Cullen Resources : Quarterly Report for the period ending 30 June 2022

Quarterly Report for the period ending 30 June 2022

www.cullenresources.com.au

ASX:CUL

29 July 2022

HIGHLIGHTS

WONGAN HILLS PROJECT, WA - targeting Volcanic-Hosted Massive Sulphide (VHMS) Cu-Zn-Ag-Au and Ni-Cu-PGE mineralisation (Cullen 90%)

• Two new ground EM conductors tested in April with RC drill holes - 22WHRC018 and 22WHRC019 (ASX:CUL; 3-6-2022).
• RC018 intersected six sections (2-6m thick) of disseminated pyrite- pyrrhotite (~2-5%) in amphibolite schists between 125 and 193m down hole - interpreted to be the modelled conductor plate C4 at 185m downhole.
• RC019 intersected two ultramafics (20 and 60m thick downhole) and a 4m thick carbonaceous shale (from 110m) with ~10% disseminated pyrite- pyrrhotite, interpreted to be the modelled EM conductor C5 at 100-110m down hole. Assays confirm a high chromium ultramafic in RC19, (including
  40m @ 2754ppm Cr, 1509ppm Ni and 101ppm Co from 60m downhole) however highest Pt (11ppb) and Pd (30ppb) values are restricted to the regolith.
• Landowner discussions commenced for further exploration and drilling in the northern part of the Wongan Hills Project area including magnetic anomalies within E70/5414, and the Paynes Shaft to Jackaby prospect areas.

YORNUP, SOUTH WEST TERRANE, E70/5405 Cullen 100%)

• A consultant geologist/geochemist has reviewed historical data and planned a new geochemical survey targeting lithium, and Ni-Cu-PGE sulphide mineralisation.
• Historical data includes anomalous platinum (Pt) and palladium (Pd) levels reported in BLEG stream sediment samples with up to: 0.8 ppb Au, 2.9 ppb Pd and 2.2 Pt ppb near mapped ultramafics, which include: serpentinites, talc schist, pyroxenites and peridotites.
• Soil sampling will commence following land owner and heritage consultation - weather permitting.

REGISTERED OFFICE: Unit 4, 7 Hardy Street, South Perth WA 6151

Telephone: [phone]; FAX: [phone] Contact: Dr. Chris Ringrose, Managing Director:

email:[e-mail]

Quarterly Report - June 2022

BARLEE PROJECT, WA - targeting Penny West - type Gold (Cullen 100%),

• In-fillsoil was completed (364 samples) around the previously-reported, end- of-line gold and tellurium anomaly (7 ppb Au (background <1ppb) with 0.12 ppm Te (background <0.01 ppm).
• No extension of this anomaly was located.
• Follow-upprospecting of this, a second soil anomaly of 15ppb Au (ASX:CUL; 21-10-2021), and pegmatites for lithium has commenced.

NORTHERN FINLAND, Katajavaara and Aakenus Joint Venture ("JV"), gold and copper-gold(Cullen 30%)

• JV manager Capella Minerals Limited, (TSXV:CMIL; FRA:N7D2), "Capella" has completed a 200 square kilometer, high-resolution drone magnetic survey on the Katajavaara-Aakenus Joint Venture ("JV") project in northern Finland and defined six Priority Targets (see ASX:CUL,17-5-2022). Targets include the Killero Cu-Au prospect with previous company Bottom - of -Till assays up to 0.6% Cu with 145ppb Au.
  (See:https://capellaminerals.com/site/assets/files/6078/2022_06_capella_corp orate_presentation.pdf)

Subsequent to the end of the Quarter.

NORTH TUCKABIANNA PROJECT, W.A. E20/714, ~30km east of Cue, in the Murchison Region, gold and base metals (Cullen 100%)

• Reconnaissance drilling in July (24 holes for 1630m) has tested three gold target areas with traverses of hammer air core, mostly into fresh bedrock, with geological compilation, interpretation and assays pending.
• Previous drilling has been either too shallow or failed to test bedrock below air core /RAB first refusal depth.

2

Quarterly Report - June 2022

PROJECT UPDATES and SUMMARIES

WONGAN HILLS PROJECT, WA - targeting Volcanic-Hosted Massive Sulphide (VHMS) Cu-Zn-Ag-Au and Ni-Cu-PGE mineralisation (Cullen 90%)

Background

Nickel sulphides were observed in percussion drill chips in Cullen's drill hole RC6 at the Rupert Prospect (ASX: CUL, 16-9-2021) following examination of samples in thin and polished section (Minerex Services Pty Ltd). Sulphides identified include: pentlandite (iron-nickelsulphide), pyrite, pyrrhotite, bravoite (iron- nickel sulphide) and violarite (oxidized form of pentlandite-pyrrhotite);with niccolite - a nickel arsenide.

The host to these sulphides is tentatively identified as an "amphibolitised, former serpentinised komatiite" in a 30m thick (downhole) section of RC6 which averages 1150 ppm Ni from 5m composite samples. Re-assays of 5m composites from RC6 returned significant anomalies of palladium (Pd) to 101ppb, and platinum (Pt) to 26ppb in the regolith overlying the nickel-bearing ultramafics (ASX: CUL, 21-10-2021) and similar Pd and Pt levels were also reported for RC14 and RC16 (ASX:CUL;6-4-2022).

RC6 tested a modelled ground EM anomaly plate (C3) at 125m downhole for base metal mineralisation of the VHMS-type. A 2m, semi-massive to massive sulphidic (pyrite-pyrrhotite,60-70%) BIF unit from 131m was interpreted to be the source of the EM anomaly.

Drilling - June Quarter

Two new ground EM conductors were tested with RC drill holes - 22WHRC018 and 22WHRC019 (Table 1):

• RC18 tested conductor C4 and intersected six sections (2-6m thick) of disseminated pyrite-pyrrhotite(~2-5%) in amphibolite schists between 125 and 193m down hole - interpreted to explain the modelled conductor plate at 185m downhole.
• RC19 tested C5 and intersected two ultramafic units (20-60m thick downhole) and a 4m thick carbonaceous shale (from 110-114m downhole) with ~10% disseminated pyrite-pyrrhotite, interpreted to be the modelled EM conductor targeted at 100-110m down hole.
• Assays confirm a high chromium ultramafic in RC19, (including 40m @ 2754ppm Cr, 1509ppm Ni and 101ppm Co from 60m downhole) however highest Pt (11ppb) and Pd (30ppb) values are restricted to the regolith.

3

Quarterly Report - June 2022

Table 1: Drill hole stats: RC18-RC19 (April, 2022)

HOLE ID	EAST	NORTH	DIP	AZI	DEPTH(m)	RL (m)
22WHRC018	466362	6590048	-60	90	276	300
21WHRC019	466604	6592240	-60	90	138	300

3466

Fig. 1. Location of January 2022 RC (13-17) and

April RC (18-19) drilling on aerial photo.

Historical drilling by VAM Ltd (1970) reported up to: 7600ppm Ni, 780ppm Co with 2800 ppm Cr in hole 3466 from 16-18 feet (WAMEX A18337) which lies in the southern part of E4882 and supports the on-trend occurrence of ultramafics south from the Rupert Prospect. VAM targeted bauxite and Ni-Cu.

4

Quarterly Report - June 2022

Next steps

• The lithologies of these two RC holes, indicate a strong stratigraphic difference between the Rupert and Rupert South prospects, and underline further exploration to be focussed on the ultramafic-bearing stratigraphy to the south and east of Rupert using auger sampling, ground EM and/or gravity and/or IP surveying.
• Landowner discussions for further exploration and drilling in the northern part of the Wongan Hills Project area including magnetic anomalies within E70/5414 the Paynes Shaft to Jackaby prospect areas.

Fig. 2. Wongan Hills Project Location Map

Wongan Hills Project set amongst significant Regional Exploration Activity with industry attention focused on what may be an emerging nickel - copper - PGE province to the north east of Perth. There is also a notable copper resource near Calingiri (see Caravel Minerals Limited, ASX:CVV, "Caravel Copper Project") just south of the Wongan Hills project. Liontown tenure now ASX:MI6.

5