Cullen Resources : Quarterly Report for the period ending 31 December 2022

Quarterly Report for the period ending 31 December 2022

www.cullenresources.com.au

ASX:CUL

30 January 2023

HIGHLIGHTS

BROMUS SOUTH, W.A. - EL's 63/1894 2216 targeting Au and Lithium (Cullen 100%)

• UF* soil assays (ASX:CUL; 23-1-2023) returned anomalies of Li +/- Sn, +/- Ta and +/-Cs which confirm the prospectivity of the project for lithium-in- pegmatite: 1) around the nose of a domal granite; 2) along north-east trending faults in greenstone; 3) in greenstone overlying interpreted buried intrusives; and, 4) along the western greenstone-basement granite corridor.
• Reconnaissance air core drilling is planned to test lithium and gold targets following heritage clearance.

YORNUP, SOUTH WEST, W.A. - E70/5405, targeting Ni-Cu-PGE (Cullen 100%)

• Soil sampling (ASX:CUL;18-1-2023) has identified a high-prioritygeochemical target, 'Sunnyside', that may indicate the presence of sulphide mineralisation associated with mafic-ultramafic lithologies. Also at Sunnyside, soil assays show a coincident Nb-Sn-Ta-W-Tianomaly and a Li- Cs anomaly (open to the east).
• Further soil / laterite sampling and ground EM and/or drone magnetic surveying are planned to refine targeting.

NORTH TUCKABIANNA PROJECT, CUE, W.A. - E20/714, targeting gold (Cullen 100%)

• Subsequent to the end of the Quarter, five slim line RC holes (492m) were completed. Four targeted beneath a previous air core intersection of: 5m @ 4.58 g/t (from 70 - 75 m); and one tested close to a second previous intersection of 5m at 1.12 g/t Au (from 75 - 80m). The two traverses are ~1km apart. Drilling intersected sections of shearing, hydrothermal alteration, pyritisation and quartz veining, with all assays pending.
• Further air core drilling along strike of the air core anomalies (a High-Mg basalt/ basalt contact) where previous drilling has been generally very sparse or too shallow, is a key priority.

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 - December 2022

WONGAN HILLS PROJECT, W.A. - 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 February.

BARLEE PROJECT, W.A. - targeting Penny West - type Gold, and lithium (Cullen 100%)

• Assay pending for 13 rock chip samples of pegmatites and 102 soil samples collected from the south-east corner of E77/2688 near Trainers Rocks, in the vicinity of previous pegmatites sampling which identified a fertile environment for lithium-bearing pegmatite (ASX:CUL; 24-8-2022).

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 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.

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Quarterly Report - December 2022

PROJECT SUMMARIES

BROMUS SOUTH

The Bromus South project is centered ~20km SW of Norseman in the Eastern Goldfields of W.A., and south of the Bromus North nickel prospect (Fig.1). Cullen's tenements include a mixed granite-greenstone terrane (as interpreted by Cullen from aeromagnetic images) and are prospective for gold, and lithium in pegmatites. There are several lithium resources in the region - Bromus South lies within a Li-Cs-Ta corridor and to the south of Essential Minerals tenure which includes the Dome North Total Mineral Resource of 11.2Mt @ 1.16% Li2O (ASX: ESS; 20-12-2022, see Fig.1). A low-level,gold-in-auger anomaly (to 8.4ppb), approximately 4.6km long and up to 600m wide (mainly sandplain regolith), was determined by previous explorers to lie along the western granite/greenstone corridor.

Cullen's interest in this highly-prospective region also include a 20% free carried interest to Decision to Mine in E63/1018 with Lachlan Star Ltd (ASX:LSA). This project lies immediately south of S2R's (ASX:S2R) Polar Bear Ni sulphide prospects and along strike to the north of the Buldania lithium deposit (ASX:LTR).

Fig. 1	Regional Magnetics Image

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Quarterly Report - December 2022

UF* assays have been received for reconnaissance soil sampling completed along existing tracks targeting gold, and lithium-in-pegmatites(ASX:CUL;23-1-2023).

The soil results include associations of anomalies of Li +/- Sn, +/- Ta and +/-Cs which confirm the prospectivity of the project for lithium-in-pegmatite.

Prospective settings at Bromus South for lithium-in-pegmatites include: 1) around the nose of a domal granite; 2) along north-east trending faults in greenstone; 3) in greenstone overlying interpreted buried intrusives; and, 4) along the western greenstone-basement granite corridor.

Further work planned

Reconnaissance air core drilling is planned to test lithium and gold targets following heritage clearance.

Granite Dome: NE trending structures cutting granite and in greenstone around granite margin are prime target areas for lithium in pegmatites.

Buried ?felsic bodies intrude greenstones and are cut by NE structures: prime target areas for lithium in pegmatites

Granite/greenstone contact corridor for (Au), and (Li)

Fig. 2. Summary of target areas for lithium-in-pegmatites, and gold.

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Quarterly Report - December 2022

YORNUP

Yornup is located in the Balingup Metamorphic Belt, within the highly prospective West Yilgarn Ni-Cu-PGE Province and towards the southern limit of the "West Yilgarn Ni-Cu-PGE Province" first outlined by Chalice Mining Limited (ASX:CHN; 4 May 2021). It adjoins Venture Mineral's tenure, the subject of a Farm-In by Chalice Mining Ltd and the Bridgetown East Ni-Cu-PGE Project owned by Venus Metals Corporation Ltd ("VMC"), and the subject of a exploration farm-in by a subsidiary of IGO Limited (ASX:VMC; 27-6-2022).

UF soil assays (ASX:CUL;18-1-2023) have identified a high-prioritygeochemical target, 'Sunnyside' - a multi-element geochemical anomaly trends for about 1km southwest and comprises an association of Cr-Bi-Fe-Mo-Te-Cd- As-Sb-(Mn-Co-Ni-Pt-Ge-Au) that may indicate the presence of sulphide mineralisation associated with mafic-ultramafic lithologies. Sunnyside is located along strike of an interpreted ultramafic unit based on historical aeromagnetic interpretation and field studies. Also at Sunnyside, UF soils show a coincident Nb- Sn-Ta-W-Ti-(Zr-Li-Cs) anomaly and a Li-Cs anomaly. The spatial relationship of Li-Cs and rare metals may indicate zonation within a larger system. At the 'Yornup Northeast' target, sampling showed variably weathered mafic and ultramafics sub- and outcrop. Further to the south, at the historical Cr prospect "T- 7", UF soils show elevated PGE and Ni concentration (Fig.3).

Further work planned

Extraction of laterite gravel from select samples over sandplain at Sunnyside is recommended for assay, to enable direct comparison with regional laterite data sets with respect to magmatic Ni-PGE-(Cu) mineralisation and pegmatite Sn-Ta-W-Nb and LCT mineralisation. High resolution drone mag survey could assist with the interpretation of the geochemical data in relation to the complex structural setting of mafic-ultramafic and felsic units. Follow-up ground EM may be recommended on refined targets.

Geological mapping and a magnetic susceptibility survey of rock outcrop and sub- crop to assist with the interpretation of the geochemical data, and, grid-based UF soil sampling around and across mafic-ultramafic outcrop east of historical Cr- PGE anomalies extending from "T-5" to "T-7."

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