	0.03	7.87	72
	20	25	0.01	<0.5	<1	0.27	15.9	11.6	0.83	4.7	2.7	<0.5	0.09	1.35	59
	25	30	0.04	0.6	2	0.46	8.9	21.8	1.09	2.8	4.7	<0.5	0.17	7.52	48
	30	35	0.09	<0.5	2	0.32	9.1	13.7	1.16	3.2	4.8	<0.5	0.06	5.32	67
	35	40	0.03	<0.5	1	0.33	9.1	7.6	0.9	3.8	2.7	<0.5	0.06	11.54	33
TNAC48	0	5	<0.01	2	4	0.93	15.4	21.9	4.62	22.1	8.5	<0.5	0.1	2.54	30
	5	10	<0.01	<0.5	<1	0.29	1.4	10.2	6.33	5.5	10.3	<0.5	0.04	1.91	6
	10	15	<0.01	<0.5	1	0.23	1.7	12.6	8.37	3.1	13.4	<0.5	0.05	1.86	5
	15	20	0.19	<0.5	<1	8.51	3.3	44.6	21.4	3.2	15.1	<0.5	0.2	2.43	22
	20	25	0.03	0.6	<1	3.07	10	33	3.85	5.5	12.7	<0.5	0.12	6.11	129
	25	30	0.05	<0.5	<1	1.17	11.2	18.7	2.24	6.2	5.7	<0.5	0.07	37.5	102
	30	35	0.05	<0.5	<1	0.29	16.2	21.1	4.02	4.3	4.9	<0.5	0.06	2.98	202
	35	40	0.08	<0.5	1	0.58	10.9	35	2.49	3.9	8.9	<0.5	0.17	5.84	178
	40	42	0.16	0.5	<1	1.32	18.5	58.4	3.68	6.7	7.5	<0.5	0.24	13.02	135
TNAC49	0	5	<0.01	1.8	4	0.21	10.7	15.8	0.81	15.8	5.5	<0.5	0.03	0.43	17
	5	10	<0.01	<0.5	2	0.11	1.8	4.2	0.3	4.1	7.2	<0.5	<0.01	0.11	4
	10	15	<0.01	<0.5	<1	2.46	2.4	3.6	0.19	2.8	7	<0.5	<0.01	0.07	5
	15	20	0.02	1	1	0.2	3.4	32.4	1.49	4.7	23.1	<0.5	0.03	1.16	31
	20	25	0.06	1	<1	0.21	15	34.2	1.25	9.6	12.5	<0.5	0.05	2.72	247
	25	30	0.07	1.4	<1	2.27	20.9	26.2	2.07	10.4	23	<0.5	0.15	3.22	217
	30	35	0.04	0.6	<1	5.25	12.7	16.7	1.22	4.6	11.7	<0.5	2.85	2.81	150
	35	40	0.08	<0.5	<1	22.07	14.4	2.6	0.85	4.4	7.2	<0.5	0.32	2.47	154
	40	45	0.04	<0.5	<1	2.15	12.3	8.6	1.35	3.7	3.2	<0.5	0.17	1.96	137
	45	46	0.06	<0.5	<1	6.73	14.8	7.4	2.43	5.8	6.9	<0.5	0.74	6.09	150
TNAC50	0	5	<0.01	4.9	4	1.1	10.9	17.4	2.22	17.7	9.9	<0.5	0.18	1	26
	5	10	<0.01	0.8	1	0.74	17.4	15.8	1.28	8.1	8.8	<0.5	0.36	0.53	120
	10	15	<0.01	<0.5	<1	0.12	21.9	12.7	1.55	5.6	6.5	<0.5	0.03	1.2	122
	15	20	<0.01	0.6	<1	0.34	20.6	21.6	2.18	7.7	8.2	<0.5	0.1	0.99	63
	20	25	0.03	<0.5	<1	0.18	15	14.9	1.12	3.7	4.8	<0.5	0.06	0.62	74
	25	30	0.02	<0.5	<1	0.11	12	6.4	0.78	2.5	3.9	<0.5	0.04	0.74	84
	30	35	0.06	0.6	<1	0.23	19.7	35.7	1.31	6.2	4.1	<0.5	0.12	2.58	71
	35	40	0.05	<0.5	<1	0.2	17.3	22.4	0.93	5.7	3.2	<0.5	0.07	2.17	79
	40	45	0.03	<0.5	2	0.21	10	12.3	0.82	4.1	3.2	<0.5	0.06	1.04	51
	45	50	0.02	<0.5	2	0.25	13.1	8.9	0.74	3.3	3.1	<0.5	0.05	0.78	94
	50	55	0.05	<0.5	1	0.61	10.1	12.7	0.81	3.5	2.9	<0.5	0.12	1.25	119
	55	57	0.04	<0.5	1	1.75	11.6	26.9	1.81	3.1	2.6	<0.5	0.14	15.1	96
TNAC51	0	5	<0.01	3.5	3	0.63	11.6	19.9	1.65	20	8.5	<0.5	0.11	0.9	26
	5	10	<0.01	<0.5	3	0.12	1.1	4.4	0.34	1.9	8.9	<0.5	0.01	0.17	6

26

Cullen Resources Limited Quarterly Report – June 2019

				Ag	As	Au	Bi	Co	Cu	Mo	Ni	Pb	Sb	Te	W	Zn
		10	15	<0.01	0.9	<1	0.27	0.9	15.6	0.98	1.2	20.1	<0.5	0.07	0.63	7
		15	20	<0.01	0.7	<1	0.29	1	33.8	1.86	1.3	21.2	<0.5	0.06	0.57	25
		20	25	<0.01	<0.5	<1	2.11	9.3	47.1	2.09	4.4	32	<0.5	0.18	0.7	150
		25	30	0.08	<0.5	<1	0.29	24.8	14.3	1.59	6.1	4.8	<0.5	0.02	0.88	186
		30	35	0.04	<0.5	<1	2	21.9	9.1	1.86	4.9	2.7	<0.5	0.02	2.19	103
		35	40	0.05	<0.5	2	0.31	12.9	14.7	2.34	3.8	2.6	<0.5	0.04	1.15	92
		40	45	0.03	<0.5	<1	0.34	12.4	8.9	1.8	2.7	2.1	<0.5	0.02	0.73	103
		45	47	0.04	0.7	<1	0.29	11.1	17	2.1	0.9	2.2	<0.5	0.05	22.09	40
TNAC52		0	5	<0.01	1.9	4	1.38	6.1	27.3	1.3	18.9	8.3	<0.5	0.07	0.67	26
		5	10	<0.01	1	<1	1.84	1.5	29.4	3.07	4	7.9	<0.5	0.02	0.28	30
		10	15	0.02	<0.5	<1	1.01	3.6	43.6	2.88	5.1	29.8	<0.5	0.05	1.43	96
		15	20	0.13	0.8	2	3.59	19.4	24.6	4	10.1	14.1	<0.5	0.23	2.77	301
		20	25	0.02	<0.5	3	0.37	9.9	10.1	1.42	5.7	6.4	<0.5	0.03	0.75	178
		25	30	0.07	<0.5	1	0.45	9.2	5.9	1.13	3.3	5.2	<0.5	0.02	0.27	90
		30	35	0.03	<0.5	1	0.18	7.5	22.5	0.79	1.9	14	<0.5	<0.01	0.44	77
		35	40	0.06	<0.5	<1	0.43	12.6	32	1.8	2.9	9.5	<0.5	0.06	0.97	155
		40	43	0.06	<0.5	<1	0.19	15.6	20.6	2.09	2.9	4.4	<0.5	0.04	0.3	84
TNAC53		0	5	0.01	3.5	2	1.11	12.1	30.2	2	27.9	12.2	<0.5	0.12	0.24	25
		5	10	<0.01	<0.5	<1	2	1	30	5.56	1.7	8.7	<0.5	0.11	0.45	6
		10	15	0.02	<0.5	<1	0.55	0.4	11.5	2.11	0.6	11.6	<0.5	0.04	1.11	4
		15	20	0.07	<0.5	<1	15.98	1.1	20.5	4.68	0.9	17.4	<0.5	0.38	1.67	26
		20	25	0.07	<0.5	<1	1.09	7.7	44	7.36	2.4	15.1	<0.5	0.16	1.46	88
		25	30	0.01	<0.5	3	3	10.6	19	4.06	2.7	15.9	<0.5	0.11	2.5	118
		30	35	0.05	<0.5	1	1.6	14.1	19.8	1.79	2.2	8	<0.5	0.13	6.69	83
		35	40	0.14	<0.5	1	6.27	10	18.8	2.24	1.8	60	<0.5	0.06	1.27	204
		40	45	0.11	<0.5	<1	3.36	8.3	34.3	1.99	1.5	14.1	<0.5	0.13	0.77	263
		45	49	0.04	<0.5	<1	16.25	8.5	11.9	4.12	1.7	8.5	<0.5	2.89	2.24	1348
TNAC54		0	5	0.04	7.1	3	0.83	10.5	30.8	2.19	23.2	14.8	<0.5	0.14	0.8	35
		5	10	0.01	2.9	2	0.74	10.8	34.4	2.4	30.5	13.6	<0.5	0.09	0.95	24
		10	15	<0.01	2	<1	0.71	5.1	23.7	1.75	17	8.2	<0.5	0.06	0.93	12
		15	20	<0.01	0.8	2	0.91	3.2	6.5	1.3	8.7	4.1	<0.5	0.08	0.64	4
		20	25	<0.01	1.3	2	1.8	4.8	18.4	2.33	7.5	12.3	<0.5	0.23	1.6	14
		25	30	<0.01	<0.5	<1	0.66	2.9	14.1	0.92	6	4.9	<0.5	0.04	0.75	24
		30	35	0.01	<0.5	<1	0.14	2.5	95.9	0.28	7.5	3.3	<0.5	0.02	0.29	85
		35	40	0.03	0.5	2	0.24	3.2	223.1	0.57	13.4	7.3	<0.5	0.03	0.46	140
		40	45	0.04	0.7	2	0.46	2.6	210.2	0.76	10.2	11.6	<0.5	0.11	0.59	91
		45	50	0.1	0.9	4	0.19	3.3	250.9	0.7	13.2	17.4	<0.5	0.04	0.74	82
		50	55	0.05	1.5	<1	0.43	5.8	227.4	0.64	10.8	22.1	<0.5	0.04	0.26	68
		55	60	0.09	<0.5	<1	1.08	3	95.2	0.73	7	18.9	<0.5	0.06	0.16	35
		60	65	0.15	0.6	<1	0.99	5.3	189	0.54	10.3	14.3	<0.5	0.08	0.25	72
		65	70	0.26	0.9	15	1.59	7.5	267.9	1.29	21.3	9	<0.5	0.13	0.59	83
		70	75	0.38	0.7	11	2.39	9.9	277.1	1.31	29.4	9.4	<0.5	0.15	2.87	247
		75	80	1.94	<0.5	10	2.73	17.3	276.7	0.55	43.1	11.5	<0.5	0.08	0.62	596
		80	83	0.61	<0.5	7	2.73	15	160.2	0.43	46.5	11.7	<0.5	0.08	0.29	429
		83	86	0.35	<0.5	7	3.11	12.2	128.1	0.54	37.7	12.6	<0.5	0.13	0.24	387
TNAC55		0	5	0.07	4.8	4	0.63	9.9	45.2	1.27	28.7	12.1	<0.5	0.09	0.34	79
		5	10	0.03	3.4	2	0.62	12.9	44.2	1.93	34.3	12.1	<0.5	0.08	0.39	42
		10	15	0.01	2.2	<1	0.83	7.3	31.8	2.41	24.3	10.9	<0.5	0.06	0.89	17
		15	20	0.02	1.6	2	0.66	5.9	22.2	1.44	22.6	6.1	<0.5	0.05	0.53	23
		20	25	<0.01	<0.5	<1	0.47	4.2	5.1	0.44	11.6	4	<0.5	0.03	0.46	2
		25	30	<0.01	<0.5	1	0.55	7.3	6	0.46	17.7	8.3	<0.5	<0.01	0.08	<2
		30	35	0.02	<0.5	1	0.59	8	14.4	0.64	20.6	6.1	<0.5	0.02	0.11	4
		35	40	0.03	<0.5	<1	0.9	12.9	43.8	0.85	30.6	7.4	<0.5	0.03	0.11	26
		40	45	0.05	<0.5	2	1.14	23.1	171.1	0.71	48.8	7.7	<0.5	0.05	0.36	215
TNAC56		0	5	0.04	6.1	2	0.47	10.1	38.7	1.41	26.8	14	<0.5	0.08	0.23	40
		5	10	0.04	5.3	2	0.83	8.5	41	2.23	28.5	17.1	<0.5	0.1	0.67	34
		10	15	0.02	2.5	<1	0.63	14.2	55.7	2.77	35.3	14.7	<0.5	0.04	0.61	44
		15	20	<0.01	0.6	<1	0.63	7.5	26.7	1.15	32.5	7.4	<0.5	0.02	0.12	14

27

Cullen Resources Limited Quarterly Report – June 2019

				Ag	As	Au	Bi	Co	Cu	Mo	Ni	Pb	Sb	Te	W	Zn
		20	25	0.01	1.4	<1	1.03	6.4	18.9	2.57	22	7.1	<0.5	0.08	0.77	10
		25	30	0.02	<0.5	<1	1.38	11.9	18.2	0.46	39.3	6.9	<0.5	<0.01	0.12	6
		30	35	0.03	<0.5	<1	1.08	16.7	20.6	1.01	43.9	9.6	<0.5	0.01	0.13	10
		35	40	0.06	<0.5	2	0.78	17	22.4	0.7	46.1	13.4	<0.5	<0.01	<0.05	10
		40	45	0.13	<0.5	4	0.65	14	26.7	0.4	55.4	12.6	<0.5	<0.01	0.06	3
		45	50	0.16	<0.5	4	0.57	9.6	28.6	0.19	34.9	9.1	<0.5	<0.01	<0.05	11
		50	55	0.11	<0.5	79	0.57	5.5	16.4	0.2	24.1	8.1	<0.5	<0.01	<0.05	10
		55	60	0.01	<0.5	9	2.09	28.1	59.6	0.05	137	5.4	<0.5	<0.01	0.54	57
		60	65	<0.01	<0.5	6	0.6	28.8	58.4	0.21	122	1.8	<0.5	0.02	1.26	58
		65	70	0.02	<0.5	3	2.11	33.9	84.7	0.33	152	2.6	<0.5	0.04	1.41	60
TNAC57		0	5	<0.01	6.8	2	0.82	8.9	21.2	2.08	17.4	8.2	<0.5	0.22	0.77	9
		5	10	<0.01	1.5	<1	0.6	1.6	8.1	1.53	8.1	11.2	<0.5	0.14	1.08	<2
		10	15	<0.01	0.9	1	0.54	2.1	35.3	1.61	9.9	9.8	<0.5	0.09	0.49	7
		15	20	<0.01	<0.5	<1	0.08	4.1	32.8	0.36	10.2	4.8	<0.5	0.05	<0.05	6
		20	25	<0.01	<0.5	1	0.33	17.6	164.3	0.57	70.5	11.2	<0.5	0.16	0.05	66
		25	30	0.02	<0.5	<1	0.39	5.6	134.8	0.14	39	12.7	<0.5	0.02	<0.05	45
		30	35	<0.01	<0.5	<1	0.21	15.2	85	0.54	66.4	14.4	<0.5	0.02	0.09	129
		35	40	0.02	0.6	<1	0.1	28.5	52.4	0.65	90.4	13.1	<0.5	0.01	0.35	155
		40	45	0.04	0.5	3	0.36	112.5	38	0.22	378	5.2	<0.5	0.04	0.24	393
		45	50	<0.01	<0.5	3	0.19	81.1	24.7	0.16	193	5	<0.5	0.01	0.2	170
		50	55	0.02	<0.5	12	0.09	65.3	25.2	0.14	151	3.5	<0.5	0.01	0.19	95
		55	60	0.02	0.6	5	0.26	36.7	41.2	0.32	135	4.5	<0.5	0.08	1.62	96
		60	61	0.06	0.7	5	0.33	27.1	49.9	0.52	163	4.6	<0.5	0.13	1.56	113
TNAC58		0	5	0.01	7.4	3	0.87	11.9	26.5	2.86	27.3	10.7	<0.5	0.24	0.92	20
		5	10	<0.01	2.1	<1	0.43	3.2	6.2	0.7	6.8	2.6	<0.5	0.08	1.17	2
		10	15	0.01	0.6	<1	0.47	2.4	6.4	1.03	11.9	5.4	<0.5	0.03	0.42	<2
		15	20	0.02	0.7	<1	0.22	4.3	44.2	0.55	10.8	5.5	<0.5	0.04	0.07	2
		20	25	0.06	<0.5	1	0.72	5.4	43.9	0.31	15.7	5.2	<0.5	0.01	<0.05	21
		25	30	0.01	<0.5	<1	0.08	6.8	79.4	0.32	20.2	13.1	<0.5	0.02	0.06	56
		30	35	0.06	0.5	<1	0.16	48.7	98.5	0.6	28.4	16.1	<0.5	0.01	<0.05	65
		35	40	0.04	0.6	<1	0.09	38.7	109.4	0.66	30.9	5.4	<0.5	0.01	0.15	55
		40	45	0.03	<0.5	3	0.26	123.7	121.5	0.51	133	5.9	<0.5	0.05	0.43	190
		45	50	0.01	<0.5	<1	0.13	66.4	72.9	0.33	106	2.9	<0.5	0.02	1.46	127
		50	54	<0.01	0.7	2	0.06	26.5	63.4	0.28	61.8	1.5	<0.5	0.02	2.05	58
TNAC59		0	5	<0.01	7.2	1	0.82	11	24.6	2.43	23.4	10.4	<0.5	0.21	0.81	16
		5	10	<0.01	0.7	1	0.36	4.4	8.9	0.45	16.3	2.6	<0.5	0.03	0.75	4
		10	15	<0.01	1.7	<1	0.97	4	28.1	1.23	14.2	12.3	<0.5	0.08	0.48	4
		15	20	0.03	0.8	<1	0.56	7.3	44.8	0.33	16.9	7.2	<0.5	0.05	<0.05	10
		20	25	<0.01	<0.5	<1	0.1	6.1	129.8	0.29	22	11.8	<0.5	0.03	0.06	31
		25	30	0.03	0.6	<1	0.23	20.7	175	0.26	54.9	14.9	<0.5	0.03	<0.05	80
		30	35	0.09	0.6	<1	0.33	82.3	89.9	0.47	110	8	<0.5	0.03	0.19	254
		35	40	0.09	<0.5	<1	0.47	80.4	91.3	0.28	122	5.5	<0.5	0.03	0.24	170
		40	45	0.02	<0.5	<1	0.1	47.6	89.9	0.3	88.4	2.6	<0.5	0.02	0.61	94
		45	50	<0.01	<0.5	3	0.09	31.3	76.2	0.21	125	2	<0.5	0.03	0.88	92
		50	55	0.02	<0.5	3	0.13	27.7	44.9	0.35	115	3.1	<0.5	0.03	4.65	63
TNAC60		0	5	0.01	5.3	1	0.56	8.1	22	1.96	22.1	6.5	<0.5	0.12	0.97	14
		5	10	0.01	1.4	<1	0.79	3.3	22.6	1.44	12.2	8.6	<0.5	0.09	0.49	4
		10	15	<0.01	0.5	1	0.25	2.3	25.6	0.39	3.8	3	<0.5	0.04	0.07	3
		15	20	<0.01	<0.5	<1	0.05	2.7	27.2	0.3	7.2	3.2	<0.5	0.01	<0.05	8
		20	25	0.05	0.6	<1	0.52	5.9	92.8	0.81	16.9	10.4	<0.5	0.12	0.06	25
		25	30	0.05	<0.5	1	0.2	7	128.8	1.75	42	13.1	<0.5	0.18	0.13	52
		30	35	0.12	0.6	<1	3.36	14.3	143.1	6.14	47.6	18.1	<0.5	0.14	0.96	76
		35	40	0.15	<0.5	1	1.25	5.4	22.9	2.49	17	6.4	<0.5	1.17	8.64	31
		40	45	0.07	0.7	<1	0.28	36.3	14.4	2.71	29.5	3.3	<0.5	0.31	67.37	46
		45	50	<0.01	<0.5	2	0.21	20.5	27	1.2	53.5	3.8	<0.5	0.12	8.99	62
		50	55	0.01	<0.5	2	0.22	20.5	44.9	0.95	49.3	7.3	<0.5	0.07	31.57	72
		55	60	0.13	1.4	5	0.24	30.2	55.2	1.11	89	13.7	<0.5	0.18	19.01	120
		60	65	0.12	0.9	2	0.22	25.3	59.2	2.39	69.2	11.1	<0.5	0.25	12.57	89

28

Cullen Resources Limited Quarterly Report – June 2019

				Ag	As	Au	Bi	Co	Cu	Mo	Ni	Pb	Sb	Te	W	Zn
		65	70	0.06	0.6	1	0.12	37.2	37.4	1.17	63.3	15.6	<0.5	0.12	5.13	136
		70	75	0.48	1.4	42	1.7	19	762.8	1.24	50.2	10.4	<0.5	0.47	6.02	173
		75	76	0.11	0.8	4	1.05	9.9	173.7	1.77	18.8	4.2	<0.5	0.7	9	75
TNAC61		0	5	0.01	4.6	3	0.7	7.5	27.6	1.8	20.8	9.4	<0.5	0.27	1.11	11
		5	10	<0.01	2.5	<1	0.48	4.5	21.7	1.4	11	11.2	<0.5	0.31	0.75	3
		10	15	<0.01	<0.5	<1	0.14	3	34.9	0.46	6.5	5.2	<0.5	0.06	0.47	11
		15	20	0.05	0.6	<1	0.09	4.3	377	1.44	9.4	12.1	<0.5	0.09	0.72	88
		20	25	0.08	1.2	3	0.38	5	549.1	6.93	19.2	22	<0.5	0.26	0.88	123
		25	30	0.22	0.9	15	0.65	9.9	912.4	2.71	23.2	54	<0.5	0.09	4	140
		30	35	0.1	2.3	5	19.64	1.9	447.5	1.58	10.9	22.4	<0.5	1.22	9.98	56
		35	40	0.02	0.7	1	2.44	3.1	97.3	1.31	3.9	7.5	<0.5	1.87	2.36	18
		40	45	0.06	<0.5	<1	0.36	7.9	72.4	0.76	4.7	15.1	<0.5	0.1	8.58	28
		45	50	0.16	<0.5	168	2.59	3.8	113.3	1.17	6.5	13.4	<0.5	0.78	2.79	44
		50	55	0.15	1.2	3	0.99	2.1	90.3	2.21	4.8	7.9	<0.5	0.38	3.1	59
		55	60	0.1	<0.5	6	0.36	1.1	53.8	1.31	2.2	7.6	<0.5	0.23	1.34	86
		60	65	0.03	<0.5	11	0.28	2.6	51	2.61	5.8	13.1	<0.5	0.13	3.5	184
TNAC62		0	5	0.03	2.8	2	0.65	5.5	23.6	0.93	15.2	6.3	<0.5	0.23	0.92	12
		5	10	<0.01	0.9	1	0.98	1.1	16.2	0.54	3.1	3.7	<0.5	0.3	1.42	7
		10	15	<0.01	<0.5	<1	0.26	0.8	25.9	0.57	2.4	6.8	<0.5	0.22	1.62	12
		15	20	<0.01	1.6	<1	0.35	2.6	69.4	2.29	2.9	12	<0.5	0.26	13.56	16
		20	25	0.06	1	<1	0.6	1.5	165.5	2.97	5.1	15.3	<0.5	0.7	9.97	55
		25	30	0.03	<0.5	<1	0.77	0.7	60.7	2	3	15	<0.5	1	3.59	24
		30	35	0.06	<0.5	<1	0.76	0.9	39.9	0.81	2.5	20.1	<0.5	0.24	5.95	18
		35	40	0.2	<0.5	<1	1.29	1.7	64.4	2.49	2.8	32.1	<0.5	0.14	6.05	32
		40	45	0.02	<0.5	4	0.69	2	58.9	2.84	5.1	77.2	<0.5	0.09	7.9	73
		45	50	0.03	<0.5	5	0.29	1.5	51.6	2.34	5.3	25	<0.5	0.14	9.53	77
		50	55	0.12	<0.5	3	0.24	1.5	24.5	4.02	6.2	17.1	<0.5	0.14	2.31	117
		55	60	0.3	2.1	26	0.36	1.5	27.3	5.93	5.8	27	<0.5	0.19	4.47	92
		60	65	0.14	0.7	3	6.33	2.4	38.3	5.65	7.2	37.5	<0.5	0.25	12.22	106
		65	69	0.25	<0.5	3	1.44	2.2	147.1	8.29	8.6	58.7	<0.5	0.33	8.64	209
TNAC63		0	5	<0.01	1	2	0.24	3	12.5	0.55	13.9	3.4	<0.5	0.04	1.39	10
		5	10	<0.01	<0.5	<1	0.68	2	6.7	0.73	2.4	3.7	<0.5	0.08	1.6	7
		10	15	0.02	<0.5	<1	0.53	3.1	23.3	3.08	3.2	4.4	<0.5	0.21	2.19	10
		15	20	<0.01	<0.5	2	0.84	1.7	50.1	3.64	2.4	11.1	<0.5	0.46	2.04	14
		20	25	0.04	0.7	10	12.69	1.7	354.6	25.5	5.6	109.3	<0.5	0.42	10.21	139
		25	30	0.14	<0.5	5	1.55	1.2	148.1	5.99	3.8	85.7	<0.5	0.13	3.54	58
		30	35	0.09	<0.5	1	0.91	1.9	51.2	2.4	1.9	58.2	<0.5	0.06	3.4	19
		35	40	0.11	<0.5	3	2.84	4.5	64.9	2.7	2	31.3	<0.5	0.14	3.39	19
		40	45	0.09	<0.5	1	3.71	6.7	131.4	2.26	3.8	87.4	<0.5	0.14	2.68	70
		45	50	0.03	<0.5	76	1.17	6.1	161.6	1.61	5	113.7	<0.5	0.06	6	112
		50	55	0.02	<0.5	7	0.42	3.2	81.2	2.28	4.9	53.3	<0.5	0.03	1.19	84
		55	60	0.07	<0.5	11	0.12	2.4	28	0.84	8.4	12.2	<0.5	0.02	0.84	149
		60	65	0.06	<0.5	8	0.13	1.8	15.9	0.86	7.4	8.1	<0.5	0.01	0.66	141
		65	70	0.02	<0.5	3	0.3	1.6	18	0.86	3.3	15.4	<0.5	0.02	1.12	106
		70	72	<0.01	<0.5	1	0.14	1.6	14.7	1.2	5.3	5.4	<0.5	0.02	0.63	108
TNAC64		0	5	0.02	1.5	3	0.35	33.3	46.7	1.06	116	13.3	<0.5	0.05	0.24	38
		5	10	<0.01	<0.5	2	0.06	55.3	56.7	0.43	174	4.1	<0.5	0.01	<0.05	36
		10	15	0.01	<0.5	<1	0.02	107.9	62.8	0.32	384	2.3	<0.5	0.01	0.07	41
		15	17	0.02	<0.5	<1	0.03	378.1	69.5	0.78	558	2	<0.5	0.05	361.4	53
TNAC65		0	5	0.02	3.5	<1	0.31	14.3	29.4	1.23	43.7	7.9	<0.5	0.06	1.3	25
		5	10	0.02	2.2	<1	0.38	29.4	50.7	1.61	92.1	7.9	<0.5	0.08	6.43	33
		10	15	0.06	<0.5	1	0.04	124.3	63.1	0.25	206	21.8	<0.5	0.01	0.21	66
		15	20	0.06	<0.5	<1	0.04	135.5	59.3	0.38	195	3.2	<0.5	0.01	0.19	51
		20	25	0.12	<0.5	2	0.06	41.5	78.2	0.57	139	4.8	<0.5	0.01	0.1	53
		25	30	0.05	<0.5	<1	0.05	46.3	67.5	0.74	129	4	<0.5	0.02	0.53	42
		30	35	0.04	<0.5	3	0.06	33.6	53.3	0.4	151	3.8	<0.5	0.01	0.18	57
		35	36	0.04	<0.5	2	0.08	51.1	66.3	0.75	144	4.7	<0.5	0.01	0.58	51
TNAC66		0	5	0.03	5.3	<1	0.37	24.4	65.5	1.51	76.4	13.4	<0.5	0.09	0.27	29

29

Cullen Resources Limited

Quarterly Report – June 2019

				Ag	As	Au	Bi	Co	Cu	Mo	Ni	Pb	Sb	Te	W	Zn
		5	10	<0.01	1.2	1	0.49	15.2	64.7	0.26	78.6	2.6	<0.5	0.04	0.18	38
		10	15	0.03	1.7	<1	0.39	92.7	92.9	0.53	109	1.5	<0.5	0.04	0.37	52
		15	20	0.46	5.3	15	0.24	93.5	122.2	0.7	178	5.1	<0.5	0.06	0.62	136
		20	25	0.09	0.9	1	0.06	30.9	67.5	0.37	125	3.6	<0.5	0.01	0.18	48
		25	30	0.06	0.6	<1	0.05	41.4	70.1	0.54	139	4.4	<0.5	0.01	0.39	55
		30	35	0.05	<0.5	1	0.06	36	69	0.41	124	3.7	<0.5	0.02	0.29	51
		35	40	0.04	<0.5	<1	0.04	25.6	57.8	0.47	94	3.1	<0.5	0.02	0.71	42
		40	45	0.04	0.5	1	0.04	37.9	63.5	0.5	124	3.8	<0.5	0.01	0.8	43
		45	48	0.06	<0.5	<1	0.04	32.6	57.2	0.43	141	4.7	<0.5	<0.01	0.56	49
TNAC67		0	5	0.05	5.4	5	0.41	55.1	75.9	1.27	238	16.8	<0.5	0.09	0.87	30
		5	10	0.03	1.1	2	0.96	44.9	98.2	0.2	292	2.4	<0.5	0.05	0.47	35
		10	15	0.08	0.7	6	0.17	74.1	155.6	0.37	337	1.1	<0.5	0.03	0.28	62
		15	20	0.15	<0.5	6	0.09	59.3	82.7	0.42	474	1.1	<0.5	0.04	0.28	50
		20	25	0.17	2	5	0.08	46.5	69	0.39	425	2.3	<0.5	0.08	0.29	47
		25	30	0.11	3.5	3	0.1	36.2	160.7	0.49	208	1.4	<0.5	0.04	0.53	60
		30	35	0.04	1.8	<1	0.08	20.3	101.7	0.43	63.8	1.3	<0.5	0.02	0.49	35
		35	40	0.05	2	1	0.14	30.3	128.9	0.62	65.9	2.8	<0.5	0.03	0.86	56
		40	45	0.05	2.4	7	2.82	41.3	158.8	1.96	57	4	<0.5	0.2	1.42	48
		45	50	0.07	3.2	<1	0.34	35.1	97.2	0.77	74.7	6.2	<0.5	0.1	3.04	145
		50	51	0.05	2.6	<1	0.09	26.5	60.4	0.67	81.9	5.5	<0.5	0.02	0.6	35
TMAC68		0	5	0.06	6.4	3	0.49	29.6	85.5	1.53	159	15.5	<0.5	0.13	0.77	28
		5	10	<0.01	1.3	6	0.18	81.4	141.6	0.53	642	4.6	<0.5	0.28	0.15	39
		10	15	0.05	<0.5	6	0.15	292.5	158.9	0.47	1160	5.1	<0.5	0.3	0.35	66
		15	20	0.2	0.5	308	0.51	168.5	151.7	0.52	1277	4.3	<0.5	0.39	0.76	72
		20	25	0.16	0.5	67	0.4	79.5	223.6	0.51	788	6.6	<0.5	0.32	1.85	48
		25	30	0.17	0.7	84	0.25	45.5	121.1	0.76	395	4.9	<0.5	0.16	3.58	51
		30	35	0.07	0.5	5	0.07	32.6	173	0.62	133	2	<0.5	0.04	0.77	45
		35	40	0.06	<0.5	6	0.09	37	216.1	0.38	229	2	<0.5	0.06	0.9	55
		40	45	0.21	0.9	2	1.13	38.9	420.7	6.38	209	2.8	<0.5	0.09	2.59	48

30

Cullen Resources Limited Quarterly Report – June 2019

Data description as required by the 2012 JORC Code - Section 1 and Section 2 of Table 1 Air core drilling programmes – E20/714 and E70/4882

	Section 1 Sampling techniques and data	Section 1 Sampling techniques and data
Criteria	JORC Code explanation	Comments
Sampling technique	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or XRF instruments, etc.). These examples should not be taken as limiting the broad meaningof sampling.	Sampling was by air core (AC) drilling testing depth of transported cover, bedrock type and interpreted geological and/or geophysical targets for gold mineralisation and/or base metals. A total of 23 holes for 1217m was completed – E20/714 A total of 36 holes for 1350m was completed – E70/4882
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used	The collar positions were located using handheld GPS units with an approximate accuracy of +/- 5 m. Drill rig cyclone and sampling tools cleaned regularly during drilling.
	Aspects of the determination of mineralisation that are material to the Public report In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1m samples from which 3kg was pulverised to produce a 30g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	Mineralisation determined qualitatively from rock type, alteration, structure and veining observations. Air core drilling was used to obtain one metre samples delivered through a cyclone. The 1m sample was placed on the ground (E714) or in plastic bags (E4882). From each drill spoil/bag, a ~500g sample was collected using a scoop, five of such 1m samples were combined into one 5m composite sample. The composite samples (2-3kg) were sent to Perth laboratoryMinanalyticalfor analysis.
Drilling technique	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method etc.).	Drilling was by air core using a 90mm diameter bit.
Drill Sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed	Sample recovery was assessed visually and adverse recovery recorded. The samples were generally dry, a few were wet, 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 as required 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. For a few deeper holes, where water flow was high, the hole was terminated.

31

Cullen Resources Limited Quarterly Report – June 2019

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 into bags or buckets, then emptied on to the ground in rows. Composite samples were taken using a sampling scoop.
	For all sample types, quality and appropriateness of the sample preparation technique.	All samples are pulverised to produce a homogenous representative sub-sample for analysis. A grind quality target of 85% passing 75μm is established and is relative to sample size, type and hardness. Gold (Au), Silver (Ag,) Arsenic (As), Bismuth (Bi) Copper (Cu), Cobalt (Co), Molybdenum (Mo), Nickel (Ni), Lead (Pb), Antimony (Sb), Tellurium (Te), Tungsten (W) and Zinc (Zn)) was analyzed by Aqua Regia digest with ICP-MS finish. Gold levels over 500ppb were repeated by AAS. Two ore samples (E4882) were analyzed by four acid digest with ICP- OES finish.
	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. Check analyses were also undertaken by the laboratory.
	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.	A few duplicate field samples were taken of visual mineralisation.
	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 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.

32

Cullen Resources Limited Quarterly Report – June 2019

	For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	Not applicable, no geophysical parameters reported.
Quality of assay data and laboratory tests	Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	International standards, blanks and duplicates are inserted by the laboratory.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	Cullen staff (Managing Director) has visually inspected the samples and sampling procedures.
	The use of twinned holes	No twinned holes drilled.
	Documentation of primary data, data entry procedures, data verification, data storage (physically and electronic) protocols.	All primary geological data are recorded manually on log sheets and transferred into digital format.
	Discuss anyadjustment to assaydata.	No adjustments are made to assaydata aspresented..
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down- hole surveys), trenches, mine workings and other locations used in Mineral Resources estimation.	All drill collar surveys are by handheld GPS. Several measurements (2-3) at different times are averaged; the estimated error is +/-5 m. RL was measured by GPS during the E4882 programme, nominal 500RL adopted for E714.
	Specification of the grid system used.	The grid are in UTM grid GDA94, Zone50
	Quality and adequacy of topographic control.	There is currently no topographic control and the RL is a nominal 500m for E714, or GPS for E4882 (+/-5m).
Data spacing and distribution	Data spacing for reporting of Exploration Results.	The drilling tested geological, geochemical and geophysical targets, up to 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 reconnaissance and not designed to satisfy requirements for mineral reserve estimations.
	Whether sample compositing has been applied.	The drill spoil generated by the air core drilling was composited into 5m intervals or selected as a 1m sample.

33

Cullen Resources Limited Quarterly Report – June 2019

Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	The drilling is reconnaissance only and designed to test geophysical, geochemical and geological targets, to assist in mapping, and to test for mineralisation below transported cover. The drill orientation was generally westerly or easterly (090 - 300 degrees) utilizing existing tracks grids lines where available, and at a dip angle of -60 degrees. It is unclear whether the sampling is unbiased or not.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.		The exact dip of the structures targeted has not been established yet but it is likely that the drilled intersections overestimate the true thickness of any intersected mineralisation.
Sample security	The measures taken to ensure sample security.		All samples are handled, transported and delivered to the laboratory by Cullen staff or Cullen contractors. All samples were accounted for.
Audits or reviews	The results of and audits or reviews of samplingtechniques and data.		No audits or reviews of sampling techniques and data have been conducted to date.
		Section 2 Reporting of exploration results
Mineral tenements and land tenure status		Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interest, historical sites, wilderness or national park and environmental settings.	The drill targets are located on E20/714 (100%) and E70/4882 (90%) owned by Cullen Exploration Pty Ltd (a wholly-owned subsidiary of Cullen Resources Limited). Cullen has completed a review of heritage sites, and found no issues. Particular environmental settings have been considered when planning drilling.
		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 by Cullen in the general area of tested sites in these programmes – appraised by Cullen for drill targeting.
Geology		Deposit type, geological settings and style of mineralisation.	The targeted mineralisation is orogenic, shear-hosted gold mineralisation and volcanic-hosted base metal mineralisation, and/or Boddington type Cu-Au 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 tables – nominal 500m RL , E714
		·Elevation or RL (Reduced level- elevation above sea level in metres)and the drill hole collar

34

Cullen Resources Limited Quarterly Report – June 2019

	·Dip and azimuth of the hole
	·Down hole length and interception depth
	·Hole length
	If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain whythis is the case.	See included tables
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 tables
	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 tables
	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, and geochemical targets and prospective geological settings beneath transported cover. The stratigraphy encountered in drilling is variably dipping to the east or west 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 (e.g. ‘down hole length, true width not known’)	See Tables 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

35

Cullen Resources Limited Quarterly Report – June 2019

Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	See included Tables
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, RC and/or diamond drilling, and possibly ground EM has been planned.
	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, providing this information is not commerciallysensitive.	See included figures.

REGISTERED OFFICE : Unit 4, 7 Hardy Street, South Perth WA 6151. Telephone: +61 8 9474 5511 Facsimile:+61 8 9474 5588 CONTACT: Dr. Chris Ringrose, Managing Director. E-mail : cullen@cullenresources.com.au www.cullenresources.com.au

36