Cullen Resources : Quarterly Report for the period ending 31 December 2021

Quarterly Report for the period ending 31 December 2021

www.cullenresources.com.au

ASX:CUL

28 January 2022

HIGHLIGHTS

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

• A drone magnetic survey was completed (450 lines at 25m spacing, 451line km) to assist in targeting at Rupert Prospect.

Subsequent to the end of the Quarter:

• 5 Reverse Circulation holes (RC13 - 17 for 834m) further tested a strong ground EM conductor (Model C3) at Rupert. Drilling intersected several 1- 8m thick, pyritic shale horizons, generally at the boundaries of ultramafic units of 10-30m thick (downhole).
• Air Core drilling (AC134-179, 46 holes for 2315m) targeted copper-nickel- gold and/or palladium soil anomalies that comprise four main targets outlined at Rupert, Rupert South and Rupert North (2) prospects - see ASX: CUL, 5-10-2021,25-11-2021. Drilling intersected mafics, quartz mica schists (after felsics), and minor BIF units +/- quartz veining.

All assays awaited and x-sectional interpretation to follow.

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

• Soil sampling on a 400 x 100m, east-west grid targeting interpreted structures has defined a significant, coherent silver anomaly over ~2km x up to 300m trending NE-SW. Anomalous Ag-in-soil values range from 0.7 to 2.31 g/t Ag against a background of <0.01 g/t.
• An end-of-line soil sample on the same grid, approximately 1500m north of the anomalous silver zone, returned anomalous gold and tellurium values of 7 ppb Au (background <1ppb) and, 0.12 ppm Te (background <0.01 ppm). Tellurium is a significant pathfinder element for mineralisation. There are also historical soil values of >5ppbAu in the vicinity (WAMEX A97620).
• Cullen considers these Ag, Au and Te soil anomalies are related, structurally controlled, and may indicate base metals and /or gold mineralisation. Immediate follow-up with field review and infill sampling is warranted.

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 2021

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

Subsequent to the end of the Quarter, 30 AC holes (for 1547m) were completed to test three new targets (see ASX: CUL, 25-11-2021):

• Drilling of a N-S trending fault zone immediately north of the Hollandaire Cu-Au Resource (ASX: CYM) intersected felsic schists +/- quartz veining;
• Mafic-ultramafics+/- quartz veining were intersected testing the NE-SW Eelya Felsic complex / greenstone contact at a point where cut by N-S faults;
• Mafic-ultramafics+/- quartz veining were also intersected drilling part of a NNE trending structure interpreted from air magnetics data and aerial photography to mark the margin of a previously-unrecognised paleochannel. Cullen's previous, and historical air core drilling may not have tested prospective bedrock beneath the channel.

All assays pending and x-sectional interpretation to follow.

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

JV manager Capella Minerals Limited, (TSXV:CMIL; FRA:N7D2), "Capella" announced that initial exploration programs to advance prospective gold-copper target areas in northern Finland had commenced (see ASX:CUL, 8-12-2021).

Initial focus will be on five main gold and/or copper target areas:

• potential extensions to Outokumpu Oy's Saattopora former gold-copper mining operation, and also to S2 Resources' (ASX:S2R) Aakenusvaarus gold project;
• Killero copper-gold("Cu-Au") anomaly, where exceptional Cu-Au values were returned from historical Base of Till ("BoT") drilling by
  AngloAmerican, but never followed up with diamond drilling;
• Riikonkoski-Lonnakko-Kangascluster of copper occurrences located along the eastern boundary of the Aakenus project; and,
• Kittilan orogenic gold occurrence located in the southern part of the Aakenus project.

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Quarterly Report - December 2021

Fig.1. 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.

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Quarterly Report - December 2021

PROJECT UPDATES

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

Cullen has previously reported that 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 by a consultant petrologist (Minerex Services Pty Ltd).

Sulphides identified include: pentlandite (iron-nickel sulphide), pyrite, pyrrhotite, bravoite (iron-nickel sulphide) and violarite (oxidized form of pentlandite-pyrrhotite); with niccolite - a nickel arsenide.

Significantly, the host to these sulphides is described as an "amphibolitised, former serpentinised komatiite" in a 30m thick (downhole) section of RC6 which averages 1150 ppm Ni from 5m composite samples. Note, the identification of ultramafic as komatiite is tentative given the relatively high-grade of metamorphism of the 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 (Fig. 2 and ASX: CUL, 21-10-2021).

RC6 was positioned to test a modelled ground EM anomaly plate (C3) situated 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.

Follow-up exploration of nickel sulphide prospectivity, Rupert Trend

This strike-extensive, magnetic stratigraphy along the eastern boundary of the greenstone belt within E4882, comprises BIF, shale and ultramafics which constitute a highly prospective, target trend for Ni-Cu-PGE mineralisation.

Within E70/4882, there has been no previous drilling, by Cullen or any previous explorers south of RC6 to 6590000mN, or along the 15km trend northwards, which targets the magnetic ultramafics-bearing strata on the eastern greenstone boundary, and, as far as Cullen is aware, komatiites and/or nickel sulphides have never been reported from previous exploration in the Wongan Hills greenstone belt.

As part of further investigation, a drone magnetic survey was completed (450 lines at 25m spacing) over key prospects for follow-up air core and RC drilling of four priority targets subsequently completed in January 2022 after harvesting - see below.

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Quarterly Report - December 2021

Reverse Circulation (RC) and an Air Core (AC) drilling was completed in January 2022, testing four prospects at Rupert, Rupert South and Rupert North (2). Several pyritic shales were intersected and are interpreted to be the source of the ground EM conductors. All assay data and x-sectional interpretation to follow.

• RC drilling (RC13-17, 5 holes for 834m) targeted the nickel sulphides observed in petrological samples (ASX: CUL, 16-9-21) from a 30m downhole zone of ultramafics in drill hole RC6 at the Rupert Prospect which tested a strong ground EM conductor (C3) - Figs. 2-4.
• AC drilling (AC134-179, 46 holes for 2315m) targeted copper-nickel-gold and/or palladium soil anomalies outlined at Rupert, Rupert South and Rupert North (2) prospects - see ASX: CUL: 5-10-2021,25-11-2021 - Figs. 3-5.

Table 1: Drill hole stats: RC13-RC17 (January, 2022).

HOLE ID	EAST	NORTH	DIP	AZI	DEPTH(m)	RL (m)
22WHRC013	466550	6593230	-60	90	150	300
22WHRC014	466400	6593230	-60	90	180	300
22WHRC015	466350	6593300	-60	90	156	301
22WHRC016	466350	6593150	-60	90	186	299
22WHRC017	466500	6593230	-60	90	162	300

Table 2. Drill hole sulphide intersections: RC13-RC17 (see x-section, Fig. 2).

Hole ID	Comments : sulphide intersects in shale +/- BIF
RC13	Semi-massive to massive pyrite 84 - 86m, and 87 - 88m
RC14	Semi-massive to massive pyrite 103-106;108-109,153-154 and 163-171m
RC15	Semi-massive to massive pyrite 130-131m;155-156m
RC16	Semi-massive to massive pyrite 152-153m, and 176-186m
RC17	trace pyrite 82-86m, trace pyrite 150-156m

Table 3: Drill hole stats: RC6-RC12 (May, 2021)

HOLE ID	EAST	NORTH	DIP	AZI	DEPTH(m)	RL (m)
21WHRC006	466433	6593232	-60	90	138	300
21WHRC007	466452	6593234	-60	90	78	300
21WHRC008	466482	6593402	-60	90	90	298
21WHRC009	466380	6593404	-60	90	138	301
21WHRC010	466184	6593395	-60	90	120	311
21WHRC011	463785	6593050	-60	90	138	310
21WHRC012	464152	6592221	-60	90	102	345

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