Quarterly Report for the period ending 30 June 2022

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

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

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

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

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

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%)

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

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-nickel sulphide), 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.

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

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

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.

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.

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Cullen Resources Limited published this content on 29 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2022 03:53:08 UTC.