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

Quarterly Report for the period ending 30 September 2022

www.cullenresources.com.au

ASX:CUL

21 October 2022

HIGHLIGHTS

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

Results were received for 25 Air Core holes (TNAC121-145for 1630m) completed in July testing portions of three stratigraphic-structural gold targets located along the "Tuckabianna Gold Trend".

• Results included two significant intersections on two traverses ~1km apart of:
  5m @ 4.58 g/t (from 70 - 75 m) and 5m at 1.12 g/t Au (from 75 - 80m).
• Several low-grade gold anomalies in the range of 0.l - 0.7 g/t Au (in 5m composite samples) were also intersected mainly at the bedrock interface, across these higher grades.
• Broad areas of strain, shearing and quartz veining in mafics were associated with each of these two mineralised positions with the strongest strain zones including quartz flooding +/- trace pyrite in foliation-parallel laminae.
• These results strongly indicate potential for gold mineralisation along the ~10km of stratigraphic-structural trends identified within E20/714, where previous drilling has been generally very sparse or too shallow.
• Follow-upRC drilling is proposed to commence in November.

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

• A number of Ni-Cu-PGE and VHMS base metal targets have been outlined for air core drilling - planned to commence in December, following harvesting.
• 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.

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 - September 2022

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

• 17 rock chip samples of pegmatites from the south-east corner of E77/2688 near Trainers Rocks, where pegmatites have been mapped by the Geological Survey of Western Australia.
• Assays show elevated to anomalous levels of lithium and some indicator elements (Ta, Cs, Sn and Rb), which have identified a fertile environment for
  lithium-bearing pegmatites. A maximum value of 768 ppm Li2O was recorded, with 6 samples collected in the immediate area averaging 417ppm Li2O.
• Follow-upprospecting and soil sampling around these anomalies is planned to commence in November.
• Follow-upsampling for gold, (64 samples at ~100 x 50m spacing) around previously-reported,gold-in-soil anomalies (7 and 15 ppb Au (ASX:CUL;
  21-10-2021), did not return any other Au or pathfinder assays using the Ultrafine+TM analytical technique.

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.
• First pass soil sampling to commence in November along available access tracks, in conjunction with land owner consultation.

FINLAND JV Gold-copper and Lithium (Cullen 30%)

• Cullen Finland Oy, which is owned 70:30 by Capella Minerals Limited
  (TSXV:CMIL) ("Capella") and Cullen Resources Limited, has applied for a new Reservation Application for lithium in Finland ("Perho") - an area of ~50 sq km over the Eräjärvi Lithium-Cesium-Tantalum ("LCT") pegmatite field in southern Finland.

RIGHTS ISSUE UNDERWAY

• On the 3rd October, the Company announced the launch of a 1 for 3, non- renounceable Rights Issue to raise up to $1,627,435 (before costs) at 1.2c per share. The Rights Issue closes on the 31st October 2022.

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Quarterly Report - September 2022

PROJECT UPDATES and SUMMARIES

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

Discussion

Drilling at Target 1 (Table 1, Figs. 1, 2 and 3) tested below a previous RAB hole TNAR37 reporting 3m @ 0.34 g/t Au from 56-59m (End of Hole). The recent air core traverse across this anomaly returned 5m @ 4.58 g/t Au from 70 - 75m (TNAC 133) along the traverse that included TNAR37 (Table 2).

Several of the holes along the TNAC131-137 traverse reported low-grade gold anomalies at the weathered/fresh rock interface forming a broad anomaly over the intersection in TNAC133 with quartz veining +/- trace pyrite (Fig.3, x-section).

Traverse drilling at Target 2 (Table 1, Figs. 1, 2 and 4) across previous intersection in TNAC08, returned an intersection of 5m @ 1.12 g/t Au from 75 - 80m (TNAC138). A group of low-grade gold anomalies, from current and some historical drilling, occurs over about 100m along the traverse, at the weathered/fresh rock interface around TNAC138 (Fig.4).

The two holes at Target 3 (TNAC142-143) did not return any intersections, > 0.1 g/t Au in any 5m composites, nor did the two isolated holes which targeted structures (TNAC144-145).

Drill holes TNAC121-130 tested a BIF/mafic contact along strike of Target 2, but did not return any gold anomalies >0.1 g/t Au in any 5m composite samples.

Conclusion

• Cullen's recent air core drilling results are encouraging and shows potential for higher grade gold mineralisation below the bedrock interface along prospective structures and lithological contacts, marked by weak gold anomalies in historical drilling.
• Such sparse drilling has been too shallow to penetrate beneath transported cover or limited by first drill refusal depth.
• Cullen's key gold targets (Fig. 1 and Table 1) are those directly along strike of the "Tuckabianna gold field" (White Well, Comet, Tuckabianna, Sherwood etc.).
• The new intersections reported herein, underline the potential of the extensive shear zone systems trending over some 10km NE-SW through E20/714.

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Quarterly Report - September 2022

• Further drilling at depth and along strike of recent intersections is clearly warranted to test for gold lodes, especially as plunging shoots at the intersection of structures. This would include overlapping deep RC drilling to test the lode(s) on the TNAC 131-137 traverse and along strike. The next historical drill traverse is 200m to the north east of this drill section.

Table 1. Targets and drill holes completed July 2022

ID	Target Trend	Nature of Prospectivity	Target/Anomaly
1	South West - 1	Historical RAB/Air core	High Mg
	TNAC 131-137, 144	anomalies + recent air	Basalt/Ultramafic
		core results	contact
2	South West - 2	Historical RAB/Air core	Possible traversing
	TNAC 138-141,121-130	anomalies + recent air	shear (?Riedel) in
		core results	mafic/ultramafics
3	Central	Magnetics data	De-magnetised High
	TNAC 142-143	interpretation	Mg Basalt unit
			(?alteration
			zone/intrusive)
4	North East	Magnetic-Structural	Includes major flexure
	(~4km of strike)	anomaly	along stratigraphy
5	North East of Hollandaire	Structural Trend	NE trending
	TNAC145		Interpreted fault zone

References

WAMEX A32404: Fogarty, J.M., 1991, Robin Outcamp, E20/62, Annual report 1990, Nord Resources.

WAMEX A92083: Chellew, J, and Cornelius, M., 2011, Annual Technical Report, E20/714, Cue Project, Cullen Exploration.

WAMEX A59512: Dunbar, P., 1999, Combined Surrender Report, Tuckabianna Project, Westgold Resources NL.

WAMEX A59513: Bleakley, P., 1999, Combined Surrender Report, Eelya Hill Project, Westgold Resources NL.

WAMEX A119766: Blundell, K., 2019, Final Report, Cue Project, Musgrave Limited.

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Quarterly Report - September 2022

Previous drilling highlights:

Cullen RAB/Air Core

Historical drilling

52-56m

Fig. 1: Target Trends prioritised from air magnetics interpretation and, both

historical and Cullen's pre - July 2022 drilling.

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